Catering Business Plan

Topics: Salary, Strategic management, Corporation Pages: 17 (3293 words) Published: April 28, 2015
Strategy Paper First Version for East Coast Catering
Proudly Offering Top-Notch Catering Services For Your Personal or Business Needs!

Chris Marchionni, Wednesday, Section 01

Table of Contents
Executive Summary………………………………………………………………………3 Mission Statement………………………………………………………………………...3 Business Form…………………………………………………………………………….4 Management Team………………………………………………………………………..6 Compensation and Benefits……………………………………………………………….8 SWOT Analysis………………………………………………………………………….12 Porter’s Five Forces……………………………………………………………………....13 Competitive Advantage…………………………………………………………………..15 References………………………………………………………………………………..16

East Coast Catering is a Connecticut based corporation that provides catering services to customers in its targeted market. The Company was founded in 2010 by Chef Chris Marchionni. The purpose of this business plan is to raise $150,000 to initiate the development of a catering business while performing the expected financial and operational figures over the next five years. Mission Statement:

“A mission statement defines what an organization is, why it exists, its reason for being. At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate.”(Entrepreneur) Our Mission:

East Coast Catering strives to ensure unforgettable events by exceeding your expectations with superior cuisine, outstanding service, and creative presentations to make any event, a truly memorable experience. Business Form:

East Coast Catering is a LLC. The reason I selected this type of business is because most local catering businesses function as a Sole Proprietorship, because it is the easiest form of business to start and operate under. Sole Proprietorships leave the owner accountable to very high amounts of liability. LLC’s are easier to set up in comparison with a corporation and allows the business owner to experience fewer liabilities than a Sole Proprietorship. Incorporating or forming an LLC provides advantages to business owners that operating a business as a sole proprietorship or general partnership does not, including: Limited liability protection for the personal assets of the owner(s). Certain tax advantages such as tax deductions not available to sole proprietors. Opportunity to gain credibility with potential customers, vendors, partners, and employees. Capital can be raised more easily.

C corporations, S corporations and LLCs provide you with personal liability protection. S corporations and LLCs are commonly used for small business activities. Both enable you to grow your business and take on new owners. Both pass through income to owners who report it on their personal returns. Both cost about the same to set up, depending on the filing and ongoing fees imposed by the state in which you incorporate.”(Biz Fillings) One key difference is how owners are affected by employment taxes: “S corporation shareholders are employees of their corporation so Social Security and Medicare (FICA) taxes apply to compensation they receive, but not to distributions they receive.”(Biz Fillings) “LLC members are self-employed individuals who owe Social Security and Medicare taxes, paid by self-employment tax on their share of business net income.”(Biz Fillings) Disadvantages:

C Corporation:
Costs to set up
Double Taxation
Regulation and Formalities.
S Corporation:
“S corporations cannot have more than 100 shareholders. This makes it impossible for publicly traded companies to use, since they regularly have thousands or millions of shareholders.”(Small Business Chron) “Another problem with S corporations is that owners sometimes have to pay taxes on profit distributions that they did not receive if profit is reinvested back into the company.” (Small Business Chron) LLC:

“Limited Life. In many states, when a member leaves an LLC, the business is dissolved and the members...

References: Choose Your Business Structure - Nolo.com. (n.d.). Retrieved March 5, 2015, from http://www.nolo.com/legal-encyclopedia/business-structures
SWOT Analysis: Examples, Templates & Definition
SWOT Analysis Definition | Investopedia. (2005, February 17). Retrieved March 5, 2015, from http://www.investopedia.com/terms/s/swot.asp
Getting ready to create a marketing plan? (n.d.)
Strategy Train. (n.d.). Retrieved March 5, 2015, from http://st.merig.eu/?id=38toketju
Comparing Company Types
The Disadvantages of a C Corporation. (n.d.). Retrieved March 5, 2015, from http://smallbusiness.chron.com/disadvantages-c-corporation-3980.html
Limited Liability Company
Mission Statement Definition | Small Business Encyclopedia. (n.d.). Retrieved March 5, 2015, from http://www.entrepreneur.com/encyclopedia/mission-statement
(n.d.)
Bobby Flay. (n.d.). Retrieved March 5, 2015, from http://en.wikipedia.org/wiki/Bobby_Flay
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