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.
I cant remember where I heard this advice, but what you should do is go spend a few full days sitting in a competing coffee shop thats representative of what toure tryinf to do. Write down what every person comes in and orders, and how much it costs, and add it up. Then since you already have costs from your suppliers, subtract the costs of each product and figure out roughly what the coffee shop is earning. Then cut that number in half or a quarter, and assume if you do everything well thats what you could earn.
Doing that, whats your payback period? If it takes you more than 3-5 years to earn your 300k back, its a bad idea.