Opening your own catering business is a big dream for many. However, it requires thorough planning and implementation to succeed in the industry. We reveal five tips presented for aspiring restaurateurs to pave the way for them to successfully open a catering business. From market analysis to site selection and customer retention.
- Market analysis and target group identification:
Before embarking on the planning of the catering business, a thorough market analysis is of great importance. What are the current trends, the preferences of potential customers and the competitive situation in the chosen region? A comprehensive market analysis helps to identify the target group and tailor the offer specifically to their needs.
- Site selection and concept development:
Choosing the right location is a crucial factor for the success of the catering business. Factors such as pedestrian frequency, accessibility, parking facilities and proximity to the desired target group can be decisive or at least helpful. A well-chosen location can have a significant impact on turnover. Just be different and unique! Make sure you stand out from your competition. A clear positioning and an individual gastronomic concept can help to differentiate in a competitive market.
- Financial planning and resource management:
Sound financial planning is essential to ensure the financial stability of your catering business. These days, nothing works without a detailed business plan! All costs need to be considered, including rent, staff, food, equipment and marketing. There are always unforeseen expenses lurking around. A sufficient capital reserve is important to avoid financial bottlenecks. Statistics show that the start-up rate for accommodation and catering businesses in 2021 is 4.4%, but the closure rate is 5.8%. A solid financial basis is therefore crucial for long-term success.
- Team composition and training:
The right team is the key to success in catering. Qualified staff is advisable. But even more so, a team that shares the same passion and enthusiasm for the industry. Investing in training and education to continuously improve the team’s skills and expertise is a must. A well-trained team can have a positive impact on the customer experience and help create a pleasant atmosphere.
- Customer retention and marketing:
Customer acquisition and retention are essential for the success of the catering business. Marketing channels such as social media, an informative website and targeted advertising campaigns to reach the target group are essential nowadays. What do guests expect? A unique experience, excellent service, great cuisine – because only then will guests become fans and regular customers. Studies show that an extremely satisfied customer can generate up to 14 times more turnover than an unsatisfied one. Feedback systems can help collect customer opinions and continuously work on improving the offer.
From market analysis to location selection to customer retention, thorough preparation and consideration of these tips will help maximise the chances of long-term success in the hospitality industry.