Catering Company Business Plan
The Philadelphia kosher catering market is interesting. Recently, they discovered the appeal and need for kosher food. It’s healthy, organic, and a clean way to eat, promoting good health. People are in need of quality food.
Solution
Fressen will occupy a niche in the kosher catering market by offering new, creative menu items that expand people’s conception of kosher food. This market has two target segments differentiated by household income.
Market
The kosher catering business in Philadelphia is unique. At the low- to mid-price range, there are four other kosher caterers who serve clients that require kosher food due to religious beliefs but struggle with the cost difference between standard and kosher catering. These caterers have standard menu offerings. There is a fifth caterer that serves both the lower end (middle class) and the high end of the market. However, there is a large wealthy population in Philadelphia that adheres to the laws of kashrut and has been underserved.
Competition
Fressen Catering sets itself apart by prioritizing customer service and offering inventive kosher cuisine. In the dominant market of kosher catering, companies face little pressure to accommodate customers. Fressen approaches the market as if there is significant competition and prioritizes customer satisfaction, building long-lasting relationships.
Why Us?
Fressen Catering’s mission is to provide customers with the finest kosher catering. We exist to attract and maintain customers. When we prioritize this, everything else falls into place. Our services will exceed customer expectations.
Expectations
Forecast
Fressen Catering is projected to be profitable in year 3. It will be well-established, well-staffed, and able to sustain employees and repay a $90,000 loan to friends and family by year 4.
Financial Highlights by Year
Financing Needed
This business requires $130,000, with $40,000 from Susan and $90,000 from friends and family.
Opportunity
Problem & Solution
The Philadelphia kosher catering market is interesting. There are several caterers that offer similar services in terms of price and menu options. In the past, consumers did not see the appeal of new kosher menu items, assuming they would be boring. However, they have recently discovered their preference for and need of kosher food.
Fressen Catering’s solution is to provide the finest kosher catering, focusing on exceeding customer expectations.
Market Size & Segments
Market Segmentation
Fressen Catering targets two distinct populations:
1. Middle-class kosher clients who recognize the costliness of hosting a kosher dinner party but strive to minimize expenses.
2. Upper-class kosher clients characterized by a wealthy one-income family, willing to spend generously on high-end kosher dinner functions. The female head of the household typically enjoys event planning.
Target Market
The target market strategy will not differ significantly for the two groups as both typically belong to the same religious congregations. However, different menu offerings are required to satisfy the distinct groups, as the high-end options are cost-prohibitive for the middle-class segment.
Competition
Current Alternatives
Four other kosher caterers serve the low to middle-end market, competing primarily on cost and service quality. There is also a high-end caterer that lacks top-notch service and has experienced declining business. Additionally, kosher caterers from New York City compete for the high-end market.
When it comes to buying habits, the middle-class group is somewhat price-sensitive, choosing the caterer with the best service. However, cost is a limiting factor, ruling out some caterers. The high-end market is less price-sensitive, with choices based on menu offerings, reputation, and service.
Our Advantages
Fressen Catering sets itself apart with its customer-focused approach and inventive kosher cuisine. By prioritizing customer satisfaction and challenging the notion that kosher food must be unimaginative, Fressen offers creative and delicious alternatives.
Keys to Success
The key to success is exceeding customer needs in terms of food quality and service excellence. Our business objectives include:
– Creating a service-based company focused on exceeding customer expectations.
– Increasing the number of clients served by 20% annually through superior service.
– Developing a sustainable start-up business.
– Generating sufficient cash flow to cover salaries and fuel business growth.
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