financial security in your cake business

How To Price Your Cakes Better

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, -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.
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, the ‘Pricing your cakes right to build a money making cake business’ masterclass is starting this week,

I will reveal the strategies that have worked for me that will get customers to pay the price you want for their Cakes.

I will be relaunching this course soon; so to be on the waiting list just register below with your email address 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 now let me give you 10 strategies to help you price your cakes better:

Pricing Tip #1

Adopt a pricing strategy

There are various strategies you can adopt to price your cakes. Once you have worked out the labour and costing involved you would group certain types of cakes together and come up with an average price. For example you can have a 3 tier pricing strategy. Where you have a 3 price options for any customer depending on their budget. Where you have a low, middle and high priced option.

I will be teaching  different pricing strategies in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

Pricing Tip #2

Determine you profit percentage

Determine how much profit you want to make. This is a vital step to add if you want to grow your business. What type of profit do you want your cakes to have? 2.5%, 5%, 10%, 40% or more? There is no right or wrong answer. Start with a number that is comfortable for you and build it from there. The important thing is to have a profit percentage

 For home cake businesses I would suggest aim for 30-50% profit margins

I will be teaching exactly how to work out your profit margins in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

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Pricing Tip #3

Work out the cost of Ingredients, Supplies and Utilities

Record how much it costs to make each type of cake you make. How much do your ingredients and supplies cost? How much does the gas, water, electricity do you use when making each cake? Do not guess. Everything counts. Work out the exact costs for each type of cake you make.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

Pricing Tip #4

Research your competitors.

Research your competitors and see how much they charge for the type of cakes you make. Once you do, choose a price in the middle of the range.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass.See all what you will get in this Masterclass.

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Pricing Tip #5

Work out the timing

In order to price your cakes effectively you need to know in detail how long each cake takes to make from start to finish. Without understanding this aspect you will be literally be saying a price for your cakes out of the air!  So make a note of everything. Do not guess! Record everything. From how long it takes you to mix, bake and decorating the cake, to washing up, invoicing for the order, answering enquires, shopping for the ingredients and more. Everything you do to make your cake, make sure you record the time it takes.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

Pricing Tip #6

When should you raise your prices?

The time to raise your prices is when: #1 – you are not making any money or your costs are not being covered.

Learn when and how to raise your prices in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

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Pricing Tip #7

Decide how much you want to pay yourself

Next decide how much you want your rate is per hour then work out it out.  Do you want to work for N500 an hour or do you want to work for N2,000 per hour. There is no right or wrong answer. Each business, wants and needs are individual to the business owner.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

Pricing Tip #8

Figure out how much you want to earn

Write down how much you want to earn from your cake business each month or in a year. Then start incorporating that figure into your cake prices. 

For instance if you want to earn N50,000 this month, you just have to sell 5 Nos. N10,000 cakes. 

Learn more in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

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Pricing Tip #9

Survey potential customers

What is the general budget for your potential customers to pay for your cakes? You need to have an idea what your ideal customer will happily pay to buy a cake. If you find out that most of the people want cheaper cakes, don’t just drop your prices yet, maybe you should widen your search and look for those customers that can pay the price you want for your cakes.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass.See all what you will get in this Masterclass.

Pricing Tip #10

Decide the pricing bracket you want to belong

Decide which pricing bracket you want your cake business to belong to. Want to be in the low or high end priced group. For the low end group, your customers will be family and friends, wholesale, food stalls.

For the high end price group, these will be big birthday celebrations and weddings.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass.See all what you will get in this Masterclass.

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Pricing Tip #11

Follow up

If a customer doesn’t call back, don’t just think they are not interested. People forget. So you should take the initiative and contact the customer back and ask if they want to go ahead with the order. Don’t feel bad if they say no. When you continue following up eventually you will get a yes from a customer.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass.See all what you will get in this Masterclass.

Pricing Tip #12

Calculate Method

Do this for each type of cake you create.

    • Take the timings it takes to make this cake from start to finish (include everything!) then multiply this with your hourly rate.
    • Calculate the cost of the ingredients, supplies and utilities. Add this number to the number above.
    • Then work out your profit percentage.
    • Add the profit percentage to your ingredients, supplies, utilities and labour total.
    • You now have the price for this cake.

Learn more in the Pricing your cakes right to build a money making cake business Masterclass. See all what you will get in this Masterclass.

 


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This month register for the Pricing The Cakes Right To Build A Money Making Cake Business.

Pricing The Cakes Right To Build A Money Making Cake Business is created for bakers so that they can achieve their cake business dreams of building a moneymaking cake business.

