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Mission Statement : Try to sum up what the business will be about in a few short sentences. A mission statement is similar to a slogan. It is a quick way of letting readers know about the ideals and standards that a company represents. Putting profits aside for a minute, try to think about the purpose of the business. How is your catering business making people's lives better?

It should include a market research that identifies your competitors, their share of the market and the range of the products they produce. By learning how they conduct their operations, you may learn tricks of the trade in the business you want to enter and you also get to have a basis on what you can do to excel.

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If your answer is no, you may have been able to easily accomplish this goal by planning for such expenses in advance through a business plan. Even if having cash at the ready is not a viable alternative for you, you may have planned to have a line of credit available for such opportunities, knowing that in your field these opportunities do arise from time to time.

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