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4 Tips to Grow a Successful Bakery Business

StrategyDriven Managing Your Business Article |Bakery Business|4 Tips to Grow a Successful Bakery BusinessAre you currently in the bakery business? Have you experienced modest success but want to push on to the next level? Maybe it’s a market you are planning to enter in the near future? Whatever your situation is, you will understand that growing a successful bakery is far from easy.

Yet, if you get it right, it is an industry that can supply some rather lucrative financial rewards. According to the American Baker’s Association, bakers are responsible for over $153 billion of the country’s GDP.

To ensure you get a sizeable nibble of that $153 billion, read on for four tips on how to grow a successful bakery business.

1. Settle on a niche

When you start a bakery business, you may feel it’s necessary to offer as many products as possible. After all, if there’s another bakery in the area that is offering, say, 50 different food items, why would they visit yours that only has 25?
However, there are multiple reasons to avoid a large menu. Firstly, you may fail to have the financial strength to sell a large assortment of food items at once. The product quality could suffer, and you may also struggle to forge an identity.
The latter point is particularly important. Instead of being just another regular bakery, you should zone in on a specific niche. You could specialize in unique doughnuts for example, or be known for serving the best variety of bread in town. The more distinctive your business is, the easier it is to market and gain customers.

2. Use a unique, eye-catching logo

Every business should have a high-quality logo, and bakeries are no different. This logo will be your store sign. It will be featured on your business cards, website, leaflets, and other advertising materials. If it has an amateurish appearance, this isn’t going to form a strong first impression with your audience.
Fortunately, it is easy to find a professional graphic designer who can produce a unique and remarkable logo for your bakery.

3. Use local online marketing

Online marketing is more important than ever for local businesses. Whether they’re searching for bakeries in the area or your business specifically, you need to make sure your company appears in all the relevant queries from your target market.
The only problem is that, for an effective local marketing strategy, a lot of time and effort is required. This is why it makes sense to enlist the services of a marketing agency. Bubyli is a local SEO Essex company for example, and they are experts in everything from Google My Business to designing a keyword-rich website.

4. Offer a delivery service

To maximize sales, you need to provide a local delivery service in this day and age. You can add your bakery to one of the various food ordering platforms like Uber Eats, or go that extra level and create a unique online ordering app.

If you do decide to go the delivery route, however, make sure you are prepared for the extra responsibility it demands. Slow delivery times could be detrimental to your online reviews, which could harm your bakery on the whole.

As previously mentioned, according to the American Baker’s Association, bakers contribute significantly to the country’s GDP, so be sure to follow these tips to ensure that you don’t miss out.

From Planning to Launch: 8 things You’ll Need to Start a Brick and Mortar Business

StrategyDriven Starting Your Business Article |Brick and Mortar Business|From Planning to Launch: 8 things You'll Need to Start a Brick and Mortar BusinessSome people dream of opening their own brick and mortar business for years. They work for others while they plan their own future business and save money to make this dream come true. Too many businesses fail in the first year or two because the owners made mistakes in setting up the business. The loss of a dream and all the start-up money is heartbreaking and financially devastating. Why not get some help to set the business up correctly from the beginning?

Make Sure The New Business is Well-supplied by Dependable Wholesalers

Each business runs on supplies that must be delivered promptly when ordered. This can include office supplies, cleaning supplies, printing and computer supplies, and more depending on the type of business. A company such as Richmond Advantage can help a new brick and mortar business get off on the right foot and continue to have the necessary supplies month after month.

A good supplier can deliver orders promptly and at reasonable prices. The business owner can order via phone, online, fax, or email. The supplier should give the business owner flexible terms and payment types so they can keep their business running smoothly.

The business owner should also find dependable suppliers for their merchandise or equipment to help them perform the service their business supplies. Every kind of business from accounting, to medical, to merchandise, to plumbing, electrical, building contracting, or foodservice needs the right supplies delivered as they are needed.

