Amanda, because a lot of supermarkets installed their own bakeries, local bakeries have gone out of business by the droves, in recent years. (Stay with me; I am coming to your question.) In addition, Dunkin Donuts, Krispy Kreme and the Convenience Stores like 7-11 have diluted the market that was originally, only the province of bakeries
This means that there are a lot of empty bakeries, in some areas. In many cases, these come with equipment already in place. New equipment is horrendously expensive, and anyone in food business should seriously consider buying used appliances and such, anyway. There is a LOT of it around, because of how many restaurants and such go broke and their equipment is sold for pennies on the dollar.
Bakeries that have a niche outside of every day donuts and such can still do very well. We sold one about three years ago that sold some breads and small items like donuts, but their specialty and where they make their big money was and still is in wedding cakes. In the past two years, since local supermarkets have reduced or completely gotten rid of their own, internal bakeries, this business picked up on birthday and other occasion cakes, as well.
But if you take over a closed operation, be careful to know your local health care code. If it was an old bakery, they may not have had to keep up with changes in the health code requirements, under a "grandfather" clause in local regulations. However, a new buyer may be forced to upgrade to current code, which may be a modest cost, or extremely expensive. So, if you can, have the health inspector in to let you know what will be needed before you sign a lease.
Another bakery we were dealing with sells bread to restaurants; however, he made the mistake of putting his pricing into a fairly long term contract, which I think is unusual for that industry, anyway. But when gas went up so high, and the cost of raw materials like sugar and flour skyrocketed at about the same time, he lost his shirt because he could not pass those costs on to his buyers. So, if you are selling to stores and restaurants, be careful.
But ALWAYS write a Business Plan to investigate and understand all of the parameters of what you will need, which involves knowing the health regulations, sales tax issues, licenses, sourcing ingredients, who you are selling to and projecting how many pies you can sell in a week. Then, are you in a storefront? What is your rent? Retail will be more expensive than if you are selling to stores and restaurants and only need a commercial bakery site, outside of the retail district. If that commercial venue is your target market, who will sell for you? How are you going to delivery?
ORGANIZE and WRITE that Business Plan!!!