Olson Catering is a kosher catering company that serves the Chicago market. Olson offers creative, colorful, and unusual food options for kosher as well as the traditional standbys. The service offerings are quite a change relative to the existing kosher catering market which is quite stagnant. Most people make the incorrect assumption that kosher food means ordinary, boring food. This assumption prevails throughout the Jewish community so there is not much demand for new offerings.
Olson catering will inject new life into the kosher catering market, leveraging Chef Dawn Olson's culinary skills to develop creative new catering options. Dawn's advanced skills, industry insight, and a great market opportunity will allow Olson Catering to reach profitability by month 11 and generate $395,000 in revenues for year three.
The objectives for the first three years of operation include: * To create a service-based company whose primary goal is to exceed customer's expectations. * To increase the number of client's served by 20% per year through superior service. * To develop a sustainable start-up business. * To develop enough cash flow to pay all salaries as well as grow the business.
Olson Catering's mission is to provide the customer with the finest kosher catering. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
1.3 Keys to Success
Olson Catering, located in Chicago, IL will offer high-end kosher catering to the Chicago community. Olson Catering will serve parties of 25-300 people with high-end kosher foods that are currently only available in New York City. Olson Catering will offer a large menu repertoire, from traditional favorites to creative inventions. All of the food and drink items served will be done under strict supervision of the Orthodox Rabbinic authority.
Olson will rent space for the office and kitchen in an industrial area of Chicago. Renting in the industrial area will significantly lower the cost. Since the space will be used for food production it is not relevant for the store front to be aesthetically pleasing, or in a nice neighborhood. Olson Catering is forecasted to generate $395,000 in revenues for year three.
2.1 Start-up Summary
Olson Catering will incur the following start-up costs: * Two commercial stoves with ovens. * Dishwasher. * Two sets of cookware. * Two sets of dishware. * One van with rolling racks built in (a rolling rack is a wheeled rolling cart system that is insulated for both hot and cold food). * Assorted serving trays and utensils, knives and cutting boards (two each). * Desk and chair. * Computer with printer, CD-RW, Microsoft Office, and QuickBooks Pro. * Copier and fax machine.
Please note that the following items which are considered assets to be used for more than a year will be labeled long-term assets and will be depreciated using G.A.A.P. approved straight-line depreciation method.
Start-up Requirements | Start-up Expenses | | Legal | $500 | Stationery etc. | $150 | Brochures | $150 | Rent | $0 | Other | $0 | Total Start-up Expenses | $800 | Start-up Assets | | Cash Required | $36,700 | Other Current Assets | $0 | Long-term Assets | $32,500 | Total Assets | $69,200 | Total Requirements | $70,000 |
Start-up Funding | Start-up Expenses to Fund | $800 | Start-up Assets to Fund | $69,200 | Total Funding Required | $70,000 | Assets | | Non-cash Assets from Start-up | $32,500 | Cash Requirements from Start-up | $36,700 | Additional Cash Raised | $0 | Cash Balance on Starting Date | $36,700 | Total Assets | $69,200 | Liabilities and Capital | | Liabilities | | Current Borrowing | $0 | Long-term Liabilities | $0 | Accounts Payable (Outstanding Bills)…