Have you been thinking of turning your cake hobby into a business? If you’re looking to quit your job (or reduce your working hours) to start a cake business, running it from home is the best option – low overheads and easy to set up. Here are a few things to think about before you quit your job and start your business:
- Can I afford it? You won’t be earning a salary at first as you’ll want to invest any money you make in to the business and you won’t have a regular stream of income so make sure you can afford to stop your salary job before jumping ship! A great way of doing it is by starting it on the side of your full time job or reducing your hours at work, test the market and see if you can get enough orders to support yourself and pay the bills. And then when you’re confident you have a good income, quit your job.
- Am I good enough? Are you happy with the finish of your cakes and think people will pay a decent price for them? If you’re not 100% happy, attend some classes, watch youtube videos and practice so that when you do start you’re good enough to charge what you’re worth. There is no point starting off with a cheap ‘I’m just starting off’ price as you’ll then find it difficult to increase your prices
- Am I doing it for the right reasons? Want to leave your job and this seems like an ok idea? Make sure you’re good enough but that you’re also committed enough to make it work. A big advantage of working for yourself is the flexibility but the cake industry is also known for its unsociable hours so make sure you’re happy to work evenings and weekends
- Have I got the right space at home? You don’t need a massive kitchen or home but you do need extra cupboard space for all your materials and ingredients and some worktop space to work from. You’ll also have to think about the impact it will have on your home life and who you live with and whether it’s practical
- Am I allowed to run a business from home? If you’re renting, there’s probably something in your contract saying you can’t work from home and if you own you need to make sure there’s nothing written in the deeds of the house. Check with your insurance company so that they know your home is being used as a business and if you have neighbours it’s worth giving them a heads up, especially if you’re going to have people collecting cakes and coming for consultations
If you’d like further information about what steps you need to take to start and run a cake business from home, we run an amazing one day class that will arm you with all the information that you need! Join us at our next cake business class here