A Great Time to Bake Off

Working for yourself is something many people dream of, and setting up a business not only allows you to do that, but also let’s you turn something you’re passionate about into a way of making money. One passion, which in turn lends itself greatly to a business, is of course, baking.

Business is Booming

As the sort of business that can start off with just you and a kitchen, it’s a great way to begin small before gradually scaling up. In fact, in the UK alone there are 4,500 small craft bakeries, alongside 350 medium sized (25 -100 people) bakeries, and 150 large (100 people or more) bakeries.

And the industry is continuing to grow, with experts suggesting that between 2014 and 2019, sales of artisan bread, cakes and pastries will hit upwards of £1.8 billion.

Bake Off Culture

This has surely been spurred on by hit shows such as The Great British Bake Off, and the vast number of cookery books by professional chefs, hitting the bookshelves in recent years.

It seems people are now looking for a more authentic home cooked style of food when it comes to their cakes and bread. And those who can offer this have turned it into a very lucrative business.

The Pitfalls

However, with any such business there are pitfalls. Just recently business rates have been re-evaluated, which could cause great harm to a variety of business owners across the UK.

In fact, it was revealed that business owners in Southwold, a seaside town in Suffolk, would be hit with bigger rises than others.It was suggested their bills could increase by as much as 177% in the next five years.

Although this scenario could affect all business owners, some areas won’t be as badly affected as others. But amongst the scary side of business, there’s always a positive.

All you have to do is look at Tarek Malouf, who took a chance by opening an American style bakery in London, and is now branching out into his seventh store.

The Future

So what could the future hold for the baking industry? Well firstly, it doesn’t look like it’s going to slow down any time soon, especially with the forecasted increase in sales. And with our love of Bake Off continuing to be at an all time high.

However, if you look at the wider food picture, you’ll notice trends where you could step into the market. Over the last few years, more people have been adopting a vegetarian or vegan diet, meaning specific types of bread and cakes, and much more, are often sought out and found in very rare places. And it has been noted by the Craft Bakers Association that there is an ever-growing demand for gluten free products.

So, while there may be some pitfalls in terms of bills, there seems to be a lot of growth to come within the baking industry over the next few years, and setting up your own business could see you at the forefront of that growth.

References

http://www.craftbakersassociation.co.uk/bakery-info.php
https://www.theguardian.com/business/2017/feb/18/business-rates-small-shops-recoil-more-than-double
http://www.telegraph.co.uk/connect/small-business/cupcakes-authentic-desserts-hummingbird-bakery-sales-soar/