You may be right in thinking that you may need a lot of capital to start a business. If you are just starting a business, you can get overwhelmed or confused not knowing how much you need or what you need to buy. Or maybe you are looking for a business where you do not have to spend any money at all.
I may be wrong but I do not know of any business where you do not have to spend a little of your money to get started.
I remember when I started my cake business. I had no idea what I needed to spend my money to get my business off the ground. It was quite confusing.
No matter what, you will have to spend money at some point in your cake business journey and below are the things you should spend your money on for your cake business to succeed.
A good website.
Having an online presence for your cake business is vital for your cake business. Because it will ensure that your business will reach a lot more people. Your website does not have to be very complex, it can just be a single page with a gallery of your cakes and details on how to contact you. You can easily create a website by yourself using platforms such as Wix or WordPress.
Financial advice and/or support.
For me I can admit to you that I am not great with numbers, so accounting is my weakness. So I had to enlist the help of a friend to teach me the necessary accounting and bookkeeping aspects for my business. You may have to spend money hiring someone to do your books like maybe once a month or to train you so you can later do it yourself.
We all need extra skills no matter how good you are at cake decorating. But here I am talking about investing in business courses, webinars, e-books, etc. You can be the best baker in town but to succeed in the cake industry you need business education. That is why I am so passionate about teaching cake business owners how to run a profitable cake business.
Eventually you will get so big or get so many orders that you may not be able to cope by yourself and will need extra help. At this time you will need to invest money in hiring staff and also training those staff .
We as bakers know that we need a lot of equipment in our industry. Yes of course you should have equipment. But just don’t go buying everything under the sun.
As said before, You might make the BEST cakes but if nobody knows about your business you won’t make any money.. you should think on what marketing strategy you will employ to advertise you cakes. It could be Facebook Ads, or ads in a website or magazine or you could sponsor events. The list is endless.
Legal and other fees
you need to start your business on the right foot. So you will need to register your business name with the Corporate Affairs Commission. This means that your business name is legally protected and you can now operate a corporate account and also registering for taxes at the Federal Inland Revenue Service.
Business Cards and Fliers
For our cake business to be a success you need to market market markrt. And one way is to invest in high quality business cards and fliers so that when you are out and about or at networking events, you can distribute your business cards to the general public.
Would love to hear about what have you spent a lot of money on your cake business. Just comment below.
Hello, my name is Rotimicakelady and I am a cake business coach that teaches cake business owners how to grow and have a profitable cake business so that they have a constant stream of customers buying their delicious treats.
I have been running my own successful home based cake business for some years now. I have also been teaching bakers through my online courses who are struggling with low sales, with strategies on how to market, and price their cakes for profit.
In addition I am also run a Facebook Group where I coach, offer support and help bakers in their businesses.
I have helped over 50 bakers through my online course ‘A comprehensive guide to starting your cake business in 30 days’ with much needed information on how to start a cake business in Nigeria. I also teach close to 4000 cake enthusiasts through my Facebook Group how to run a money making cake business.
I have been featured in ‘Naija Top Baker’ magazine, one of Nigeria’s foremost cake magazines and also been a Guest Speaker at the Bakery World Convention.
If you are struggling with getting customers for their cakes, I can help you solve this problem by showing you how to market, sell, price, plan, structure and brand your business so you are constantly selling to the right people who want your cakes