In this Masterclass you will learn:

  • How to gain confidence in pricing and selling;
  • How to market to the right customers;
  • How to price cakes easily without stress;
  • Customers relations: How to deal with customers so they accept your price always;
  • Systems you should put in place to grow your cake business

If you are interested in this Course (which i highly recommend you do) and want to be a part of it, just send me an email at cakelady@bakingbusinessschool.com.ng requesting for payment details.

Or you can just fill in the below form and I will get back to you with details of the Masterclass:

Classes start as soon as you make payment, so don’t delay.


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About Me:

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.

 

The Baking Business School, Rotimicakelady, Get better results in your cake business

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5 Mistakes Made by Bakers In Marketing Their Business

 

So here goes:

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Mistake 1- Not following up with customers and potential clients

Following up with customers after they have ordered from you will guarantee you repeat orders and perhaps recommendations. Remember, getting repeat business from customers is important to growing and staying in business.

Try and always keep in touch with your customers and try and contact them at least once a month or more if you want. You could do this through monthly email newsletters or by SMS. This way, they are more likely to remember you and tell their friends about you.

So to do this, you need to maintain a data base of your customers such as their email address, birthdays, the type of cake they ordered,  phone number, etc. With this information, you will know how to communicate effectively with your customers.

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Mistake 2- Ignoring customers around you

Prospective customers are all around you; in your compound, your kids school, the salon you go to. So get involved and familarise yourself with your local area and network your cake business to them.

To succeed in your cake business, you need to expose yourself and network. People need to know about you so that they can remember you when they need to order a cake.

Many bakers are introverts and would rather be in the background decorating their cakes while someone else sells their cakes. That will be great if you are a big company and can hire staff to do your marketing for you. But most likely you are a one woman business, so you need to expose yourself enough to generate a sustained flow of customers and cake orders.

Don’t be shy, make sure you get out there and tell everybody you meet about your business.

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Mistake 3- Failing to monitor the success or failure of your marketing strategy

Whatever marketing strategy you do, you must monitor it from time to time. If you are not seeing any results, that is, you are not getting any additional orders then you must try another strategy. 

Your marketing efforts should bring you a reasonable return on your investment. You cannot be spending money on marketing s strategy if it doesn’t lead to sales.

So every few months, reflect on your marketing strategies and find out what works and what doesn’t and think of new ways to attract new customers to your business.

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Mistake 4- Misuse of your Social Media 

Social media marketing is a must-have for your cake business. However, starting a Facebook page and posting a few posts are not enough.

Social media is a marketing tool and should be used with a strategy in mind, if not it can actually harm your business.

First, understand how to use social media effectively, and then, create a social media marketing plan. Use your market research to know where your customers are online and create a presence there and communicate relevant, helpful information to them.

Another big mistake that Bakers make is join all the Facebook Bakery groups and be gisting with other bakers. 

Yes this may be all well and good, but being in those groups will not attract any customers.

So instead of joining various cake groups, join groups whose members are your target customers such as groups where mothers are gathered, wedding planners groups etc and build relationships with the admins in the groups so they can give positive recommendations, answer their questions, tell them about your cakes which could lead to more customers.

Mistake 5- Not having a Website 

A website is an absolute must for your cake business. I cannot stress it enough. Your website doesn’t have to be complicated. A website will enable people to view your cakes and also get the information needed to make an order or to contact you. 

Finally, I hope the knowledge of these common mistakes will help you to review your marketing strategy for your cake business and help you make the necessary changes to guarantee your success and more cake orders.

Please leave a comment below if you found this article useful or have any questions. I am here to help.

Till next week.


 

Need help in avoiding these marketing mistakes or do you have a challenge in marketing your business.

Need a step to step guide and helping hand on how you should market your business?

You might then want to have a look at this awesome Course calledThe Ultimate Guide to Marketing your Cake Business’ – This Course is ideal and will give you a boost forward to get your business back on track if you have been having low sales.

So are you ready to finally start making serious money in your cake business, so that you can get more orders!

                             THEN REGISTER HERE

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(Just fill in your details below and  we shall email you with details of the Course or just click on this Link)


me 6Rotimicakelady 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.

This Is Why Your Cake Business Is Failing (and what you can do about it)

It’s quite disheartening when your cake business is slow, isn’t it? We start to feel like a failure, like this business was a bad idea, like the competition is taking away all the customers away from us.

Believe me I understand how you feel. There are many a times when i ask myself if i made the right decision in resigning from my job and venturing into this wonderful world of cakes. 

There would be weeks when i didn’t have a single order and when i do i will be doubting my cake skills wondering if i am able to create the cake the customer wants.

But one thing i will tell you for free. It will get better, so please do not give up.

But you need to do some work and look at your business if you want to improve your sales.

The first thing you do is to look at your past track record. You either got a few or plenty of orders in the past, If you used to get plenty orders, what did you do? You need to trace your patterns.

