A bakery business plan is a key document that helps guide the growth of your new venture. Business plans also are useful when you are trying to obtain financing or you’d like to assess hiring plans. It is important to have a roadmap for where you’re going, so when your business takes off, you know how to keep the momentum going.
Below are six steps to getting your personal bakery business plan completed.
1. Define Your Target Audience
Your bakery customers will look a lot like the people who live in the neighborhood where you open your bakery. Do research to clearly define your target audience. Try to determine how much people spend on eating out and examine the success of your competitor. What can you do differently to quickly become a contender for business?
Defining your target audience informs every other growth movement, so this is an important step.
2. Define Your Niche
Will you have a specific product you will specialize in, like cupcakes or bread? Will you offer gluten-free or vegan products? Are you creating original recipes?
The angle you take on your menu will help you from a marketing standpoint. It’s always key to highlight something special that’s unique to you.
3. Name Your Management Help
Who will run your bakery on a day-to-day basis? If the answer is you, which tasks will be under your control? Which will you delegate?
There is a lot to the process of running a bakery, from ordering materials to keeping the books. Make sure you have included the right people on your team so you are focusing on what you do best.
4. Set Your Budget
Cash flow is one of the most important factors to business success. How much capital do you have to begin, and how will you use that money?
A bakery business plan can help you spell this out, and it can help you determine how much money you need for all the necessary startup equipment. Remember, Stratton Sales offers great financing deals on a range of baking equipment, freeing up your funds for more pressing matters.
5. Write a Marketing Plan
Next, it’s time to determine how you’ll reach your target audience with the right information. Develop a marketing strategy to build up the customer base your bakery needs to succeed.
What will entice them the most? It’s time to get inside the minds of your audience and create a message that they can’t ignore.
6. Set Financial Projections and Goals
Will your business be profitable? How much will it and you make? Now is the time to set goals in the document. How much will your weekly expenses be? If you’re trying to appeal to investors, this is a key area of your bakery business plan.
Rely on Stratton Sales for the high-quality baking equipment you need to get started when you’re launching a new business. We can make the execution of your bakery business plan easy and fun. Shop online or call us today for pricing.