business plan

Business Structures to have In your Cake Business (part 2)

I am continuing my post from last week on the structures you should have in place to have a successful cake business. In case you missed the first 6, you can read them here. Now lets get to it.

Financial Books

Keep track of your ingoings and outgoings.

Since you’re running your own business, you need to keep track of your income and your business expenses so that you can enter this information into the necessary financial books so you will know whether you are making a loss or profit. 

Well there are 3 essential books you should have in your Cake Business where you will input information such as records of money coming in and out and they are:

  • The Profit and Loss Statement,
  • the Cash Flow Statement and
  • The Balance Sheet

These are the 3 primary financial statements used to assess a company’s performance and financial position.

Baking Business school, Business Structures for your cake business

Business Plan

Develop a business plan. Everyone always wants to skip this part and get straight to the baking, but it is really and truly important.

Think of a business plan as simply a list of questions on a form or a template. It makes you think of questions that you may have or have not considered like

 How much does your product cost you to make, and how much do you want to sell it for?? Where will you sell? How will you market yourself? Is there demand for your cakes in your area? How much competition will you have? How do the competition’s products compare to yours in price and quality? How long will it take to turn a profit?  

Your business plan will tell you whether or not your business is even profitable.

It’s worth it to make a plan, rather than bang your head against a wall for months wondering why your business isn’t working. 

By having those questions and answers in front of you, it can help you map the way forward for your business and help you define your goals in real terms and it is something to refer to when your business starts to grow.

Baking Business school, Business Structures for your cake business

Social Sites

For your cake business you should develop an online presence.

You make a product that looks beautiful, so photographs are going to be key.

Set up a simple website with important details like what you do, where you’re based, and how people can place an order, and add plenty of mouth-watering photos. There are tons of website builders to choose from, including WordPress, or Wix.

Also set up a Twitter account, a Facebook page, and an Instagram account for your business, and keep them updated with posts and photographs. It’s also important to interact with other people on social media, so spend a few minutes each day liking and commenting on other people’s posts, and following relevant accounts.

To help in your marketing efforts, you should Set up a website and Facebook page for your business marketing. Quite a lot of marketing on Facebook can be achieved for free or at least very inexpensively.

The importance of a professional looking web site is that people will be able to find you more easily and your business will appear more professional. Also with sites like Facebook and Instagram you can display a gallery of your cakes and also give details of how potential customers can contact you.

Baking Business school, Business Structures for your cake business

Business Cards

You should always your business cards with you. when you are out and about marketing or just going on with your life.

Baking Business school, Business Structures for your cake business

Unique Selling Position

Think about standing out. There’s a large number of baking and cake making businesses out there, so you need to think about how you’re going to differentiate yourself.

What is your unique selling proposition or USP.

A USP is the reason why your baked  products are different from the rest. What makes your customers prefer you more than the other bakers.

Your USP is the reason why your customers decide to order from you and why they decide to remain with you.

Think about something in your business that makes it different from the rest. Your business is unique; it has its own personality. So think about what makes you distinct and special. Do you make awesome cupcakes or your cakes are fat free. You could specialise in vegan and/or gluten-free or fat free bakes, for instance, or concentrate on children’s party cupcakes or wedding cakes.

Take a few moments and think on this.

Baking Business school, Business Structures for your cake business

Develop a Marketing Strategy

You need to market your business.

People need to discover your wonderful cakes, so it’s important to think about marketing strategies. Of course you can use social media to reach potential customers, but you can think of other ways.

If you’re specialising in wedding cakes, you may be able to put flyers in a wedding dress shop, or develop a relationship with a local wedding venue.

Here are a few examples of some marketing strategies you can employ for your cake business:

  • Use Facebook advertising.
  • Word of mouth
  • Create fliers
  • Offer an opening special
  • Attend local events

That is it, the business structures you should have in place in your cake business.

Now go out there and Start selling! What are you going to do today to improve your cake business. Please comment below.

If you find this article useful, please share it.


Rotimicakelady, Baking Business School, Marketing, Cake Business coach, How to make money in your cake business

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.


Baking Business School, Marketing, Cake Business coach, How to make money in your cake business

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

Register for a Mini Course         Start your Cake Business Today

We are available on a number of social media platforms where you will find educative content, videos, audios and other resources to help you in your cake business.

So please check them out and don’t forget to follow, subscribe and engage with us on all the baking Business School accounts.


Facebook Group

https://web.facebook.com/groups/Bakingbusinessschool

Facebook Page

https://web.facebook.com/bakingbusinessschool

Facebook Messenger

https://m.me/bakingbusinessschool

Instagram

https://www.instagram.com/cakebusinessowners/

Twitter

YouTube

https://www.youtube.com/channel/UC8v3CNQF8BOI6xVfrZqDQoQ

Linkedin

https://www.linkedin.com/in/rotimicakelady-leigh-586b8611/

Podcast

Vimeo

https://vimeo.com/bakingbusinessschool/

2019 Must Do’s For All Cake Business Owners

We want this year to be better, right?

