It is absolutely critical that you discuss each option with your accountant, and as you can expect there are advantages and disadvantages with each.
? Existing coffee shop: The obvious advantage of buying an existing coffee shop is that it should be an established, successful business. Also, you won't need to spend as much money fitting the store out, as you would in a start-up business and it is as close to a turnkey business as you can get. On the other hand, if you buy an existing business, you may be buying the problems of the outgoing business owner, for instance increased rent and overheads, a disappointing bottom line, etc. Of course though, you can minimize the risk by carefully considering the business and its full financials with your lawyer and accountant's expert advice and direction.
? Start-up business: If you start your business from scratch, you can fit your space out as you like from day one. You are completely designing your store from scratch. On the other hand, start-up businesses are riskier because you don't have a proven track record in the business as you have created it at that location, and it costs a lot more to start a brand new business as opposed to buying an existing one.
Be sure to thoroughly do your homework and research whenever you are considering an existing or start-up business ? and remember to enlist a great accountant and lawyer to help you make the right decision.
Chances are you will probably require funding from an outside source to get your coffeehouse business off the ground. There aren't too many people around who can fund a business on their own!
Be sure as well to shop around. Don't just talk to one financing source. Talk to several of them, get as much information as you can from them and compare on your own and also, with your accountant and solicitor helping you.
Refer to the Yellow Pages, search the internet and of course, attend catering trade shows. All of the major financial institutions that help businesses will be there, ready to answer your questions and provide information.
To secure the finance you need to turn your coffee shop dream into a reality, you'll need a business plan.
After all, the financial institution you hope will loan you money needs to know that you have a great business concept that is viable.
You've probably heard of the term, ?Fail to plan, plan to fail?.
Basically it means that failure is highly likely if you do not plan your business.
You need to know exactly where you want to take your business, and you need to come up with strategies to help you achieve those goals.
Your business plan will take into consideration absolutely everything: your mission statement, your market position, your finances, your sales projections, your marketing and advertising and your future plans ? absolutely everything!
So before you spend a penny on your coffeehouse, do invest your time in preparing a business plan. It may save you money and stress in the long term!
You may really want to own a coffee shop but you need to learn from the very start that it is all about what your customers want, not what you want. They are the ones that are going to choose your coffee shop location instead of the other ones around town. You need to take the time to find out what they are looking for so you can offer it. This is the key to longevity as well as profitability for your coffee shop establishment.
Customers want good quality products every time they come to your coffee shop. They don't want to have to worry about whether they are going to like the taste of it on any given day. Make sure you always offer quality ingredients and fresh coffee to the customers. This is one area of your coffee shop business where you don't want to try to cut corners.
You can charge what you need to in order to still make a profit without compromising the quality of the products. If they don't like the taste of it though you can be sure they aren't going to be coming back for a second cup.
Speed is very important when it comes to operating a coffee house. You may have a line all the way to the door in the morning which can be exciting, but you have to keep it moving. This means your staff has to be well trained and know exactly how to make every drink on the menu. Many of your customers will be stopping in on their way to work and they aren't going to be late to wait for the line to move.
One of the best ways to ensure every one of your customers gets fast and friendly service is to have a very good training program in place. You want to take the time to ensure each employee knows how to make the drinks and how to operate the machinery. They also need to be very friendly to each customer that walks into the coffee shop. Their attitude is going to be a direct reflection on your business.
Most consumers of coffee will tell you that the location of the business is going to affect how often then stop in. The location you choose for your coffee shop needs to be easy to access by car and by foot. This is going to benefit you in many ways so make sure you find a terrific location where you can expect high volumes of traffic on a regular basis.
If you want to operate a coffee shop, you are going to have to be an early riser. Many people are up and about to get their coffee as early as 5 am. Are you willing to get up this early in the morning to operate your coffee shop? Many coffee shop owners typically get up around 3 am so they can shower, get to the coffee shop, and have things ready to go when those early risers start showing up.
If you can offer consumers a wide selection of coffee drinks that taste great then you are on the right track. However, in order to keep them as regular customers that will come back on a regular basis you need to have an excellent location. You will also need to offer them fast service that comes with a smile and a personal touch. If you can do all of that then you definitely have what it takes to operate a coffee shop!
Both Tracey Beaney & Karyn Lewis are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Tracey Beaney has sinced written about articles on various topics from Coffee Advantages, Self Improvement and Motivation and Coffee Advantages. Don Clarke has many years experience of running coffee shop. His 136 guide can be ordered online, and you can read a review of it by Cafe Culture magazine at. Tracey Beaney's top article generates over 60500 views. to your Favourites.
Karyn Lewis has sinced written about articles on various topics from Coffee Advantages. Karyn Lewis is passionate about great coffee. If you are thinking of , and avoiding the common mistakes new owners mak. Karyn Lewis's top article generates over 60500 views. to your Favourites.