This COVID-19 pandemic has seen an increase in home based businesses. Especially when it comes to baking. Your Instagram explore feed, ads appearing on your stories, or even through word of mouth. You might even have found yourself purchasing from these home based bakery businesses before.
Opening an online/ home-based bakery is an advantageous way to earn some extra money from doing something you love. This business idea is cheaper than renting and renovating a venue for customers. Plus, you can work on your own time!
You can use the knowledge you already have about baking. Or, you can become as creative as you want. Another advantage is that you can bake your goodies after receiving online orders. That way, you won’t waste your money and time for products that nobody buys.
We, at SBL Singapore, have helped many people open online bakeries, and we noticed this crucial problem:
You have to create your bakery’s website and keep your social media updated with interesting statuses, photos, and videos. You’ll have to publish heaps of unique online content, such as baking tips and infographics to attract more potential customers.
However, the primary issue is complying with Singapore’s regulations regarding online businesses. For instance, you might have to keep your personal and business baking equipment separate. This means a lot of investments into creating a separate kitchen for your bakery.
Besides, many people who start online bakeries get the idea from friends and family who praise their delicious treats. That said, cooking goodies or organising events for your family is different than doing the same things for strangers. This is why most online bakeries in Singapore fail.
As you can see, you need a significant starting capital to avoid these problems.
Luckily, we at SBL Singapore have a lot of experience dealing with these issues. This circuit breaker also saw us devising new Online / Homebased Bakery Business Loans to help bakery businesses like yours achieve your business goals.
A few months ago, we helped Mrs Daphne Tan expand her online bakery. Mrs Tan had this online business for about a year, baking mostly for friends of friends.
However, as the COVID-19 pandemic led to a weakening job market, Mrs Tan wanted to increase her company’s revenues. As her current full time job was on a work from home basis, she had a few extra free hours each day. After chancing upon our Online / Homebased Bakery Business Loans, she then came to us with a well-devised plan to increase her sales.
Mrs Tan wanted to specialise in baby-friendly treats, with no sugar, gluten, or GMOs. But for that, she needed more expensive ingredients and a different marketing strategy.
We offered her a personalised loan within minutes after meeting with her at our office. More stressed out parents found out about her business, so she is currently busier than ever.
If you need more help with your business, we at SBL Singapore can also help you with a customised Online/ Homebased Bakery Business Loan for:
- Cost of supplies
- Better kitchen equipment
- Cost of licenses and insurance
- Cost of packaging and labels
- Marketing and advertising costs
Launched in February 2018, SBL Singapore aims to provide financial assistance to all companies including those in the food and beverage industries. We also gather mentors in the food and beverage industries through our Coach-and-Go programme for our clients to attain more information and knowledge on business management. Our objective is to help local Singapore brands grow and enter the overseas market.
With an Online / Homebased Bakery Business Loan, you pay for an inexpensive and reasonable rate of interest on monthly repayments, ensuring that you have enough capital to remain competitive and grow your business. In addition to funding, you will also obtain the mentor-ship and operation assistance that you require.
- Max Loan Amount$1,000,000
- Min Years to Qualify0.5
- Min. Annual Turnover< $100,000