Making the decision to scale your bakery business can be nerve-wracking but a necessary choice for owners looking to remain viable. If you're not focused on growth goals, you stand the risk of being overtaken by your competition. Determining how you would like to approach expanding your business will depend on your goals and resources. Still, several things could benefit any bakery business looking to grow.
Explore Online Markets
Selling your baked goods online can put your products in front of a global audience and drastically increase your potential customer base. Consumers have become highly comfortable purchasing food items online, making it an ideal avenue to grow your business. Setting up an online store will require a bit of work, but it can increase your business exponentially.
Embrace New Technology
Technology such as accounting software, inventory software, and marketing automation can help to streamline many of the tasks that consume bakery owner's time. Accounting software enables you to keep better track of your finances, ensuring you don't make costly mistakes. Inventory software can help you cut back on food waste, and marketing automation can improve your marketing efforts without the need for hiring additional team members.
Create Unique Products
Creating unique products that can't be found anywhere else is a sure way to make your bakery stand out. As we've seen with cake pops and gourmet doughnuts, a single product can catapult your bakery into greater profitability. Taking traditional recipes and adding imported, artisanal, organic, and unique ingredients can make your baked goods stand out. Experiment and offer free samples until you find a sure-fire winner.
Expand Marketing Efforts
Increasing your marketing efforts can put your products in front of more potential customers. Expanding into the digital realm and leveraging social media, blogging, and email newsletters is a necessity for small businesses these days. Baked goods lend themselves very well to visual content, so you'll want to use lots of high-quality images on your social media pages. Video tutorials can also catch the eye of potential customers and encourage them to purchase.
Explore Local Partnerships
There could be great potential for expansion right in your local area. Partnering with other businesses such as retail stores and produce stands to carry your products can be a win-win situation. They would get a portion of the profits while you expand your customer base without any additional marketing expenses. Getting involved in community events and joining your local chamber of commerce can help you cultivate these relationships.
We've worked with thousands of bakeries just like yours. Over the years, we've funded investments that have saved bakeries from closing their doors and funded investments that have helped successful bakeries exceed their goals.
A bakery cash advance from Quikstone Capital can help your business respond to market shifts, grow and profit. Click below to apply now!