Are you considering starting your own business and launching a successful cafe? It’s a thought that’s crossed many of our minds at some point, especially after a visit to a particularly awesome coffee shop (or maybe even a disappointing one that makes you think you could do better)! There’s no doubt that it’s a lucrative market that’s not going to disappear any time soon, but how can you hope to succeed with so many players already in the game? Here are the crucial steps you need to follow.
1) Plan your business
Early on you will need a comprehensive business plan, starting with market research to justify your endeavour and finishing with a detailed analysis of how you’re going to make a profit and why you’re confident. This will be essential to secure bank loans and other investments; however, it isn’t the first step. Even before all that, you need a basic pitch that fits onto one page and explains why your plan is unique.
2) Plan your location
Assuming your business plan is watertight, the next essential element is location, location, location. Not only does the physical building need to be suitable and affordable, but your cafe needs to be somewhere where you can easily attract passing trade, and ideally even become a local landmark. Do your research and be creative, because this is going to be vitally important to your success. (more…)