However, you need to realize that what worked so well in the past may not work as well now because:

1) There are more bakers out there doing what we do on those same platforms,

 2) It’s much harder to reach your potential customers through Facebook unless you use paid Ad’s, and

3) You are still doing the same old thing, even though the cake industry have changed significantly.

If your orders are few and far between means that you may have not done much in the way of marketing your business. Like what platforms do you use to market your cakes or to tell people about your cakes?  

 

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So if you are suffering from low sales, you need to as yourself  3 important questions:

  1. How can i do to stand out from the competition: What makes your cake business stand out from the other bakers out there? 
  2. What can you do to get new customers: How would someone who wants the type and the taste of your cakes you offer even know you exist in the first place? How do these people find you?
  3. How do you keep your current customers: You need to think how to remind your customers that you are always there for them, how can you always remind them to always remember you when they need a cake. Think back, do you get repeat custom, or do people order from you and then forget about you because they never hear from you again?

Once you’ve thought and answered these questions. It’s time to get it out there and MARKET, MARKET, MARKET that cake business of yours.

You have to realise that as your business grows and changes, your marketing should be growing and changing too  because the business of marketing is constantly evolving.  

Yes, we love to make Cake but forget that we need to sell it in order to sustain a profitable and successful business, and although you may think that marketing makes you look a bit desperate, it doesn’t have to be that way!

THINK OF MARKETING AS A MEANS FOR YOU TO GET YOUR BUSINESS OUT THERE TO THE PEOPLE THAT MATTER

 You might also want to have a look at this awesome Course called ‘The Ultimate Guide to Marketing your Cake Business’ – This Course is ideal and will give you a boost forward to get your business back on track if you have been having low sales.

So are you ready to finally start making serious money in your cake business, so that you can get more orders!

 

 

                                              THEN REGISTER HERE


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(Just fill in your details below and  we shall email you with details of the Course or just click on this Link)

 

 

 

How to make your Cake Business stand out from the crowd

We are already in June already. Imagine. Half year! 

How are you feeling about it?

Are you scared, apprehensive or joyful?

I have mixed feelings because yes i have achieved  some goals i set myself at the beginning of the year, but there are still a number of goals that i am yet to do or even get started.

Sometimes i ask myself if i am able to achieve it or if it is even possible. I set myself a money goal, but  at times i go through periods where i doubt myself and ask myself if it is possible especially when those unexpected expenses come eating into my income.

But i know God has my back and i will keep on keeping on.

So for those who are still wondering how they are going to make their income goal through their cake sales,here are a few ideas to make your cake business stand out.

 

1. Know your brand

A strong brand will help your customers remember you.  Branding is not just about your logo or the colours you use or how your website is, it also translates to how you treat your customers and how you portray your business.

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2. Give great  customer service always

They say in Nigeria, we don’t know about customers service. How may times have you been to an eatry or a supermarket and the workers don’t smile and if you ask for their help, it is like you are disturbing them.

So be an exception to the rule. No matter how you feel, give great customer service. Answer your work phone with a smile, listen to the customers. Yes, you will come across some customers that are demanding, or even rude. But, ultimately, the relationship you have with your customers is what’s going to keep them coming back for more.

So go the extra mile for your customers. They are paying you after all.

3. Have Social media skills

Your business needs to be online. Use your website and social media to your advantage. Engage with your customers on social media.

If you aren’t confident with on how you can market effectively using social media – fear not! Here is a course to help you.

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4. Try something different

Why don’t you be different from the norm. Expand your product line and do different type of cake designs. Do something that is totally different from what is out there. And when you do market it superbly on social media.

5. Enter cake competitions

This is a great exposure for your brand, and you don’t have to win. Just need to enter. When you enter cake competitions, there is always press and you can take pictures for your website. So this will show people that you are a serious cake business owner and your brand can sky rocket. It will also help you to improve your networking and presentation skills.


 

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About Me:

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.

Do You Have A Business Or An Expensive Hobby?

This is something many home based cake business owners struggle with, and I will admit have struggled with this in the past.

Treating your business like an expensive hobby instead of a business. You might be doing this right now but you might not know it.

So, in this blogpost I am going to help you recognise whether you are actually running a business or in fact just have a very expensive hobby.

If anything I say below rings true, then you may just be running a hobby rather than a fully-fledged business, then please go and register for my Pricing your cakes right to build a money making cake business Masterclass where you will be taken through the process to make sure you move away from hobby cake business owner and move into the role of a successful cake businesswoman.

  1. You have not even registered your company

One of the first steps in setting up your business is to register it at the Corporate Affairs Commission.  Structuring your business properly from the start sets the right tone for not only yourself but for your potential customers as well.

