Starting your own business can be fun and really risky, but the kind of good risky you’re willing to take. However, for numerous reasons people might not want to move forward with their business ideas. Like having self-doubt, not sure about the market, money or budget concerns, afraid of failure, too many things and just not sure where to start.
These reasons all seem fair, after all, there is a lot at stake: your time, your effort, and more importantly your money!
Don’t blame yourself for that because it’s only fair. The stake is too high. You spend your time so much working on it, your effort, and your money. Some coffee startups admit their fears, pros and cons of starting the business! We have the main points that we truly believe you need to consider.
It may seem easy, but it’s challenging to start from the bottom to the top. It’s not like a retail business, it’s a service business that needs engagement and involvement, needs skill, passion, stamina and lots of planning. It might be right for you or might not be right for you.
If you have a lot of considerations, do a lot more research, read more and more importantly ask the people who understand and have been through it. They might help you based on real experiences and it might not be as bad as you think. Pay attention to the market and start your own business plan. We believe this article might be useful for you to be an aspiring coffee shop owner.
Create Your Own Pros and Cons List!
Take the time to sit down, relax and think about your pros and cons list. What convinces you to really start this business and what convince you not to start the coffee shop business. Adjust everything according to your situation, financial condition and everything else.
Look further more than just the coffee business itself. Analyse your network, who will support you during a hard time, what could trouble you in the process, what could possibly influence your start-up business. All of the factors have their own role in order to make your coffee business successful. Other elements like support network and the ability to get cash flowing is somehow depended on how you create your relationship with people.
Here’s a quick list of pros and cons in owning your coffee shop to consider before you start regardless of where ever you want to open it.
A successful coffee shop business will give you cash per day, income per day and generate more revenue, depending on the cost you make, the outcome and the income. Once your coffee shop has a name among people and becomes popular, this is the big fat pro of owning your own coffee shop.
The profits that you generate from your coffee business can do wonders for your quality of life, your lifestyle, and even push you to open a second coffee business. Creating a “value machine” which can then create a pile of future cash earnings because of an incredible value generator.
The profit you get from your coffee shop will increase the quality of your lifestyle, how you want to improve your coffee shop much further, and maybe open a second coffee shop in a different location.
2. FULFIL YOUR VISION
Nothing can beat profits, but a personal satisfaction is also important. You get to fulfil a personal vision you’ve always dreamt of, it’s priceless. It’s not about money all the time. Being successful is the dream of all entrepreneurs out there. Being successful is more than just the money, it’s about achieving what you deserve from the hard work you did, from all the efforts, all those late night practices, all the reading, all the chances you take, and the networking you give your time into. If opening your own coffee shop has always been your dream, do it!
3. BE THE CREATOR OF YOUR OWN SCHEDULE
If you have your own business you get to arrange everything, including the schedule of yours and your employees. Yes, you’re the boss. This is a huge plus if you have a family and little kids. Kids need your attention more than anybody else in the world. You’ll be busy at fist arrangin everything and make sure that everything will run smoothly, but once it can run without you, your presence won’t be needed as much. It’s a lot more flexible.
You can take days off whenever you want, go on holidays and leave town whenever you want, visit your parents’ house during weekdays and not weekends, do some volunteer work, and hang out anytime you want. You’ll have more freedom, obviously richer, and have an empowering lifestyle.
4. BE A PART OF A COMMUNITY YOU LOVE
A coffee shop can be a base or home for a lot of communities. A place to bring people together and connect them. You’ll be able to capture the sense of community people want in the area they live in. A community must make the people in it feel connected and various coffeehouses in the world have brought people together for years. Your coffeehouse can be a place for them too!
Your coffeehouse is a place for people to hang out and catch up, if you can’t think of any community hanging out around and about at your place, you might want to create one and be the pioneer! Create a location for the neighbourhood to socialise and build positive vibes and aspect of your coffeehouse.
5. THE CREATOR OF YOUR OWN LIFESTYLE
As the owner, you’ll be able to make decisions for yourself and for the coffeehouse. Either you want to make your coffee business grow or create the lifestyle you want for your life. By having your passion for coffee, you will be able to enjoy things matter to you most and create your own lifestyle.
Having a successful business will be one of the most transformative things that could ever happen to your life. By achieving this, you can try many things that you’ve been wishing for all this time.
1. YOU’RE DA BOSS
You’re da boss, yes it sounds cool, but everything starts with you and ends with you. Every decisions are all on you. The responsibility is huge and not everyone is a great boss or manager, that’s why personality is important when you want to start a business and will you move forward when you face obstacles or just back down from everything. For some people, the responsibility is too much to handle.
2. MONEY, MONEY, MONEY, MONEY AND MONEY
Financial sources are needed to build your empire and to sustain your empire. This is the biggest obstacle and what worries most coffee owners because money keeps the business afloat.
If you run out of money it could potentially put you out of business, it would be a big disaster. You would have to pay your vendors, suppliers of the coffee beans, rent, electricity, water, employees, and other stocks that run out. Better have an emergency plan and funding, in case someday you would need it. Plan your budget carefully and avoid credit cards, even though that’s a tempting option that could really help, but consider whether you really need it or not.
3. HIRING AND FIRING
Do you have the guts to do the hiring and firing job? Dealing with this could be somehow personal and hard for many people who bring a lot of feelings into their job. This could involve a lot of personal feelings. For example, if you knew the person who applied for the position if he or she is your old friend, your friend’s cousin, sister or brother perhaps?
You need to understand your position, your needs and how important are the laws that could protect you, your business, and your reputation. Hiring might be easier than firing that would drain down your emotions and energy considering whether it’s the right decision or not. When you want to fire someone, remember to do it under the legal framework by law.
Also, you gotta read the legal protection for you and your employees, taxes, compensation, and everything you’ll have to provide as an owner.
4. IF THE SHIP SINKS…
This might be the last thing you wanna hear about your business, but if it does fail, the investment you made and will have made will be lost, so does your time, effort, sweat, and tears for your business. If the ship sinks, as an owner you just gotta reap the rewards you already had. Don’t blame yourself because failure doesn’t mean it’s your fault. It could be caused by your surroundings, environment, people around you, employees, the service or every other factor that might surprise you. Every business can fail, every business is risky.
It takes a lot of time to open a really nice coffee business. If you open it when it’s only done for 80% people might get a bad first impression and most likely won’t come back. So you better give all the time you can, be patient and get your shop done for 100% so that people have a good first impression and will most likely to come back, the rest of the errors you can improve them as your coffeehouse is running.
The time could take a lot more than what you imagine because planning is essential and time-consuming. You need to list them down one by one, step by step, in order according to the process needed. Ask yourself if you’re ready and prepared to start a coffeehouse business.
The bottom line is, no matter what it takes it all can be managed, so don’t worry too much. Just be sure of yourself whether you’re ready or not and whether you got what it takes or not at all. It’s a very challenging business.
Read more about coffee business in Javacoffeeiq.com