Teespring is a print-on-demand t-shirt platform, where you can custom-design your own shirts and sell them through the site. If you can create awesome designs and reach the right people with good Facebook targeting, Teespring can be very profitable. On the podcast, my friend Benny shared how he built a 6-figure business on Teespring in under a year — even after a pretty discouraging start!
That lack of clear direction can be fatal to a startup, so if you're thinking of opening a bakery you should consider your objectives first. Strategic and Operating Objectives You can define your objectives any way you want — it is your company, after all — but broadly, there are two kinds.
One set of objectives is strategic and sets the tone and direction of your entire business. Building a wholesale clientele is that kind of objective, for example.
The other set of objectives is operational. These address how you'll run your business, and cover things like your desired profit margins or labor cost as a percentage of sales. Taken together, these objectives provide the framework to help you reach your business goals.
Defining and Reaching a Clientele One of the fundamental strategic objectives for any bakery is defining and attracting your target clientele. Settling this as early as possible in your planning process is important because it's key in determining how you'll build your business.
If you're going to pursue the wholesale market, for example, you can lease a low-cost industrial space to house your operations. If you'll be retailing to walk-in customers, you'll need a storefront in an area with lots of foot traffic, which will usually raise your costs per square foot pretty dramatically.
Once you've decided this, reaching that target clientele becomes your actual, ongoing objective. In a retail context that might include prominent signage, an attractive eat-in area, social-media marketing and best of all, the smell of fresh-baked goods wafting over the sidewalk.
If you're taking the wholesale route, you'll rely more on trade shows, B2B publications and websites, and on good old-fashioned networking and salesmanship. Defining Your Parameters Your operating objectives are similarly important because they provide the structure that will help you achieve your strategic objectives.
If you're competing in a price-sensitive market, for example, an operational objective might be to keep your food cost or your labor costs at or below a specific percentage.
Those percentages will vary, depending on your market. If you wholesale to large institutional buyers, for example, you'll probably need to keep your costs very low indeed to compete with national brands.
On the other hand, if you have the skills to provide an artisanal product to upscale restaurants, you can expect to command a premium price and higher margins. That gives you the flexibility to pay more for skilled bakers and to splurge on top-quality ingredients. Generate Multiple Revenue Streams Another worthy objective might be to establish multiple streams of income for your bakery.
Being too dependent on one client, one type of client or one market can leave your bakery vulnerable to downturns or a catastrophic loss if a key client should opt to change suppliers. If you're a wholesale baker working with institutional clients, for example, you might woo regional convenience store chains or coffee shops as additional outlets for your products.
If you operate a retail bakery, serving coffee and light lunches alongside your baked goods is a time-honored way of earning more from each customer. Stocking other retail items such as books or kitchen gadgets can also help, as can providing appealing, high-margin items, such as a "bouquet" of cookies on artificial stems and sold in a flower box, for special occasions.
If you're a skilled cake decorator, you might even partner with a local advertising agency to provide eye-catching cakes as an element of presentations or promotional events.The beauty of these side hustle ideas is that many don't require a huge initial investment or even necessarily a highly specialized skill-set.
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Follow up with plan versus actual comparison. A business plan is a great start, but tracking real-world results and learning from them is where a business plan really helps you manage your business.
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Editor's note: This article was excerpted from Start Your Own Restaurant and More: Pizzeria, Coffeehouse, Deli, Bakery, Catering Business, 4 th Edition from Entrepreneur Press ().. As. Free business-day shipping within the U.S. when you order $25 of eligible items sold or fulfilled by Amazon. The beauty of these side hustle ideas is that many don't require a huge initial investment or even necessarily a highly specialized skill-set. And certainly, not all qualify as 'business ideas,' but each has the potential to earn you money in your spare time.
is based and incorporated in Missouri. The business was formed on July 1, and serves as a local leader in the retail bakery foods industry channel.