It may be challenging to open a business in the current market. But becoming an entrepreneur has never been “easy”. Rewarding, however? Now that’s something that opening your own business is for almost all entrepreneurs.
So brush up your budgeting skills and get together your coffee shop business plan, because it’s time to get down to beans-ness!
Meanwhile, here are 5 tips for opening a coffee shop we hope will prove helpful in the current market.
1. Don’t Skimp on the Groundwork
Yep, that was a coffee pun, as in coffee grounds!
But seriously, if you’re thinking about starting a coffee shop, you’ll need to do your research. For instance, look up costs. Our initial investment ranges from $634,500 – $946,500 to open an Ellianos coffee shop.
Chances are, you’ll have to secure funding. And to do that, you’ll need to do market research, come up with a concept and pricing, create financial projections and more.
2. Do Write a Comprehensive Business Plan
This is how you’ll secure funding for sure. But it’s also a roadmap to follow to ensure a consistent (and pleasant) customer experience. A coffee shop business plan should include elements such as:
- Your concept
- Your menu
- Your location
- Your marketing strategy
- Your operational plan
3. Don’t Assume Funding is Guaranteed
As is the case with investing your own money, you never want to “put all your eggs (or in this case beans) in one basket”.
Relying on a single source of funding may be fine, but by all means, do explore all options, including:
- Investors
- Loans
- Crowdfunding
- Personal savings
4. Do Market Testing
Handing out samples of your would-be signature drink before you open your doors (even if it’s on family and friends) and then tweaking your products accordingly is important.
Business News Daily recommends a sample size of at least 50 people who fit your target demographic.
5. Do Consider a Franchise
Competition in the coffee shop industry from huge names like Dunkin’ and Starbucks is fierce. Opening your own shop can be a real grind, and in a too-much-kind-of-way for many aspiring first-time business owners.
Did you know that Ellianos is one of the fastest-growing coffee franchises in the Southeast?
Opening an Ellianos franchise could allow you to unleash the entrepreneur within by benefiting from our proven formula for success.
