How Profitable Bakery Business Is In Nigeria. Want To Start Up A Bakery Business? Check This Post For More.
The bakery business is one of the most underrated businesses that we Nigerians do. Want to know how profitable this business is and how to start up a bakery business? Then you have definitely come to the right platform to get this information. i have put together in this article all the necessary things you would want to know about a bakery business. Ready? Let’s get started!
What does a bakery business entail?
Many people often ask what a bakery business entails, a bakery business is simply a business that is set up with the aim of baking specific or general flour products. This simply means that anything that can be baked with flour is often associated with a bakery business.
What are the necessary things I need to start up a bakery business?
If you wish to start up a successful bakery business, there are some steps you would need to take. Below are some of the steps you would need to take if you want to start up a bakery business:
- Make plans for your bakery business
- Conduct a feasibility study for your intending business
- Choose a suitable location for your bakery business
- Get the necessary equipment and hire competent workers
- Set objectives for your new business
- Get started
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How To Start Up A Bakery Business
1. MAKE PLANS FOR YOUR BAKERY BUSINESS
If you wish to start up your own bakery business, the first and foremost thing you would have to do is to make plans for your bakery business. It is often said that if one fails to plan, one plans to fail. You know what you want, it is at this point you pick the kind of bakery business you want to do whether it would be a large scale bakery business or a small scale bakery business. At this point, you would also need to make plans on how you are going to raise your capital.
2. CONDUCT A FEASIBILITY STUDY FOR YOUR INTENDING BUSINESS
Once you have been able to make successful plans for you bakery business, the next thing you would have to do is to conduct a feasibility study for your intending business. A feasibility study is simply a study that would determine the economic viability of a business. If a business would thrive or not, it would be determined by a feasibility study.
The reason why so many people’s business fail these days is just because they do not take time to conduct a feasibility study. In a feasibility study, you would be able to know the opportunities and the threats of the business you are about to start and of course, know how to deal with it.
3. CHOOSE A SUITABLE LOCATION FOR YOUR BAKERY BUSINESS
If you have conducted a feasibility study and your business is good to go, you would then proceed to choose a suitable location for your bakery business. For your best interest, if you are going to pick a location in a rural area, it is good you start up as a small scale business and then you would have to expand as time goes on. However, if you are going to pick an urban area for your bakery business, you can start up as a large scale depending on the capital you have at hand.
4. GET THE NECESSARY EQUIPMENT AND HIRE COMPETENT WORKERS
Once you have picked a location and set it up properly, you would then need to get the necessary equipment and also hire competent workers. Hiring competent workers implies that you hire people that have had experience in doing the bakery business job so that your business can thrive properly.
5. SET OBJECTIVES FOR YOUR NEW BUSINESS
One you have completely set up your space and gotten the right set of people to work for you; you do not have to start yet. You need to set objectives for your business and make plans for these objectives to be accomplished. If you want your objectives to be taken seriously, you would have to put them down in a document so that you can easily go back to them and retrace your steps when you think you are not working to accomplish them.
At this point also, you would need to lay down principles on which your business would run. A code of conduct would be a better way to express these principles.
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6. GET STARTED
Once you have completed all these steps, what then are you waiting for> go ahead and start up your business. I’m sure it would be quite successful.
Does a bakery business require large capital to be able to start up?
The capital that one would need to start up a bakery business would largely depend on the type of bakery business it is going to be. If it is going to be a large scale bakery business, then you would need much more capital to start up than a small scale bakery business.
How profitable is a bakery business in Nigeria?
Having a bakery business is actually one of the most profitable businesses you can go into in Nigeria. Whether it is a small scale bakery business or a large scale bakery business, it does stop it from being profitable. This is because baked food is one of the most consumed items in Nigeria especially when it comes to bread.
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What can I sell if I open a bakery business?
You can sell a number of things if you open a bakery business, some of the things you can sell in a bakery company include:
- Snacks like sausages, doughnut, fish roll, meat pie and so on.