Hello all!! I am in need of some advice. I am currently selling cakes out my home, and have accumulated so much business that I am now interested in opening a store. I live in NJ and have estimated that I need about 35,000 to start off. I am in the beginning phases of trying to apply for a SBA loan through a bank, and although I'm having a hard time, Im not giving up. Are any of you in the beginning phases or have been through the beginning phases and can give me some advice of what my steps would be. Do I need to secure a loan first, then register my business, then look for a location. I'm confused of where to start and need your help???
Hi there... I am not an expert. First off, I am here in CC site because, I so love cake decorating and i enjoyed watching those wonderful cake design here made by amazing cake decorators or sugar artists here and some hobbyist cake decorator. I bake (for family and friends) as a hobby and since i started trying in cake decorating, I think i found my happiness. I have few friends who requested me to make them cake for their birthdays and for christening, etc. I thought of taking it seriously as a business, I thought of building store/cake shop in the future but I need to save for a capital first hehe.
I think I would recommend you to visit entrepreneur site: http://www.entrepreneur.com/ I know you need a quick or asap advice from some of the entrepreneur here but I think reading some of the articles in entrepreneur site can also help you to boost your entrepreneurship skills and you can get some tips or idea. There are so many good to read articles in their site. From do's and don'ts, tips/idea, advice, etc. Who knows! maybe you can find a good one to read there that can also help you think/decide of what you should do first.
I also live in Jersey and I am thinking about a business I have been doing some research myself. I have someone who is willing to fix up a store front for me to work out of but I know it is going to be so difficult to get a loan. I have talked to many people and I still am not sure where to start. I was thinking about 25 thousand because of the price of the place. It will be cheap. I am intimidated about the whole thing and wonder if I really want to go down this road. Good luck and if I find anything good I will try and post to you.
I was researching this exact same issue a few months ago and came across some great articles on the webstaurant store website.
Your first step needs to be a business plan. I'm sure you are aware of this, but running a brick and mortar store is VERY different than a home business and you have to have a plan for who will be running the I highly recommend you check out Kara Buntin's blog. She has a no nonsense way of telling it like it is, especially about running a cake business. Not all of her posts will apply, but I bet there is a lot of information you will find helpful. http://acaketorememberva.blogspot.com/
Thank you all for your advice I will definitely put some of I to use