Met a really interesting guy yesterday. He owns several coffee shops, a restaurant and 3 clubs in Dubai.
One of my friends is actively looking to start a coffee shop so I asked him if he had any advice for someone starting in the business.
He said copy a popular coffee shop’s theme. Just take a few snaps and show it to your designer.
He doesn’t believe in buying franchises because of the upfront fees and ongoing royalties. He believes that with the proper marketing you can drive tons of traffic to any business.
He likes to buy distressed businesses that are already setup so there’s no capital expenditure. They’re not doing well so he can get them cheaply. He then launches a huge marketing campaign to hype it up. This includes press releases, getting famous people[through his large network of friends] to show up, having special theme nights and other stuff.
He also suggests that you always try and get the seller to finance any portion you can’t get from the bank. Never invest your own money. Instead use that for the next investment!