How profitable is baking?

Inquiring minds often want to delve deeper into the financial implications of various endeavors, and baking is no exception. Could you elaborate on the profitability of baking, specifically? Are there any upfront costs that need to be considered, such as purchasing baking equipment or ingredients? How does the profit margin compare to other hobbies or small-scale businesses? Does it vary depending on the type of baked goods produced, for instance, cookies versus cakes? What about the potential for scaling up, such as selling to local bakeries or offering catering services? Understanding the financial feasibility of baking is crucial for those considering this path, so I'd greatly appreciate a detailed breakdown of its profitability.