You will appear more trustworthy and professional if you have a duly registered company. How can you expect your potential customers seriously if you too don’t take yourself seriously?

  1. You do not know how to price your cakes

I know pricing can be a real struggle for cake business owners. Most times we do not know how much we should charge for our cakes and in the end we allow ourselves to be under-priced.

People value what they pay for. If a person values what you are doing, then you should charge appropriately otherwise they will value you less and you will be known as the cheap cake lady.

You are in business to make money, so you need to charge right for your time, skill and effort you put in in crating that masterpiece of a cake.

If pricing is a struggle for you then register for my Pricing your cakes right to build a money making cake business Masterclass and all your pricing woes will be out to bed.

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  1. You don’t know how much money you make from my business.

If you don’t know how much money you are making then you also don’t know if, or when your business is making a profit or loss.

This is a clear sign your business is an expensive hobby.

The foundation of any business is in good record keeping and keeping track of your expenses. You need to have bookkeeping and accounting systems in place. This will help you monitor the finances of your business.

If you cannot tell how much you made and how much you spent in previous months, then it means you’re treating it like an expensive hobby.

So, if this is you then please, please watch my Training on Bookkeeping Systems you should have in your cake business here and here and put an end to it now with my simple actionable tactics.

  1. You know nothing about marketing

Customers do not fall from the sky. You have to go out there to get them and the only way you can get customers is by marketing. 

Marketing your business is a must. There are various marketing strategies you can employ such as social media marketing, having a blog, sending out email or sms newsletters. You need to be doing some sort of marketing on a consistent basis every day, if not; your business will find it hard to survive.

If you are unsure about marketing, then register for Pricing your cakes right to build a money making cake business Masterclass which has an  entire Module dedicated to Marketing.

Stop waiting for people to find you and go out and go get them

  1. You do not keep track of your time

Do you how long it takes you to bake and decorate a cake from start to finish? How long does it take for you to give a quote for a cake, answering emails, shopping for ingredients and so on? You need to keep track of your time. Because you need to be paid for your time. You need to earn a wage for the time you use for an order.

If you feel you are worth N500 an hour, then if you spend 5 hours shopping, baking and decorating a cake, that means you will have earned N2,500. So that amount should be added to the price of your cake.

If you don’t know where you are spending your time then you have no idea what you are actually getting paid.

 

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6.    Your family and friends don’t take your business seriously

The energy that we give off about something reflects on those around us. If you are finding that your friends treat your business like a hobby, then it’s likely you are also speaking about it in that way as well.

What kind of language do you use when you speak about your cake business? How do you stand and how do you feel? All of these signals are emitted and interpreted by those around us.
If you are upset by a friend or maybe even family members  not taking your business seriously or they keep asking you for a free or a cheap cake, then this is a sign that you probably aren’t taking your business seriously.

  1. You do not have a website because you are still deciding what logo to use

If the reason you have not launched your website is because you are still deciding on what colours, or logo or theme to use, then you really are missing the point of being in business.

Yes it’s good to get those things right, but don’t spend time and a lot of money deciding on such trivial matters. You mind should be on how to get your business out there so that people will know you and you can start making money, how to add value and how to be different from the other cake businesses out there.

So that’s it.

I have struggled with all of these in the past, and many home based cake business owners do to. And this is something that I help my clients to deal with all of the time through my coaching programs and courses.

So, if any of these are true for you don’t worry. You are not alone.

The most important step is to become aware of and identify the issue, and if you have done this by reading to the end of this article, that is a huge step, well done.

The next step is to come over and register for my Pricing your cake right to build a money making cake business masterclass and I will give you some really actionable strategies that you can implement straight away to build a more profitable and lucrative cake business.

 

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JOIN THE MASTERCLASS HERE


 

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About Me:

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.

If You Are Still Getting The Same Results, Why Don’t You Make A Change?

Inspite of my busy schedule I try to read at least 2 new books in a month. I started this when i heard that millionaires read at least 30 books in a year. Usually I like to read historical romance’s but since i have started by business journey i only read business or self-help books that will help me improve my business and teach me how to manage my money.

I promised myself that once I hit my income goal, I will treat myself to a holiday and a trashy romance novel.

As you know I have launched my Pricing your cakes right to build a profitable cake Business Course. I put my heart and soul in this course and in the launch. I got a lot of interest for it, but was disappointed in responses when it came to payment.

It is just perplexing to me that here is a solution to most bakers problems and yet they are not taking action.

Anyway, this past week I have been reading ‘Secrets of the Millionaire Mind’ by T. Harv Eker. While reading this book it brought about some home truths to me.

In this Course I have just launched I have prepared an answer to most bakers and cake business owners problems. And it just amazes me when people just pass it by. A few years ago if I had come across a course like this I would have jumped at the chance, no matter how much it costs.

