The daring entrepreneur is always on the lookout for the next money maker that will springboard his or her saving account into the millions.
One of the most profitable industries to explore is hospitality. It’s a high stakes, win-it-all-or-go-home venture that can be incredibly rewarding. You just might hit paydirt and land the next big restaurant or cafe in your neighborhood.
In the food industry, coffee shops can be a comfy and profitable little start-up that attracts their fair share of would-be investors. Another perk is how quickly you can be off and running with a cafe; all you need is the right attitude, a seasoned barista, an amazing espresso machine and a prime location.
Consider this article a primer on opening your own coffee shop. We’ll whet your appetite by talking about all the benefits of such an endeavour, then what you need to get started.
The Benefits Of Starting A Coffee Shop
Starting a coffee shop has a huge number of benefits, including:
A high profit margin
Consider the starting path of Starbucks back in those dreary Seattle days. The empire all sparked to life as a small business owned by a couple of friends with a passion for coffee.
There’s a reason for their extraordinary success: Colombia’s number one export has one of the largest profit margins imaginable. There are hundreds of stories of young people who invested in the beans industry and managed to make huge profits in a matter of months.
Coffee shops are potential rags-to-riches stories. Of course profit margins are a huge part of building a successful business but it isn’t everything…
Be your own boss
As the owner of your own business, you’ll no longer be chained to the rigours of a nine-to-five. You get to set your schedule, and you get paid based on your value, not a set salary. In other words, the harder you work, the more profit you personally make.
Granted, starting a hospitality business can require a ton of work, but unlike working in a cubicle, you get to make the rules.
Express your creativity
Owning something new and unique will enable you to create your own environment as a reflection of your inner self. Decorate the coffee shop your way. Name drinks creatively, tapping into all manner of things like your favourite bands or movies.
Successful coffee shops have an amazing ability to spread across the country. Impos client Toby’s Estate, for example, began out of his Mum’s garage in Woolloomooloo, Sydney before the first Toby’s Estate cafe opened in 2001.
Since then, the successful cafe enterprise has gone from strength to strength, opening cafes across the country. Toby’s Estate now operates cafes in Singapore and New York.
How Much Does It Cost To Open a Coffee Shop?