Just IMO - usually 2-3 days. I am doing a cake for this weekend (Saturday) - starting gun fires tomorrow morning - fondant will go on Friday. If you put the fondant on too early - you take a chance on it getting to dry and any movement may cause cracks (not pretty).
the fondant will seal in the moisture in your cake. i always refrigerate cakes before a weddign so they will be firm when i transport
If I've got a single tier cake for a Saturday, then I'd bake on Thursday, decorate Friday, ready for collection Saturday.
If I had a 3 or 4 tier cake to do for Saturday, I'd probably bake late on Wednesday so it's ready for me to start decorating first thing on Thursday.
However, I'm not the world's fastest worker!
what kind of fondant are you planning on using? I use Satin Ice and MMF and have not had any problems with it getting to hard to cut. The moisture from the buttercream and cake help keep it soft just as the fondant helps keep the moisture in.
I am using MMF.
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