Starting your own Cake Business from home is not for the faint-hearted. I am not going to sugar-coat my experience as it was hard work to get me where I am today. But, it is one of the most fulfilling experience in my life. The feeling of accomplishment after working hard at something you have created yourself and seeing it flourish is something you cannot explain.
I would like to share my top 10 tips on starting any business from home and not just baking.
?Most businesses never start. It remains an idea because there is a logistical hurdle that needs to be overcome. "I do not have much money". The point is that if you feel that, you will never have money to pursue your dreams of owning your own business. I would like to ensure you that it is possible if you know what you are doing. It will take some homework! No, a lot of homework and planning to launch your business but it is doable.?
1. Business Plan
You will need to write up a Business Plan and include a variety of topics, depending on your Niche. Topics such as Licenses, Supplies, Equipment, Kitchen space, Operating expenses, Employees, Marketing, Competitor Analysis etc. When you have a complete Business Plan in place you will be able to see exactly how much funding you will require. You will also be in the position to lower some costs by excluding unnecessary items that you thought you might need at the beginning of the business. An example is not to employ someone to do the cleaning. In the beginning, you will have to carry that responsibility on you for a while. Told you that it is not sunshine and roses, but it is so worth it.
2. Smaller is Better
There is no need to just jump into the business and go crazy by registering a company. Start by only becoming a self-employed individual. You will avoid the huge initial setup cost and enjoy simpler tax returns too. My suggestion is to start small and build it slowly.
When you know what funding will be required, you can find potential people that will be able to invest.
Friends and family
Probably the last place you would want to ask, but it is interest-free and if you are in good standing with them, it should
not be a problem.
The other options all require either an ROI (return on investment), partial ownership or shares.
Angel Investors/Venture Capitalist
A group of individuals who assist upcoming businesses whereby Venture Capitalist only focus on businesses that are already in existence. Do not rule the latter out as they can come in handy, especially if you have to enlarge or move to a bigger space.
A great option, especially if you have something that people believe in. I've seen this done in many industries, especially if you have a fabulous new product.
Banks and Government Loans
If you have good credit with your bank, this option will definitely work. As for government loans, there is a process that needs to be followed that can be a bit frustrating, depending on the country you live in.
4. Self Introspection
I get it, not everyone can run a business. It does not make the person a failure but if you are one of those people that are not driven and self-motivated to make it succeed, then admit it. The good news is that you still can own a piece of your brilliant idea. Find someone that is driven enough and go into a partnership with this person. You might be good at the admin side of the business and your partner with the marketing, but do not procrastinate and use this as an excuse to fulfil your dreams.
5. Find that Niche
Never go into a business that you do not love. It will eventually frustrate you and you will become despondent. You need to do something that you love. It is much easier to wake up in the morning and go do something that you enjoy than to pull yourself out of the bed to something you despise.
Every business relies on successful marketing. You cannot just wait for word of mouth, even if it is a great strategy, but in the beginning, you will need to have clever marketing strategies in place. Some will have costs involved, but there are plenty of ways to marketing for free if you are prepared to work a bit.
7. Support System
Whether you like it or not. You will need a support system. Especially at home. The wheels will come off sometime during this process and when that happens you need the support of those who agreed to be with you from the beginning.
If you would like to learn more or want to join my upcoming course on how to start a cake decorating business from home. Just click here. It is a step-by-step series where I will support you in setting up a complete business from scratch. The course is over a 12 week period and is guaranteed to rock your world. You will end up with a fantastic website, fully functional with your specific niche. You will be armed with all the Marketing tips, ideas and so much more. There is no other course like this! It is only offered once a year, so make sure you register early!