If you have ever thought of monetizing your talent for baking, there is no better time than now to turn your passion into profit. It might seem scary when you do not know where to start, but creating a solid business plan should be the first thing on your agenda. This will give you an idea of what your business could be. Here are a few essential things to consider when mapping out your plan:
A reasonable budget is one of the most important things to take note of in your business plan, as this will affect the rest of your decisions. You do not need to have the hard numbers at first, but it is good to paint a rough yet realistic picture of what to expect. Take into account your cashflow projections, assets and balances, as well as your business expenses, like start-up costs, operational costs, inventory, equipment, and property. You should also consider whether you want to invest in a brick and mortar store or if you will employ alternative distribution methods like online ordering and delivering.
Your bakery will require heavy-duty, commercial equipment to meet the growing demand of customers and withstand continuous use. The most essential equipment that you cannot do without is a quality industrial mixer for baking.
A good mixer is the cornerstone of a great bakery. Depending on what you plan to make, you will also need an oven, a dough proofer, smallwares (spoons, bowls, spatulas), bakeware (cake pans, muffin tins), a refrigerator, dry storage, and oven racks. Other equipment you will need to purchase will be based on what your bakery will specialise in.
Assessing your talents and goals is key to owning a thriving and successful business. Knowing what you want out of your bakery and what you are good at will decide your specialization and set you apart from the rest of the competition. Your identity will essentially be your business’ identity. It is also recommended to take into consideration the difficulties you could potentially face or the things you believe would hinder you. Be mindful of these weaknesses and address them as you go along.
Your industry analysis should identify the key players in your industry, trends, and growth. While your market analysis should look at potential customers, the size of your market, demographics, behaviors, and trends. Studying these will challenge you to become a better and more innovative baker, allowing you to fine-tune and develop your product so you can properly cater to the needs and wants of your customers. It will also factor into how you want to get the word about your bakery out there.
While setting up your bakery business might not be as easy as pie, it is still possible. Many people are stuck working jobs they hate, thinking they are trapped — when in reality, they are not. You always have the freedom to step out of a job to do what you are passionate about. With proper planning and execution, you will be on your way to doing what you love for a living.