Okay we have a great location picked: only drive thru one a major commuter road w/ space for a small retail shop inside. I have a great supplier who works with other small coffee shops in the state. I have the plans laid out and everyone thinks its great idea.
But for renovations/supplies/ect its coming out 300k. Is that a horrible idea?
I have reached out to local agencies and haven’t found grants and I don’t feel comfortable asking family.
I’m torn between you only live once/this is my dream and omg I want to throw up.
Just remember that a looming recession of some sort is coming. Your costs will not go down (inflation is here to stay), but consumer spending will have either major or minor hiccups and that $15 breakfast burrito and 16oz Latte I recently purchased doesn’t sound as tempting each week.
Double check yourself that you didn’t fall into the trap of looking at smaller locations and slowly changing your “ceiling” as the broker guides you to larger locations.
The place and the consumer traffic sounds awesome, until starbucks sees that a lot of credit cards are being spent on food services in that zip code and they build a new location in the same area (they are aiming to build more).
Rewards don’t come with risk, but this one smells like a money trap where you aren’t taking a salary for a few years.