Planning The Business Correctly

It is of utmost importance to plan the new business very well before even thinking of renting space and opening the doors. Planning is the difference between success and failure. Planning steps include:

  1. Decide what kind of business you want to open and which products you will carry. What services will you offer? Since you will be devoting large amounts of time and money to this business, you should choose a product or service that you love and have the knowledge to back up. Decide what type of things interest you and will make a successful business. Do a little research to find out if the proposed business will attract customers and is practical. Don’t open a brick and mortar business near several other very similar businesses. Your business must offer something unique and needed where you plan on opening it.
  2. You need a detailed business plan to show lenders and others what you plan for the company as time goes on. A business plan is like a roadmap to setting up a company and growing it over time. This plan finalizes the products or services you plan to offer. This plan needs to be in great detail and realistic. The new business person will need to describe the time, expertise, space, and other talents they will bring to the business.
    The business plan will need to list the products to be sold and the supply chain that will be in place to get them. How much will be paid for them and how much will they be sold for at what profit margin. What equipment will be needed to outfit the brick and mortar business location. How much will set up cost and how will those costs be covered. How much money will need to be borrowed and how will it be repaid?
  3. This brings us to business financing which will be based on the above business plan. The Small Business Administration or SBA supports many business loans from a variety of lenders. When the new business person goes for financing, it is important to address all costs so the business is adequately financed to succeed. One main reason for new businesses failing is under financing.
  4. The saying “Location is Everything” is right on target. A business must be in the correct location to succeed. When considering different rental or purchase locations, a person must consider several important factors including the style of the business and building it needs, the zoning and codes, the demographics or being near proposed customers, store visibility, parking and access, competition in the area, is there room to grow, and is the infrastructure of the building going to support the business?
    In addition, the business owner should consider the cost of renovations and setting up the business in each location. The business lease must be negotiated and signed. Study the lease carefully for fairness and terms. How long is the lease for? Can it be broken if the business fails? Get legal help before signing a binding lease.
  5. Check into all the local and state licensing requirements and what the cost will be. There will be employer numbers for taxes, sales licenses, licenses, certifications for services, and more.
  6. Make a complete list of equipment and supplies that will be needed for your particular business. You need to have everything in place that is needed to run the business before you open the doors. This equipment should be in the financing request.
  7. Hiring the necessary staff to run the business is important. Decide on hours to be open and how many people are needed to cover those hours. You may need different people to handle bookkeeping, inventory management, working with customers, scheduling, and managing all the employees. Take time to vet all prospective employees and hire the correct people for each job. Once the staff is all hired, they should be trained to do their jobs properly.
  8. Once the business is set up and ready to open its doors, the owner should plan and execute a good marketing plan and advertise a memorable grand opening.

Once The Business Is Open

Once the business is open, the owner can not relax and rest. The new business needs to be nurtured into success, Very good records should be kept to keep track of business successes, losses, and challenges. New businesses face financial challenges that must be met and conquered to succeed. The new business owner must be creative and willing to learn as the business progresses. Creative solving of problems can help save new businesses.
A new business must stand out from the competition by offering great service, unique products, and a lot of dedication and hard work by the owner. Be open to problem-solving strategies that a knowledgeable person might suggest. The business owners who are willing to sacrifice and work hard to get their dream up and running are more likely to succeed.

What you need to know when starting your business

StrategyDriven Starting Your Business Article |Starting Your Business|What you need to know when starting your businessMany people have viewed entrepreneurship life as being flashy. You get to run your own business and make your own rules. The biggest advantage of it all is the profits all go to you. If you are tired of your 9-5, then this kind of lifestyle can be alluring. The desire to have such a life is what has led to so many people quitting their regular income jobs and setting up businesses. The one thing many people did not put in mind is the work that goes into setting up the business. Running it is another hassle altogether, if you have never run a business before then chances are, you will get overwhelmed. With a few tips from companies with branches in different countries, however, you will be on your way to start and run a successful business.

Have the business registered

While this is a step many people skip when starting, it will come in handy in the long run. As a registered business, you can apply for grants from the government and get considered for them. Many people might feel like it is a lot of work and too many procedures to be taken when registering your company, but the hassle is necessary. Ensure you find out what you need to do in accordance with the law and should you need help then consult professionals over the same. Companies like Merritt USA have years of experience in registering businesses and can offer you sound advice on the same.

