According to the Small Business Development Center, the US bakery products industry includes about 2,800 commercial bakeries with combined annual revenue of about $36 billion, along with about 6,000 retail bakeries with combined annual revenue of about $3.8 billion. With statistics like these, it becomes essential to maximize your revenue and profitability. There are many competitors but with our helpful tips, you can attract new customers and position yourself as a leader in the baking industry. We understand that this requires financial investment and encourage you to look into alternative funding sources such as Quikstone Capital Solutions. We offer a competitive merchant cash advance which allows you to obtain fast funding in as little as a few business days. Our process is simple and the funds are paid back with your future credit and debit card sales. Happy Baking!
Advertising
This allows you to instantly get your bakery’s information in front of potential new customers. Purchase advertising in magazines, local newspapers, and direct mailers. Be creative. This is your opportunity to set yourself apart from your competitors and convey the message of your bakery. One of the best ways to advertise is through your product itself. Offer samples of freshly baked treats on the street outside as well as at local events. Once people have a taste, it should keep coming through your door! Show your originality and ingenuity with fresh design ideas for birthdays and other special occasions. These days, there are tons of television shows which showcase bakers’ exquisite talent for thinking outside of the box. It is becoming customary for clients to expect this sort of imagination and ability. Use this opportunity to show that you can meet these expectations and wow your customers!
Boost Your Revenue
Is earning more revenue your goal but you have exhausted your list of potential ideas to do so? Encourage new patrons through offering baking classes. You can charge a class fee which covers the materials as well as adds a little extra to your bottom line. Many people would like to become better at baking and you get to position yourself as the expert. Also, since baking takes time and space for large orders, these “students” should jump at the chance to have you provide the goodies for their next event. Also, make sure that your bakery has a friendly seating environment. If customers stay and enjoy their treat, they are more likely to purchase an accompanying beverage or purchase another baked good. You can improve your seating by upgrading your tables and chairs. Offering nice plates, coffee cups, and utensils will also encourage customers not to leave. Providing magazines to read also inspires patrons who are alone to stop in and enjoy their purchase.
Finally, how prepared are you to handle your new sales? Having reliable, good baking equipment is essential to staying on top of your game. You may end up wasting huge amounts of time by trying to use old, outdated equipment just to keep from incurring the additional costs of replacements. But how much is it costing you to keep the old stuff? You can decrease your cooking times and increase the quantity you can bake at once with the right equipment. Add in repair costs and the inefficiency of older models and it becomes even clearer as to why you should purchase replacements sooner rather than later. Since new equipment can range from thousands to tens of thousands of dollars, make sure that you do the proper research and get the best for your money.
