Next, identify your competition. Who else is serving this market now? Where can you create a competitive advantage against them? Price? Quality? Turnaround time? Convenience (location, ability to order online, etc.)? If you can’t identify a competitive advantage against each of your competitors, you need to rethink your product or scrap the idea.

Then, based on your knowledge of your customer and competition, work through the “4 Ps”:

Product: Again, will it be just wedding cakes? Other types of cake-based desserts? Special flavors or ingredients? Very elaborate designs vs. more standard fare?

Price: What price point do you need to (a) cover your expenses, (b) earn a fair profit relative to the money, risk and effort you’re putting into the business and (c) remain competitive with other companies?

Place: (a) Where will you produce your product? If you deliver, what is your geographic region? (b) Will you sell from your own storefront? Through other retailers? Online? At special events like bridal shows?

Promotion: How will you advertise your product? Big hint here: for weddings & similar very important events, word-of-mouth, a.k.a. referral-based sales, are huge. People will ask friends who they used long before they respond to a newspaper or yellow pages ad. What do your customers read? Where do they hang out?

Regardless of whether you go for a loan or not, you’ll want to put together a business plan, if only to confirm for yourself that you’ve thought through the marketing, logistics and financial/tax concerns. Related to this, I strongly recommend putting together a 12 month Revenue & Expense forecast. Based on sales projections, what will you earn each month and what will your costs be? This is extra helpful for businesses with seasonal fluctuations like yours. edthespartan

I would suggest you not to quit your normal job right now, but if you have sick days or vacation days, i can suggest you to use em in a bundle. So you can get your new business anchored. It is all about advertising in the right areas. If you’re just starting out, I would say put your name in a mailer, so they send it out to thousands in the neighborhood. Put your name also in the neighborhood newspaper. People want to see if you’re a clean and fun company, and once they realize this, they will come regularly to obtain cakes.

Like i said before, be smart while approaching this. Starting a new business is not the easiest thing, and it takes time, and a bit of luck as well. But if you need in any help, i would be willing to help you out. I would be willing to build you a quality website for free, you would just have to pay for the hosting fees which are less than $50.

my email:

good luck Bleeble Blabble

This kind of business really should be started on a shoe string..it will be slow to start and there is no need for the pressure of a large loan. I know someone who does this from home and it works very well.

Tom owner of wealthymarketer affiliate business tomhunter101

Links below. Joe C