Having a bakery business plan is always a good idea. This is so that you are not unprepared for unexpected circumstances that may affect your business, and your business progresses as optimally as possible. When developing a business plan for your bakery, there are a couple of things you should include. Keep reading to find out what these are.
Goals (short term and long term)
In order to operate your business to the best of your abilities, it is best to have a clear focus in mind. This focus usually comes as a result of goals, including short and long term ones.
Examples of short term goals include wanting to trade mark your intellectual property (spanning over a duration of a year), while examples of long term goals include opening up multiple store locations in a certain region. Having these goals in mind will continuously inspire you to improve your business, as well as help you keep a more realistic perception of your business progression.
Having a rough budget to outline the financial structure of your business may also be helpful to include in your bakery business plan. This is so that you do not over or underinvest in your business and can be as profitable as possible.
Your budget should include estimates of your costs (e.g. for purchasing ingredients, paying salaries, utility fees) versus your potential profits. You can work with an accountant to help you create your budget and generate accurate financial forecasts for your bakery.
Similar to having short term and long term goals, you should also map out the progression of your business with a timeline. Give yourself a time limit to achieve certain goals and milestones so that you do not waste your time on certain aspects of your business and can be motivated to achieve your goals.
For example, you can give yourself a year to start making a significant proportion of profits and in the case that you are still making a loss after a year, you may want to reconsider running your bakery.
Be sure to include the three things listed above in your bakery business plan!