Business Reflection

Looking at the goals that I had set for myself at the beginning of my business, I would say that my business is a success. The only goal that I had set for myself was for the business to support itself, not focusing on the amount of profit that the business would yield. I did get some profit, around $90, but I had expected more. Rather, as I was working, it felt as if I should have made more money than I did. I underestimated how hard cake decorating is, for in the past I have only done it recreationally. Work is work, I realized, and when you have to do something, it isn't that much fun. My business was booming before spring break, but then I stopped advertising because it just got too much for me to upkeep with sports and school. Looking back, I should have put hours on the business and said that I would only bake cakes on the weekend, when I have all the time to make the cake. Also, I realize that I undercharged for my cakes by around $20. Meaning, I would have made so much more profit if I had increased the price of my cakes. 

Business Check-Up

So far, I am accomplishing my goal of having my business support itself--I have made $116.32 in profit and have repaid all of my costs. However, I realize that I can be making more. I think that I have wrongfully priced the value of my cakes and I think that I could lower the cost of production. I find myself spending more time on the cakes than I had originally planned--close to 3 hours. At a real bakery, a cake that takes this much time would cost close to $50. Also, I realized an error that I made in the research process: at the bakeries I visited, the bakers had a set number of cake designs that they are willing to do and customers can choose the color and the writing. I, however, am doing completely customizable cakes, which cost way more at bakeries, also around $50. At this point, though, I feel bad raising my prices to meet up with those standards. Also, I do not plan far ahead enough when doing my shopping, so I end up having to run to The Grand at the last minute to buy more ingredients, and The Grand is way more expensive than Jewel-Osco or Dominick's where I have also done my shopping.

Unfortunately, I cannot say that I am particularly enjoying my business. I still like making and designing cakes for others, but I do not like how much time it takes and particularly, the clean up process. Having to make a cake, on a school night, after soccer practice, is very stressful and time consuming, and I am finding that I am spending less time on homework and more time on my cakes.

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