Starting my own bakery..?
I want to start my own bakery within the next 2-3 years. I’m currently taking culinary arts classes and plan on taking a pastry workshop this coming summer. I don’t have an money to invest right now, so im hoping for some ideas on saving up or getting loans. Also i’m not sure exactly what equipment i need. So far i figure mixers, oven of course, drying racks, display cases. I’m trying to figure out a menu also, so much to figure out, plus i have to write a business plan. But i’m going to SCORE for that. I’m still debating if i want to look into finding a partner, eh but i dont want to find someone that isnt going to work at the business. Any ideas or sugguestions would be helpful. Thanks
partners: if you have NEVER owned a business, then i really highly suggest having a partner. specifically, one who REALLY know’s what they are doing, hopefully in your area of expertise.
there are a LOT of things that go into actually RUNNING a business besides just providing a good or service. there are some things that are universal like taxes, accounting, forming an actual business, money management, time management, managing employees, marketing, advertising *they are different* etc etc…. it’s important to know these things as WELL as to be able to provide your good or service.
as far as getting a loan.
DAMNED NEAR IMPOSSIBLE. i know that from personal experience. what you DONT want to do though is rack up a bunch of personal debt starting your venture, then have it fail and be responsible for all of it. If you form an LLC, you can shelter yourself from that. BUT… if you’re co-mingled, you’re fully liable for anything and everything that happens. therefore, if you start this biz with your own personal credit cards, you’re screwed if someone gets sick in your store and sues you. or if you go bankrupt. etc etc
if you were to get a loan, there are places that will give you up to 12500, but, you need great credit to get it. if you have a business for more than 2 years, you can get 50k from them.. but you probably shouldn’t need it by then.
there’s a lot to think about but. if you start NOWWWWWWWWW you can do it within 3 years with your own funds….
in the mean time you should figure out a way to budget and start saving.. look for people who will help you get started, and start looking for suppliers and making friends… talk to the SBA frequently throughout this time..
i guarantee you CAN do it and make it work.. you just need to start learning NOW how to do it and you’ll be ok… i promise.. you have time to learn about all this just don’t wait until the last minute to do so
good luck with ya!
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