Here are 10 things you need to consider if you plan to open a coffee shop business or if you already have one and you want to improve it. Although this business is lucrative and classy it has its secrets that differentiate top coffee shops from ordinary ones. I asked my father who is a coffee shop owner to share his best tips and this is the result of my mini research:
1. Is this business really for you?
If your goal is to succeed in the coffee shop market then you must have the passion and determination to succeed no matter what obstacles you will encounter on your way to conquering your goals.
2. Correct location can turn your cafe into a gold-mine
If you choose the right location for your coffee shop (e.g. on a road with high traffic or on a place with a great view) then you have won half the battle of success.
3. Basic coffee types, recipes and secrets
Do you know how many types of coffee can you produce in your coffee shop? Do you want to offer all these types? Learn to create equally good cold and hot coffees/drinks and all the secrets you can handle.
4. Do you have a successful and detailed business plan?
If you have a business plan you will know where you are going (at least as far as the economics are concerned). If you don’t have a business plan, look for one or create one yourself.
5. Always have enough to cover your expenses
This tip fits perfectly with the previous tip. You must have a very clear idea of all your expenses so as to cover them as soon as possible. This will give you a boost of self-confidence.
6. Have good knowledge of your industry/market
You want to know how your competition is doing. If you see a popular coffee shop, pay a visit and try to exploit the methods and strategies leading to success. As a general rule and as my father says: “Try to make better coffee to beat your competition…”
7. Learn to improve as you go
You might be the ideal person to open and run a coffee shop but do you know the golden rule which states that humans keep improving as they progress in life? Always leave space for improvement for you and your business.
8. Keep some money for yourself
Despite all the expenses you must always save some money to reward yourself. You want to know that your business is producing money for you.
9. Have good friends/advisors
Use your circle of friends and expand it if possible. Organize parties and events counting on your friends. But sometimes its not the quantity that matters but the quality. For example when you need critical advice a single good friend might give the solution you were looking for.
10. Know when it is time to quit
When you enter the coffee shop business, always keep in mind that you might be forced to quit due to various reasons (e.g. market crashes, location no longer supports the coffee shop). So, know when to quit and have an exit plan ready.
If you are interested in more tips have a look at this coffee shop business plan page created for my father who is an experienced coffee shop owner and entrepreneur. His tips will give you the insight you need to visualize your own coffee shop or improve an existing one.