Have a business plan

Many people will keep mentioning this, and it might sound a bit cliché, but it is crucial. Your business plan will act as a forecaster over what you into to achieve and help you see the obstacles that you might encounter. It also goes a long way to help your secure business loans or grants before you get started on the business journey. Starting a business without a plan often means you are planning to fail.

Have a budget set for your business

Many people get into business thinking that it will bring them profits very fast. The opposite of this, however, is true. If you are not careful, you will end up spending money meant for your personal use in the business and vice versa. Many at times, businesses fail because people do not have business money set aside. One way to ensure that this happens is having a separate bank account for your business and ensuring that the business money does not mix with your own money.

Ensure you are tax compliant

One of the things that cause a lot of trouble for business is when they are not tax compliant. A business needs to ensure that it keeps up with the law, including paying its taxes. Please find out how you are supposed to do it and ensure you file your returns each year. In doing so, you avoid getting on the wrong side of the law which can get ugly.

How Startup Owners Can Reduce The Risk Of Business Failure

StrategyDriven Starting Your Business Article | How Startup Owners Can Reduce The Risk Of Business Failure | Business Startup

According to the research highlighted at Fundera, 20% of new businesses fail in their first year, 30% fail in their second year, and 50% fail after five years. It’s enough to put anybody off the idea of starting their own business.

However, it’s also important to turn those figures around. While there are those businesses that fail, there are also those that survive. This should be a cause for optimism.

To reduce the risk of business failure, startup owners should:

#1: Find out why businesses fail

Why do businesses fail? According to Research Briefs, there are many reasons. 42% of businesses fail because there is no market need for what they are selling, according to figures highlighted. 29% of businesses fail because of cashflow problems. And businesses also fail because of such issues as the might of the competition, poor marketing, and the lack of a proper business model.

When the startup owner knows why businesses risk failure, they can take steps to alleviate any future problems.

So, they might look for a niche in the market in a bid to reduce the competition, for example. They might outsource their marketing to those agencies that understand their business model, such as a software marketing agency if they were running an SAAS business. And they might commit to market research before starting out to ascertain whether or not there is a market for their particular product or service.

#2: Seek assistance from a business mentor

The business world is hard for anybody, especially those who are just starting out in their particular industry. This is why it’s always useful to have somebody on speed dial who knows what they are doing. A mentor can help the startup owner become a success, with advice on the pitfalls to look out for, a list of contacts with the resources the startup owner needs, and other information, such as tips on hiring, financial management, and goal setting.

Of course, this is assuming the startup owner knows somebody who can mentor them, although it shouldn’t be too hard to track somebody down. Networking events, social media sites, and small business development centers are just a few of the places where somebody might find the help they are looking for.

#3: Improve their skills

The startup owner doesn’t have to be the master of everything. They can hire staff members to take on some of those tasks that they can’t do alone, and they can outsource too.

However, there are the basics to consider, as skills in such areas as management, leadership, and communication could be considered the bare essentials when trying to run a successful business. To learn more, the startup owner should consider a business course or any other line of study and training that enhances areas they are weakest in.

With a good foundation of knowledge at the beginning, they will be less likely to make many mistakes down the line.

So, take heed if you’re a startup owner, but be assured that failure doesn’t have to be an inevitability. You can override the risks involved, so consider our suggestions, and get help from other sources if needed.

 

Saving Money As A Startup – Ways To Increase Your Margins

Launching a business is never a walk in the park, not least during a pandemic when the future is uncertain. Despite economic concerns, there are advantages to setting up a startup at the moment. The Covid-19 crisis has caused widespread disruption, but it has also created opportunities. If you’re just starting out on your entrepreneurial journey, it’s crucial to keep a close eye on the books. In this guide, we’ll explore ways to save money and increase your margins.

