Independent bakeries thrive because of their reputation, unique offerings and the freshness of their products. Just like any other industry, bakeries need to constantly evaluate their business to identify areas of opportunity and determine how to grow. Acquiring funding may be required in order to make necessary improvements and set yourself up for future success. Here we take a look at five ways your bakery can use a business cash advance to grow and thrive.
New Equipment
“It's important to think about not only what you wish to produce, but how much, as those details will influence the specific pieces of equipment you should purchase.” When determining which pieces to replace you should address the needs of your business first, and then look into energy efficiency and available space. While saving money on energy costs and maximizing your work space are important, the smooth operation of your business takes precedence. A business cash advance can provide you the necessary funding to upgrade your bakery equipment.
Inventory Opportunities
Inventory is perhaps the most important asset your bakery has and proper management is essential to the profitability of your small business. Strategically purchasing and storing necessary items opens up additional funds for you to grow your business. Certain inventory comes at a reduced cost depending on the season or overstock of your suppliers. Since a business cash advance can typically be approved with a week, this allows you the flexibility to purchase in bulk when inventory opportunities arise.
Display And Décor
Bakery items can sell themselves as long as they are presented properly. Clean and updated display cases ensure your customers will focus on your delicious products rather than a dirty, scratched up display case. Proper lighting will make your products pop and catch the eye of your patrons. Setting up comfortable seating within your bakery will encourage customers to stay longer and spend more money. Soft lighting and ambient music will pair nicely with the smell of baked goods, creating an atmosphere conducive to creating loyal customers and driving revenue.
Digital Marketing
More and more people are using the internet to find goods and services that they want to buy. Instead of going to a store or searching in the telephone book, the internet has become the main source of information for many people. If your bakery isn't on the internet in a way that makes it easy for the public to find you, you may be losing out on lots of potential customers. Social media can be a great tool for those in the food industry as visual content like images and videos are the most highly shared content on these platforms. Pictures of menu items and even recipe demos can dramatically increase the reach of your social media marketing efforts.
Second Location
By now, almost every small business owner has heard the phrase "location, location, location”. The right location can transform your bakery into a thriving company. The wrong location can put you out of business. Having a business that is profitable enough to justify opening a new location is exciting and taking time to research the perfect site will help ensure that the second site is as successful as your first. Opening a new location for your bakery is both exciting and stressful. Proper research and capital will ensure you're ready to meet and overcome challenges as you take advantage of new opportunities.
The ability to pivot quickly is one of the top advantages that small businesses hold over larger competitors, however, it is impossible to do so without working capital. A business cash advance from Quikstone Capital is a fast way to give your company the flexibility to capitalize on opportunities when they present themselves.
