GlobalBX

So you are thinking of buying a catering business? The following is a guideline to some of the factors you need to take into consideration before purchasing a catering business.

Know Your Business
To be a caterer, you really need to enjoy talking to people because over 80% of your business dealings will be selling your service. You need to know how to cook, plan events, and even decorate. Since you have decided to buy an existing business, you can take advantage of an established business system and its clientele base.

What are Your Reasons for Buying a Catering Business?
Ownership of any business including a catering business requires work, responsibility, and in certain cases the ability to face new challenges. Being your own boss can be very rewarding, but it takes time to earn profits, and you are responsible for your own earnings. In many cases this is exactly what you want, because you are in charge of your own destiny.

Why is the Catering Business for Sale?
Is the owner just selling their customer base, or are they selling the business assets too? Does the buyer get kitchen equipment, office equipment, and furniture? Is the property for sale as well? You need to know why the business is for sale and what is included in the sale, which will ultimately affect the asking price.

Financing Issues of a Catering Business
If you are buying an already established catering business, you need to come up with the cash to buy it. You may want to finance it through a bank, in which case you will need some kind of collateral. You can also try your local SBA to see if you qualify for a SBA loan.  The SBA also provides useful information and resources such as how to get working capital and how to operate your business.

Where to find a Catering business for sale
You can search online and look in the newspapers. You can contact business brokers in the area to let them know that you are looking to buy a catering business. Accountants, attorneys and even banks may know of local businesses for sale that have not yet been advertised. Patience is very important when searching for the ideal catering business that is both profitable and suitable to your needs.

Search 100s of Catering Businesses for Sale at GlobalBX!