| When it comes to getting into the coffeehouse | | | | from an outside source to get your coffeehouse |
| business, you need to decide whether to: | | | | business off the ground. There aren't too many |
| Buy an existing coffeehouse; or | | | | people around who can fund a business on their |
| Start a brand new coffee shop from scratch. | | | | own! |
| It is absolutely critical that you discuss each option | | | | Be sure as well to shop around. Don't just talk to |
| with your accountant, and as you can expect | | | | one financing source. Talk to several of them, get |
| there are advantages and disadvantages with | | | | as much information as you can from them and |
| each. | | | | compare on your own and also, with your |
| Existing coffee shop: The obvious advantage | | | | accountant and solicitor helping you. |
| of buying an existing coffee shop is that it should | | | | Refer to the Yellow Pages, search the internet |
| be an established, successful business. Also, you | | | | and of course, attend catering trade shows. All of |
| won't need to spend as much money fitting the | | | | the major financial institutions that help businesses |
| store out, as you would in a start-up business and | | | | will be there, ready to answer your questions and |
| it is as close to a turnkey business as you can | | | | provide information. |
| get. On the other hand, if you buy an existing | | | | To secure the finance you need to turn your |
| business, you may be buying the problems of the | | | | coffee shop dream into a reality, you'll need a |
| outgoing business owner, for instance increased | | | | business plan. |
| rent and overheads, a disappointing bottom line, | | | | After all, the financial institution you hope will loan |
| etc. Of course though, you can minimize the risk | | | | you money needs to know that you have a |
| by carefully considering the business and its full | | | | great business concept that is viable. |
| financials with your lawyer and accountant's | | | | You've probably heard of the term, "Fail to plan, |
| expert advice and direction. | | | | plan to fail". |
| Start-up business: If you start your business | | | | Basically it means that failure is highly likely if you |
| from scratch, you can fit your space out as you | | | | do not plan your business. |
| like from day one. You are completely designing | | | | You need to know exactly where you want to |
| your store from scratch. On the other hand, | | | | take your business, and you need to come up |
| start-up businesses are riskier because you don't | | | | with strategies to help you achieve those goals. |
| have a proven track record in the business as | | | | Your business plan will take into consideration |
| you have created it at that location, and it costs | | | | absolutely everything: your mission statement, |
| a lot more to start a brand new business as | | | | your market position, your finances, your sales |
| opposed to buying an existing one. | | | | projections, your marketing and advertising and |
| Be sure to thoroughly do your homework and | | | | your future plans - absolutely everything! |
| research whenever you are considering an | | | | So before you spend a penny on your |
| existing or start-up business - and remember to | | | | coffeehouse, do invest your time in preparing a |
| enlist a great accountant and lawyer to help you | | | | business plan. It may save you money and stress |
| make the right decision. | | | | in the long term! |
| Chances are you will probably require funding | | | | |