There are a number of things that can contribute to success of a new cake business. One of them is to learn as much about the business as you can before you invest a single penny. As a starting point, I always suggest the new entrepreneur do a self-evaluation. Some of the most basic skills in business cannot be transferred. They need to be innate or part of who you are.
While your commitment to starting a cake business may be strong, it is critical to take the time to answer honestly some tough questions about running a business in general. Don’t just avoid these questions or provide quick incomplete answers. Your thoughtfulness in addressing these questions can be very useful in realistically assessing your readiness to start a business.
- Can you test the strength of your interest by starting your business part-time?
- Are you self-motivated, with a strong vision and faith in yourself to persevere?
- Do you like to be in charge, making decisions?
- Are you computer literate enough to handle your own billings, taxes, records, etc.?
- Do you have sufficient funds to cover expenses for the first one to three years?
- Are you a self-starter?
- Are you willing to take advice from others?
- Can you assess risk and make business decisions quickly?
- Do you have a good understanding of your strengths and weaknesses as well as the resources to fill in the gaps in your own skill set?
- Are you willing to take the time to do the research required to start a cake business?
These can be tough questions to face if you haven’t thought of them before. Please leave your thoughts, questions or concerns in the comments below!