We need to realize that ”if you continue to keep on what you’ve always done, you’ll keep getting what you’ve always got”- Jim Rohn

That is why I created this course, my goal is for you to learn more so that you can have a better business. When you learn something new, you have a new way of thinking, new actions, and therefore new results.

That is why it is very important that you continue to learn and grow.

An author once said ‘ the learners will inherit the earth while the learned will be beautifully equipped to live in a world that no longer exist’- Eric Hoffer

In essence this means that if you don’t create the habit of learning on a regular, you will be left behind.

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I cannot think of the numerous courses, seminars, books and training’s that I have done. I have spent thousands and thousands of Naira on them. It is not like if I have millions of naira in my account yet, or that I’m waiting till I’m a multimillionaire before I pay for these courses, But I never see it a cost, but rather as an investment. I know that even if I learn just one thing that will make my business improve, then I know it is worth it.

If you are in business and you are doing the same thing and not making money, then sorry to say you are doing something wrong and maybe it’s time you try something new.

We all know the definition of insanity which is doing the same thing over and over and expecting different results.

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In the Eker book he said ‘some people claim they can’t afford to get educated due to lack of time and money. On the other hand, rich people relate to a quote by Benjamin Franklin, which says that  ”if you think education is expensive, try ignorance’’.

And I find this very true. When I launch a course, I find it curious that it is usually the people who are struggling or are broke that say; ‘ I don’t have money or ‘ I don’t need this course or I don’t have the time. While  it is those who are actually making a headway in their business or those who are serious and determined to be a success that will find the money to pay for courses., because they know that if they can learn something that they can use to improve there business, it is all worth it in the long run.

Mr Eker also said ”if you don’t have time to do the things you want to do or need to do, you’re most probably a modern slave. And if you don’t have the money to learn how to be successful, you probably need it more than anyone’’.

If you come across an opportunity for someone to teach you how to run a profitable cake business and you are saying I don’t have money. What is going to be different in 1, 2 or 5 years down the line? I am going to tell you this for free, the answer is nothing. You’ll be saying the same thing at that time.

This is by no means a curse; you have got to know that for you to make money you have to LEARN how to make money for your business. You have to learn how to market, price, selling and brand your products right. You need to learn the skills, strategies and methods on how to have a money making cake business.

As cake business coach it is my passion, my goal to train and teach and show you how to have a profitable cake business, so you can move from whatever level you are on now to the ultimate level.

This past week I got booked to make a cake for over N100k. And it is not a wedding cake. As I said before, I have scaled down by business to concentrate on Cake business Owners Club so I tend to only get about 3-5 orders a month. This gives me time for my coaching business and courses and before I take an order it has to be worthwhile. I no more take orders for less than N30k unless it is for family or close friends.

How was I able to structure my business in this way. It was by investing my time, money and energy in learning how to do this.

Success is a learnable skill.  You can learn to succeed at anything. Your cake business can be a success.

So if you find someone or something that can teach you, you should grab such opportunity with both hands.

The more you learn, the more you earn… and you can take that to the bank’ – T. Eker

 


The Pricing your Cakes Right to Build A Money Making Cake Business Masterclass is still partially open. You can get more details and all the modules covered in the Courses here.

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me3Rotimicakelady 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.

We All Need Help Once In A While

For the last few weeks I have been so busy working on the Price Your Cakes right for profit Video Course. Recording videos, research, writing content,  doing the presentation slides, marketing on social media and also on.

So I didn’t have much of an Easter break or holiday when the children vacated for Easter. In fact the past 2 weeks have been something else. The children were on holiday and my nanny decided to take some time of. And on top of that, my temporary nanny was ill so it was just the kids and I. Plus I had to prepare for this Course.

I’m wondering how mothers handle childcare without any help. I have to clap for them. By the end of the week, lets just say i was exhausted. From bathing them in the morning and night, taking them to the toilet, cooking, feeding, entertaining them, cleaning up after them. Goodness, even nannies try.

I thank God I am fortunate enough to afford having a Nanny for my kids. I will be the first to admit that i don’t think i can do it all by myself day after day.

Although it was enjoyable the first 2 days. the kids loved that i was around with them doing their daily tasks. They know that when Mama is working they are not to enter the invisible door of her office (i have a small desk in one corner of my house, where i do my work).

So we have got to realise that we need a little help once in a while and there is nothing wrong with admitting that you do need help either at home, in your business and so on. That is why i have released 3 Pricing videos to help you if you have trouble pricing your cakes right.

I will also be doing  a webinar tomorrow on how you can increase your cake prices without losing customers (more details below).

At the end of the Webinar I will be opening registration for this Ultimate Course, which will cover what you need to have a money making cake business. 

