Many people have their love of cooking and entertaining with a good living start catering businesses turned [19459002?]
catering is a multi-billion dollar industry in the US and one of the fastest growing segments of the food and beverage industry, the hospitality industry offers great opportunities for those who want to start a small business with low start-up cost.
In this article we will look at corporate profits catering, incomes and salaries and how much money is to make it truly possible in this industry. Then we will review some of the things that separate the truly successful players to explore the amateurs.
Is a $ 100,000 Year Profit Possible in Catering?
Many people consider a $ 100,000 pre-tax salary or profit to be a benchmark for success and they wonder if they can achieve this level of wages in the hospitality industry.
most owners of small hospitality businesses can expect to earn in the effort between $ 20,000 and $ 40,000 profit per year for the owner during the first few years. After a few years in business, you can easily scale up to earning a six figure ‘annual income from catering.
Tips for achieving the ‘Six Figure’ Level
1) Forget cater your home kitchen if you want that salary level. Business savvy caterers do volumes that require them to either rent commercial kitchen per hour, access to the restaurant kitchens to arrange off-hours or focus on “on-site” jobs only and use of the kitchens of their clients.
2) Successful players like to spend their time creating menus after food trends and interact with people without neglecting the business side of catering.
3) Start to create a strong brand from the start with your logo, company values and unique service that will become a valuable asset that allows you to command a premium price for your catering services the market. Analyze how you and your employees work and strive to increase productivity.
5) Understand that there are niche markets within the hospitality that you would never think until you really start looking. Top caterers find these untapped opportunities, and carve out a business catering to the specific needs of these groups.
6) perfect the process of consultations with new clients and learn how to politely up-sell them to some of your more expensive offerings.
7) Realize that you are leaving money on the table if you do not also up-sell additional event-related services to your customers.
8) Learn how to hire, train and organize a small team to help with food preparation, delivery, service, and even sales if you have a realistic chance of getting an income To top the $ 100,000.
9) Do not neglect traditional advertising methods but also pursue other modern marketing methods such as networking, cross promotions and guerilla marketing.
10) Successful caterers also recognize the importance of customer referrals. Customers can friends to you, because your food and services, but there are other ways to talk to them about your business.
to start on the right track, do as much reading as you can in general small business management and hospitality industry in particular. Many highly successful caterers have published guides boot and you have a chance to learn from their mistakes instead of making your own, and you can benefit from their advice and tips.
It is possible to make much money in the hospitality industry if you put in the effort. Achieving a level of profit that will allow for a ‘six figure’ salary to make your catering business is very possible in the first two years in business.