Everyday, on average, people around the world consume an estimated 2.5 billion cups of coffee. Within the next two years alone, coffee sales in ready-to-drink establishments are expected to grow by nearly 67% — talk about a golden business opportunity!
Realistically, what makes owning a coffee place so appealing to so many entrepreneurs is its resilience against market volatility and crises. Because in the end, regardless of the economic climate, people will still happily queue to get their cup! This isn’t to say that anyone can magically open a café in a snap; launching such a venture requires dedication, grind, and a great deal of versatility. If you want your coffee shop to attract customers and thrive, you’ll need to do your research, develop a flawless business plan, and elaborate a marketing strategy that sets you aside from the competition. Without a hands-on attitude and an entrepreneurial spirit, this is hardly achievable.
Now, for those ready to take the big leap.
Here are 5 compelling reasons why you should start investing your time and efforts into developing a plan to open a café business.
For starters, operating a small business venture is always more enjoyable and gratifying when you are your own boss. Setting your own objectives, having the final word, there’s nothing quite like it! Besides, turning to self-employment has always been a long-term professional goal for many. So, if you’ve got the passion and don’t fear taking on a great number of responsibilities, then leading a small-scale coffee business may very well set you on a path to success. Provided you go about it the right way! As with any self-operated venture, remember that there’s always some risk involved.
Ready-to-drink is a booming market. With Americans consuming around 3 cups on any given day, there is definitely money to be made in this sector with an ever-expanding clientele. Again, hard work and self-discipline will be required to grow your business and ultimately become profitable. In truth, all successful coffee business owners started exactly where you are right now; thinking, speculating, and strategizing. With the correct research and preparation, along with a great deal of perseverance and endless working hours, they were able to scale their small time neighborhood coffee place into multi-million dollar companies.
3. Local Economy
With a successful coffee business, you won’t just turn a profit for yourself; you’ll be an active part of your local community. By hiring competent staff and building relationships with local suppliers, you’re bound to make an impact, albeit minuscule, on your local economy. For future coffee entrepreneurs in New York and surrounding states, the delivery professionals over at CorpCofe.com recommend you go with a dedicated supplier that can effectively cater to all your needs for providing your clients, employees, and guests an exquisite and full-rounded experience. Beyond premium quality coffee beans and adequate machinery, you’ll need a variety of products and supplies to develop your store identity while benefiting the community.
Speaking of community, another great reason why many entrepreneurs decide to start a coffee business in their neighborhood is the human aspect. As a matter of fact, people always look forward to a new place that just opened up — particularly if it’s welcoming, with a friendly staff, and serves great coffee! It could be a formidable boost to your community, helping gather families, friends, co-workers and more around a warm cup of coffee and scrumptious pastries. As an owner, it’ll also allow you to meet and serve people from all walks of life.
Lastly, operating your own café is a lifetime opportunity to grow, both financially and humanly. If you put yourself in the right mindset of saying ‘My goal is to make money, but I also want to make an impact in people’s lives’, you’re guaranteed to succeed and share that success around you. Of course, there’s little need to elaborate on how more money into flowing your bank account will enable you to carry out life projects (traveling, purchasing a new car, building your dream home); or on how dealing with a variety of people on a daily basis is bound to enrich your characters for the better.
If you’re contemplating the idea of owning and operating a café/coffee shop/espresso bar, now is a better time than ever. With continuous and growing demand, a coffee business can be a tremendously rewarding adventure. Nevertheless, be aware that the competition in this space is fierce, especially against well-established chains. As such, it’s imperative that you prepare thoroughly and give it everything you’ve got for a guaranteed impact on the market.