What are really cupcakes?
Simply to a layman understanding is a type of cake that has a cup like shape due to the pans they are using to produce it.
They are usually smaller in size comparing to the normal big size cakes. But its affordability, portability and price has make it to be very popular world over.
Cupcakes are used virtually everywhere in the world, in such places as could be seen are, in wedding events, birthday, parties, daycare service, fast-food joint, anniversary etc.
So today am practically going to show you how to profit massively from this cupcake business. So, get ready and stay close.
How to start cupcake business in NigeriaHow to start cupcake business in NigeriaHow to start cupcake business in Nigeria
REQUIREMENTS FOR A SUCCESSFUL CUPCAKE BUSINESS
1) Technical knowledge
2) Equipment purchase
3) Research
4) Right Strategy
5) Study your Competitors
6) Cupcakes Samples
8) Business Name
9) Capital
10) Pricing System
11) Promotions etc.
1) Technical knowledge:
What was the need of starting a cupcake business if you can’t bake cake? How do you intend to succeed then?
You must acquire a baking skill if you don’t have one by going to baking school or classes or better still you hire a professional to lecture you on it. Depending on what you want.
You must know how to design different shapes and sizes to make it not only to test but appealing as well. The use of internet could also help you acquire the needed skills in cupcake business.
2) Equipment purchase:
You will need to purchase tools, equipment like utensils, pans for your work don’t forget you will need oven for baking,
you will need generator for preservation of done jobs,
you will need to purchase cupcakes wrapping papers and boxes for your cupcakes sales and
ensure you brand your company name on it which will serve as a means of advertisement.
Just like bread business there is branding so consider the above as very important. I know of a woman who use to sale groundnut in Lagos many Years ago, and
today she is a multimillionaire though she had few competitors then but one of the things that helped her was branding.
3) Research:
Research will help you grow very fast, get to people doing this business and ask them questions,
in fact ask them both reasonable questions and the one you think is unreasonable because
if you don’t you will be hiding many things away from yourself.
And keep your eye and ear at alert to happenings.
Know why they use this method, know why they did not use the other method, ask about places you can buy ingredients an item for your cupcake business at a very reduce rate.
Research will tell you they don’t and does of the business you are about to do, it will teach you modernize way of doing things, it will also teach you on how you can save time and produce it on time.
It will update you acquired knowledge and help you sharpen your skills especially when you are connected to the professionals doing it and if they do it better than you, you will be challenged and you will get back and do your homework to make it better than before.
4) Right Strategy:
This is a situation you list out ways to make your business successful and follow them such as determination, hard work, self-discipline, waking up on time to do your business, being friendly with your customers, you must be trusted and tested also.
Create a unique recipe- have many ways of decorating your cupcakes with various styles to look appealing.
5) Study your Competitors:
Don’t fight with you competitors. don’t compete with them but allow them compete with you so you can grow fast.
Do you know that if you competing with them your giving them an idea to move five times ahead of you just do you home work by working hard, adopting the right strategies,
study how the move and what makes them grow?
If at all you can know their secrets, you have to put more new ways to it and you will be on top making lots of money.
6) Cupcakes Samples:
This samples is important and may be required if your to be hired for a monthly pay check job
and if what you offer can meet up to standard then you are good and you will succeed fast financially. What happens to you own cupcake business then?
It won’t die off sir all you will need to do is employ someone to manage it for you while you pay them and keep your profits as well.
7) Another case is if you are being given contracts they will also need to see your work and run a test on it for balancing in salt, sugar, butter, flour quality and quantity. One must also do keep it in mind.
8) Business Name:
Cupcake business need you to get registered and get licensed in order to avoid unnecessary problem and distractions and apart from that it will help your business stand out from the crowd by giving it a suitable name.
You can register with any locally approved business name registration company like the cooperate affairs commission of Nigeria -CAFN. when registering your business name please don’t use rigid names or long names that could be easily forgotten.
9) Capital:
During when you were conducting research on the business you probably might have known the capital that will be needed for the business so you can start budgeting towards it. Start small, if you can’t purchase all at once you can as well. Buy equipment one by one till it finishes and by so doing you will discover that you have gone far.
10) Pricing System:
Setup you Own price for your cupcake business depending on their sizes and nature. The price you are going to offer to customers are not them same when you are going to supply to fast-food joint or in events invited.
11) Promotions:
When you expose your business to 10 people none may buy, if you introduce to 100 ten people may buy, if its 1000 then 100 may buy then 10,000 where about a thousand may need it.
You can see based on the logistics above curled with personal experience what the power of advertisement can help you do while you work.
You may not have the energy, time to move yourself from place to place, lets thank God for technology where you can sit down from the comfort of your home and pay for advert space in the radio, TV or internet, flyers and billboards as well. Click here
