It’s one thing to be a talented cake decorator, but something quite different to be the owner of a successful cake business. In fact, we’ve seen many technically talented bakers suffer through difficult times, while observing others with less experience and skill achieve great success in business. I would chalk up the difference in these [...]
Researching and writing your own business plan is an important step in starting your cake business.
Regardless of whether you plan on operating a small cake business from home, renting a commercial space, or opening a brick-and-mortar shop, writing a business plan is critical to your success. Not only will a business plan help you secure outside funding (should you seek it) and credit from suppliers, it will make you think through the tactical aspects of your business, exposing any holes that could ruin your business or cost you a lot of money.
This process is, for many people, where the fun, magical thinking of having a cake business meets the reality of how you will manage your day-to-day operation and finances; how you will promote and market your business; and the specific steps you will take to achieve your goals and objectives. Just as the art of making a beautiful cake requires recipes and preparation, the business requires a plan.