If you’re wondering how much do coffee shops make, have no fear; a combination of the low cost of stock and high-profit margin means that owning a coffee store can be an extremely profitable business venture. Even in a post-COVID world, caffeine lovers aren’t going anywhere anytime fast, and for many, a nice cup of coffee remains a staple in the daily routine.
That being said, it isn’t an easy venture, especially if you’re new to this, so we’ve compiled a few tips and tricks to help you get the coffee shop of your dreams!
Table of Contents
1. Start Planning Your Coffee Store
Before you do anything else, start out with a business plan. This is a way of showing your commitment and can be used as a reference to measure the success, weaknesses, and potential of your shop.
Part of your plan will entail thinking about who will make a good supplier as your shop’s success will depend on a consistent source of high-quality produce.
2. Consider Joining a Coffee Franchise
If your business plan conjures any concerns, then your next step is to figure out whether you could benefit from additional support. Complete independence sounds ideal, but joining a franchise is an excellent way of locating good suppliers, marketing your brand and more.
There are benefits to both approaches, as being independent means, you can take pride in building something from scratch and you get to have a more personal, unique stamp on the overall vision of your brand. Meanwhile, a good franchise partner offers stability during turbulent times and will guide you to give you the edge you need in what is a highly competitive market.
3. Find the Ideal Location for Your Coffee Shop
Location is key to starting off on the right foot. There’s no definite answer on what the right location for a coffee shop is, as that depends on variables such as your audience, your brand, and your budget.
For instance, opening a shop in the midst of a bustling urban environment sounds like a great way to get coffee drinkers through your door, but you have to account for how expensive city living can be. Alternatively, you could choose a slower paced yet atmospheric rural location if that suits the vibe you’re going for.
4. Hiring the Right Coffee Shop Team
Your staff are a core part of making sure that customers keep coming back. Talking to customers, keeping the shop clean and presentable, and making amazing coffee are all vital skills your team will need to keep things running smoothly.
Build a trustworthy, well-trained team and you will undoubtedly see the rewards with strong customer loyalty.
5. Creating the Perfect Coffee Shop Menu
A core part of creating your brand is establishing an excellent menu. Consider expanding your menu to include some tasty snacks that pair well with coffee.
Another thing to keep in mind is that consumers are increasingly concerned with how sustainable their local coffee shops are, which is why getting a trustworthy supplier to provide well-sourced ingredients is so important! Invest in locally produced and Fairtrade ingredients as much as possible.
We hope this guide gave you an idea of how to start your own successful coffee shop. Good luck!