Know What Your Customers Want From Your Catering Business
Catering is a field which has a market almost anywhere. Selling food for people is a potentially viable business all over the world. Requirement for catering can be on a small or a large scale. Restaurant catering is an ongoing process while the event catering pertains to requirements for various events and functions.
Private parties, business meetings, weddings, etc are some of the events which require catering. While the demand is almost universal, it is nevertheless prudent to do a thorough market research and define your market before venturing into investing in the business of catering.
For example, in places where there are a lot of companies which require supply of lunch and dinners on a regular basis, you could go in for a bigger set up. After in depth study of the potential market in a few areas of interest and after a thorough research of the type of catering in demand there, one must decide on the nature of facility to be set up there.
It is also necessary to meet the concerned person in companies around to determine the percentage of business one is likely to get. If one has limited investment resources, catering can be provided for small functions and private parties. In such cases, it is a good idea to find out the number of companies or individuals already offering such services in the area of interest. After a thorough research, determine the demand and scope a new entrant is likely to generate before venturing into the catering business.
Catering to weddings and parties can be lucrative and one must be prudent enough to tie up with existing event management groups who already have an established clientele base. Catering through small restaurants in a particular area requires a study of what is the predominant class living in that particular area, the type of food which is popular there, etc. For example, if the restaurant is near colleges and educational facilities, pizzas, burgers and other types of fast foods are likely to be popular.
In locations which are posh and habituated by the rich and upper class, restaurants must necessarily be classy providing exotic cuisine. One must carefully take all this into consideration while defining the market for his or her business.
Defining the business market is therefore very essential to start a catering business as with all other businesses. One more aspect one should look into is the social stature of a the area in question. If the town or city is predominantly middle class or lower middle class, the scope for business is likely to be limited.
Private catering for small functions and events requires extensive advertising. After defining your market for the service, it is important for your service to be visible. Advertising therefore plays a major role in defining your market. While a market can be created for anything, small entrepreneurs need to enter an existing market to survive.
Catering is an interesting and exciting business. If done in a proper manner after taking trouble to research and define the market, there is no limit to what one can achieve in this field of business.