You’re asking what does “Bake Your Business” even mean?

I like analogies, so bear with me.  

If you wanted to bake a cake you would need certain ingredients, like flour and eggs and maybe butter or some flavoring, right? And you may have to get some culinary training to be able to bake the best cake you can bake, right?

When you make a cake you want everyone to rave about the cake and you want people begging for more, right?

Having your own business is something like working to make the best cake that others will want to eat.   

There are some common ingredients you need in order to be succesful.

KNOW THE PROBLEM

You need to know what problem your products and service will solve.

How is your product or service going to uniquely solve this problem better than anyone else?

WHO IS YOUR CUSTOMER?

Once you know who you customer is, ask yourself, “Where is my customer today?”  “Where is my customer spending time today?”  “What social media platform(s) is my customer hanging out on today?”  

Every successful business needs to solve a problem that their customer already perceives is a problem.

If your target customer doesn’t see their problem, you are going to need to invest a lot more time and money to educate and convince your customer that there is a problem. 

You may want to start with the problem your customer already understands and recognizes before you start solving a problem your customer doesn’t see or recognize. 

QUESTIONS TO ASK YOURSELF 

1. Who is my target customer?
2. Where is my target customer
3. Are there enough of these target customers in my market?
4. Identify everything you possibly can about your customer?  What is their age?  What is their financial situation?  What is their level of education? You should be able to describe your target customer as completely as you can. The better you understand your customer the better your product or service will solve their problems and fit with their needs.  This, my friend, is a major key to your success or failure as a business owner. 
5. Do the research. Going with your gut is not always a good plan.   You think you know how to make that cake and you think you know the flavor that people will want, but are you 100% sure? There are direct ways to do your research like observation, interviewing. There is also research tools that can give you an overview of the market and the particulars of that market, like profitability, fixed and variable cost ratios, but this does not take the place of being in and knowing the market.  Getting experience or partnering with someone who does have the knowledge.
6. Talk about your idea with folks who are likely to be in your target audience.   You need to test your concept. If you want, you can use a non-disclosure agreement but you do need to get other people’s perspectives.  
7. Consider where you want to locate your business.  Consider what particular skills will you need, who you will serve, and think about how much capital will you need to make your business work in this locality.

Whatever you do, please make sure you have a particular audience that you want to serve, now their problems and solve those problems better than anyone else in your industry.

I know that starting small requires a slower approach than most people would like.   But the slower approach is also the least expensive way to set up your business for long term success.

Before you sink a lot of money into a new business idea, test the market and see if there is a market for your product or service.

Our team is always available to help you with these tips and more.  We want to see you launch, run, grow, and make your business successful.  We’re here when you need us.  You never have to run your business alone…you have experienced, trusted partners in us.

Reach out to us anytime!

**Thanks to SBDC Team Member Dale Maza for these insights.