Imagine having additional revenue coming into your business regularly…
Firstly, you need to decide if offering additional products and services is right for you and your business. Consider what product/products you want to sell and all the associated costs. For cake businesses, these costs include all the ingredients, packaging, postage, delivery fees, and your TIME! Make sure you are making money and this is a profitable revenue stream for your business.
Next, don’t look at what your competitors are doing. I believe in thinking outside the box to offer something unique to your industry. Think about your design, your style and your niche. What product/products will most appeal to your target audience?
In 2022 the U.K has a total of 8 Bank Holidays and various seasonal events happening throughout the year. With Valentine’s Day, Mother’s Day, Easter, May Bank Holidays, Jubilee Bank Holiday, Father’s Day, Halloween and Christmas, there are so many opportunities to create additional revenue in your cake business using seasonal holiday events.
It’s important to plan for the year/years ahead and consider what seasonal events work best for you and your business. For example, you might have planned a two week holiday in May and have numerous weddings booked on the remaining weekends. Therefore, it’s probably not feasible to take on bespoke orders for x30 clients ordering over 500 biscuits for the Jubilee Weekend in June. Review your yearly calendar and pick three or four seasonal events you would like to focus on.
At Hayley Elizabeth Cake Design I would start planning for such seasonal events 4-6 months in advance, with a marketing plan outlined starting 3 months before the event.
Use the Hayley Elizabeth Cake Academy 5 Step-Process to get the most from seasonal holiday events for your cake business.
Step 1: Outline Your Process
Consider the process for your business including: budget, costs and expectations of how many you want to sell. Set goals, SMART goals. A SMART goal is a goal that is: specific, measurable, achievable, realistic and time-bound.
Step 2: Consider Your Target Market
Identify who your target audience is and consider how you will sell to your target market. Do you have a list of email subscribers from your website or previous clients? Can you email all your current and past wedding couples offering a special 10% discount? Again, be sure to think outside the box. Get in touch in advance, don’t leave any marketing to the last minute and just hope orders will come in. You need to be proactive and consistent in your approach.
Step 3: Presentation & Packaging
Think about the presentation of your products, work out all costs and if relevant for your business order any packaging. Where possible buy in bulk to save any costs.
Step 4: The Design
Now, this is where the fun happens! It’s time to design your products. Think creatively and design a beautiful offering that you know your audience will love and most importantly is profitable for your business. Be sure that this design is reflective of your design, style and niche.
Step 5: Delivery
One of the most important steps in this process and one which can unfortunately really hurt the bottom line. Research your delivery costs! If you are unsure, factor in a slightly higher amount.
Creating an additional product or service offering can create a huge opportunity for your business but only if this is viable and profitable. Don’t be afraid to walk away if the time is not right. The timing might not be right just now, but it could be in 2023 and there’s no harm in planning.
Remember, don’t look at what your competitors are doing. Be creative and think outside the box! Join the Top Tier Facebook group for more discussions on seasonal events where I’ll be sharing even more tips.