Can You Start A Baking Business At Home?

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StrategyDriven Starting Your Business Article | start a home business

Many of us may think of baking as a relaxing and somewhat challenging past time to enjoy at the weekends. But many people have managed to turn this hobby into a real career, and they will work every day creating sweet treats and fun desserts for people all over the local area.

But how can you start a baking business from your own home? The biggest question you might have is how will you be successful without restaurant quality ovens and fridges – but you don’t need these things to start creating and selling your treats.

Today we are going to take a look at some of the ways you can create a baking business from your home and truly enjoy your career in 2021.

Learn the right skills

The first step to building a bakery business is to ensure you learn the right baking skills as well as decorating and styling. You can find many amazing tutorials online on YouTube or take a small course on SkillShare which will equip you for a successful baking venture. Once you have the right skills and experience you can set off and achieve your baking dreams.

Get creative

Creativity is the key to a successful baking business and now is the time to experiment with colours and flavours to make your creations unique from anything else out there. Add hazelnuts to your cookies, make biscoff cupcakes, and create unique cheesecakes with popular chocolate bar themes. Use your creativity to make fun pies and pastries and this will gain you a bake in your local area, and will also make people want to come to you for parties and events.

Sell at local markets

A simple way for you to sell your baking goods in your local area is to join a market and go there every week or once a month to showcase your creations. If you also have a Facebook page and a website you can advertise this with business cards and banners on your stall and once people start to taste your sweet treats and enjoy them, they will be more likely to come to you again when they have a craving.

Sell online

Selling online with My Business Venture can be a great way to build on your baking business and start to venture out into the world. You can hire delivery drivers or join a network like UberEats and have your treats delivered straight to your customers. You will get a lot more sales from this and you may even be able to fund a transition to a small store in your local town!

Offer bespoke creations

One way to gain more money from baking is to offer commissions for things such as weddings, birthdays, or other events. People can come to you and ask for coloured cupcakes or cakes and you can create something unique for them at a healthy price. This will be a great way to gain popularity in the baking field and become successful this year.

Questions to Answer Before Investing in a Start-Up

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StrategyDriven Starting Your Business Article | Questions to Answer Before Investing in a Start-Up

Investing in start-ups can be a fascinating endeavor. The idea of being an early investor in a new company and watching it grow into something extraordinary is inspiring.

However, before making any investment decision, it is essential to ask yourself some tough questions to make sure you are ready for the commitment. In this article, you will learn about questions that every potential start-up investor should answer before investing. Read on!

How Does This Affect Your Diversification Strategy?

Diversification is the process of spreading out assets among different investments, such that one lousy investment does not ruin your entire portfolio. Diversification also seeks to balance a portfolio by including other asset classes like stocks and bonds.

It is also a great strategy for continuous improvement in your firm. You can also learn other ways to continually improve your company by signing up in a lean learning center. Investing in a start-up company, for instance, is generally considered to be an illiquid asset because it takes time to realize any return on investment.

As a result, there may not be anything tangible to sell if you need or want out of your position (unless you have been given some venture capital with a liquidation clause).

What Level of Involvement is Required? 

Investing in start-ups can be a difficult decision. One of the primary considerations is what level of involvement you will need to have with the company? For example, are you expected to help decide how to allocate funds or provide feedback on new ideas for products and services?

If your goal is to invest and not be involved in the day-to-day decisions of the company, then you should consider a small investment. A more significant investment may require more involvement from your end and, if not careful, could lead to burnout or lack of interest over time.

What is the Time Frame?

Consider the length of time you plan on staying invested in an investment. Long-term investors may want to invest more heavily and pay less attention to risk, while short-term investors might be looking for quick gains but are unwilling to take as much risk.

Individual situations vary greatly, so carefully consider how long you are planning on investing before making a decision.

What Rate of Return is Expected? 

It is essential to understand your investment expectations. For example, do you want a guaranteed return, or do you need one that entails more risk?

There are different strategies for investing, and understanding the level of risk will help make an informed decision about what type of fund might be appropriate. Investment in start-ups can provide good returns, but it is crucial to understand the level of risk involved.

Investing in start-ups is a risky venture. You need to ask the right questions before investing in any company, and what better way than starting with the above examples. Make sure you don’t get caught off guard if something goes wrong because you might end up with nothing at all. Start-up companies do not always make it, and you have to know when to get out of a sinking ship.

Planning a successful MBO?

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StrategyDriven Starting Your Business Article |Successful MBO|Planning a successful MBO?An MBO or MBI can give you the opportunity to step up from senior manager to business owner. How do you plan a successful MBO?

What is an MBO and why might a business go for a MBO

When a business is purchased by the management team within the company by borrowing funds, this is referred to as a Management-Buy-out (MBO). Generally, MBOs are only partially financed with private assets by the management. Most of the money used to buy out the current owners is provided by banks and financial investors.

A business might decide in favour of a MBO for various reasons. One might be that the current owners of the business decide to retire or withdraw from the company. It can also be a move to release divisions in large-scale companies that are no longer considered significant to the overall brand.

For management teams it can mean greater financial rewards and more influence in the decisions that the company makes.

In general, business owners often welcome MBOs, since they can be confident that management is extremely committed to the success of the brand.

Management Buyout (MBO) vs. Management Buy-In (MBI)

The terms Management Buyout (MBO) and Management Buy-In (MBI) can seem confusing since they sound similar. However, they are very different. Instead of management buying the company, during an MBI a company is bought by external managers and the existing management team of the company is replaced.

How is an MBO funded?

