Most things in your new catering business will come down to money – finance and financial materials. If you do not have your financial plan and resume prepared how you can expect anyone to do business with you, loan you capital, rent you premises, suppliers to extend credit etc etc etc.

First and foremost put together a financial “resume”. It will set the road map. You will have the basis of determining your “net worth” in order for you to base your financial plan and planning. It is a well worn statement that “if you don’t plan where you are going to go – then you will end up somewhere else”.

You may choose to hire a professional or an “office manager” to do the task of determining your true financial net worth. Alternatively you can do it yourself. Start by collecting the following asset and liability information: house property, house contents, and kitchen and office contents. Investments, bank accounts, Keoghs, IRA’s, personal assets and debts, loans, outstanding mortgages, unpaid taxes and so on.

At the least these figures will give you a starting point. It is essential and most important that you be as realistic and truthful as possible. There is no room for fantasies and tall tales. Accuracy and integrity are essential. Your personal assets will be the base of your pyramid, the foundation of your business, its growth and your personal plans and fortune.

Your next resource might well be your personal loans and credit from banks and other financial institutions. Should you seek loans from friends and family, common sense should indicate to you off the hop that it can only be from a perspective of proper preparation and thoroughness. You should not expect anyone or any institution to back you and take a chance on an unprepared or apparently shaky financial statement or planning.

You have to be clear, exact and thorough in both your preparation and final financial statements and presentation. Even if you feel that you do not have to do this homework for friends and family – past obligations and perceptions will rule the day – why be unprepared and sloppy. Not only do you not know what can occur in the interactions – you would be amazed that when it comes to money and cash – how many close family and friends can say no – but it also good common sense and decency to do everything to reassure any creditor that you are well worth the risk – both solid and solvent.

Finally, once you have determined what your operating funds are, you will really have to shepherd and take care of your assets well. You will quickly learn that off-premises caterering is not a business that venture capitalists will get involved with. In no way is the hard work of catering the flash in the pan that high flying venture capitalists dream of and wait for. There is no big oil gush – just the solid hard work of finding customers, buying the supplies, hiring the staff and finally delivering the finished food product and services on time and so the satisfaction of the customer. In the end if you have to get paid for your services and go onto the next catered event and production. In the end the catering business all comes down to hard work, constant effort and money.