I’ve said it before, and I’ll say it again –
You might be the most talented baker in the world. But if you don’t have the business knowledge to grow, pivot, and scale your business with CONFIDENCE, your cake decorating skills and cute packaging won’t count for sh*t.
In this blog post, I’m gonna share 3 essential factors you need to know to build a THRIVING and successful baking business, navigate unpredictable challenges, and emerge on top as the BOSSED-UP CEO you know you are!
Most bakers think that in order to grow, they need to keep improving their skills. But running a successful business requires MORE than just talent in the kitchen. So if you’re interested in seeing some REAL growth, stop wasting your $$ on decorating classes and invest in BUSINESS KNOWLEDGE.
Learning HOW businesses work will help you to make informed decisions, plan for the future, and adapt and pivot in times of crisis or emergency (remember Covid?! 😱). With a thorough understanding of your market, your competition, and your customers, you can problem-solve quickly, be creative and resourceful AND stay ahead of the curve.
If you’re ready to INVEST in proven business knowledge and see REAL growth, sign up for my 10-week business baking mastermind, Passion To Profit. Enrollment closes on March 17th!
The baking industry is NOT immune to fluctuations in the global economy, and with all the news about a recession coming, now’s a good time to understand that changing economic conditions can and WILL affect your business.
For example, if the economy takes a hit and people start PINCHING pennies, they’ll stop spending money on luxury items like fancy desserts and artisanal baked goods. This means you’ll have to find creative ways to offer your treats – WITHOUT burning a hole in your customers’ pockets.
Economic changes can also lead to supply chain disruptions. For example, if there is a shortage of flour or sugar, you’ll need to get creative with alternative ingredients or find new suppliers. Look at the cost of EGGS right now!
If you wanna run a profitable business that’s sustainable in the long run, you HAVE to get innovative and be open to experimentation. From switching up ingredients and offering special deals to networking with other bakers and finding creative ways to connect with your customers, you need to keep EVOLVING and be updated on industry trends to stay on top of your game.
You might think your grandma’s triple chocolate fudge recipe is the BEST dessert in the world, but if it’s not flying off your shelves, MAYBE your customers want something different.
Because sis, when it comes to building your business idea, product menu and marketing campaigns, you CANNOT think like an artist.
You have to put yourself in your CUSTOMERS’ shoes and think like THEM.
But HOW do you put yourself in your customer’s shoes and think of something that works in the REAL world?
Start by conducting market research. And gather feedback from past customers – this is your GREATEST, most authentic source of TRUTH.
Then, test your idea at a pop-up or by giving our free samples – and collect more FEEDBACK.
Use this feedback to refine and revamp your idea until it’s IRRESISTIBLE to your target market.
PRO TIP: Remember, a killer business idea isn’t just about the product or service – it’s about the ENTIRE customer experience. From the way you market your idea, to the way you package and deliver it, EVERYTHING needs to be designed to meet the needs and desires of your target audience.
Once again, don’t be afraid to pivot or change direction if your initial idea isn’t working. Embrace the feedback, focus on your customers, and keep revamping until you create something that truly serves YOUR audience.
So there you have it – the 3 essential factors you need to keep in mind to build a THRIVING and PROFITABLE business.
But I’ll be honest with you – all this sounds SOUNDS easy, but it takes TIME, SACRIFICE, and a SH*T TON of trial and error – especially if you’re doing it ALONE.
But you don’t have to.
You CAN sidestep the stress and overwhelm, get this right the first time around, and do it alongside a THRIVING sisterhood of BADASS biz owners and CEOs just like you! All you have to do is sign up for Passion To Profit, the ultimate 10-week business masterclass for bakers who’re DETERMINED to RISE and take their business to CRAZY new heights. Enrollment is open until March 17th, learn more here NOW →