October 7, 2021 at 11:08 pm #1231372FindingMyWingsParticipant
- Total posts: 3
Well i have wanted to start my own business on and off for many years, and have been over so many ideas in my mind. I have a secure government job that should put me in a pretty comfortable position, but with my partner entering his dream industry in an entry level role (and pay), a child, and another on the way, basic living costs can really add up in our great city.
I am due to have my second baby in January, and i have only just found out that my work’s mat leave is half of what they say it is on the website (when they sent me the fine print) and i am really starting to put my mind to an alternate/supplementary income stream.
I love cooking and would love to see how i go making and selling baked goods and confectionary. I really just want to experiment with some recipes and see what is profitable and popular, starting very local and word-of-mouth, and if i love it and i feel like it can grow then i would love to take it further.
My most ideal situation would be to be able to rely on this income just enough to be able to take a little longer on unpaid mat leave, or to go back to my job part time and work on my business around my family’s needs.
I have worked all my life and so glad i have had secure government work through both shut downs, and now i am hoping to take a small risk and grow in my confidence to create some income for my familyOctober 8, 2021 at 2:02 pm #1231376Paul – FS ConciergeKeymaster
- Total posts: 3,384
That sounds like a good plan.
Small experiments with little risk and the ability to get feedback from real customers.
Good luck and let us know how you go.
PaulOctober 11, 2021 at 5:42 pm #1231413charlenewParticipant
- Total posts: 15
It sounds good and smart to do this part-time while you have support.
Will you sell online or find stockists?October 11, 2021 at 6:58 pm #1231415MichelleHantonParticipant
- Total posts: 5
It’s a smart move to take it slowly and have the regular paycheck coming in while you start to set up your own business.
As a business strategist, my advice is to spend time working out a Strategic Plan for your business and do a little market research in terms of your target market, price points, and competition.
Then set some KPI’s in place and be super clear on the financial aspects. Check on insurance, any permission/permits to be selling baked goods. The rules change from State to State.
There is good money to be made in food and if you love cooking, why not! BUT the mistake many small business owners make is they go in all bright-eyed and bushy-tailed, without having looked closely at the nitty-gritty, which is why I suggest a strategic plan with a clear pathway, goals and timelines.
My clients tend to be the ones who did not do this because they thought they were too small, then land in hotwater and need support getting clarity on the next steps. No one is too small for this and it’s not a bulky corporate document that sits in the cupboard no one looks at. Ideally, 2 pages you can laminate and refer to regularly.
You can absolutely follow and make your goal a reality – just be strategic and it sound like you are on track anyway by planning to keep your job and start while on mat leave. You have the incentive you need to succeed – your passion!
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