So join me for the Webinar tomorrow and register for the Course. I will talk more about it in the Webinar tomorrow. Don’t miss it. It is at 6pm tomorrow. Once you register, the link for your Webinar shall be sent to you by email.

And by God’s Grace, when I make my income target for my Courses, I am going to give my nanny a raise. She sure deserves it.

For those who went through the Pricing Workshop with me, i say thanks.

I know you have gained loads of valuable information and you are on your way to being more confident in pricing your cakes.

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For those who missed out, here is again a summary of what we covered:

Workshop Video 1 (Part 1) & (Part 2)in this video we looked at the reasons why you are struggling with pricing your cake right and ways to overcome them so that you can price your baked goods properly.

Workshop Video 2Here I provided you easy to implement pricing techniques to get you started being the Pricing Queen.

Workshop Video 3 In this awesome video I showed you how to can get customers to accept the price you give them, no matter what.

If I do say so myself I think these Workshops were worth it.

But I am not done yet, because I am awesome like that. I want to invite you for this amazing Webinar class that I will be doing. You can get all the information here,

In this Webinar I will be teaching you how you can increase your prices without losing your customers.

We all know that the present economy has made ingredients go up almost 100 fold and we can’t sustain our business if we are scared of increasing our prices because we don’t want our customers to go somewhere else.

Yes you need to get your pricing right, but you need to know how to gain the confidence and know how to increase your prices while keeping your customers.

This is a live class, so it will be starting at the certain time and ending to at a certain time.

It is going to be packed full of information so get ready to gain valuable benefit for your cake business.

The webinar is going to be held only once, so please don’t miss it. 

REGISTER HERE

Link to join the Webinar Class: https://zoom.us/j/590522169

Date: Tuesday, 25th April 2017

Time: 6pm

See you at the webinar!

Here are the Registration details for the Webinar once againHow to increase your prices without losing customers.

In the Webinar you will learn:

  • How to increase your prices without losing customers- so that you can stop losing money;
  • How to increase your prices without losing customers- so that you can stop losing money;
  • Tactics & Strategies to increase your prices;
  • How to  convey value so your customers readily accepts any price increase;
  • How to communicate an increase in prices to your customers so that they can keep coming back;
  • A proven template to send your  customers that will guarantee your next  booking;
  • How to turn an enquiry into a paying customer at the price you want without sounding desperate.

     Register for the Webinar here

I will talk more about this Class at the end of this Workshop Video.

This class fills up quickly so it is best you register early.

Registration has opened.

IMPORTANT. I will send you the link once the Registration for the webinar is ‘live’ and you  can get more information about it here.            

Register Here For This Free Webinar

Also don’t forget to register for my Messenger Bot Service. I want to be sending messages to you directly on Facebook Messenger, so that you do not miss anything from Cake Business Owners Club. All you have to do is to subscribe by clicking on this link below:

m.me/bakingbusinessschool 

Cake Regards,


me3Rotimicakelady 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.

How To Have A Profitable Cake Business

This week on Cake Business Owners Club I showed you tips on how you can have a more profitable cake business.

In case you missed these tips during the week, here is a recap.

Enjoy!

We are in this business to make money. Yes we love baking, and yes sometimes it doesn’t feel like work. But in order to survive in this business you need to know how to make money.

f30Understand who are your customers

You need to know your customers and what they want. Once you have that information, you use all your marketing tactics to target that customer base. If you are selling wedding cakes, you target brides and young couples; you have no business advertising to mothers.

If you are providing cakes for the lower end of the market, then you should be advertising and showing up in secondary schools and universities.

Know how to Price your Cakes

 You need to know how to price your cakes. You need to know the cost of ingredients, your labour time and how much profit you want to make.

Don’t let customers bully you to accept a low price, you are a skilled professional and should be paid as such. It is your business so you should be in charge of how much you price your cakes.

If Pricing is an issue for you, register for my Pricing your Cakes Right Video Workshop Series.

 

ccYou need to find a product that sells well no matter what

You need to find a product in your business that sells well. This has to be something that does not take a lot of time and is easy to make and brings in good money into the business.

For me this was when I started making Swirl Cakes. They take around 2 hours to make including the baking and they are inexpensive to produce too.
The good thing with these types of cakes is that they are ideal for most occasions.
          
What should you do?

The good thing about this type of method for you as a business is that they are speedy to make, and they sell for a good price.

To give you an example, for a 12” fondant cake with a floral theme I would charge N21,000. It would take me around 6-8 hours to make from scratch and the profit on this cake would be approx N9,000

A box of 12 cupcakes takes under 2 hours from scratch to make, costs no more than N3,000 to produce and sells for N8,000  making you a profit of N4,000                                    

However, I can make 3 Nos. 6 inch Swirl Cakes in the time it takes me to make that one fondant cake, netting me around N4,000 profit per cake.
If you’re savvy with your planning you can do this quicker and for slightly less cost too making your profits even better.

