The baked goods business in India has witnessed a massive growth in the last decade, owing to the rising demand for cakes and other confections in the market. To meet this high demand, a number of bakeries have opened up not only in the metros but also in the 2-tire cities.
However, it is not only these established bakery chains that are ruling the market. Home bakers have managed to successfully create a niche for themselves in the ever-evolving market.
However, while it may be easy to start a home baking business in India, tackling the market may prove to be a Herculean task. Most of the time, this is because home businesses do not invest much in marketing, which in turn results in the lack of paying customers. So how do we tackle this situation? Here are some tips to keep in mind if you are planning to turn your passion into a full-time job.
Tip 1: Make an Overview of the Cost
The first step to starting your own home baking business is figuring out exactly how much it is going to cost you. Many people go all-in only to find out later that the total expense is much more than they had anticipated.
In order to avoid this, divide the cost into broad categories like equipment cost, ingredient cost, rent and so on. Make sure that you include marketing costs as well.
Tip 2: Draw Up a Business Model
A business model is essential to ensure that different functional areas of the company work in sync. This will help you define your business and set weekly monthly and yearly goals.
Identify your customer base and device marketing strategies that focus on your target group. A good business model will also address your competition. Once you have a working business model ready, you are already half-way there.
Tip 3: Find the right location
Make sure that you choose a location that suits your business. For example, if you are located near an office complex or a school, there are more chances of your daily business increasing.
Similarly, if your business is located in the city, it will get more traffic compared to a business located on the outskirts. Therefore, make sure that the location you choose compliments your target group.
Tip 4: Think of a creative name & logo
You have to be very careful while choosing a name and logo for your business as it will later become its identity. Make sure that the name is simple and easy to remember as you want it to stay in the minds of your clients.
Similarly, the logo should be eye-catching, easily recognizable and should leave a lasting impression on people’s minds. If you can’t come up with ideas, you can also use logo makers that are cheap yet efficient.
Tip 5: Go Online
A strong online presence is important in today’s world where everything is ruled by the internet. You need to create a bond between you and your customer by telling them your story.
People tend to buy products from places that they resonate with. Therefore, it is important that you tell them why they should choose you over all the others.