10 things I wish I knew before starting a cake business - Part 2

I’ve been designing and making cakes for over ten years now. 

Do I know it all now? - No, probably not. 

But do I know more than I did when I first started out? - Absolutely, yes!

I wish I could go back to the very beginning and tell myself these things.  Do you relate to any of these?

Not read part 1-5 yet? Click here to take a look.

6)      Learn how to understand and manage your business finances.

Being in control of your finances will allow you to see exactly what financial position you are in at any point in the year.  It will help you to budget, forecast and plan.  And do not forget to set aside money for tax and national insurance contributions.

7)      Always give yourself extra time to complete an order.

Even if you are certain how long something will take you, be sure to allow extra time – just in case!  Things do not always go to plan, and you don’t want to be right up to the wire for finishing an order. 

Always aim to get a cake finished the day before it is due to be collected/delivered.

8)      Always have a backup plan.

Make sure you have a risk assessment for any possible scenario in your business and a list of people you can call on if you need someone to take over from you.  This could be due to sickness, an emergency or something out of your control.  But thinking of solutions in advance will help to fire fight a potentially troublesome situation.

9)      Charge your worth.

I am a huge advocate for cake designers charging properly for their work.  As your skill set increases, so should your prices.  As you establish your place in the market and begin to become known for your work – your prices need to increase.  As you get more in demand – put up your prices.  As costs increase – review your prices!  It’s not a once every few years job, do it regularly.

10)      Always have your business head on.

Whatever decisions you make in business, make sure it is to help you move towards the bigger ‘end goal’.  If it is not moving you closer, or even, maybe it is moving you away from it – ask yourself – why?  Why do I want to do this? What benefit is it going to bring me? How is it going to help my business?

If you can’t find an answer, I refer you back to point 1.  Saying no to one thing, can make space for something even better to come along!  Don’t fill your diary and your time with things are not going to grow and shape your business.

Not read part 1 to 5 of things I wish I knew before starting my cake business. Click here to read it now.