When you are able to do this for your products, your client is happy as you are providing options for them selecting different versions of the cake they want in terms of price.

Know your business’s peak seasons

If you have been in business for a while, you should know what periods when you sell a lot of cakes. Do you sell more cakes during December which are the wedding and Christmas season? If this is so, you should plan for these by either getting more staff and making sure you have all the ingredients you need months before.

 

w12Don’t offer too much cake varieties

You providing every type of cakes in every size, style and flavour will not make you rich. If you try and do this, you will be tired always, need a lot of ingredients and tools.

What should you do?

Instead choose a small range of cakes you will offer, for example if you have just a range of 3-4 products, you will have something to suit most clients. This doesn’t have to be restrictive at all but it does help you plan your time better.

For example you can offer boxed Cupcakes for the lower end of your pricing, then celebration cakes (birthday, anniversary, etc) for midrange pricing and, finally wedding cakes for the higher pricing market.

Your cupcakes can start from about N3,000, which are ideal for a small gifts.
Your mid-range celebration cakes can be from N10,000 for a 6 inch cake, these are cakes for bigger celebrations like a party or significant birthday.

Then finally your custom or  bespoke range is where your prices aren’t fixed as they are based on the hours that the cake will take you and the skill you will need to devote to it.

By having these distinct tiers of product your client will never be scared off by your pricing and if they would like a custom but haven’t got the budget then you have your celebration range to suit their needs and budget.

a24Create Good Cakes

The best marketing you can do for your cake business is to make sure that your cakes are tasty and of high quality, that is, using quality ingredients.

Once your cakes are fabulous, you are certain that your customers will keep on returning and will spread the word.

They are a wealth of marketing strategies you can employ, which I regularly give you tips, but the starting point is that you have to have good cakes.

 

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Provide excellent customer service

You need your customers coming back, so you need to give them a good experience all the time.

Deliver on time; answer all their questions in a pleasant way.

If there is a problem, solve it in a timely and with a smile. Customers remember the little things, and this helps you in retaining and keeping your customers.


If you have not yet registered for my Pricing Course. It is closing in a few days. As I will be launching my Pricing Course next week.   Here is the link to register .


me3Rotimicakelady 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.

Bookkeeping Systems To Have For Your Cake Business

This week on Cake Business Owners Club I have been showing and revealing accounting and bookkeeping tips that you should incorporate in your cake business.

I also hosted a Webinar on Thursday where i spoke about:

  1. Things you should start doing so that you are on top of your finances;
  2. What books you need for your cake business;
  3. Software to make your bookkeeping much easier.

If you missed the live Webinar and replay, well I’m sorry, access to the Replay has expired.

So remember make sure you follow my blog and subscribe so that you will not miss awoof like this again.

This past week on both the Cake Business Owners Club Facebook Group and Fan Page, I revealed Bookkeeping Systems to have for your cake Business.

In case you missed these tips during the week, here is a recap for your information.

Thank me later. Enjoy!

As Bakers most times we do not have a head for figures. We prefer to spend our time looking at cake pictures and trying out different recipes. Rather than tracking your receipts, remembering the costs of things you bought, having to put your expenses in a book. However you need to realize that you need to establish a record keeping process if you want to succeed in your cake business.

 In this training I will reveal to you bookkeeping and accounting systems you should have in place to have a sustainable business.

Have a Separate Bank Account for your Business.

Do not mix your personal account with money earned from your business. It is vital to keep your personal finances and business finances separate. You can easily open a business account with any bank as long as you have a registered incorporated business. Most people will always prefer to pay money in a business account rather than a personal one. This will build trust and will make you appear more professional.

Have a Business Plan for your Cake Business

When you have a business plan, it is like a road map for your business. This will help as a guide in your decision making and track progresses in your business. You will also need to have a record of your income, cost of goods sold, projected sales. You should also set targets for start-up costs, on-going expenditures and planned growth.

Develop a Chart of Accounts for your Cake Business

There are generally 4 books you should have for your cake business

  1. General account book (a ledger)
  2. Cash flow account
  3. Profit and loss account
  4. Balance sheet

These books help you categorize all financial aspects of your business, including cash, income and expenditures. Also will help you identify types of expenses and sources of income.

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Keep all your Business Invoices and Receipts

Whenever you buy something for your business like ingredients and such, always keep your receipts. Make sure you always issues invoices to your customers and once it is paid, provide a receipt and keep a record. Keep separate files and folders for all these paperwork, that is, receipts, expenses and invoices.

Having all this information will help you to reconcile your bookkeeping and even for tax purposes.

