A vast number of people have left perfectly lucrative careers to start bakeries. The desire to start a bakery and run it stems more from a desire to unleash innovation than from a burning need for money.
While a bakery business makes substantial profits if it is sensibly managed, it takes time for even the most flourishing bakery to break and turn into profit. Besides, you can’t leave it to others to handle. You need to make yourself a phenomenal baker and be able to put in long working hours.Do you want to learn more? see post
The first decision you have to make is if you want to purchase a franchise, buy an existing bakery, buy a new one or start one from home. If you buy an existing bakery, find out why they are being sold and check the equipment. But whatever you’re planning to do, it’s better to seek professional advice before plunging in. Determine the initial investment needed and what kind of returns you should make.
A bakery business takes time to develop and prosper, so make sure you have enough working capital to support yourself until that point. To make projections on capital requirements, overheads and potential revenues, consult your accountant.
Next, you decide where. Your bakery should be in a place where a lot of customers are staying for your products. A spot which overlooks a busy road and is perfectly close to schools and entertainment facilities. Find out how many bakeries already operate in that area and whether they will prove to be a potential threat to your business. A market survey is also conducted to ascertain what kind of bakery products are in demand in that particular location.
Formulate a business plan that encompasses bakery design and layout, financial projections, marketing tactics and efficient management procedures. The deposits, credit cards, bank loans, business loans and investors are some ways of financing your company.
You will have to complete formalities, such as obtaining a license and permit, opening a bank account, buying equipment and recruiting employees, before starting your operations. The key ingredient is of course flour, so find suppliers that can sell you lower prices. Saving as much as possible and reducing unnecessary spending. A bakery’s success depends on how much of a cost you can save.
Start the marketing a lot before the grand opening. Hand out your brochures and leaflets and get your business cards printed. You could also pitch a banner about your bakery ‘s imminent opening. To support your bakery and spark interest in potential customers have a small party before the main inauguration.