BUSINESS PLAN FOR A FOOD CATERING BUSINESS IN SINGAPORE

Business Plan for a Food Catering Business in Singapore

Executive Summary

Hot Serve is the creative idea of its two founders- a group of enthusiastic and young team. Major services that will be offered by Hot Serve include off-premises catering (preparation of food outside the premises where it will be served) and on-premises catering (at the same location, meals will be prepared and served). The goal of Hot Serve is to provide its customers with professional, expedient, and courteous service of the highest caliber. It will cater the needs of various market segments on the affordable prices. Hot Serve will differentiate from other catering businesses with its personalized services and competitive pricing. Hot Serve will be a privately held company, and will be registered as a Limited company, with Yi Lang Tay as founder & Eric Lee as Co- founder. The Hot Serve's clientele can be divided into two segments: individuals having a desire for social contact via social events, and profit and nonprofit, small to mid-size businesses and organizations. Hot Serve has been looking forward for a venture capitalist that can seed money (about $500k - $1million) to help the company in setting off their business and developing new markets. Equity financing would be done by potential venture capitalists. The objectives of the business is to get financial assistance for starting their business and to generate an annual turnover of at least $ 25 000 in the first year of their operation. It is hoped that by adopting the correct pricing and marketing strategies Hot Serve will be able to sustain the business and retain a wide range of customers.

Business Plan for a Food Catering Business in Singapore

Introduction

Singapore, also recognized as the entrepreneurship capital of the world, has a strong service and sector industry and it is the world's fourth largest financial center. Since the government, Singaporeans and its overall ultra-metropolitan culture offer a lot of room for trying out with new ventures and business ideas, therefore, it is an amazing place to embark on new business ventures (www.focussingapore.com). According to Euromonitor, there is an increasing demand for social catering due to rising affluence and changing consumer lifestyles. Singaporeans are keen to pay in exchange for convenience and quality. Social catering is in high demand for functions like baby showers, birthday parties, wedding events and festive season gatherings. In the overall events catering industry (i.e. both corporate and social catering), it is estimated that, from 2012 to 2014, growth is likely to grow at a compound 12.9 percent annual growth rate. (See Table in Appendix A) Food caterers take on food and beverage industry's 12% share. Taking these favorable conditions and statistics in to mind, we have conceptualized and proposed an entrepreneurial business plan for a food catering business in Singapore, which would be presented to a venture capitalist. Our aim is to secure a seed funding from the venture capitalist that will support the establishment and early growth of the ...