When I first started my cake business some years back, I had no business knowledge. I had no business plan, did not know what to charge for my cakes and was just going through the flow.
All I had was a passion for baking and a dream. I knew I wanted to sell cakes so I could give my children a good life.
So I started my business and it showed me pepper. Lol.
Not only did I have to learn a lot of things for myself, I was the baker, answering emails and inquiries, marketing manager, administrative manager, delivery person, shopper. I would work from early morning to late at night.
One of the reason I stated the business was that I wanted to spend more time with my children, but I was still working long hours and hardly seeing them even though we were in the same house.
I was working myself to the bone and I was still not making money. By the time I bought ingredients, groceries, petrol, paid my nanny’s salary, school provisions, my money was gone.
I was like what was the use. I might as well as stayed being a lawyer and collected my salary at the end of the month instead of killing myself with flour and butter.
So why wasn’t I making money?
Reason- I was charging too small. I was so scared of pricing my cake at a high price. You could say I was the cheapcakelady. Customers used to bully me about quoting a lower price and I will succumb.
I was so not confident in pricing my cakes that I would ask the customers if the price was ok.
I remember doing a lovely buttercream big 12 inch lemon cake ( I even used real lemons, the foreign ones, you can imagine how much they cost) with lots of intricate roses on it that took me like 2 days just to do all the roses and you know what they paid- N7,000.
I am so embarrassed about it now. I used my own money to fund their cake.
(This is the cake)
But really I was my fault. I accepted that price from them.
I didn’t think I was good enough so that was why I charged very low for my cakes. I was not bold enough to voice my worth to my customers so they dictated my worth for me.
This should not be so.
I felt like quitting a lot of times. But I had no choice but to keep at it. I mean I had nowhere to go. What will I do for money?
A famous quote by Eleanor Roosevelt says that ‘No one can make you feel inferior without your consent’.
I was allowing others to direct things for me, because I was so afraid of losing the order.
Eventually I had to overcome this and be more confident in my pricing. I put up certain structures in place and made sure that a customer would not be able to price me down. I stopped being pressurized to give a price to the customer at the spot- I will get back to them.
I was able to quote and price confidently and with a purpose to secure the order.
And you know what; I hardly had a customer that didn’t place the order. Infact I think it was only 2 customers last year that did not get back to me.
So there is a way for you to quote any price to a customer and get that booking.
If you are like how I was, please don’t despair, I am developing a Course called How to price your Cakes for profit (I may change the name later) of how you never have to worry about pricing for your cake business. I will reveal the strategies that have worked for me that will get customers to pay the price you want for their Cakes.
By God’s grace the Course will be launched in April; so to be on the waiting list just click here and you will be informed first hand when it is ready.
You will no longer be known as the cheapcakelady but the ultimate cake queen.
So Register today and I will talk to you next week.
I would also love to hear about your pricing woes, so just comment below
Could you do me a favour?
Could you just take some time out to fill out this Survey. It is about Pricing. I really want to know your challenges so i can address them in the Course.
It won’t take you long (just 4mins).
I really appreciate it
Take Care and Happy Caking.
Rotimicakelady is your personal cake fairy. She is a cake business consultant and Coach.
She runs the Cake Business Owners Club where she helps bakers through Online courses have super profitable and successful cake businesses.
She has a passion for helping women who have a passion for baking, transition from hobby cake makers to successful and profitable cake business owners.
She also help cake business owners who have struggling in their cake business with strategies to enable them get more customers, so you make more money. Rotimicakelady is passionate about Cakes, business and making money.