Advice for a new small business

Discussion in 'Growing and Managing a Business' started by Rajon, Sep 17, 2013.

  1. Rajon

    Rajon
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    Hi all

    I am planning to start a small business in London, preferably in a busy area. I am planning to open a waffle & coffee shop and my wife would be my only partner. If anyone could give me some ideas about - How do I select area? How much money should I invest as a beginner? What are the obstacles do I have to consider? In fact, any kind of suggestions would help and would be appreciated.

    Thanks
    Rajon
     
  2. Fergal

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    Welcome to Business Advice Forum Rajon.

    I haven't come across a waffle and coffee shop combined before, is that something that has already worked successfully in other areas or cities?

    Would you consider buying a business franchise or do you want to set up the business on your own?
     
  3. derrickfowler

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    In my view the location is the most important thing as waffle and coffee shop need a flow of customers it should not be in residential area because there you will not find as much customer as near a marketplace or business area. Select an attractive logo, promote before opening, offer coffee and waffles free or at discount rate. That will grab customers and it will be a good start.
     
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  4. Changed Creation

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    Hi Rajon Welcome to the forum. My first advice is what few people starting out would consider important, but it is to keep your risk as close to zero as possible. (risk meaning the potential to loose capital). This actually equates to starting the business with no money down, not using anybody else's, not borrowing on any of your investments for it...Thing is, there is a belief out there (also sustained and promoted by the financial institutions) that you need money to make money. But the Rainmakers of the ages have proved this not to be true. I know because in fact I am now on a business course illustrating that this is not true. Every person in our course has to start his/her business with no money and grow it exponentially. I would recommend you to ask yourself "how can I start without money" and really think out of the box to leverage what you already have, your resources, your contacts, your competition till you find a way do secure a space well situated, without having to put down rent or get into contracts... I know you can do it!
     
  5. amwarner

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    Hi Rajon, welcome to the BAF.

    Location is the biggest thing you need to worry about because if you have a horrible location, you're not going to get the business you desire. However, before you decide on location, there are a few things you need to ask yourself.

    1. Would people even be interested in a waffle & coffee shop here at all?
    2. What percentage of my population are coffee drinkers?
    3. Of the locations that I'm considering, how close is the next coffee shop?
    4. What other business will be around my location? (I think this question is important because it can drastically affect your success, or lack of success)
    5. What other food choices are around the areas I'm considering? (breakfast places, sandwich shops, etc.)
    6. What types of people frequent the areas I'm considering and would they be interested in my business? (business professionals, students, etc.)

    Though I never was involved in a food business, I have seen my share of food businesses fail because of these things and a few more. Before you consider anything else, you should consider these questions, especially number 1.

    If you make your own waffles, is it possible to set up a stand or booth somewhere (that you have permission in) and get feedback from people and how receptive they would be to the idea? Just a suggestion.
     
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  6. nasifabg

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    Well I would also suggest to have a business website inorder to flourish in the business as now everything goes online and customers search every small thing online..
     
  7. uttkarshsing

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    Coffee is favorite every person mostely young peoples. You choose college and station are for shop.

    Near hospital also crowed is their also changes to came peoples. You also make attractive coffee pic for your shop to denote their coffee shop.
     
  8. baba07

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    I think that, small business is one kind of home based business. Most of the time small business success graph rate always. If you want to need small business success. You must be ensure 4 things- 1. honesty, 2. handsome investment, 3. good business strategy and 4. hard working.
     
  9. bethw

    bethw
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    Before you start a coffee shop you need to have a solid understanding of how this type of business operates. Study your local market well and know your competitors. You have to use quality products when you start a coffee shop. Learn from other's mistakes and don't repeat that in yours.
     
  10. businessampm.com

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    Before starting any kinds of small business you must be allocate 6 things-
    1. Smart amount of investment
    2. Better business ideas
    3. Create innovative marketing idea
    5. Create good relationship with customer
    6. Ensure hardworking and honesty
     
  11. Mens

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    Hi Rajon, Appreciate that you thought to start a Small Business


    In my view Ist look out the crowdy place where teens came along with mates, even a shopping mart areas is best for coffee house. next is attractive menu would me good, and dont forget about advertise my personal view is that my uncle has open his Chinese restaurant he ain't advertise any where but he offers free food while opening for 3 days and it was totally awesome and it works for customer attraction. don't forget to survey other coffee houses for taste and money too.......
     
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  12. JAkz

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    Location, location and location!

    Once you've decided on the location, make your self noticed: go around the area promoting your waffles, let the possible clients try them!
     
  13. marcus47

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    I am a food lover I would like to tell something. Everyone says about location and location but
    I disagree about this type of thinking. If you have a taste then people come to drive own self.
    Especially for food location it’s not a big thing taste is the biggest thing.
     
  14. zafarkhan

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    Select a Busy street take a rental shop and take a franchise business and make profit.
     
  15. jcalvin077

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    In my perspective the area is the most imperative thing Select an engaging logo, advertise before opening, offer cafe and waffles free or at rebate rate. That will snatch clients and it will be a great begin.
     
  16. T-RexCards

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    PLEASE make sure you've done all necessary research and understand that opening a business with a family member is an extremely difficult thing, not just from a business perspective but also a personal perspective as well.

    For a restaurant, you'll be working long hours (expect 100 hour weeks), to achieve razor thin margins (at the beginning, especially being in London), and still have a very high chance of failure being in the food service industry where the competition is extremely harsh.

    Once you've definitively decided this is something you want to do, I recommend meeting with other people who have started similar businesses in real life and having them look over your business plan. I urge you to heavily consider this, as the fact that you want to open a business and still have the fundamental questions that you have is very concerning. I do wish you the best of luck.
     
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  17. Constantin

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    I would say that the best location for a coffee shop in London would be close to a tube station entrance, especially if everything would be available "to take away", too.

    I know London quite a bit and I have noticed that loads of people buy a coffee and a snack on their way to work (so mornings should be crazy busy).

    I wouldn't say that you necessarily need to sell it for a special price as long as the coffee tastes good.

    If you choose another location and you target people living in the area or tourists, again I do not think that a discounted price is required, but to let everybody know that you offer something special, that they cannot get from anywhere else. Generally speaking, whoever visits London, goes there to spend money, not to look for special offers.
     
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  18. Ethel Grady

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    Business advertising, marketing and branding are the things to be taken into account while starting a new business. Implementing this can bring good business to us. Name badges can be used for the purpose.
     
  19. achievedisplay

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    Hi,
    Do you and your wife have any previous experience in the retail or restaurant industries? As mentioned above, you may want to consider a franchise solution if you are unfamiliar with how to run a restaurant because of the support you would get from the parent company. There are added fees, but you have to do less marketing.

    Joe
     
  20. Changed Creation

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    Hi Rayon. I think you first need to make a couple of waffles and coffee, and see if anybody buys from you. Go visit the neighborhood, walk around in it, give them a taste and see if they will buy? Tell them that you are thinking of starting such a business in the area and ask them if they would buy from you? What would they like. What could you specially do for them that would make it unique for them. Maybe there is a shop that is willing to give you a small space to try it out in before you get yourself in debts of rent and contracts. You could use the sales of the first test round to give you the money you need to pay for the first month. Talk to the people who frequent the area. Are there flats or people living there that will buy. Are you catering for people who work in businesses close buy? What kind of clients are they and what are their preferences. Do they want a small petite offering or a double size Mega Whooper waffle?! Do your research first!
     

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