Have you weighed the pros and cons of owning and operating a franchise?
You’ll need a business plan to help you with the structure of your business and the details of the franchise.
Be sure to make healthy estimates but stay within reality.
The number one reason businesses fail is undercapitalization so this may be the most important analysis you make.
There is no better way to separate yourself from those you are competing with than out-presenting them.
It’s not likely that the local supermarket is employing a 5-star pastry decorator.Next, you should highlight what separates your bakery from other bakeries.Is there a certain design theme you will have amongst your baked goods? Whatever it is you are doing to differentiate yourself and become a talking point for your potential clientele is going to be the most important detail of your business.Thus, this should be at the forefront of your executive summary – for instance, will you benefit from patrons visiting restaurants in the area?Anything else you can think of that is relevant, put it in there.This is the starting point in formulating your marketing plan.Our Competition Panda Tip: Depending where you open your bakery, there are a variety of possibilities for competitors.Again, if they are college students, then you might consider a strategic partnership with an on-campus organization or offer to sponsor a small event for free.Other possibilities are even strategic partnerships with nearby restaurants, delis, or the like.Make sure it is well thought out and articulated within your business plan.Location is always important for a bakery but if you are going to be in a city, your location may be of particular importance as foot traffic can be a huge boon for your business.