starting your own business can be a very exciting time. No matter what industry you are in there is going to be several factors that you will need to consider before going out on your own
- Funding your start up
If you have savings that you are willing to use to get your start up off the ground great! If not you may need to think about getting a business loan or another way to fund your start up. We spoke to a financial advisor at getmemymortgage.co.uk who said ‘ for those looking to start a business funding is essential, there are several options, if you are looking to get a business loan you will need a solid business plan, good credit score and potentially need to guarantee your loan with a personal guarantee. Another option is to release equity in your property if you have it, this can be a quicker and cost effective finance option to funding your start up.
2. Revenue Model
You need to know exactly how you are going to make money. Are you going to open up a sandwich store and provide catering or are you going to be doing private catering jobs. Ideally you will plan out when you will start to make revenue and how long it will take you to break even and start making profit.
You will need to find potential customers and turn them into revenue generating business. How are you going to do this are you going to call businesses and see if they need catering for corporate events? Start a website to drive local leads for your business? Customers are key to making a successful business and you will need to have a good strategy in place to generate them.
There is a lot more to consider when looking to start up your own catering business but the above will give you a good start in finding out if you have a viable option for a business.