Before you start a catering business it is wise to put together a comprehensive business plan. As you can see, this is, in large part, the information you should have gathered if you completed my 10 Steps Before You Start a Home Business If you completed that exercise and collected some notes, you may already have a fair amount of information needed that you can plug in when you or someone else write your business plan.
Businesses evolve and adapt over time, and factoring future growth and direction into the business plan can be an effective way to plan for changes in the market, growing or slowing trends, and new innovations or directions to take as the company grows.
When it comes to business planning, there’s a lot of general advice out there that can provide prospective business owners with guidance and structure, but since each industry is different and every business will face its own unique set of challenges, your business plan needs to be unique too.
In both the short- and the long-run, arranging your business plan into a compelling form not only provides insight and focus to you, but becomes a valuable tool when dealing with business partners and developing relationships that will become important to you.
In order to take advantage of this level of immediacy, one of the most important functions of the plan is to impart to the investor a clear sense of who they are dealing with, the financial benefits of investing in this particular product, any associated risks and how the business could fulfil their own criteria.