Tips to Get You Started with a Home-Based Business

Photo Credit to: Chron

Why should you consider starting a home-based business? Presently, the economic slowdown has led to employee benefits being cut. With the frantic pace of life, many people are considering putting up a home-based business, with no boss and no working schedule to beat, to augment their income.

There is no need to use all your savings or whatever severance pay you would receive in the event that you leave your job. Doing business at home only requires a small startup capital. There is no need to spend too much on lavish office interiors, high-end equipment, or staff yet. You can count on members of the household to help anytime and on short notice, often without the need to compensate them.

Today, generating an income and managing the family at the same time is no longer an inconceivable idea. It is achievable, as long as you have a foolproof home business idea. Of course, everything would seem easier said than done. Hence, here are several proven home-based business tips to help you start promptly, without spending a big amount of money:

1. Have a clear idea of the type of home business you want to start. Are you good with organization? Do you enjoy planning events and assisting people? Then you could probably start a small personal assistance firm or become an organizer of different events. Do you love to cook? Then perhaps you’d want to put up a catering business.
2. Know your competition since they can make or break your business operations. It wouldn’t hurt to do a background check on each of your business rivals to check their strong and weak points. Obviously, you can use the knowledge you would glean from your research to be a step ahead of the competition.
3. Understand the needs of your area. Pay attention to what people want and need in the area. If they mention something that interests you and you happen to be good at it, try it. Some people are adept at more than one skill, so by all means, try them all. There is no existing law that stops you from doing so.
4. Figure out your profits. Estimate how much you will be receiving for your service. Is it a feasible income for you? A perfect example of this is if you make specialty cakes. Because of the complicated designs, sizes, and special flavors of most cakes, people are willing to pay as much as $350 per cake. However, with the very detailed work that goes into making specialty cakes, you need to decide how many cakes you can work on per week. Keep in mind that the profits you will be making will go towards ingredients and supplies. Eventually, you will need to invest on equipment such as a commercial fridge to keep your cakes fresh. Incidentally, you can browse commercial fridges online. That way, you can choose the one that gives you the best value for your money.
5. Inquire about the licensing requirements for your home-based business. Some cities enforce rules and regulations for home-based businesses. Check at the city hall before investing much time or money. In some cases, you may be required to apply for a business license only and nothing else.
6. Visit your local insurance agent to know if you need any special insurance. Once you start a home-based business, you will be exposing your home and family members to different risks. Hence, you need to make sure you are covered before it is too late.
7. Have a business plan. Not only will it help you list down things you may have overlooked while cooking up the idea in your head but it will also help you determine what kind of start up costs you are looking at.
8. Invest time and effort on advertising and marketing campaigns for your business. You don’t need to spend money. You can create simple fliers or brochures on your computer and have your kids hand these out to your neighbors. It’s a simple yet effective marketing strategy.

Hopefully, these tips will guide you as you try to come up with a foolproof and feasible plan for your home-based business.

3 Restaurant Options for Investors and Entrepreneurs

Image credit: Matthias Rhomberg (flickr.com)

Are you planning to open a restaurant in the near future? One thing you should know beforehand is that you actually have a lot of choices and concepts to play around with when you go for this type of food business. 

Naturally, various factors should influence you as you strive to come up with the right decision. For example, some of the first things that you have to consider include the money you are willing to invest, the market you are planning to target, plus the kind of food you intend to offer.

Here are the three general categories you can choose from as you explore the industry:

Fine Dining

While “fine dining” definitions may vary from one person to another, the term usually refers to a formal dining experience. This means that the clients get the highest quality of food, atmosphere, and service when they dine in such a setting. You need to implement high standards if you are planning to open this type of restaurant. You have to hire the best chefs, dress your waiters in formal attire, and purchase classy furniture.   

Fast Food 

As the name implies, fast food gives heavy emphasis on providing fast service for customers. Fries burgers, and pizzas are often served in these restaurants. As opposed to fine dining, ordering the food is typically done in the counter not on the table. Drive-through and take-out systems are also implemented here for the convenience of customers. Food carts and stalls also belong in this category.    

Casual Dining

The name is likewise a giveaway. Casual dining refers to restaurants that serve food in a casual setting. Prices are usually moderate and table service is provided – except for restaurants that offer buffet meals. Casual dining falls in the middle between fine dining and fast food.  

Conclusion

As mentioned above, you have to honestly assess your strengths and capabilities, especially in terms of finances. You have to be properly informed about the required investments. Do some research ahead of time so you have an idea about what to expect. Purchasing the needed equipment is also essential. Browse the market for the best deals as you buy a fridge freezer, ice maker machine, and others. Likewise, you have to look for a good location that suits the type of restaurant you have in mind. Finally, food pricing and hiring enough number of employees (cooks and waiters) should also guide you in decision making.       