Since the management team is usually not able to purchase the company themselves, the money for the sale needs to be raised. Substantial funding is required for management buyouts. For this reason, management looking to buy the firm will connect with investors, banks, private equity firms, and possibly mezzanine lenders. This means that outside entities gain some financial control over the company.

How is an MBO undertaken?

A MBO is a long process, which typically takes many years to complete. For a successful MBO it is important that the management team has enough experience and is regarded as trustworthy by the owner of the company.
A management team within a company usually has a deep understanding of the brand that they are looking to purchase. This makes an MBO a good option for a buyout in many cases and gives managers the chance to purchase all or part of a company and gain more influence within that firm. While funding typically has to come from investors, which may give external entities some control over the company, management will still be able to invest in a brand that they are already committed to and very familiar with.

Things to Know Before Starting a Small Business

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StrategyDriven Starting Your Business Article |Starting a Small Business|Things to Know Before Starting a Small BusinessIt’s pretty brave. Gathering your skills and wits to set sail into the unknown world of a new business venture takes real courage, whether folks admit it or not. There’s just so much you have to keep in mind at all times when you’re starting something new.

Everything will be up to you, ultimately, especially during the early stages of the development of your business. Staffing, rosters, marketing, and even finding ways to send a fax online; will all be your responsibility in the final reckoning. That’s the job of being an owner.

Seeing the Bigger Picture

Bigger picture thinking is probably something you do quite well, or you wouldn’t be embarking on this journey to begin with. But, being naturally adept at something doesn’t necessarily make you a master of it without concerted effort.

You’ll have to be able to see exactly how your business will interact within the specific context in which you’re planning to operate. This means developing it from the ground up. You will need to have a very thorough grasp of precisely what it is you’re adding to the market.

Not only will you need to be intimately familiar with the larger perspective, but you’ll also be the one who makes it visible to your team. For this, you’re going to have to be a positive motivator and leader, which is where a lot of entrepreneurs thrive and shine.

The Devil’s in the Details

The flip side of the wider context is those pesky details. Once all the big stuff makes sense, you’re likely to find that it’s all the smaller things that conspire against the entrepreneurial spirit.

Until you’re in a position where you’re able to hire specialists in these nitty-gritty areas, you’re going to have to manage it on your own. Very often, it will seem as if you’re trying to plug a levee that keeps springing new leaks, but there’s no other option.

It’s asking a lot of anybody, but the business world slows down for no one, and the only solution is to have a panoptic view of every single thing that takes place. From the big dream all the way to the littlest feature, all is within your purview.

Know the Law

The last of these three considerations is by no means the least. Having a decent grasp of the laws surrounding your specific business is essential to success, as even businesses with a low legal footprint still have HR regulations and tax laws to navigate.

If your business model involves higher contact with areas of law, such as environmental impact assessments, you will have to become conversant in those areas too. It would be a shame to have created something great, only to run afoul of a legal hurdle somewhere.

Concluding Word

Creating new businesses is what keeps the world ticking along. Every economy on Earth welcomes this pioneering zest, especially because it isn’t easy. You have to be all things to all people, the big idea person and fount of all knowledge rolled into one.

Risk and reward are the binary poles, though, so if you can manage to master the context, the detail, and the legal stuff all at once, you will also be the master of your new life. It’s the start that’s the most difficult of all, however once the ball starts rolling it will gain momentum.

Launching Your New Business, the Stress-Free Way

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StrategyDriven Starting Your Business Article |launching a new business|Launching Your New Business, the Stress-Free WayWhen you decide to launch a new business, you may find yourself being put off or even sidetracked by the potential stress that may come alongside your new venture. You may have heard stories about unsuccessful business launches, or you may have heard about chaotic startups, and they may have put doubts into your mind about whether a new business is a way you want to go. Well, fear not, it is not all as bad as it seems or as it is made out to be. The process of launching a new business can be enjoyable and stress-free if you want it to be, and the way to make this happen is to plan as much as you can. Plan for all eventualities, and always utilize the assistance and guidance of experienced business professionals.

Write a Business Plan and a Marketing Plan

Without a business plan and marketing plan, you will not know what you are doing, when, and why, so make it a top priority to create them. A business plan will allow you to see where your business needs to be, and a marketing plan will allow you to see what action needs to be taken to reach your customers and target audiences. Both are interdependent on each other, so try and create them simultaneously if you can.

Get Your Finances Straight and In Order

Knowing how you will finance your business and knowing how you will keep track of the finances will take a huge weight off your shoulders. When you get your finances straight and before your launch your new venture, you will ensure that you can start and run your business efficiently and effectively.

Utilize Professional Guidance and Assistance

When you launch a new venture, you can be tempted to try and undertake every role or aspect yourself, and this might not be as beneficial as you originally anticipated. However, utilizing professional guidance and advice from professionals such as William Bevins, a financial advisor in Franklin TN, will ensure that your business is set up correctly from the start, helping you avoid any unnecessary stress, pressure, or hassle. In addition, when you utilize advice and guidance from professionals, you avoid common pitfalls, pitfalls that may cost you both time and energy.

Break Up the Startup Process

Having false illusions about how quick it is to launch a new business is one of the things that can add unnecessary stress and pressure. Do not expect to do everything overnight as this will not happen; instead, plan for the process of getting your business up and running to take a few weeks. Break up what needs doing into small and manageable chunks and targets, and this way, you will get everything done in a stress-free and easy way. When you break up larger jobs and tasks, you make them more realistic and achievable, and this is what you are aiming to do when launching a business, a stress-free way.