bookkeeping

Why You Are Not Making Money In Your Cake Business

Okay you have finally taken the push and have started your cake business, maybe part or full time. You are passionate about baking. You have done business card, printed fliers and have gone for training to improve your skills, but still you are hardly getting any orders.

And when you finally get an order, the customer prices your cakes so low that you are telling yourself what is the point.

If this is you, please continue reading.

The hustle is real but here are some mistakes you probably are making that is preventing you from making money in your business:

 

  1. You Are Selling Cakes that People Do Not want To Buy

Maybe you want to do something different, like maybe do different flavours of cake. Maybe you offer unusual flavours like beetroot, peanut butter, avocado, wheat germ, etc. Yes if you were abroad, you could get customers but here, there are few adventurous types in Nigeria.

So it’s best you stick to the common flavours like vanilla, chocolate, strawberry, lemon, chocolate and red velvet. Maybe when you become more popular you can expand your product range after you have done enough research and offer those unusual cake flavours.

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2.  Not Realizing You Are In Business

You are still seeing yourself as a hobby baker, even though people are paying you money for your cakes. Once money is exchanged, this is a business transaction even if you are selling to your sister or a close friend.

 As a business owner, things become different. You are now a professional baker and you should see and portray yourself as such.


how to use social media price

In this Mini Course, we are going to learn the following Lessons:

  • What is social media marketing;
  • Why you need to be on social media;
  • The different social media platforms;
  • What to post on social media;
  • what social media platforms to be on;
  • and much more

Get this Mini Course for just N,200. More details below.


3. Not Keeping Track of Expenses

 You have to keep track of what you are spending. You have to form this habit or keeping bookkeeping books and keeping receipts and not using your personal money to pay for cake stuff. A helpful guide is a webinar I did- Booking Systems for Cake Businesses. Click here and here to watch.

 

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4. Waiting For Customers To Just Miraculously Appear

Customers are not going to magically appear. They just don’t fall from the sky. Yes it will be lovely if that happens. You have to go out there are find them. And that means you have to market your business to the hilt. If not you will just be staring at the sky. I have a marketing Course that can help. Here are the details.


 

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Get this Mini Course for just N2,000. More details below.

 

 

 

 


5. You Discount And Negotiate Too Much

Once a potential customer starts complaining about your price or question your pricing or do not immediately order, you start offering discounts.

I know especially when you first start and really want to make a sale you give discount, offer extras, and promise all sorts of things just to get that order.

The problem with this, is that I might set of a trend and sooner or later you will be known as the cheap baker and you will be working for next to nothing.

 

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6. You Are Not Confident

You are unsure of yourself or your skills. You still view yourself as a beginner or a learner. When you are describing your business or describing a cake you want to do for a customer, you do not talk in a confident tone. 

You do not own the conversation. You don’t give ideas and just accept whatever the customer wants. When you do this, people can tell that you are a learner, even though you may be the best baker in town. You are scared of charging high prices, you don’t sound confident about your skills, you can’t really articulate why someone should pick you to make their cakes over another brand, and you can’t say no to the customers who price you cheaply.


pricing mad easy price

Get this Mini Course for just N3,500. In this lesson, you will get the following lessons:

  1. 7 step guide to pricing your cakes
  2. How to respond to customers who complain about your prices
  3. When and how to raise your cake prices
  4. How To Price So You Do Not Lose Customers

7. You Are a Jack of all Trades

You are one of those people that have multiple businesses. You not only sell cakes, but also clothes, shoes, toys. You also are a network marketer.  You need to concentrate on one thing or at least a similar line of business. People will just get confused not knowing what exactly you do. In your profile you advertise all sort of stuffs. If you are serious about your cake business and want to make a success of it, then you should let go of the others and concentrate on cake.

Whew!

I’m going to stop at these reasons ( so I do not overwhelm you), but believe me there’s still so much more.

There are a lot of reasons you might not be making money, and my question is always this:

“What are you going to do about it?”

“Are you going to allow  your business that you are so passionate about go to waste? Because if you keep going from month to month without making money…it’s only a matter of time”

Let’s solve this problem together.

Let me help you make your money.


Here Are a SELECTION of our EXCLUSIVE MINI COURSES available for Sale

 

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You asked for it and now it is here.

One of the BIG QUESTIONS I always get is “What’s the best way to get new customers for my cake business?” 

The answer is …you need to get knowledge on how to sell sell your cakes to the right customers.

So i have done that for you.

I have complied a collection of superb mini courses from the Baking Business School secret stash.

These Mini Courses deal with different aspects of the cake business to help and guide you in making your cake business more successful and of course profitable.

If you have never taken one of our  course or you have ever wondered what a Baking Business School is like or you have not really been able at a point in time to afford a Baking business Course.

Well now you can have access to 6 awesome lessons, ALL at a very AFFORDABLE price.

I have handpicked my bestselling lessons from my various courses and put them in a mini form for your convenience.

Each lesson is less than 45 mins and in easy to follow steps, so you can start implementing immediately.

The lesson will be yours forever and you can watch it on any device.

If you are interested in any of these lessons or the whole collection just select the lessons you want and make payment to;

Bank: Diamond Bank Plc

Account Name: Three Sisters Cake and Pie Company Ltd

Account No: 0074933012

 

Once payment is made just send me an email at cakelady@bakingbusinessschool.com.ng telling me what lessons you have paid for and i shall send them to you in less than 24 hours.

 

Seriously isn’t this an awesome deal or what?

 

AND THERE’S MORE

 

If you want the whole collection, you get a great discount as you will only have to pay N10,000 (instead of N13,500)

 

GET THE WHOLE COLLECTION FOR N10,000

 

mini course price deal

Just make payment to;

Bank: Diamond Bank Plc

Account Name: Three Sisters Cake and Pie Company Ltd

Account No: 0074933012

Once payment is made just send me an email at cakelady@bakingbusinessschool.com.ng telling me what lessons you have paid for and i shall send them to you in less than 24 hours plus some bonuses.

If you need any more information, just comment below or send me an email at cakelady@bakingbusinessschool.com.ng


 

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Start an Online Course           See our Free Resource Library          Read our Blog

                Register for a Mini Course                 Start your Cake Business Today

 


 

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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.

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.