How to Handle Being Broke in Your Cake Business
So let's really talk about it today. How to handle being broke in your cake business.
Honestly, I think every successful entrepreneur has had a tough moment in time when they were broke as a joke. I had my fair share moments of being broke when I was getting my current cake business Aspen Charm Cakes & Pastries off of the ground.
Living in Toronto attending cake design school, I lost weight because I couldn't afford to eat 3 decent sized meals daily. (Already being already thin as it is.)
During my first year in my cake business, I had several mental break downs with my cake business because I couldn't handle the volume and my cake business DRASTICALLY suffered for 6 months and my cake business was my only source of solid income.
I almost got evicted from my apartment because I didn't have the rent money.
I had to sell my extensive, valuable, and highly sought out charm collection to use the money to buy food and take care of myself.
I can share my other down and out stories of lacking money but I'll save those for another day and quite frankly those days are behind me!
No need to rehash money struggles.
The Reality of Entrepreneurship That Nobody Talks About
The Instagram-perfect world of cake entrepreneurship is often just a carefully crafted facade. Behind those beautiful fondant creations are real people who have faced real financial struggles.
The truth is, cash flow problems can be a rite of passage for a lot of cake entrepreneurs. Or, all entrepreneurs overall!
Whether it's seasonal fluctuations, unexpected equipment failures, or simply undercharging for your creations (we've ALL been there), financial setbacks will happen. The question isn't if you'll face money troubles - it's how you'll handle them when they inevitably arrive.
Here's how to grow your cake business when funds are low.
1. BECOME RESOURCEFUL.
When money is tight, the mind plays terrible tricks on you where you think you will NEVER have money ever again in LIFE right?
The quickest way to generate money is to become resourceful. What can you sell right now to make money?
You are a baker, someone out there is looking for some baked goods to purchase. Think about how you can sell something easy as cupcakes, cakes, candy, etc to bring in the dollars immediately and post online to promote your new offering.
Being resourceful means looking beyond the obvious. Consider what assets you already have that could generate quick cash flow.
Do you have excess equipment you could sell or rent out?
Could you offer private classes in your kitchen during slow periods?
GET OUT THERE AND WORK FOR IT
Look, if you want something, you have to go get it. I see TONS of cake designers online who talk about how people aren't booking orders.
While other cake designers are booking well into following and even hustling for the holiday season this year. If you want the business, GO OUT AND GET THE BUSINESS.
I even have a FREE ebook to learn My Top 4 Strategies to Double your Cake Orders in your Business that you can download right now and take action. Click here to grab inside the Cake Business Library.
Business doesn't just fall into the laps of those who don't work for it.
Business becomes easier after you've done the work to get the business in the first place.
If you want your cake business to succeed, then you have got to get your buns out there and book the business.
True hustling means recognizing opportunities that others miss. While your competitors are sitting at home complaining about slow seasons, the real winners are out there creating opportunities from nothing.
PRACTICE GRATITUDE
This one I had a tough time wrapping my head around because big time entrepreneurs would say to be grateful to make your situation change when I couldn't find one thing to be grateful for.
So, I decided to give it a whirl and it works.
You have so much to be grateful for that you don't even realize. From living in a home, to being able to read this email, there are tons of people who don't have both.
Everyday, make it a ritual to write at least 10 things you are grateful for and feel grateful. Your situation will change but only when you are grateful for where you are.
Gratitude also extends to your clients. Instead of resenting the small orders that barely covered costs, I started genuinely appreciating every single customer who chose my business.
This attitude shift was noticeable to clients, leading to more referrals and repeat business.
4. CHANGE YOUR MINDSET
What differentiates a cake designer who charges $1000+ for her cakes and one who struggles to sell a cake for $60 is mindset. What you think about is what you become.
You have to develop a mindset of wealth, money, and more than enough and this is something that has to be a LIFE LONG CHANGE. Not a temporary task.
If you want your cake business to change, you must think like a successful cake business owner who makes money everyday. Even if you don't have that business yet.
YOU NEED TO PRETEND AND START THINKING AND ACTING LIKE IT!
Inside of my Free eBook: 10 Strategies to Become a High-End Wedding Cake Business, I share how you can think and act as a booked solid cake business owner now. Click here to grab the free ebook inside of my Cake Business Library.
This is probably my most important tip of them all.
Decide right now to change the way you think and never go back to thinking there's never enough for you. Dedicate your life to changing the way you think the thoughts that serve you and will help you accomplish your dreams.
This step will only serve you if you choose to take action.
Pick up books such as The Science of Getting Rich, Think & Grow Rich, You Were Born Rich, The Secret, The Power, Get Rich Lucky Bitch, and get busy reading.
The mindset shift that transformed my business wasn't overnight.
It started with small actions:
I upgraded my packaging to reflect the luxury product I wanted to be known for.
I started dressing more professionally for consultations.
I created a more exclusive consultation experience.
None of these cost much money, but they signaled to both myself and my clients that I was operating at a higher level.
Moving Forward: From Survival to Success
Being broke in your cake business doesn't have to be a permanent condition. And, it won’t be a permanent decision. It's simply a phase that every entrepreneur passes through on their way to success.
The difference between those who remain stuck and those who breakthrough often comes down to implementing these four principles consistently: resourcefulness, hustle, gratitude, and mindset transformation.
I hope this message was of great value to you to change your situation and prepare for a much better year.
No matter where you are in your cake business, things can always be better when you make up your mind to have the business and life you want.
I’d love to hear from you.
What have you done to quickly bring in sales to bring in more money? Share below to help someone who is struggling in their cake business.