Going Into Busines....is It Worth It?

Business By HPChick33 Updated 16 Jul 2009 , 3:30pm by SugaredUp

HPChick33 Posted 14 Jul 2009 , 5:10pm
post #1 of 10

Hi everyone! I am brand new to this forum and I must say, joining is one of the best moves I've ever made in my short cake designing career! The advice on here is so great. I started making cakes about a year ago (I uploaded some pics of my early works, but I'm still working on getting the current ones uploaded!), and I enjoy it more than I can say. I love the entire process....from sketching, to putting the finishing touches on a cake. So far, I have only done cakes for friends and family because I live in Miami, FL and I know that it is illegal to operate a food production business from your home. I've gotten so much positive feedback on my cakes/cupcakes, that I have decided to go into business. My mom is willing to help me with the financial aspect (I am blessed), and my husband is very excited about it as well. What I want to know is....is it worth it? Nobody has to warn me about the hard work involved....I work full-time at a University so when I bake I often stay up very late. I have made enough cakes to realize all of the hours that just one takes. I know all that...and in the end, seeing the final product makes it all worthwhile. What I want to know is....with the economy in the state that it's in, is it worth it to launch a cake/cupcake design business now? My biggest fear is that I'll spend all this money starting up my business, and then I'll have very few or no clients. My mom thins I'm being silly....as I mentioned before, my cakes/cupcakes have gotten several rave reviews. I'm just so scared of dragging her and my husband into this and then not prospering from it.

So....after that long rant, I guess the bottom line question is this: if I am willing to do all the hard work, and the financial planning/business expertise (Mom) and talent are there, what is the outlook now in the cake/cupcake design business?

Sorry for the long message, but thabnks in advance for your wisdom and advice

Cyndi

9 replies
kokopuff Posted 14 Jul 2009 , 5:21pm
post #2 of 10

Yes! go for it! just make sure you are doing things different,unique for your area that they couldn't get elsewhere.Good luck! icon_biggrin.gif

leah_s Posted 14 Jul 2009 , 6:34pm
post #3 of 10

WHOA! The only way to answer your question is for you to do a business plan. Once you have completed that, then you'll have your answer. I good biz plan should take you at least 6 weeks to research and write. I have been doing this from a licensed kitchen in my home for 10 years. I've gotten the bug to move out twice and each time I stepped back, wrot ethe biz plan and both times, decided not to move out.

Take the time to write your business plan You will not regret it, no matter what your decision is.

SugaredUp Posted 15 Jul 2009 , 12:33am
post #4 of 10

Leahs, I started my business plan based on a book I got from the library. I am meeting with someone from the SBA to go over it, but is it really possible to write your own completely, or do you think I will ultimately have to pay for one?

TIA

indydebi Posted 15 Jul 2009 , 12:41am
post #5 of 10

I paid my CPA, who "specialized" in writing biz plans, $700 to write my plan. It was 3 pages long. I submitted it to a company who doesn't write the plans, but helps people do plans. I sat back and waited for them to tell how great it was.

They came back ... and said, "Nice start! When are you going to finish it?"
icon_eek.gif

So I spent weeks/months doing the research and ended up with a biz plan over 10 times largere than the CPA wrote.

It's best if you write it yourself. The plan is not as much for the bank as it is a learning process for you to understand the industry. When I was sitting across from the banker who ok'd my loan, I was reciting stats and numbers and information straight from the plan .... all from memory because I had lived and breathed that dang thing for weeks/months.

But it showed the banker that I KNEW this industry and understood what was needed and how much I knew about it.

Even if you never show it to anyone else, you have to write it for YOU and for YOUR understanding.

Dont' take one more step without one.

SugaredUp Posted 15 Jul 2009 , 1:10am
post #6 of 10

I wish I could show you what I have so far! I am stuck, sort of. I got to the part about my future marketing strategy, just after the Customers section. It's at 6 1/2 single spaced pages so far... BTW, You are so DARNED WISE! I 100% agree with you, Indydebi. This whole writing of the business plan thing has been a total journey. I simply can't imagine having never read the book, written, erased, rewritten, reworded, retyped every single 6 1/2 pages to this point!

SugaredUp Posted 15 Jul 2009 , 1:10am
post #7 of 10

I wish I could show you what I have so far! I am stuck, sort of. I got to the part about my future marketing strategy, just after the Customers section. It's at 6 1/2 single spaced pages so far... BTW, You are so DARNED WISE! I 100% agree with you, Indydebi. This whole writing of the business plan thing has been a total journey. I simply can't imagine having never read the book, written, erased, rewritten, reworded, retyped every single 6 1/2 pages to this point!

kandu001 Posted 15 Jul 2009 , 1:48am
post #8 of 10

Good Luck Cyndi! I live in Ft. Lauderdale area and have thought of starting up a business as well. I haven't had the guts to quit my teaching job and do cakes. I wish you all the best though!!

booguster Posted 16 Jul 2009 , 3:01am
post #9 of 10

What was the name and author of the book you are using as refrence?

SugaredUp Posted 16 Jul 2009 , 3:30pm
post #10 of 10

LOL! It's How to Write a Business Plan for Dummies! haha

It uses a technology company as an example, which makes it hard to relate it to what I do, that's the only thing I don't like.

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