How much money can I make?
For many start-ups, the answer can be more complicated than at first thought. The truth is, a lot of caterers don't make anything. In fact, they lose a lot of money and go out of business within the first year. This is mainly because they didn't do enough research or seek the right advice.
In general terms, there is significant money to be made in street food trading, but it must be done properly.
Many people think that because they like cooking that they should start a food business and while this is a good place to start, it isn't enough on its own. It needs to be seen and approached with a business mentality - with profits in mind.
You have to be aware that you won’t make money simply because you are selling food. Menu costing, competitive pricing, pitch fees, supplier costs and equipment are all issues that must be taken into account. Along with this, you may need to hire staff, purchase training courses and insurance policies, as well as implement a back-up plan should things go wrong.
Seek more advice from impartial sources
Ensure that you speak to a bank manager or accountant who can advise you on your specific business plan and finance. There are many options for financing a small businesses, but it is crucial that you source the right advice before parting with your cash.
We can help!
We help hundreds of businesses to start-up in Street Food, Event Catering and Roadside Catering every year, so we can offer a lot to help you. By being a member of NCASS you can call us up with any questions whenever you like or talk through your business idea and plan. Click here to find out more.