Now it is completely accepted fact that catering is a very good and profitable business. Many small business owners think they just pay premiums and never need the insurance – but here are some statistics you need to know. Statistics show that 34 percent of small businesses have faced a lawsuit at some point during its operation. In a new city and hungry for some tasty noodles? Chances are you’ll visit company Yelp to read reviews and information about local restaurants, as well as other businesses. The online guide’s CEO and co-founder Jeremy Stoppelman set up the website alongside CTO Russel Simmons back in 2004, and since then it has become an internet staple. Moreover, while the company has yet to make a profit, that may well change with Stoppelman’s 2013 launch of Yelp Platform, which allows users to order their food straight from the Yelp mobile app. However, Stoppelman – who was featured on Fortune’s 40 Under 40 list for 2013 – doesn’t fling lots of perks at his staff, preferring to concentrate on their enthusiasm for what they do and indeed his own love for engineering and product. We’re not Google. We don’t have lobster stuffed with caviar every day,â€ he said. Figure 5.6: Challenging a cost leader in a price war may end up destroying a company. 2. You can start your concrete blocks business with hand made molds. You make these from plywood and sheet metal at very low cost. These molds are easy to make in your home workshop from available plans and instructions. Using hand molds one person can turn out 100 concrete blocks per day quite easily. In such circumstances getting into the leasing property business as an opportunity to capitalize and make a tidy sum of money would be advised. However, because it is now a renter’s market capitalizing on this does have its disadvantages as now the renter will have a wider array of choice properties to choose from. Nowadays business plans are used as an internal roadmap for the execution of the company since pitch decks have taken over when it comes to fundraising required materials.Â For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel ( see it here ) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Moreover,Â I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million ( see it here ). If you answer no to any of these questions, don’t follow this penetration strategy (or at least, consider this strategy very carefully). However, if you are a new business considering this strategy in a new, or scarcely populated, market, focus on how to drive your costs down and your efficiencies up.