Keep Records of all your Business Income and Expenses

If you haven’t been doing this before, start from now on you must keep every single receipt and invoice that relates to your cake business. When going out to shop for cake ingredients, don’t add your personal shopping too. Keep it separate. That is why you should have a business account so that all expenses for your business will be done from hat account. That will help you keep track of what you are spending ion your business.

Keep a Ledger or Account book of expenses and update the ledger regularly

As said yesterday, you should keep a separate file for receipts and invoices. Once a customer has made payment, make the entry in your accounting book in the income column, plus the final expenses in the expense column. And remember to update the ledger regularly

Having a ledger will allow you to keep track of expenses and your business growth.

Review your Business Bookkeeping Accounting Entries

Either weekly or monthly you should take a look at your bookkeeping entries to obtain a picture of your financial health and to correct any bookkeeping errors. This will help you access your financial position and see if your business goals have been met. It will also help you correct any errors that you come across.


 

If you have not yet registered for my Pricing Course. Better do so soon, before it closed. I will be launching my Pricing Course this month.   Here is the link to register .


me3Rotimicakelady 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.

Make N1,000,000 Selling Cakes

How to make ₦1,000,000 in Cake Sales this year

You need 5000 people to buy a ₦200 cake
You need 2000 people to buy a ₦500 cake
You need 1000 people to buy a ₦1,000 cake
You need 500 people to buy a ₦2,000 cake
You need 300 people to buy a ₦3,333 cake
You need 100 people to buy a ₦10,000 cake
You need 50 people to buy a ₦20,000 cake
You need 40 people to buy a ₦25,000 cake
You need 20 people to buy a ₦50,000 cake
You need 10 people to buy a ₦100,000 cake

So what is your excuse?

Get to it NOW!

A few days ago i put the above post on the Cake Business owners Group page and it got a lot of reactions.

We all have ambition.

We all want something better in our lives?

We are all working for something better, like a better home, a new car, not having to worry about bills, a better school for our kids. I can go on and on.

Each year we promise ourselves that this year will be better.

But as each day rolls along, it’s like nothing has changed. Our businesses are not getting any better, the orders are not coming in and customers seems to be disappearing.

We are nearing the end of the year.  Believe it or not. You will see that time waits for no one and we soon will be preparing for Christmas again and you will be left wondering what did you do all year.

I want you to take control of your life. Don’t let life control you. You have to step up and take a long hard critical look at your business and see what you are doing wrong and what you can improve. Why are you not making money. Why are customers not ordering from you. Why are you attracting those clients that will price down your cakes.

I want you right now to take a piece of paper and write down how much you want to make by December 2017. If you are just making N100,000. Write down you want to make N1,000,000. If you are making N50,000. Write you want to make like N500,000.

You can write any amount you want. Don’t play safe. Let it be an amount that scares you. Once you write that amount i want you to put it in a prominent place where you can see it everyday all the time. On your dressing table, on your Bible, in your wallet, wherever.

Write ‘ By 31st December 2017 I will have N…….. in my bank account which i will have gotten from my cake business‘.

So now that you know how much you want to make i want you now to think how you can make this money from your cake business. How many cakes do you have to sell? Calculate it.

So lets say you want to make N1,000,000 by December. And your average cake price is N10,000. that means you will have to sell about approx 100 cakes from now to December. 

We will even go further and calculate how much you need to sell each month. So to reach that target you need to sell about 11 cakes for that price each month. That is approx 2-3 cakes a week.

So you can see that to make N1,000,000 by the end of the year, you only need to sell 2 cakes a week.

Once you have broken it down like that, you can now come up with a strategy of how you can get just 2 customers a week.

You only need to get 2 people to order a cake from you this week. So think where and how you can get those 2 customers. 

My calculations may not be the best. But you should get the general idea.

The reason I am giving you this scenario, is that i don’t want you to think that getting customers is this huge task. That you need to get 50 customers at once. Start small. Look around your immediate environment, your family and friends. Start there first and i am sure you will reach the target for this week.

See it as an adventure, instead of a pain or task. See it like a game. I just need 2 people this week to buy my product. They are out there. All you have to do is to find them.

You are the solution to someone’s problem right now. Stop hiding and start Doing. 

Do this each week and you will be surprised at the results. Even though you don’t reach your quota all the time. You will see that your confidence will increase and your business and marketing skills would have improved.

Now go out there and look for your 2 customers right now.

And imagine what you are going to do with that N1,000.000

Would love to hear your comments. What are you going to do or change about your business to reach your 2 customers a week target.


Need help on how you can market you cake business effectively to get more customers and sales. Then register for the Ultimate Guide to Marketing your Cake Business This Course is of tremendous benefit for bakers who want a step to step guide on how to promote their business for great money making results. Get details here.


me3

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.