Quote:
Originally Posted by Marshall Placid
Any plans to franchise the business out?
If you are going to open up a coffee shop, you'll have to think big... as in 5 or more company-owned, or 20+ franchised.
IMHO, a coffee shop's financials is similar to a convenience store, and it's a hard business.
Restaurants and coffee shops are among the hardest types of businesses to start.
If successful, it'll be a one shop thing (and like kr4l mentioned, he was working his butt off), so plan ahead and think about expanding right from the get-go.
Get a coffee-concept going that differentiates yourself from competitors and duplicate in the Lower Mainland with 10 to 20 stores.
There is where your 10+ industry experience comes in.
It's going to be risky by differentiating, but this is up to your risk-tolerance level.
The key is to manage (work smart, not hard), but you can't do this if you only have one shop, so there is where opening more than 1 shop comes into play.
You can use your previous experience (you mentioned in your first post) AND this successful (hopefully) new coffee shop (after 1 or 2 years of financials) to:
1- Get franchisees
2- Shop around for investors to invest in your corp. to open more coffee shops.
Good luck.
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LOL 2 years of operations and then franchise??? Take it easy there dragon!
it's a coffee shop, not a tech venture with VC's angels and seed money.
everyone throws around scaling like it's motherhood and apple pie, but look what happened to Target. Now look at Nordstrom.
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