NEWSFLASH friend 📰 whenever you start a business, MONEY is REQUIRED. 🤷🏼
BUT… keep reading to learn how you can do it with limited funds! Because YES, it’s possible!
First thing first- you need a BUSINESS PLAN!
WHY? There are a few reasons:
Accountability: This will help stay on track with your goals, and keep your eyes on the prize! You feel me? Inside this business plan you’re gonna lay out some key metrics: How will you attract customers, how will you sell to your customers, and how will your business generate PROFITABILITY? These are the foundational principles your business will be built on.
Forecasting: This is where your DATA is gonna come into play. Forecasting is about estimating and projecting sales and setting goals for your business. You’re going to refer to this OFTEN.
FUNDING: Which you will most likely need somewhere down the line. Anytime you are seeking out funding from a bank, or investor, they’re going to request this! They wanna see that you’ve thought through the next year, 5 years, etc., and most importantly that your business is actually PROFITABLE.
Don't overthink it. Your business plan is going to be a working document that you revise ALL THE TIME. Your goals will constantly be changing especially as you grow. So, don’t pressure yourself to make it perfect the first go-around. Most business plans started in a coffee shop, written on a napkin.
Now, let’s talk about HOW you're gonna fund your business…
Although taking out a loan is probably one of the BEST ways to be able to kickstart your business it’s not always possible.
For me, it wasn’t!
I had just filed for bankruptcy when I started my home bakery so my credit was HORRIBLE. I didn’t qualify for government grants and I was DESPERATE to make this business work. If you’re in a similar situation like me here’s what you can do…
Focus on EARNING!!! This is something I tell ALL my students when they first start their home bakeries.
You want to start SELLING ASAP so you can start saving. You also want to track and monitor your expenses and income. Most importantly, you want to start TRACKING YOUR PROFIT ASAP!
Profit is what you’re going to be using to GROW and EXPAND your business. Without inputting profit you’re running a NON-PROFIT organization and friend that’s not how you make money and create a successful business.
IMO, this is the BEST way for you to grow and expand however there are some other options. You look into investors, taking out small business loans, government grants, etc.
Here are 14 ways can raise capital for your business:
govt grants/ programs
Personal line of credit
HELOC (home equity line of credit)
business credit loans
BUT the best thing you wanna do is set yourself up to WIN long term is to SELL and EARN!
You don’t need a TON of money to get started but eventually, you will need money to help grow your business.
My biggest tip is to use what you have in the beginning (you don’t need FANCY equipment to start) and USE YOUR PROFIT to buy new tools, equipment as you grow.
I’ll be discussing these 14 different funding options in-depth and MORE ways you can expand your business when money isn’t an option inside my Bank To Bake Workshop series!
You’ll get access to THREE of my most POWERFUL WORKSHOPS about money, pricing your products, and funding your dream business.
No MORE anxiously checking your bank account wondering if you can afford to buy that new mixer because yours is on its last leg.
Say GOODBYE to discount shopping because you’re worried that you won’t have enough money to cover the cost of ingredients for you to actually do your job.
NO MORE saying YES to every order because you’re worried that if you don’t you won’t make enough money this month to cover your bills.
SAVE YOUR SEAT for my BAKE-TO-BANK WORKSHOP SERIES by clicking here!
Enroll now to get access for only $39 now through August 24th!
Hope to see you inside!
Join my BRAND NEW monthly membership community: Pricing for Profit! Inside you'll learn how to take your pricing strategy to the next level so you can continue to learn and grow CONFIDENCE around different pricing strategies for your baking or creative business.