Colisasota
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- Joined
- Jan 12, 2019
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Hi, I'm new here and still reading The Millionaire Fastlane , but I see a need and am wondering if it is something worth pursuing.
I live in a fairly new area, there are a set of shops near completion which have been "in progress" since 2015. I am a member of a few different community discussion groups and for the past 2 years, there has been a lot of heated discussion about the lack of such services as a supermarket, cafe etc and an empty building.
So far there is only 1 planned tenant that I am aware of - an Indian grocery and convenience store. I know that the community are screaming out for something like a cafe and feel that they would support one.
Obviously I need to do a lot of research on this but the biggest barriers to entry that I currently see are that I don't have the start up capital and no experience in running or even working in a cafe. Of course I can learn the practical side of things and hire experienced staff, but it is the financial side I am concerned about - who is going to back me financially if I don't have the experience? It's also a venture that would require a lot of start up capital and running capital in the beginning, especially if I would need to hire staff (I'll at the very minimum need a qualified/experienced barista) and likely need quit my current job.
One thought I have had is to start a coffee van - much lower startup cost, I could get a personal loan to set up the van and could speak to the council (who is very much aware of the need for such a business in this area) about where I could set one up.
The other barrier to entry is that I will be moving in approximately 1 year's time to a different state. I would have to either be able to sell the business or hire a manager for it by that time.
I guess that question I am asking is - is this a stupid idea? I know people say to think big, but is this too big for my current situation? Would I be wasting my time researching this venture if I'm not likely to get the startup capital.
I think the coffee van idea is possible, maybe I should start with investigating that first. That is also something that could possibly either move with me or be sold easily in a year's time. If I do the coffee van thing - there is the risk that a coffee shop could open in the shops at some stage creating competition where now there is none and I really would love to see a cafe opened up at the shops - I'd love to go with that option.
I'm off to do some research, but in the meantime, and ideas and/or feedback would be greatly appreciated.
Thanks
Joyce
I live in a fairly new area, there are a set of shops near completion which have been "in progress" since 2015. I am a member of a few different community discussion groups and for the past 2 years, there has been a lot of heated discussion about the lack of such services as a supermarket, cafe etc and an empty building.
So far there is only 1 planned tenant that I am aware of - an Indian grocery and convenience store. I know that the community are screaming out for something like a cafe and feel that they would support one.
Obviously I need to do a lot of research on this but the biggest barriers to entry that I currently see are that I don't have the start up capital and no experience in running or even working in a cafe. Of course I can learn the practical side of things and hire experienced staff, but it is the financial side I am concerned about - who is going to back me financially if I don't have the experience? It's also a venture that would require a lot of start up capital and running capital in the beginning, especially if I would need to hire staff (I'll at the very minimum need a qualified/experienced barista) and likely need quit my current job.
One thought I have had is to start a coffee van - much lower startup cost, I could get a personal loan to set up the van and could speak to the council (who is very much aware of the need for such a business in this area) about where I could set one up.
The other barrier to entry is that I will be moving in approximately 1 year's time to a different state. I would have to either be able to sell the business or hire a manager for it by that time.
I guess that question I am asking is - is this a stupid idea? I know people say to think big, but is this too big for my current situation? Would I be wasting my time researching this venture if I'm not likely to get the startup capital.
I think the coffee van idea is possible, maybe I should start with investigating that first. That is also something that could possibly either move with me or be sold easily in a year's time. If I do the coffee van thing - there is the risk that a coffee shop could open in the shops at some stage creating competition where now there is none and I really would love to see a cafe opened up at the shops - I'd love to go with that option.
I'm off to do some research, but in the meantime, and ideas and/or feedback would be greatly appreciated.
Thanks
Joyce
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