8 Things You Need To Know Before You Start Your Cake Baking Business
Starting a bakery business is exciting but knowing where to begin is very important. A cake baking business is one of the lucrative businesses in Nigeria. However, you cannot start a bakery business without knowing your target market or where to buy your ingredients. Therefore, proper planning is required.
Here are the basic things you need to consider before you start your cake baking business.
1. Plan Ahead
Do you know that cake-baking business is time-consuming and capital intensive? Before you start a business, you need to plan how you intend to run your business. You need to plan on how you’re going to fund it and the processes involved in growing that business. Early planning will help you make an informed decision.
2. Find a Niche
Do you want to make cupcakes or birthday cakes? Do you want to focus on wedding cakes or something else? Choosing a good niche and business name will help your business stand out from the crowd.
3. Register Your Business
While it is fun to bake, it is advisable that you register your cake business with the Corporate Affairs Commission (CAC), and food regulating agencies in Nigeria. You don’t want to get sued for non-compliance with the regulators. Register your business and obtain all the required documents before you begin.
4. Know Your Market
A proper market research is always a good idea. A market research will give you an idea of the cake businesses in your area and their price ranges. It will further inform you of your competitors and their main stream of income. For example, are they into birthday cakes, cupcakes, wedding cakes or a bunch of all? Do some market research before you choose your area of cake making and create your price list.
5. Network and Promote Your Business
Tell your potential customers that you’ve started a business. Get a business card and other advertising materials ready. You can design your business card using Canva, or you can hire a graphic designer on Fiverr to your rescue.
Social media is a great place to showcase and engage with potential audiences. It is also a great place to find new customers. Start promoting your cake business on social media channels like Facebook, Instagram and Pinterest.
Make videos on how you bake cake; the processes involved, how professional your company is and how great your products look. Ask your customers for feedback and recommendations (especially if the customers you have previously delivered to are actively engaging on your page by sharing your videos with their friends and followers).
6. Get Some Good Recipes In Your Box
Spend some time sourcing ingredients and recipes. Read wide (blogs, magazines, books on baking) and most importantly, be creative!
7. Put In The Hours (Make some sacrifice)
Starting a cake business requires time and commitment. However, you can avoid working unnecessarily long hours if you have a robust plan in place. Plan, delegate, and automate some tasks if you have properly invested in the right baking facilities.
8. Packaging and Decorations
You cannot start a cake baking business without giving due consideration to packaging and decoration. Before you begin, get your branding, packaging and decorations ready. Everyone is a fan of good packaging and well decorated and attractive cake.