Present and Expected Future Growth of Catering Services Business
Catering services business is a rewarding option with huge potential of growth. Considering the importance of social celebrations and events, corporate cultures and social lifestyle, you can consider the catering industry to expend its status and profitable nature further.
Catering service providers are finding recognition at small as well as big levels. The catering industry is not only favorable for home based businesses; it is helping the social caterers to make big profits. Though, it is obvious that only those service providers in the industry succeed who are able to withstand this demanding business option.
As far as the current trends of catering services industry are concerned, it has attained status among top industries with an ever-increasing demand of various services offered by it. Social caterers in the United States, for example, make sales of over 6.5 billion dollars every year. This figure should significantly increase if the sales generated by home-based and unknown caterers are added to it.
The restaurant industry came up with good figures even when other industries were struggling during the period of recession. The consumers in the United States spend about 50 percent of their total food budget in the restaurants. This clearly indicates how the establishments like restaurants, cafes and other types of eateries are growing their profits year after year.
The catering services industry in the developing countries too is enjoying the favorable period of growth. The countries like India has its people adopting to the new lifestyles which include better food preparations for different types of social and cultural functions and increased habit of people to eat in restaurants regularly.
The main promising factors that ensure that the catering industry is going to maintain its consistent growth for the years to come include:
- Household with higher income are helping the catering industry to flourish. In the developing countries as well, the household income is increasing at a fast pace. So, more and more people are attracted towards the catering industry and the services offered by it.
- Corporate culture that holds a number of meetings, conferences, business lunch and dinner parties are becoming greatly dependent upon the catering industry services. The trend might not be that new for the developed countries, but the countries that have recently discovered the corporate culture are helping in the industry to attain popularity.
- Birthday parties, wedding receptions and other types of family events are more and more relying upon the catering service providers. This is mainly because of the increase in number of working mothers that give them less time to do preparations in the kitchen.
- Finally, people are getting more attracted towards the fashion of eating out with families and friends. This type of lifestyle is again new for the developing countries.
As you can have an idea from the discussion above, the catering services industry is one of the best options for those planning to have their own business. Start with a good business plan and keep an eye on the existing competition to have a successful catering business.