Thanks to the stuttering global economy, more people than ever are looking for a better way to make a living. For many, that means turning to freelancing, effectively working for others. On the other hand, becoming an entrepreneur is an increasingly appealing adventure for many Australians.
Coffee shops represent one of the fastest growing industries in the world. In fact, they enjoy a 7% annual growth rate worldwide. Clearly, people love their java. All across the world more than 14 billion espressos are consumed annually. In the United States alone, coffee consumption is expected to grown 2.7% annually through 2015.
Despite the huge market for coffee, simply starting a coffee shop business is not going to be enough to succeed. After all, as IBIS World points out, there are more than 6,600 coffee shops in Australia. The Australian Tax Office provides a checklist to people starting a new business, but those tips are too general. If you want to know how to start a coffee shop business and be successful, here are five self business ideas to help your chances.
Find Your Market
Every successful coffee shop succeeds by catering to their own type of clientele. Subsequently, as Inc. writes, learning how to start a coffee business begins with finding your niche. Do you want to design your coffee business around rockers, world travelers, hipsters? Decide your image and focus it to successfully brand your company and start attracting the customers you want.
Create a Customer Loyalty Program
It’s easy to dismiss punch cards and other customer loyalty programs as gimmicky. However, according to a Gallup survey, almost 60% of people use loyalty programs when they are offered. For a coffee shop, successful business ideas can be as simple as offering a free drink after a customer has bought five. However you want to do it, offer added value to your customers with a loyalty program.
Be Knowledgeable About Your Product
According to CoffeeStrategies.com, few things will turn your customers off more than ignorance about your products. This spans every facet of your offerings. How many calories are in your triple latte? Where are your beans grown? Are they single source or mixed? You need to have an answer for every question to show your customers you know what you’re talking about.
Think Beyond the Java
FoodBev.com recommends that every entrepreneur looking for self business ideas to fuel a successful coffee shop looks beyond their coffee. The fact is that every mom and pop coffee shop can brew espresso, Americano, and every other type of coffee. However, by branching out into pastries and other differentiating markets, you set yourself apart from the rest.
With the sheer volume of coffee shops in Australia, it is going to be hard when you want to get your own name out there. However, investing in a coffee franchise gives you brand recognition along with advice on business strategy and the best locations for setting up your business. With a franchise, you own your business, but you owe royalties to your parent company. However, many consider that a small price to pay for one of the best self business ideas for success.
In a world that is mad about coffee, it’s easy to think that if you build it, they will come. With competition, both international and domestic, it will never be so simple. Using these five self business ideas for your coffee shop may be the difference between a great business and a flop.