Most people can throw together a meal or two, but some are skilled enough to leave others licking their fingers at the end of a meal. Maybe you have that skill and that’s why you got into a home catering business. The foodservice industry is an excellent space to be in, given the rising demand for tasty, nutritious, and high-quality food. Home caterers are on the rise because of how convenient it is to set up a home catering business.
However, a true entrepreneur never settles. If you believe that your business is doing well and you are ready for the next step, it is time to think of expanding! Growing your home catering business can mean a number of things, from switching up the food you cater, to hiring more employees to help with new orders. Here are five ideas on how you can expand your business:
- Experiment with a New Menu
There are many home caterers in the market. If you want to be noticed, you have to do something noticeable. Something as simple as changing up the menu options can get people to pay attention to you. If you have been a purely Indian food caterer, you could consider a fusion menu, add innovative twists to your dishes, or simply come up with a whole new menu. However, be sure that in a bid to come up with a unique menu, you do not compromise on quality. Taking a new cooking lesson or experimenting at length by yourself could prove to be useful.
- Invest in Better Equipment
Your household gas and oven may have served you well in the initial stages of your business, but if you want to grow, you will have to upgrade your equipment. For instance, you may be considering adding baked goods to your home catering business menu. However, a domestic oven may not suffice for large-scale orders. You may have to invest in a commercial oven. When considering new kitchen equipment, you could apply for a small business loan or opt for equipment financing in case you do not have funds handy. This way, you can invest in the best equipment that will help your business scale new heights.
- Create a Marketing Plan
New clients are an essential part of a growth plan. Unless you have takers, you can’t really expand your business. Having a fool-proof marketing plan, be it word-of-mouth, a social media strategy, or sending out old-school flyers to people in your neighbourhood can help you spread the word to new clients. It can also remind old ones about your business and encourage them to place an order with you for any upcoming events they may have.
- Hire a Helping Hand
If you have more orders than you can handle on your own, then it may be time to hire some help! When you begin to provide employment to other people, you can be sure that your home business is booming! Whether it is a full-time chef you’re hiring, or simply someone to help you with your prep, this will give you more time to handle other parts of your business. You will also have a company to help you ideate for new menus, marketing plans, and client meetings! If you need to hire more help, getting a business loan to help with initial salary payments can ease you into this process.
A Home Caterer’s Options for Getting a Business Loan
Any expansion plan requires funding. If you do not have liquid funds to give your home catering business a push, then you could apply for a small business loan to meet different expansion expenses. Many banks and financial institutions offer home-based business loans to home caterers. However, most small business loans have certain eligibility criteria you must meet in order to get funding, including minimum operation time, minimum turnover, documents to prove business functionality, among other things.
In case you are unable to get a business loan, there are two other options to consider getting money to expand your scope of catering from home:
- Personal loan
A personal loan is an unsecured loan that is granted to individuals to use to their liking. Since it does not have any end-use restriction, you do not need to show proof of business. For a home catering business that has not completed a registration process yet, with no solid proof of funds, a personal loan can be the answer to your expansion needs. However, a personal loan will require you to have a good credit score.
- Gold loan
For those with a low credit score or those who simply want to get a loan with lower interest rates, a gold loan can come to your rescue. As a home caterer, if you have gold jewelry lying in your house or bank, you can utilize it for your business expansion. A gold loan is a secured funding option wherein you can pledge gold assets in return for a loan. There are many reasons to choose secured over unsecured loans but secured gold loans are hassle-free, have a lower interest rate when compared to unsecured loans and have no restriction on how you use the money from it.
Rupeek offers attractive gold loans for a number of purposes, including as a viable alternative to getting a business loan.
Why Apply for a Rupeek Gold Loan?
Rupeek’s gold loan can help you expand your home catering business and flourish as an entrepreneur. Rupeek’s loan has:
- A high loan-to-value ratio
- Most attractive interest rates in the market
- Minimum requirements (You only need to complete your KYC details to get started)
- An online application process
- Doorstep pickup of gold assets
- Instant disbursal of loan amount
- Flexible repayment schedules ranging from 3-6 months
- Convenient repayment options such as EMI payments, total liability payments, etc.
A gold loan to expand your catering business from home is an excellent option that will get you instant access to funds without a lengthy application process or stringent eligibility requirements. Get started now!