13 November 2017 0 Comments Posted By : Administrator

5 Tips for Earning a Side Income with a Small Catering Business

The gig economy is in full bloom and even people with full-time jobs are looking for opportunities to latch on and increase their monthly income. For the talented home chefs out there, a small catering business could prove financially lucrative.

5 Tips for Catering Success

The catering services industry is a billion dollar industry that employs hundreds of thousands of people each year. It also happens to be one of the few industries that isn’t dominated by just one or two major brands. Sure, there are some large, successful catering companies, but many are small businesses with talented entrepreneurs at the helm.

The good news is that there’s still room. Depending on how you structure your business model, you can scale it according to the amount of free time and resources you have.

Find Your Niche

The first step is to find your niche. Ideally, you’ll want to find a food niche and a client niche. This means zeroing in on the type of food you specialize in – such as seafood, soul food, Italian, or Mexican. But more importantly, perhaps, you need to identify your client niche. Are you looking to do small private parties, or larger events like weddings and corporate events? The niche you focus on will guide your marketing and outreach efforts. It’ll also help you become better at planning and estimating costs on the spot.

Build Your Connections

As a supplier, you need to have as many connections as you possibly can. By building up your network, you can ensure you don’t get hung out to dry.

For example, every caterer needs a cost-effective supplier who can provide things like dinnerware and cookware so that you never get caught in a bind without something you need. It’s also a good idea to have a list of people who can work for you at a moment’s notice. This allows you to schedule events without having to first track down assistance.

Set Clear Expectations

It’s easy to assume that you and your clients are on the same page, but never take any detail for granted. Prior to the event, always schedule a brief conversation with your client and go over every detail to make sure you both understand what’s happening. This will eliminate any hesitations and questions you have, allowing you the freedom to do what you do best.

Write Good Contracts

Most clients are good, honest people who will respect your time and live up to your agreement, but all it takes is one or two bad seeds to leave you broke. This is why it’s so important that you create a bulletproof contract.

“The first step to any good money-making venture, especially one that deals in perishable items, is to ensure that you get paid,” one caterer points out. “No more excuses: hire a lawyer, a good one, and have him or her look over your catering contract this very week.”

Facilitate Word of Mouth Marketing

The key to long-term success in the catering business is to avoid relying on paid advertising and to instead leverage word of mouth marketing. It’s free and much more powerful. Come up with a word of mouth marketing strategy and use it to keep your business rolling.

Give Yourself a Side Income

Everyone can use a side income. Whether it’s another couple hundred dollars in your pocket, or a few thousand dollars per month, a side income allows you to free up money in your monthly budget to do the things you want. For talented home chefs, catering is worth looking into. Do you see a future in this industry?

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