Becoming a Bakery Business Entrepreneur in Nigeria is really a big and challenging decision for anyone who does not know the business rudiments but need to understand the nuts and bolts of making a headway even in the midst of competition. Competition however does not undermine the fact that the business is massively lucrative.
Bread is the third most popular food staple in most parts of the world. It is widely consumed across the continents by almost all citizens, ethnics and religions groups. Everyone likes the smell and taste of bread, especially when it is freshly baked. It is one of the quickest and cheapest food to get your hands on in time of hunger. With these in mind, we can safely conclude that starting a bread bakery business anywhere in the world is going to be a viable business.
Profitability
A typical standard bakery with good supply network produces and sells at least 50,000 loaves of sliced bread weekly on the average. Now multiply what ever you set to gain from the business by 50,000 and what you get as the profit for the weekly production and supply is going to be a really whopping sum.
Business Costs Per Week
- Cost of Production
- Cost of Fueling your Generator and Vehicle
- Cost of the Maintenance of Vehicle and Machine
- Cost of Labour and their Welfare
- Cost of Advertising
- Damages and other Miscellaneous
Hazards of Bakery Business
i. Market Price Variation: this often happens to businesses where after production costs have determined the sale price, market price will suddenly fall, thereby causing unprofitable ends.
ii. Over-burnt Bread: carelessness on the side of your workers could get the bread burnt easily which may result to fire outrage if smoke detector is not in place and of course high loss of money.
iii. Staleness: bread easily becomes stale and spoilt if after two or, at the most, three days, it is not sold and eaten. Mold begins to grow on it and as a result, this financially bounces against both the trader and the producer.
iv. Stolen: both parties often fall victims to theft. This dangerously tells on their pocket and so affects the business.
Ways to Becoming a Bakery Business Entrepreneur in Nigeria
There are several prescribed ways to start a bakery business in Nigeria out there. However, these are far more simple ways that, if you follow them, will not only shoot you out as a new business owner but also make you a successful one:
1. Acquire Professional Skills
[This means attend a training school or seminar]
2. Draw a Good Business Plan
[This includes Budgeting, Siting Business Location, Weighing you Market Size, and Creating a Viable Customer Base]
3. Get Capital
[Go for a loan from individuals, banks or cooperative societies]
4. Register your Business
[This is an excellent way of avoiding legal interruptions in your business. So, CAC, NAFDAC and the rest will make a good idea!]
5. Define What you Want to Go for
[That is, choose what pastries you would love to be known for. Is it for cakes production or bread or doughnuts, etc?]
6. Set Target Audience
[This is your choice of the class of people you aim to be selling to.]
7. Produce A Distinct Taste
[create a brand for yourself in terms of quality]
8. Set Daily Production and Financial Goals
[Recognise how much profit you want to be making per day because that will determine how successful your business will be in the closest future. It will also determine your monthly turnouts.]
9. Launch a Strong Marketing Plan
[Strategise on how your product will reach the target number of audience you need their patronage to get to your dream level for your bakery business in Nigeria.]
Bakery Business anywhere in the world meets the daily needs of people. This food business is one of the fastest growing industries in the world hence, considering this idea is not out of place.
