4 Ways to Diversify Your Baking Income Streams
I don’t know about you, but I don’t want to spend all my time in the kitchen baking cakes to make minimal money.
That’s why I decided years ago to diversify my baking income so I can make more money selling less cakes!
You may be wondering if it’s REALLY possible to make passive income baking and let me tell you: It ABSOLUTELY is so here are 4 ways you can start diversifying your home bakery income today.
What is diversifying your baking income?
Diversifying your baking income is adding additional revenue sources to your cake business. This not only increases your revenue, but also allows a cushion of protection in case one of your ventures goes caput.
Why is it important?
As home bakers, we rely on selling cakes to make money. If we don’t bake cakes, we don’t make money. That means we have very little room for error.
If we get sick, no money. 👎🏽
If we need a break, no money. 👎🏽
House catches on fire, no money. 👎🏽
Any income we receive from our cake businesses is solely dependent on us actively being involved in producing cakes for our home bakeries. One cannot exist without the other.
However, with diversifying your bakery income you free yourself to be able to do less physical work (even no work at all some times!) while potentially making even more money!
Imagine being able to take off because you’re sick or just not in the mood and still have money being deposited into your bank account… Yeah, sign me up NEOW!
Is passive income baking really passive?
There is a difference between diverse income streams and passive income streams.
Diverse streams of income can become passive income for your home bakery business, but not all revenue streams will be passive.
Passive income is money that you earn by doing nothing. With passive income, you can earn money while you are sleeping, baking, yawning, or 💩.
But is it really passive?
At some point, yes, your income can become passive, but there is work that has to be done on the front end to build up a passive revenue stream and sometimes there is maintenance that will need to occur to keep your passive income up to date.
Diversifying your income and developing passive income streams for your home bakery business requires work and if you’re ready to put in that work let’s get to 4 ways you can diversify your income in your cake business.
4 ways to diversify your income
Digital Products
Digital products are super popular right now and the buzz in everyone’s ear. Digital products aren’t new, but the kind of digital product you can sell is ever evolving.
Digital products are products that are not tangible and are provided in a digital format.
Examples for home bakers include ebooks on starting a cake business, courses on how to sell your first cake, cake care templates, and recipes.
PS: If you want over 100 digital product ideas to start your digital product journey, grab my 100+ Digital Product Ideas for Bakers here.
Digital products are super popular because you can create the product one time and then sell it over and over an infinite amount of times.
They can range from low cost to high ticket and pull in some serious revenue.
Physical Products
Physical products are tangible products where you sell actual products that will be sent to your customer. As home bakers, we already provide physical products: cakes, cupcakes, and cookies.
You can diversify your bakery revenue and add this baking side hustle by selling physical products such as cake boxes, food colorings, extracts, cake decorating tools, fondant, t-shirts and so much more.
Not as quick and easy as digital products, but you can build an empire and become a household name that lives for generations.
Services
Next you can diversify your income by providing services. Again, being in the baking industry we already have experience with this.
Providing services requires active work but can still bring in additional revenue for your cake business.
Examples of services are cake decorating classes, baking classes, one on one’s, and mentorships.
P.S. If you want to explore ways you can diversify your income and put a strategy into place to start earning more, grab your spot for a 1-on-1 session tailored to your specific needs here!
Content Creation
Becoming a content creator/influencer is a way to diversify your bakery income that I feel often gets overlooked.
It is a seamless transition into this field as we as home bakers are already creating content for our cake businesses every day. Why not monetize it?
There is a lot of money in being a content creator and a few of the ways you can bring in supplemental income are through being paid by platforms, promoting affiliates, and brand deals.
Being a content creator also leaves room for the other 3 ways you can diversify your income. It’s like the hub that launches and hosts your other forms of income.
How long will it take?
The path to diversifying your income can be short and quick or a long thought out process depending on which way you choose to go. There are many ways you can start monetizing right away and there are other ways that will take time to build so you can start earning on repeat with minimal effort.
I have personally launched new revenue streams and have made money right away while other revenue streams took more time, but now flow consistently with little effort on my part.
How much can you make?
The sky is really the limit on how much you can make which is what makes this digital era we are in so amazing.
You get to curate your streams to meet your financial goals whether it be just being able to pay a bill monthly, buy a whole house or three, or fund another business venture.
If you enjoyed this blog and want to stay in the loop and learn more on how you can diversify your income as a baker, join my email list where I share how to diversify your bakery income and build passive income for your cake business.
