Working for yourself is one of the most rewarding jobs in the world and having a cake business is one of my greatest achievements. However, it’s important that when you have your cake business that you’re making money from your cakes!
You decide on your hours, where you work allowing you the lifestyle that you want doing something that you love but you need to make sure you’re treating it like a business. It’s hard to make money making cakes if you are just guessing your costs and prices. Here are my top tips to ensure that you’re making money from cakes:
- Make sure you know all your expenses that go into making your cakes
- Look at all your costs and cut any that are unnecessary, that means all those tools and equipment you buy ‘just incase you need it’
- Decide on your product range and don’t try and make every single type of cake out there, it will save you money on different tools and materials and you’ll be able to focus your efforts on your product range and be known for that by your customers. Also make sure you’re making things you enjoy and can do otherwise you’ll spend a lot of time doing cakes you don’t want to be making or taking you a lot of time as you’re not enjoying them
- Ensure that you’re paying yourself a fair wage
- Don’t forget to add profit when pricing, you need to be able to put money back into the busines
If you would like to learn more about pricing your cakes, how to come up with your hourly wage, what profit margins you should be adding and much more our online pricing your cakes class has all the information you need.