I too want the same for your business.

It is no longer status quo. Your business should be moving forward not remaining stagnant or worse going backwards.

I have complied some vital tips you should be doing to have a successful 2019.

Read and apply.


Get Organized

To be successful in business you need to be organized. You should have a data list of all your customers like their email, telephone number, office or home address.

With a data list you can be periodically be sending them marketing campaigns or text messages of your promos, announcements, contests or new additions to your product line. Look for ways to thank your loyal customers like sending them a surprise box of cupcakes at their workplace or inviting tem to a special vent where you will be.

You should always be in the mind of your customers. Don’t just throw away their information after the order is done with. Continually stay in touch with them. Alsothis goes for people who did not go ahead with an order still keep their information and send them your marketing material also.

Cake, Sweet, Pink, Birthday, Valentine


Have a Written Plan

What do you want your business t look like in 2, 3,5, 10 years’ time? Write it down and make a plan of how you will achieve it. Without a plan, it is merely a dream. Outline your business plan, your goals, income goal,  a sales and marketing plan, and a determination of the cash you need to get things done. Writing it all down is a crucial first step.

Read

Don’t just read bakery books. Read books on Finance, business and entrepreneurship. Make it a goal to read at least one business book a month for a start and grow from there. Expanding your knowledge is vital for not only your growth but also your business growth. There are many books you can find online that are free that can expand your knowledge. So there is no excuse.

Cupcake, Muffin, Sweet, Cherry, Fruit

Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Look for partners, training, courses, seminars that you can learn from.

Remember that you do not  know everything so  be open to new ideas and new approaches to your business. 

Cake Pops, Dessert, Sweet, Pop

Increase Your Marketing Efforts

Effective marketing is key to getting customers and increasing your cake orders. Marketing takes a lot of forms. And you can include it anywhere in your business.  Everyone by now should know you are a cake artist or baker. Make use of branded t-shirts, badges, even stickers on your car. Be very active on social media and never ever stop talking about your business to everyone you meet.

I have been working on a new Marketing Course that is guaranteed to supercharge your business. It will be coming out towards the end of January so start saving up for it. You will not want to miss. I have given you enough warning.

 Provide Great Service always

Customer service is important. If you provide a very good service to your customers, they are more inclined to remember you when next they need a cake instead of going to your competition.

Study Your Competition

To be successful, you can’t be afraid to study and learn from your competitors. You never know  they may be doing something right that you can implement in your business to make more money or if they are doing not something that you can easily provide, that will be an advantage over them. So do some research and see what new things you can implement in your business.

Birthday, Happy Birthday, Cake

Understand how to price your cakes

I am not going to say much here as I have written so many articled on how you can price your cakes. You can download the free guide on how to price your cake here.

Pricing your cakes is vital. If you do not know how to price you will just be undercharging yourself. So learn how to price and do not be afraid to quote and defend your price to your customer.

To be successful in business, is not an overnight thing. You have to plan and work hard at it. If you want more success you will have to make the necessary changes  for success to happen.

The change may be as simple as getting a finance person to teach you accounting or taking a Marketing Course.

Take these tips I have written and apply them. Learn something new each day and just dont read and forget, read and implement.

Here is to you having a successful and profitable 2019.


Register For This Free Webinar

Discover The Biggest Mistakes You’re Making In Your Cake Business Today and how to avoid them – Then What You Can Do Right Now to Start Loving Your Business Again!

https://www.subscribepage.com/z3t6x

Register for this Free Webinar Here

5 THINGS YOU’RE DOING IN YOUR CAKE BUSINESS TO SABOTAGE YOUR BUSINESS AND MARKETING EFFORTS

Discover The Biggest Mistakes You’re Making In Your Cake Business Today and how to avoid them – Then What You Can Do Right Now to Start Loving Your Business Again!


Baking Business School is available on a number of social media platforms where you will find educative content, videos, audios and other resources to help you in your cake business.

So please check them out and don’t forget to follow, subscribe and engage with us on all the baking Business School accounts.


Facebook Group

https://web.facebook.com/groups/Bakingbusinessschool

Facebook Page

https://web.facebook.com/bakingbusinessschool

Facebook Messenger

https://m.me/bakingbusinessschool

Instagram

https://www.instagram.com/cakebusinessowner

Twitter

YouTube

https://www.youtube.com/channel/UC8v3CNQF8BOI6xVfrZqDQoQ

Linkedin

https://www.linkedin.com/in/rotimicakelady-leigh-586b8611/

Podcast

Vimeo

https://vimeo.com/bakingbusinessschool/


cake business pic

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

Register for a Mini Course         Start your Cake Business Today


me16

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.