A business concept statement summarizes the focus of your new business, particularly how it differs from competitors. A bakery concept statement presents the focus of that bakery, such as wedding cakes, artisan breads, pastries or a particular target audience, as well as the overall business concept that sets that bakery apart from other bakeries in the area.
Your bakery’s concept statement lets potential lenders or investors know more about your business. It should provide a clear view of why your bakery will be successful, even if local competitors are larger or cheaper, to convince these sources to lend or invest money for your start-up or operating costs. The business concept can also help set you apart from competitors in your customers’ eyes, so it should provide a compelling reason for them to buy your products over others.
What to Include
A bakery concept statement should include the basic information about what your bakery is and does, how it is unique, and who it serves. The latter should include the location as well as your target customer demographic. You should also include when the bakery will open for business, its operating hours, and the basics of your marketing plan. You don’t need to include specific financial numbers in the concept statement, but note where and how you intend to market your bakery, such as at wedding expos for a wedding-cake-focused bakery or through local coupon books for a neighborhood full-service bakery.