Should you open a STOREFRONT in 2024?

So long are the dreams of opening a storefront? 🤔 Now more than ever, I’ve noticed more and more conversations amongst home bakers who are “giving up” their lifelong dreams of opening a storefront. WHY? Well, there are obvious reasons like the overhead and payroll but the one reason I’ve seen pop up more frequently is this idea of FREEDOM. Like WFH employees, Home Bakers have the luxury of working in their home, without the stresses and HUGE bills of operating a storefront. The thing most small business owners forget is when you continue to take orders, promote your business, and say yes to more customers, you are simultaneously GROWING your business whether you like it or want it. So eventually, you’re going to hit a wall in terms of your capacity (aka the amount of orders you can take and HOW MUCH MONEY you can make).

Ultimately, it’s going to require you to PIVOT in one direction or another.

With that in mind, do you pivot towards a storefront or do you find a way to continue to operate out of your home and add MORE “businesses” or “side hustles” to your plate.

Well, that’s up to you to decide but if opening a storefront is on your mind here are some things you’ll want to make sure you have DONE and are doing to set yourself up for continued success and an easier transition.

1. You’ve OUTGROWN your current space. This means your house or commercial kitchen is OVERFLOWING. It is busting out of the seems and you cannot possibly say YES to one more thing. I stayed in my home for as long as I possibly could but eventually you get pushed out.
2. You’re turning away customers because you’ve hit your capacity. A pro with owning a storefront is you are able to say to YES more things because generally, you have more space and more hands helping in the business.
3. Your business is growing CONSISTENTLY month after month. And this is in terms of your profit.
4. You have created and built a recognizable brand in your community.
5. You have the FUNDS! This is the most important because owning a storefront is EXPENSIVE but getting started in a storefront is where you’ll take the biggest hit. You have to buy equipment, design an entire bakery, buy packaging, bulk ingredients- imagine buying groceries a month at a time and multiply that by like 10! In the beginning, your wallet is going to take a hit which is why it’s so important to have the funds ready and at your disposable.
6. The profit you’re making each month can cover RENT at a brick & mortar location (you have to remember that moving into a storefront increases your capacity to do MORE orders so if you have the consistent customer base already to cover rent in a storefront, you should be okay!)

Opening a storefront is still a BIG and AUDACIOUS dream for a lot of small business owners but is this dream too far-fetched in 2024? What do you think?

Send me a DM @thecakemamas and let’s discuss!

P.S. If you’re reading this saying, “Yes! It’s my dream and I’m determined to get there one day,” then I wanna invite you to learn more about my 10-week masterclass, Passion To Profit! Passion To Profit is a live 10-week group coaching program for bakers and creatives who are ready to grow their business with confidence where I share my proven blueprint for building and sustaining a profitable business. I only open enrollment two times per year and enrollment will be opening sometime this fall. You can learn more here and get on the waitlist to learn more details.