Ever thought of monetizing the liquid that refreshes you? Well, coffee business is one such which rarely goes down. Most of us start our day with an energizing cup of coffee that refreshes us from within. With time, as people move out of their homes especially into urban areas, they refrain from any sort of cooking activities. This is mainly due to tiredness caused by their professional life.As a result, these people are mostly dependent on external sources for each of their kitchen needs.
With the advent of marketing and brand concept, there have been few players dealing in coffee doing fabulously well in the market. It is rare that a coffee brand becomes a margin player but brands like star bucks have written an altogether different story. People who use to spend no more than Rs 10 or 20 on a simple coffee are now ready to even pay Rs 300 for a coffee.
As a matter of fact, coffee business is still growing at a hefty pace even after the reasonable competition. Amid the previous 20 years, there has not been a solitary year, in spite of war and subsidence, in which claim to fame espresso deals have not developed. In numerous years the expansion has been in twofold digits. Moreover, no café chains have fizzled amid this time, in spite of the fact that the rundown of setbacks in different ventures is very long.
An individual needs to chalk out a proper plan while deciding to enter into such fields. Although potentially rich, there are several things that need to be kept in mind before one decides to start with coffee selling. Efficient planning and allocation of funds is an important aspect of this business. We will have a look at a few of such things which need to be kept in mind while you are starting with a coffee business:
Draft a good business plan:
There are several business plans on the web to look into and get a fair idea. We can take the help of such plans and get it to implement in ours. Taking into account the step by step as given in the plan we need to draft it with utmost care. A good and clear plan enable the person to think clearly, his due course of action.
The location preference
The success of coffee shops is deemed heavily on the type of locations they are situated in. More the crowded area more will be the football. Usually, cities are the most preferred location for this business.
Get a local support for funding
It is hard at the initial stage to get funds from a good formal lender with this idea. If possible, ask for family or friends to invest in the business in order to get a kick start. Even unions or small local public can give you the much-needed support if there is firmness in the idea.
Get a good accountant
One of the best pieces of advice given by successful entrepreneurs is to get an accountant who can not only keep your books of accounts but also acts as a good advisor. Your cash crunch can also get reduced if he works as per plan
Avoid any useless personal expenditure:
Beside startup costs, keep in mind that the majority of your opportunity and vitality will be committed to your new business, a business that possibly won’t be beneficial for around a half year, regardless of whether you begin getting income quickly.
Maintain an excellent network:
Having a hot area and preparing prevalent espresso will just get you up until this point. You have to network to keep up an association with the region and to pull in more clients. Join the neighborhood council of trade, a business affiliation, or band together with a nearby philanthropy. Be unmistakable in your neighborhood network.
Positive Attitude is a must:
Like each business, you’ll confront difficulties to get your shop off the ground. Keeping an uplifting disposition when things aren’t going your direction is an unquestionable requirement. Counterfeit it in the event that you need to. In the event that you start keeping an idealistic disposition, regardless of whether it’s not as much as real to begin, you’ll, in the end, encourage yourself to remain energetic.
Key to success
As an entrepreneur, you need to have a good track of areas which would act as a bargaining chip for you. In a coffee shop, following things are of great significance if you desire to earn good profits
- Store design of the shop must be such that it allures the customers and promotes efficiency and streamlining of operations. Since it is the first thing appearing to the customers it has to be super perfect to meet the need of suitability.
- A well-trained set of employees who have a good competence in streamlining your activities at the shop. Additionally, they are the front lines of your business and their attitude towards the business matters a lot. After all, they are the ones who handle customers
- Good marketing strategies aiming at building a loyal customer support. A customer need not be treated as a one-timer. Rather, if there is a proper service and good marketing of such service, you may be lucky to have him for coffee all his lifetime
Targets for the start:
At the start, there are few steps required to be taken in order to make your presence felt in the market. In the era of digitalization, the tasks to be carried out in market space have increased by several folds. Keeping in mind the above the line and below the line activities, a business must start keeping the following objective in its mind:
- To follow the No loss policy or rather profit policy right from the first month
- Target a social page displaying “Best coffee house in town” and market it as per its target customers
- Carry out a regular margin of at least 60-65% playing safe
Also Read :