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How To Manage Fear While Opening a Bakery
Fear is a natural part of entrepreneurship; after all, starting a business is risky. According to the U.S. Bureau of Labor Statistics, more than 20% of new businesses fail within the first year. That doesn't mean you should give up on your dream — with a smart, practical strategy, you can manage your fears and build a successful bakery. Read on for some tips from J’s Sweet Treats and Wedding Cakes.
Start With a Side Hustle
If the stats about start-ups scare you, consider easing in with a side hustle — it's a great way to build your confidence and mitigate risk.
Side hustles come with some big, fear-blasting benefits. They give you the freedom to:
• Maintain a full-time income
• Reinvest profits with confidence
• Test business ideas rapidly
• Find out if you like entrepreneurship
Think about how to scale the business in the future. For example, if your dream is to open a marketing agency, you might start by offering freelance marketing consulting services to small businesses.
Write a Business Plan
A new venture can feel overwhelming. Keep your ideas in order by writing a business plan. This document should:
• Explain what type of bakery you plan to operate, whether it’s a specialty service, online
• Describe your products or services
• Analyze your target market
• Identify a legal structure
• Determine how much to charge for your baked goods
• Explain the management and employee structure
• Discuss funding and finances
As you're writing the plan, think about how you'll accept payments. Thimble points out that an online option is essential — it makes it easier for customers to pay on time using your app or website so you have the cash flow to grow. Look for payment systems that are secure and user- friendly; that way, you don't have to pay high fees for credit card processing, and your clients can settle invoices without a hassle.
Find a Community
Entrepreneurship can be a lonely road, especially during the early years. Stay motivated by finding a community of like-minded people. Some ways to connect with other entrepreneurs include:
• Asking an industry contact to mentor you
• Joining a professional organization
• Attending local meetups for entrepreneurs
• Working out of a coworking space
• Finding online communities on social media or message boards
Get Help With the Scary Stuff
Take a few minutes to identify what scares you most about opening your own bakery. Then, figure out how to get help with those tasks. If you're nervous about forming a legal structure, for example an LLC, look to online formation services. They handle the filing on your behalf to help you stay compliant with state law. Plus, you enjoy advantages such as flexible taxation, limited personal liability, and fewer forms.
Other tasks you can outsource are:
• Packing and shipping
Diversify Your Marketing
Entrepreneurs are often intimidated by marketing. Set your business up for success by
diversifying; aim to split your budget between digital and traditional marketing methods.
Tangible items, such as business cards and brochures, help your company stand out from the onslaught of marketing emails and online ads — plus, their physical presence boosts brand visibility. Don't worry if you're not a designer; just customize an online template with your brand colors, fonts, and logos.
Fear Is Part of Building a Business
As you're starting a new bakery, a certain level of fear is inevitable. By taking control of your insecurities and creating a smart, strategic growth plan, you can build a business that lasts.