Good day one and all, I need some feedback and advice for my catering business.
I've been running a startup providing specialty coffee using a mobile coffee cart to events such as MICE and private events (Weddings/Birthdays). We've been running for close to 2 years now and have worked with the likes of big names such as Accenture, AIA, AXS, various automobile brands, government hospitals, big marketing agencies, and many more. The business is very profitable with a profit margin of 40-50% per event as firstly, our assets are stored at my partner's house and secondly, we only incur COGS when there is an event. No need to pay for overheads of any kind. However, our revenue generated is really miniscule for it to be a "full-time" job. In our first year, we generated 20k in revenue and in the second year, we have doubled that amount.
In the first year, we wanted to target B2Cs and focused on FB/Instagram ads and what not. By the first year, we realized that 80% of our clients are B2B and that they are the ones that generate big ticket sales as events tend to cater to big numbers and last a few days. Therefore, we have since paid more attention to using Google Ads as most B2Bs find us through organic search via Google.
A big disclaimer, both myself and my partner are full time University students and do not have the capacity to put our 100% into the business as of now. However, we need to develop this business properly so that once we leave school, we can focus on the biz without our parents bugging us to find real jobs.
So here's the issue, we kind of hit a plateau in terms of the number of events we have a week and are trying to find ways to get more sales. Recently, we opened another business doing the same service but with a different product in order to open another revenue stream and target the other market that the first biz wasn't.
Most of the marketing efforts are done by myself as my partner is handling the operations side of things. So far, I've mostly done Inbound Marketing by generating blog content and building our site's SEO (we are constantly top 5 with our keywords). However, the company is still not making enough such that we can use it as a "full-time job".
Not sure whether I am allowed to post my website here but I could if requested
Thank you all in advance!
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