Are you the owner of a bakery looking to sell up shop? The good news is that the food service sector is on the increase – in fact, it’s predicted to be worth £56.3 billion by the end of 2019 – which means you shouldn’t have any shortage of buyers looking to snap up your property.
However, there are a few things you might want to consider before passing the reins to someone else which could bump up the value of your store. Here are the top six factors affecting the value of a bakery – and how you can leverage them to your advantage.
Location, location, location
The baker who commands a prime location in the centre of town will receive much more custom than one on the fringes, regardless of the quality of his produce, and that’s a simple fact. Savvy business owners will leverage their advantage by opening up the entrance to let those yummy aromas out into the street, and the busier the street the busier the shop!
Of course, you can’t do too much about your location once you’re an established business… but you can expand into cyberspace. In today’s on-demand, information-at-your-fingertips culture, consumers want to be able to research a business online before they set foot in the store. Set up a sleek website to increase your brand, your reputation and your customer base in one fell swoop and watch your bakery’s value soar. If you have a wider demand you could even set up postal orders.
Range, quality and customer satisfaction
It’s common sense that any business in the food sector is only as highly valued as the wares on offer. A wide range of delectable pastries, pies and sweet treats (with a few healthy options thrown in to cater for the nutrient counters) is sure to keep those customers satisfied, while offering good quality coffee from a reputable supplier, an array of flavoured teas and even some fruit smoothie options will separate you from the competition.
The number one factor to attracting repeat custom – along with the taste test – is the rapport you develop with your customers. Work hard to remember names of those who frequent your store often and greet them warmly upon arrival, offer discounts to reward loyalty and promotions to bring in new faces and, if space allows, set up some tables and cheers to encourage a welcoming atmosphere. A happy bakery is a profitable one.
Ties to the community
Building upon that theme, a bakery which is well-known in (or even synonymous with) the local town will be vastly more attractive to a buyer than a faceless, impersonal outfit. Do what you can to reach out to the community, perhaps by setting up a stall at the farmer’s market or offering bakery classes to those interested in learning more about the process. Every little helps in getting your name out there and growing your brand.
Similarly, recurring deals with local businesses can pose an attractive asset to prospective buyers. Offices often have a need of multiple Danishes, donuts and other baked goods several days a week; secure their custom on a repeat basis for a discounted price and you’ll add another string of income to your bow. You could even branch out into weddings, birthdays and corporate functions to add extra value, too.
If you’d like more bespoke advice on how to increase the value of your bakery and leverage its individual circumstances, visit our website or give us a call on 01204 556 300 and we’ll be happy to help.