Make Your Money Work for You

Drum roll please… here is part three of our girl-entrepreneur series of articles by expert Sylvia Scott. She's taken BSG fans through the process of starting a holiday baking business and creating a budget. Now, she's going to tell us how to divvy up your dollar to cover expenses… plus some extra cash for you!

Read part one: Start a Business

Read part two: Create a Budget

Question: Okay, so I've done all my research, I've created my budget, and I've baked all my goodies. Now what do I do?

Sylvia Scott: Now is the fun part! You have completed all this hard work, and now you get to reap the benefits! Here are some tips on making the most of your potential earnings.

Check Your Market Research Notes Remember from part one: your market research will tell you who will want to buy your home-baked goodies. Check your notes and contact those potential customers who let you know they would be interested in your goodies. Do not be discouraged or surprised if some of the people who originally said they wanted your home-baked goodies changed their minds. Once they hear how delicious your treats are from other people, they may just change their minds!

Packaging Your Treats Find our why your customers want your cookies or cupcakes. Do they want them for their holiday parties? Are they going to give them as gifts? Their answer will help you decide how to package them. Going the extra mile for your customer will help keep your customers coming back for each special season and perhaps for special orders.

Additional Sales Perhaps you have extra cookies or cupcakes after you have filled all your orders. When you have contacted your original market research list, ask your current customers for referrals of their family, friends and coworkers. Last but not least, take them to school and sell them to your teachers and friends.

Divvy Up Your Dollars Remember first, you need to reimburse (or, pay back) a person or your piggy bank for the expenses you needed to get your business started in the first place. With the money left over, you can set it aside for future holiday baking services—Valentine's Day, St. Patrick's Day, etc. You can also donate a portion or all of your earnings to a charity of your choice. This is called “giving back” and it is a great way to start your business and making a difference with your business. Finally, you can talk to your parents about the best way to save your money for the future.

Good luck girls and let me know how it works for you. Have a wonderful and profitable year!