StrategyDriven Starting Your Business Article | Saving Money As A Startup - Ways To Increase Your MarginsInvesting in technology to improve efficiency

Increasing efficiency in business is often an effective means of saving time and money. Technology has become increasingly critical for businesses in recent years, and it offers company bosses the chance to streamline and speed up operations, reduce the risk of errors and introduce cost-effective ways of working. If you’re thinking about investing in technology for your startup, undertake extensive research, keep track of what your competitors are doing and look for devices, machinery, software or equipment that will enable you to work faster, provide a better service, offer a more diverse range of products or services than your rivals and lower costs. Think about what your business needs and consider hiring or buying second-hand equipment to save money. Hiring makes financial sense for short-term projects, while buying used machinery can work out a lot cheaper than buying brand new models. Whether you’re looking into water cooled chillers, construction vehicles, coffee machines or computers, it’s advantageous to explore the options on the table, compare prices and analyze the impact of your investment. Search for value for money, rather than the lowest price, and choose reputable manufacturers and trustworthy retailers.

Flexible staffing options

For many fledgling businesses, paying wages accounts for a substantial portion of the monthly budget. The majority of businesses need to employ staff, but there are alternatives to hiring employees on permanent contracts. You may find that flexible options work better for you, especially if you run a seasonal business, or you take on multiple projects. If you run a construction company, for example, you may want to look for talented individuals to work on specific jobs, rather than employing a team of workers on a full-time basis. If you manage a store that sells Christmas decorations, or you run a business that handles vacation rentals, for example, you will go through busy and quiet periods, which demand different staffing levels. Hiring on a short-term basis will ensure you have access to the staff you need to thrive during busy periods while saving money when sales start to dwindle. You can also save money on wages by starting with a relatively small team and adding new recruits as your business grows.

Outsourcing

Outsourcing has become increasingly popular among small and medium-sized businesses, and it can offer a cost-effective alternative to employing new members of staff. Outsourcing involves working with external agencies or hiring freelancers to take control of certain jobs. It enables you to access skills that you might not already have on your team, and you can also free up time for your employees. Examples of tasks and services that businesses commonly outsource include professional cleaning, accounting and payroll management, IT and marketing. If you own a clothing brand, for example, and you want to drum up interest and try and boost online sales, you could outsource marketing, joining forces with a digital marketing agency to draw up and manage targeted campaigns that are designed to increase sales and improve your ROI. By outsourcing, you can save money on hiring while also benefiting from access to expertise you don’t have in-house.

Negotiating with suppliers

Negotiating skills are imperative in business. Whether you sell products or services, it’s highly likely that you will need to engage with suppliers, distributors and logistics firms to get your business off the ground and provide your customers with an efficient service. At every stage, be willing to negotiate on price, but understand the importance of presenting a professional image. There’s nothing wrong with trying to drive prices down, but be realistic and make offers that are reasonable.

Streamlining your marketing strategy

Marketing plays a crucial role in helping businesses to connect with customers, generate leads and increase the chances of making sales. When you launch a marketing campaign, you want to ensure that you have the best chance of achieving your objectives. This is why it’s beneficial to seek expert advice and to link up with agencies or individuals with an outstanding track record. There is a risk of a campaign falling flat, and not every marketing strategy works. You don’t want to invest money in techniques that don’t work or campaigns that don’t reach the right people. Streamlining your strategy can help you pinpoint target customers, generate high-quality leads and promote your brand in the best possible light. Make use of analytics to track progress and use market research and customer feedback to improve and modify your strategy. If you’re targeting young people, for example, advertising and sharing posts on sites like Instagram is going to be more effective than posting on Twitter. If you’re setting up a local business providing services like roofing, dog walking or gardening and landscaping, focus on local SEO and use flyers and local press adverts to connect with residents in the area. Over 85% of people who search for local businesses on a smartphone will either make contact or visit within 24 hours. By focusing on methods that work, you can increase ROI and eliminate expenses related to techniques that have failed to make an impact.

Every dollar counts when you’re running a new business. If you’ve recently launched a startup, or you’re in the early stages, there are ways to lower costs and increase margins. Think carefully about your recruitment strategy and explore flexible staffing solutions, negotiate with suppliers, invest in technology that will enable you to save time and money, consider outsourcing and streamline your marketing strategy. If you can reduce expenses at the same time as driving sales and optimizing performance, your profits should grow quickly.