Becoming an Entrepreneur
How to Start a Catering Equipment & Supplies Retail Business
Launching a catering equipment and supplies retail business is a rewarding experience if you have the creativity and tenacity necessary to be a successful entrepreneur. We offer nuts-and-bolts information that can make your business profitable, stable and built to last.
Thinking about opening a catering equipment and supplies retail business? We tell you what you need to know to get started.
Business Plans for a Catering Equipment & Supplies Retail Business
A common mistake for a new business owner is to not create a business plan.
The key benefit of writing a business plan is that it defines the game plan. Without it, you'll be flying blind, choosing short-term opportunities at the expense of long-term benefits.
Before you make another business decision and before you start writing a business plan, you need to create a mission statement. From there, it's time to initiate the hard work involved with writing the rest of your catering equipment and supplies retail company's business plan.
Check Out the Competition
Prior to launching a catering equipment and supplies retail business in your area, it's worthwhile to see what the competition looks like. Use the link below to get a list of local competitors near you. After following the link, enter your city, state and zip code to get a list of catering equipment and supplies retail businesses in your area.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
Once you've finished assessing the competion, you really ought to have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. It'd be crazy for them to teach you the business.
Fortunately, somebody who runs a catering equipment and supplies retail business in another town will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
Where would you find a catering equipment and supplies retail business founder in another city who you can speak with?
Here's one way to do it. Just use our link below, find somebody and call them.
Advantages of a Catering Equipment & Supplies Retail Business Purchase
On a percentage basis, more entrepreneurs intend to enter catering equipment and supplies retail business ownership through a startup than through a business purchase. However, many new entrepreneurs aren't experienced for the rigors of a startup operation.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable catering equipment and supplies retail business, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Consider Buying a Franchise
If you want to minimize your chances of failing, it's a good idea to look into leveraging the success of an established franchise network.
If you planning on starting a catering equipment and supplies retail business, you would be wise to determine whether buying a franchise could help you avoid common entrepreneurial mistakes.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding getting started as an entrepreneur may be of interest to you.
Characteristics of Successful Entrepreneurs
Buying vs. Starting a Business
Share this article
Additional Resources for Entrepreneurs