Ask yourself if you are truly ready to become a small business owner
These days; being an entrepreneur seems to be a normal alternative to seeking employment; it even seems to be a trending option, especially among the youth. I don’t think that it is a negative point; actually, I’m glad that people have found that there is an alternative to looking for a job and getting employed. It is also an option for anyone who is employed and may not be happy with their current situation – building your own business is an option you can choose, as opposed to staying employed. The one aspect that you should keep in mind though, is that it’s not the easiest thing to do, starting your own small baking business. Be realistic on what it entails to start a baking business that will grow and become successful. You will have a change of lifestyle; you have to work long hours, sometimes with minimal sleep. It can also be quite stressful and frustrating as well. It’s quite a long journey that will be filled with ups and downs; however, when executed properly – it can be a rewarding journey that is worthwhile.
Do the necessary research required and choose your niche as well
If you have asked yourself the necessary questions and you have found that you still want to start a small baking business; then the next step I would recommend is to research your baking business idea. Research all aspects of the business and requirements: What direction is the baking industry currently moving towards? What are the legal requirements? What niche options do you have? What baking skills are required and do you have them? What will be your focus? (type of products and target market) Where will you conduct business? Who are your competitors? Research and get as much information as you can on the baking industry in Kenya; this will help you have a realistic view of the industry and how you can get into the market and earn profit.
Write a business plan and come up with a financial budget
Whether you’re starting a home based baking business or a bakery shop; it’s very important to write a business plan for your small baking business. This will give you an overview of your business and it will also bring clarity to you on how you want your business to be set up, who you need and how much you will need to start and keep going. This will also give you a clear picture on the amount of money you need to start and work with in the business at least for 3 months. Please do not skip this part; as tedious as it may seem it’s better to write the plan and be prepared, than to get started without the information you require and have to close down your business six months later.
Write down your action plan on what you need to do
Once you already know your requirements and the amount of capital you require; then you need to make an action plan. This is simply a list of actions you need to take, duration of time, cost (if the action requires capital) and deadline to achieve or execute those actions. Be thorough with this list, even if one of the actions you need to improve or perfect your baking skills, write it down.