How To Add Value To Your Ice Cream Business

One of the reasons why ice cream shops fail is that owners don’t put a lot of value on their ice cream business. Once they’ve opened a shop, they start not to care for the future of their business. 

In this post, I’ll tell you some tips on how to value your ice cream business. These are effective tips that any ice cream shop owner can do. So, if you want to keep your ice cream shop up and going, read on. 

Here are some tips on how to add value your ice cream business:

1. Market Your Shop
2. Have an Appropriate Pricing Strategy 
3. Secure Key Supplies
4. Create an Accounting Plan
5. Get Into the Ice Cream Business Community 

Market Your Shop

Don’t leave your ice cream shop hanging. Whether the business is already doing well or not, you should still market your ice cream shop. 

You can value your shop by putting it in the spotlight. It’s pretty simple, throughout the process of marketing your ice cream shop, good things will follow like better public image and more creamylicious treats for your shop. 

You can follow these great marketing tips for your ice cream business:

• Market Through Social Media – Social media marketing is popular these days. So, you better take advantage of that by sharing your products that are Instagrammable.
• Launch Email Marketing Campaigns – This is a great way to spread the word about your ice cream business. It’s proven and tested to increase sales.
• Host Sundae Making Events – This is an easy way to reach more customers. You can partner with your local community to create fun events that everyone would love. 
• Sponsor Some Parties – You can partner with other businesses or even host some birthday parties to effectively build your shop’s reputation.
• Create a Tasting Bar at Your Local Grocery Stores – What better way to promote your ice cream product than to give customers a free sample? If you do this, I’m confident people will remember the flavor of your products and even tell others about them.
• Offer Vegan, Non-Dairy, and Pet-Friendly  Flavors – This is an excellent way to show the public that you care about everyone and are willing to serve everyone a scoop. 

Have a Good Pricing Strategy 

Having appropriate pricing for your products can help your shop a lot. Aside from considering how much you make from each flavor, you also have to know the preferences of your customers. 

For example, if you have the best-selling flavor, you have to price that accordingly. And that depends on your pricing strategy. 

To help you decide on a pricing strategy, you can check these 5 common pricing strategies:

1. Value-Based Pricing – This method involves basing the price of your goods on the preferences of your customers. One example is the pricing you set for your best sellers.
2. Competitive Pricing – This strategy is pricing your products based on your competitor’s pricing. Your products can either be cheaper or more expensive. 
3. Cost-Plus Pricing – This pricing strategy follows the method of adding up all of your costs and then adding a markup. 
4. Penetration Pricing – This strategy is done by first setting a lower price for your products to enter the competition and then raising it after. 
5. Price Skimming – This method is the inverse of penetration pricing. You start with a higher price and gradually decrease it.

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Secure Key Supplies

Your ice cream store supplies are crucial to the success of your business, particularly in terms of promotion. They can affect major parts of your ice cream business like production costs. 

Be picky. There’s nothing wrong with that. You have to pick the right supplies, especially those that play a part in your presentation, like cups, spoons, napkins, and carry bags. 

As much as possible, try to include your ice cream shop’s brand in your presentation supplies. It can make a major difference in your store’s exposure, brand awareness, and profitability.

Aside from the presentation, you also need to secure good supplies for your ice cream. Try to find ingredients that are good for your budget and efficient. 

Create an Accounting Plan

This is a must for every business. And putting a lot of work into your finances is a good sign that you value your business. 

Many ice cream shops fail because they fail to manage their finances. So, if you don’t want your business to fail due to poor financial management, you must, at any cost, create an accounting plan.

To help you create a sound accounting strategy, you can follow these tips:

• Separate Your Personal and Business Finances – This is an important rule. You can start by opening a different bank account for your business to make managing your finances hassle-free. 
• Stick to Tax Deadlines – You don’t want to be stressed by nearing tax deadlines. So, you can try setting up a reminder for your taxes. Also, this helps you know that you still have a budget for other things. 
• Create a Profit and Loss Statement – This provides you with a comprehensive picture of your company’s financial health. It will summarize your company’s expenses, costs, and revenues.
• Use Accounting Software – Keep up with the times. There’s an app for just about everything these days, and you can utilize software like Quickbooks and KashFlow to manage your finances. 

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Get Into the Ice Cream Business Community

Another great and easy way to value your ice cream business is to network and look for partners. This will also bring a lot of perks to your ice cream business like having a support group and access to good ice cream supply deals.

If you are an independent ice cream shop owner, you should try joining National Ice Cream Retailers Association. They offer monthly bulletins, ice cream quality testing, scholarships, and annual conventions. 

This is, without a doubt, an excellent way to get your brand out there, while also learning from other ice cream business owners. 

Conclusion 

All in all, these are 5 great steps that you can follow to value your ice cream business:

1. Market Your Shop – Promote your ice cream business by doing things like social media marketing, hosting sundae-making events, launching email campaigns, and sponsoring some parties. 
2. Have an Appropriate Pricing Strategy – Choose the right pricing strategy for your products. 
3. Secure Key Supplies – Put a lot of thought into your supplies, from cups, and spoons, to ice cream ingredients.
4. Create an Accounting Plan – Manage your finances by doing things like sticking to tax dues, using accounting software, and creating profit and loss statements. 
5. Get Into the Ice Cream Business Community – Join ice cream business groups to gain access to a lot of benefits. 

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Frequently Asked Questions

To learn more on how to start your own ice cream/gelato business check out my startup documents here

This blog post is provided for informational purposes only. The information contained is not intended to constitute legal advice or to substitute for obtaining legal advice from a qualified attorney.