At some point in my life (30’s, 40’s) I want to open up a coffee shop somewhere. What are some things I should be aware of/accomplish in the meantime while I work?

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Posted by Kevin Lin (MONEY FORUMS: 7, Answers: 0)
Asked on March 9, 2016 5:40 pm
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Hi Kevin, Invite me to your opening! I love coffee :)

I think the first thing to be aware of is that the food industry is a hyper-competitive industry and first to market ideas often grab huge marketshare. Coffee shops are ubiquitous, so its up to you as an entrepreneur to figure out why people will come to you instead of Starbucks or Plan B coffee House. Economics of location will only get you so far in the food industry.

I would specifically try to gain restaurant experience prior to opening a coffee shop. Even if you work as say a trading analyst on wall Street, try to get some experience tending bar or being a barista. Work for a small shop, so you can have an intimate connection with the problems they face.

Read the Dip By Seth Godin and as many entrepreneurial websites and books as you can get your hands on for free.

Good luck! Brick and Mortar businesses are tough, but I know many people who have had great success as restauranteurs and in other small business venues. You can be a success with a crazy dream like owning a coffee shop.

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Posted by Hannah Rounds (MONEY FORUMS: 1, Answers: 54)
Answered: March 11, 2016 10:03 am