AHow exactly do you go about writing a business plan? I have read and read and googled and read, but so far, I'm drawing a big blank. I have no clue how to be able to project eventual income or profit margin since I am currently a home baker (free home baker since I live in Alabama) and there are no income statements or any other financial documents for that matter available. There are only 2 other bakeries in my area that actually have a store front and they are both Hispanic owned and operated. I have been to one and they only do Hispanic deserts and will not do any type of order with English on the cake as the people don't speak very much English. I live in a mid size town so there are clients to be made and this isn't a hair brained idea. Any help??
ACrap. The whole point of putting in about the Hispanic bakeries is that I can't very well compare myself to them since our products will be on opposite ends of the spectrum.
You seriously need to get in touch with the SCORE program. They will provide you with a business mentor that can give you proper advice about business plans and written proposals that are required to comply with Federal regulations..
If you put up a website that gets a lot of hits, you take that frequency of hits as evidence of "interest". You are otherwise climbing a steep hill to get a startup loan without local sales. Your SCORE mentor will show you how to translate your portfolio from your previous location into a projection of sales, and you should be able to calculate your profit margin from local price info.
Your best option is to show that you plan to serve the WHOLE community without any mention of any specific ethnicity as your competition. Showing a google search with all other local bakery listings is good enough if you supplement that with the competition's online info...let the bank verify that you are serving a different community.
Hi tykesmommy. I don't know if you're familiar with the Bplans.com website, but it's filled with free content all about starting a business, and particularly, writing a business plan. Here is a sample plan for a bakery:
http://www.bplans.com/bakery_business_plan/executive_summary_fc.php#.UOUKs7t0Q7U
full disclosure, I work for the company that is behind this site, Palo Alto Software - but I used their products before I worked here and I raised close to $1M for my last 2 startup companies. If you need to write a business plan, we also have a template called LivePlan (www.liveplan.com). It's super easy and has all the financial calculations for you, so you won't make any errors in your calculations.
Are you raising any funds for your bakery? Bank loan? This software will produce a lender-ready plan too.
And many SCORE and SBDC advisers across the nation use our software with their clients.
Best of luck with your bakery!
Caroline
Carolinec,
thank you so much for this great piece of information and tremendous resource tool
so practical and useful
AGet in there girl!! You'll be killing it in business, since we speak English mostly here in the states. I have this same problem in Texas, not to offend. I just have problems with people not learning native language, it's disrespectful. I have the same problem going to the Mexican grocery where no one speaks English, just for a few quick items, that usually no one can help me with, it's sad. But honestly great for your business. Think of how many others that are frustrated with the same thing? Pipe all the English you can on those cakes, you'll be fine! Sounds like you have a great opportunity. Honestly Mexican bakeries seem to be much different than traditional bakeries, catering to many traditional mexican pastries,cakes, cookies, sugar bread, flan etc. my favorite is the tres leches cake with fruit on top!! Yummy I think it's good to have totally different style bakeries in town! Good luck, business plans can be tough work!!
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