Recession Proof Your Business
So how do you deal with an economy that may not have the resources to spend on “extras” like custom cakes and cookies?Here’s a few suggestions for how to ensure that your home bakery is ready for whatever changes may take place in the future.
- Know your ideal customer. My ideal customer makes a quarter of a million dollars a year and really isn’t impacted that heavily by the current disaster, other than having to reschedule special events. She is definitely looking for ways to entertain her kids, and special ideas for how to celebrate occasions within quarantine restrictions. DIY cookie kits, paint your own cookies, and smaller minimum orders help keep me in front of my ideal customer. Your ideal customer may need lower-cost goods like drop cookies and individual item options to be able to afford you. Don’t lower your prices, but be flexible and inventive on ways to meet your customer’s demands.
- Keep tabs on what’s popular. Hands-off delivery, mealtime options like cinnamon rolls and breads, and special occasion packages might go down well in your community. Keep tabs on what people are asking for in groups and wherever your ideal customer hangs out. DO NOT BEG FOR ORDERS in these groups. Take the time to get to know the people there, and create valuable content. Sales 20%, valuable content 80%.
- Know your costs. Exactly how much money do you absolutely need to make per month to avoid having to get an extra job? If you don’t know your budget (taxes included), you have no way to know if you’re making ends meet. Take any downtime you have and nail down your costs and your accounting.
Article by Cookies Plz Community FB Group, posted by Jennifer Evans