As sure as unleavened bread does not raise….neither will profits unless you adopt key elements in owning and most importantly operating your bakery. It’s important to capitalize on your efforts, and to produce products that please the masses. These are all contingent on you focusing on your craft and not your lack of dollars. There will be times when you are faced with a series of challenges and a merchant cash advance may be the solution. Methods in which to sweeten your profits will change as your business continues to grow, here are some ideas to increase your bakery's profitability.
1. Proper equipment
Investing in equipment upgrades or replacing them all together can prevent you from draining your bank account repairing out dated equipment. There are many options available for today’s commercial baker. Do you need a dough divider or a dough mixer a new display case or a proofing cabinet? Specialty equipment can help grow your business and give you that much needed edge to compete.
2. Buying Product in Bulk
This is a great way to save dough and wrangle your costs. Stop spending daily to get the supplies and product needed for that moment. Invest in bulk whenever possible. Smaller quantities still acquire shipping rates or handling cost and can make your product less profitable. Having ingredients at your sugary finger tips, will allow you to purchase what you need and not simply what you can afford.
3. Store Improvements
Even if you’re equipment is state of the art and making the finest delicacies in town. How about your street appeal? Does your storefront look as appealing as your baked goodies in the window? Nothing spoils a sweet treat like outdated wood paneling or cracked glass display cases. Perhaps a fresh coat of paint has been on your wish list. Invite your customers in with a new cozy table, comfortable seating and a fresh table cloth.
4. Eye Catching Signage
Signage is your first salesperson connecting with your client base 24 hours a day and 365 days a year. It can help you encourage those who cross your path and have yet to stop in your business. Are passerby’s only drawn in due to the smell of tasty treats but don’t notice your location when you are closed for the evening? Investing in an eye catching sign ensures you are creating a brand, not just a bran muffin!
5. Marketing and Advertising
There are many ways to reach your audience it begins with a proper sign and ends with you targeting those who do not cross your bakeries path in route to work, school or other errands. Is your website easy to navigate? What kind of business groups do you belong to? QSR recently published an article on local foodservice brands squeezing out large franchises, you can compete you just need to get out there. Use your dollars to focus your efforts on a potential client’s location, income, gender, catering needs and more! Reach for that customer who has yet to know they need to stop by on a weekly basis to sample the week’s treats! It’s a fact that effective marketing will make your dollars and donuts go much further.
The smell of sweet success is determining your needs and acquiring the cash to make your bakeries dreams come true. A merchant cash advance from Quikstone Capital Solutions is a business loan alternative that’s fast, easy and flexible! It helps your business thrive and prosper by providing you with the cash to buy equipment, renovate or expand, purchase inventory, create an advertising budget and to help with those unexpected emergencies.
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