Bakery Financial Plan, to ensure that you are able to budget correctly and have some financial projections and a sales forecast for your bakery, you will need to write up a financial plan.
Financial Planning & Analysis
Start up budget & expenditure
You should do a basic financial analysis to determine what all your costs are going to be versus the ongoing expenses you are likely to incur.
Financial Projections
Define your sources of income
Define what all your sources of income are going to be within your bakery – for example:
- Providing a home delivery service to customers
- Selling freshly made tea & coffee in the bakery – available for customers to sit down or takeaway
Sales Forecast
Once you have identified your budget, expenditure, financial projections, you can work out your sales forecast – how much of each item/product range
you are planning on selling per day/week.
versus how much money you are going to charge per product & how many products you would have to sell in order to break even and then to make a
profit after paying all your outgoings / expenses.
Other points to consider:
Are there vacant shops available where you can open a bakery?
Do they have council approval to open & operate a food establishment?
What is the rent like in the area?
Is it costly to rent a premises?
What about your opening times – Think about when you are going to open – which days of the week, and what are your opening times going to be?
Do research, one of the quickest & easiest ways nowadays is to do research online so make sure you spend a bit of time doing some online research.
The other very important factor is to physically go to the area you are planning on opening your bakery.
Speak to people in the area as well as prospective customers.
Speak to other businesses in the area and also spend a bit of time to see how busy the area is particularly if you are going to be
selling to the public.
Also included in this 101 series: Bakery Business Plan and Bakery Marketing Plan
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