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The baked goods business has been skyrocketing off late among many new young men and women, and homemakers are making a living out of it. Home bakers have increased tremendously across the globe lately and especially during the pandemic.
Many young girls and women have found or refound their passion for baking and cooking from the comfort of their homes with a basic set up, including a few bowls, a mixer, a food processor, moulds and an oven. It could not get easier and cheaper than this to make a quick buck in the current times, especially keeping in mind the cost-cutting that families have to make in order to keep up with the falling economy.
Supply and demand when it comes to food, have always been at a good ratio. Most bakers have to rely on their creativity to create a demand for their product. With the rise in popularity for confectionaries and baked goods, most home bakers find this to be an easy avenue, even with a limited circle of customers. Also, it works out relatively cheap regarding investment and setting up cost, compared to other businesses with a scope to expand when needed.
A guide to starting your home bakery business
It might be quite difficult or even unwise to step into a business with the littlest knowledge about your market. It is always best to test the waters before you enter it, and here are a few tips:
Check your competition
If you want to know about the business, then you should learn from your competitors first. This is the first thumb rule of any business. Your competitors are your mentors in an indirect way, and you could simply walk into a store to analyse how the sales are on an average day and how the customers react to the place from a customers point of view.
Choose your core
Another important step is to know what your neighbourhood needs but does not have. For a home baker, creativity and personal touch will keep the customers hooked on. So finding what is missing from your competitors will give you a head start in this game
Improving the stats
Most businesses survive or even flourish due to their ability to stick to timelines. Most customers rely on those businesses that stick to their promises in terms of quality, delivery and overall workmanship. You should invest in equipment and labour that goes well in line with these objectives. Choose equipment that cuts down your time and doubles your speed. Replace a hand beater with an electric beater, and a food processor for larger batches instead of a traditional electric beater, so on and so forth.
Pricing and Customer Satisfaction
Last but not least, your pricing must be competitive. Being a home baker, you can be assured of some extent of margin. But play with this margin so that your customer also benefits from this, eventually leading to good customer satisfaction. When it comes to baked goods, quality and workmanship are pivotal; therefore, these factors are essential to make your customers crave for your product.
These are some tips for starting a home bakery for new home bakers regarding market potential and understanding your customer.
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