By Jenna Christine
Are you someone who’s able to spot a good cut of meat when you see it?
If you’re someone who has a keen eye for choice cuts, then opening your own deli might be the best thing. You get to open your own small business, set up your own menu and make a profit selling food.
However, opening your own deli is no different than starting any other type of business. It requires a lot of work, especially emerging from the stress of 2020 and how it impacted small businesses, but proper planning and financial preparation to get it started can really help. In this article, we’ll be going over how you can start your own deli and what you need to prepare for.
Have the right amount of money saved
It should go without saying that opening your own deli is going to cost its fair share of money. Your deli isn’t something you can open online, unfortunately. Online businesses are cheaper, but you can’t open the business itself online. However, you can implement online access, which we’ll go into a little bit later. Anyway, you’re going to need to find an adequate area and space to situate in.
Depending on where you go and how big the space is, you’re most likely going to be spending a ton of money.
Fortunately, there are ways you can finance everything. The first step is to take out a business loan. A business loan can cover the cost of renovations and the necessary equipment you need.
Next, you can gain addition funds if you take out a personal loan with low monthly payments. A personal loan can even be used to whip your finances in shape by consolidating debt into one monthly payment to free up extra cash every month.
Applying for a personal loan does mean you will need a credit score secure the best rates. You can make sure there aren’t any discrepancies on your credit report by pulling a free copy, as having a faulty credit report can have a significantly impact how much you get and your eligibility.
Craft your deli menu
No deli is complete without a solid menu and since you’re the owner and head chef, you get complete control over what’s on it.
You can add various types of sandwiches, like grilled chicken and roasted turkeys. You can also appeal to vegetarians by including specialty salad wraps. It’s also not a bad idea to add various sides, like fries, chips or veggie sticks.
Choose your business structure
Before you can officially open up shop, you’ll need to choose a business structure.
A business structure is just how your deli is seen by the government. There are four main types to choose from: sole proprietorships, partnerships, corporations and limited liability companies (LLCs).
Since you’re just starting out, you’ll likely choose an LLC, as this combines the best of all three of the other structures. Your personal assets will be protected, like a corporation. You’ll have complete control over your business, like a sole proprietorship, and you can hire anyone similar to a partnership.