Home Cooking Business Plan
If you read my article "Make Money Cooking: Catering Family Meals", you may be thinking this is the perfect business idea for you. This is a home based business that requires very little money to start. But, you do need a business plan, the who, what, where, when, why and how of your business. Grab a pen and paper, complete each of these steps, and you'll have the basis for your home cooking company.
Instructions
1. Develop your business concept. It should include the types of foods you will be offering, how and where you will prepare the foods, and your delivery method. Will you be selling complete meals, a la carte items, desserts, or specialty foods? Will your customers need to pick up their orders or will they be delivered?
2. Identify your target market. Who are your customers, where are they, and how much do they spend on foods? Your primary market could be college students, busy families, or people hosting special events.
3. Identify your competition, and how you will make your business unique and valuable. Your competition is the companies and individuals that are in the same business, which is feeding people. They are local restaurants and fast food places, caterers, and grocery stores (especially the ones with service delis). How will your business differ from those of your competitors? And, how will those differences help you in attracting clients?
4. Write your mission statement. It should be a short statement, (one sentence is best)that describes your service, your commitment to quality and customer service, and why your service is valuable to the community. Write it with your potential customers in mind. It should not be a statement about your personal reasons for going into business, so don't write, "I cook for people because I need the money."
5. Make a list of the equipment, supplies and materials you will need to prepare the foods you will be putting on your menu, and the cost associated with each item.
6. Research health department requirements, and local and state licenses and permits that you will need to be in compliance with the law. List each requirement and how you plan to meet them. Also include any expenses, application and filing fees.
7. Decide on the methods and media you will use to market, promote and advertise your home cooking business, and the cost associated with each.
8. Create a budget for your business start-up, and for the first six months of operations, based on the information from steps five through seven.
9. Set some reasonable goals for your new venture based on the resources you have or can obtain, and the time you have to invest. Do you need to make $500 each week? How many customers or sales will you need to reach that goal? How long do you estimate it will take to get to that point? Not only will this step help you stay on track and encouraged, it will be helpful if you decide to seek outside financing.
10. Financing your business. Where will the money come from? What can you afford with the resources you have, and how much will you need to borrow? While you may consider taking out a small business loan, this plan is designed to help people with little or no funding start their own, profitable business. Starting with what you can afford today will help you reach the profit point faster, without the stress of going into debt.
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