What I did to make 6-figures in my bakery business!

It's no surprise that MONEY and the BAKING INDUSTRY are big hot topics. I think it's mostly because our industry is comprised of people who LOVE what they are doing, have stumbled into this passion, and have decided to turn it into a business. The problem is they love what they get to do but they don't have that same passion for numbers and math. So, if you start a business without having the business knowledge, or background, and you really don't like numbers, it's going to be HARD for you to sell your products and make money! That's why I wanna share my story with you about how I make 6-figures in my bakery business and what you can do to achieve the same! Because let's be real... what's available to me is possible for you TOO! Let's get into it!

Before 6-figures...

It wasn't EASY at all. When I started my bakery, I had just filed for bankruptcy. So I couldn't find funding or take out loans. Banks saw my bankruptcy from my past and thought I was too much of a risk. So I started, undercapitalized, and put everything I had into building this business.

Spoiler Alert: I proved them wrong and my business ended up making MILLIONS in treats sold!

You may hear people say, "You can't make money selling cakes!" Well, I showed them the money by baking up not one, but TWO successful locations! 🏠✨ And friend, you could do this too but it's so much more than just making a cool product. I recorded an entire YouTube video on this myth that you can watch by clicking here!

Understanding My Numbers Was a Game-Changer!

Here's the truth-knowing your dough is more than just a pun in our industry. It tells you whether or not you're business is profitable. And if you're not accounting for profit in your business then you're running a non-profit organization! So I knew from the beginning that I needed to not only account for the costs of my ingredients, overhead, and my own salary/hourly rate, but also my PROFIT MARGIN.

So what's profit??? Many people confuse being "PROFITABLE" and making a profit. It's easy to understand why because it's the same word. But Profit is the AMOUNT of money your company/business brings in overtime. Where profitability is the RETURN on your investments. A business can make a SH*T ton in profit but that doesn't mean they are necessarily profitable. Profitable companies that REINVEST in their businesses are typically the ones that are more sustainable long term.

In your business, it's CRUCIAL to understand your numbers and where you are spending money. You have to continually calculate down to the penny what you're spending on packaging, sprinkles, cake boards, ingredients, labor, overheard, etc. If you're NOT then you're pricing your products incorrectly and leaving money on the table. So start doing your math, and I promise it will make a HUGE difference in your business! (I can go on and on about this so keep a look out for another blog on this topic!)

"If you fail to plan, you're planning to fail."- Benjamin Franklin

Another crucial aspect of my success is having a PLAN. I know that sounds boring and unexciting but having goals and aspirations when you're doing something as MASSIVE as building a business is cool and necessary! Having a solid one, three, five, and 10-year plan gives you direction, purpose, and allows you to hold yourself accountable and stay on track toward your goals. Now, in business things are ALWAYS changing. You're constantly learning from experiences and pivoting so it's okay if your goals and plans aren't aligning as you hoped. Instead, create overarching goals that you know you want to achieve and do things with intentions that would align with that goal. Remember, it's about the journey, not the destination.

Growing Personally & Professionally is where I saw the MOST Progress 📈

When I started to invest in my personal growth, I saw the most growth in my business. This is something that A LOT of my students and followers miss out on and it's something I PREACH about often. If you want to see growth professionally and financially, you need to invest in your own personal growth. That means attending conferences, networking, reading books that aren't fiction, listening to podcasts, and exposing yourself to different types of people and industries. Fun Fact: I recently attended a TOURISM conference and it was one of the most enlightening experiences I've ever had. It's about expanding your mindset and challenging yourself to be better, both personally and professionally. Trust me, it will make a HUGE difference in your business and ultimately help you reach that 6-figure mark.

Saying YES! To the RIGHT Opportunities 🤝

Yes! There's a difference! As much as you'll want to jump at every opportunity thrown at you because you think it's good for your business- DON'T. After spending over a decade in the baking industry, I experienced every kind of opportunity. Networking, collaboration, working with influencers, celebrities, corporate accounts, etc. And I REFUSED a lot of the time. WHY? Because it didn't align with my long-term goals and vision for the business. But in the few times I did say, YES, it worked out better than I could've ever imagined.

This is why it's so important to understand your own vision for your business and stay true to your long-term goal. Otherwise, you may end up saying yes to things that take up your time, lead to more overwhelm and headaches, and result in no profit. So, before you say YES to anything make sure you ask yourself:

1. Is this going to make me more MONEY?

2. Does this align with the vision I have for my business?

3. Will saying YES to this get me closer to my goals?

4. Do I have the capacity for this right now in my business and life?

Once you answer all of these, then you'll have the clarity needed to either say YES or no. And remember friend, just because one opportunity doesn't work, doesn't mean a better one won't come along down the road.

Important Lessons I learned along the way📚

After spending 12 years building my bakery business and now 4 years coaching and mentoring full-time, I've learned a few things along the way...

• Don't compare! Your entrepreneurial journey is your own.
• Ride the waves! Prosperous seasons are great, but slower ones? They prepare you for your next big opportunity/season! Embrace that time.
• Invest in that Money Mindset! If you wanna make more money, learn to how to manage it and think about it differently. Once you change your mindset around money, everything will change for you.

How Much Can A Bakery Owner Make?

Well, the possibilities are ENDLESS friend and it's completely up to you! You are the one who is setting and creating the vision for the business so you determine HOW MUCH you wanna make. Of course, there are factors that are going to play into this like: how well can you sell, is your business actually viable, does your product/business solve a problem, is there a market for your business, etc. BUT- once you understand your end goal and HOW MUCH you want to make in your business then you can start implementing action steps for how you're going to get there.

I hope you found this helpful and if it did please send me a DM @thecakemamas or @janellecopeland on Instagram and make sure to subscribe to my email list so you can be the first to know when a new blog is released and stay up to date on more tips, strategies, workshops, and courses I'll be releasing soon!

Xo, Janelle