How to Start a Catering Business

Photo Credits: Albert Herring (commons.wikimedia.org)

If you enjoy cooking for parties and you are thinking of entering the business world, establishing your own catering service can be a great idea.

This type of entrepreneurial venture presents you with the opportunity to get started even without spending big. As opposed to running an actual restaurant, catering can be done with low overhead expenses. You can then expand your business as you go along and get more customers.      

Here’s how you can begin:

Step 1: Begin with a menu

Of course, your initial step should be to come up with a menu you can present to prospective clients. Also, this allows you to have an estimate of the kitchen space and appliances you will need.

When creating a menu, it is important that you offer variety in order to reach a greater number of potential customers. There’s nothing wrong with having specialty cuisine but make it a point to be a bit diverse because this will increase your chances of earning. For example, veggie meals are particularly attractive to consumers who do not eat meat.  

Step 2: Get a space and the needed supplies

Generally speaking, local laws do not allow catering services to be operated from your home. Compliance with the business and health requirements in your area is very important. Otherwise, they can order you to stop operations.

One idea here is to work from a commercial kitchen. You can rent such a space for an entire day or even for a few hours, depending on how long you will need one. This is ideal if you are starting out and you only cater during weekends.

If you can already afford it, you may also consider renting a space. This makes it easier for your contacts to pay you a visit whenever necessary. You may also invest in needed equipment such as pots, pans, silverware, glassware, disposable plates, refrigerators, freezers, and everything else. Those in Australia can check out catering equipment Sydney via premierrentals.com.au.

Step 3: Be a legitimate business

As mentioned above, observing requirements set by the local government is crucial. Learn about the licenses and permits in your area.

Once you’re done with that, you can then begin hiring people. Servers should be given appropriate uniform plus you have to take the time to train them well. Also, having a spacious vehicle is important so you can transport food to various locations with zero hassle.

Related Articles:

Starting a Catering Business (entrepreneur.com)

Successful Catering 101: 4 Operational Tips to Boost Sales and Improve Efficiency (edgl.com)

Choosing The Best Commercial Fridges Worth Your Time and Money

Photo Credit: James Faw (pinterest.com)

When you are running a food business or planning to open your own food business, one of the things you need to prioritize is investing in the best kitchen equipment. Every food business owner knows how expensive buying your own equipment can be, especially since you can’t settle for anything less if you want to offer your clients or customers the best service and high-quality food.

This is why it pays to come up with checklist of the equipment you may possibly need. You don’t need to buy everything on the list right away, but at least determine what you need to have on hand first. Most start-ups rent their equipment and are able to slowly build their inventory as time goes by. Wise catering/kitchen/restaurant equipment buys will always help you save money in the long run and allow you to have some left over for other expenses like payroll and supplies.

One of the biggest and most important investments you will need to make for your business is for commercial fridges. Since you will need to adhere to health and safety regulations concerning food preparation, storage and handling, a good commercial fridge is essential. However, with so many makes and models out in the market, you’ll need to base your decision on what your business needs, the amount of food you need to store daily and of course, the size of your premises/location.

If you have budget constraints, you can always check commercial fridges available online for rent as this way, you get what you need at a price you can afford. The great thing is there are suppliers who offer a rent-to-own option where you can eventually buy the fridge at a percentage of the original sale price after your rental period. You won’t have to go out and buy a new fridge but simply use the one you’ve come to depend on.

Another thing you need to remember when choosing the best commercial fridges for your business is you need to choose one that is energy efficient. With the heavy use you’ll be putting it through, you may find yourself complaining more and more about high utility bills and as such, you need to get a fridge that won’t bleed you dry in this department. You may want to consider using commercial fridges and freezers that have earned the Energy Star rating because these fridges are approximately 30% more energy efficient than standard models. You can save close to $60-70$ annually which is pretty significant considering.

You will also benefit from fridges with high-efficiency compressors and improved coil designs, as well as those with electronically commutated motors, variable speed fans, improved fan blade designs, anti-sweat heaters, improved insulation and gaskets, as well as efficient interior lighting. All these contribute to significant savings due to high energy efficiency.

And lastly, never attempt to consider using residential fridges for your business. You can always do research and gather as much information as you can about the best fridges to use for business and the wear and tear that your fridges will be subjected to from heavy use is not something residential fridges are designed for, not unless you don’t have anything against spending constantly for repairs and upkeep.

You might also like:

What Are The Different Types of Commercial Refrigeration? (wisegeek.com)

How To Run A Restaurant: Sourcing Supply (forbes.com)