STARTING A CAKE BUSINESS : WHAT YOU NEED TO KNOW.
Starting a Cake business can be both daunting and overwhelming at the same time. It may even become harder to launch out with each thought especially if you have no previous experience or background knowledge about the business of baking from family or friends.
Beyond your ability to bake and the compliments you get from people, there are some fundamental principles and guidelines the young professional need to have and follow to ensure you have a successful cake business starting out.
Here are some important points I recommend you need to note before starting out.
1. Have a Plan.
Starting a cake business requires proper planning and you need to count the costs involved. It is good that you are finally taking the decision to start. But, before then, have a plan as this helps you with a roadmap on how to build your Cake business.
You can start out by answering the basic questions of :
* Why?
* Who?
* When?
* What?
* Where?
a. Why?
This clearly states the reason(s) why you want to start a Cake business. For some, it’s just something they are passionate about or a creative outlet. For others, they need an extra source of income. These are a few reasons out of many stories we have heard.
Personally, I started mine out of love for cakes, the creativity that comes with it, and more importantly, I wanted to be at home to take care of my children, train them aright in God’s way and watch them grow while earning an income.
So, you need to “know your why” as this would keep you going especially when the journey gets tough.
b. Who?
You need to know your target audience. Usually, the response to this question is “everybody”. However, one needs to know that this is not realistic and as such, cannot cater to the cake needs of everybody technically.
It is important for one to figure out the class or group of people you intend selling your Cake to.
c. When?
It’s important to have a timeline as to when you want to start your Cake business. Are you ready to start now, next month, six months down the line or next year? These are timelines you can set and work with.
d. What?
This involves knowing what tools and equipments you need to start a Cake business, what training you should be getting, what type of Cake business structure you need to have amongst others.
e. Where?
Answering the question of where gives clarity and makes it easy for you to know where to source for cake items, get the best bargains, enrol for proper training and also get support for your Cake Business. It is super important in the aspect of funding, you need to know where and how you can get capital to start your Cake business.
2. Get a Solid foundation.
Do not start your Cake business on a faulty or shaky foundation. While I understand the ‘glam’ and feelings of accomplishment that comes with being self taught, I can assure you that getting trained by a Professional is far better, way easier and cost-effective. This would save you time that would have been spent doing trial and error.
So, do due diligence to research a professional baker and cake artist you can learn from.
3. Understand what works in your location.
Laws differ from country to country. If you live in a country where you need to fulfil certain legal obligations before starting, then you need to know what these are and how to go about them from the local authorities.
In some countries like Nigeria, you can start out and, later get registered with the Corporate Affairs Commission (CAC) so that your business can be recognised as a corporate entity and you can transact Business as one.
4. Treat your business as a business.
A Cake business is an actual business as opposed to what some people think. It’s not a charity or some hobby that people engage in to pass time. Baking may be a hobby, but not running a Cake business.
So, you need to treat your Cake business as the business that it is. And, this involves putting a structure in place, setting up an order process, having a separate account for your business transaction among others.
In all, there’s actual work involved.
5. Have a Continuity plan.
You need to have a plan on how to keep your business going even when it becomes challenging. It is not an adventure where you can sign out when you get tired or when things are not working out.
Starting a cake business means you are in it for the long haul so you need a sustainability plan.
The decision to start a cake business is a beautiful and applaudable one which requires proper planning.
It comes with a lot of responsibilities which you need to be aware of and ready for. Start and build on a good foundation so that you are well equipped for the rainy days of entrepreneurship as a cake business owner.
