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What is the most challenging aspect to opening your own business?

I've graduated high school a year early and I am ready to make my dream come true. I've had a vision of a coffee shop that is truly unique compared to others I've seen. After my gap year, I plan on getting my associates in business, then proceeding to fulfill my dream. I have so many questions and would love some insight from someone who has been in my position before; they don't know what to do now, who to talk to, what to study, etc.. I would appreciate some insight! Much thanks!
#business #coffeeshop #businesswoman #gapyear #businessmanagement

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Subject: Career question for you

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Eula’s Answer

Dear Maggie W.


Congratulations on finishing school early.

And I love the passion to be a business woman.

Dreams are good, they fuel the passion to succeed

and doing what you love, gets out of bed every morning to make it happen.

Uniqueness always stands out and gets attention.


What is the most challenging part of opening your own business. MONEY.

Unless you, or some that loves you and trusts you dearly, has at least $150 thousand dollars

to open up the business, you will find yourself raising capital for the venture.

You must have a business plan that shows how you will operate and what is unique about the business

How you will find customers and make sure they know you are there to come through the doors by the throngs to buy coffee at your place.


You will have to have a deep knowledge about coffee,

and also about the competition who is offering coffee (called generic product)

that you see unique, but others may not yet know about.


You will also need to hire people to do some of the work and supervise them.

Also make sure you make enough revenue to pay them all.

This can be sometimes a challenge, because it is a new coffee shop.


Choose a location that is super busy and in a place where people wake up early.

Offer many varieties and at a reasonable price.


I myself love coffee, and drink it every morning,

but I like to make and drink coffee at home. But that's just me.


There is a wonderful world waiting for you. Go out and offer your best.


Let me know if this helps OK, and if you have any other questions,

we / I shall be always here for you.



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Mitchell’s Answer

<span style="color: rgb(67, 58, 83);">Hi Maggie! I love entrepreneurial spirit, and if you're looking for a real challenge I think you're headed in the right direction. I have opened - and closed - two very different businesses while also working full time in the corporate world. The first was retail jewelry sales and the second was video production. The jewelry business was a sole proprietorship I set up with my wife. The video production company was an LLC set up with three other business partners. I loved learning about jewelry, studying gem quality, finding suppliers and choosing interesting items to sell, and meeting people wanting to buy our products. I loved learning about video production for both commercial and narrative purposes, finding creative ways to promote products for our clients, and delivering results that impressed our clients and their customers. </span>

<span style="color: rgb(67, 58, 83);">What I did not love was the administrivia - paperwork for sales, sales taxes, use taxes, accounts payable, accounts receivable, payroll, payroll taxes, etc. I had no passion there, and these activities took up a lot of time. They were necessary and important, but every minute I spent working on administrative stuff felt like time away from "important" work for my business. But I stuck it out because in neither case could we afford to pay for folks to handle it for us. </span>

<span style="color: rgb(67, 58, 83);">So just be aware that there are a lot of critical administrative functions that will require your time. Maybe you’ll have a partner who has a passion for that, or maybe you’ll have enough startup capital to hire it out. Regardless, it has to be done. Good luck! </span>

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Mansi’s Answer

Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces, whether they are large or small. These include things such as hiring the right people, building a brand, developing a customer base, and so on. However, there are some that are strictly small business problems, ones most large companies grew out of long ago. Here are the five biggest challenges for small businesses.

KEY TAKEAWAYS
A small business should not allow itself to become dependent on a single client.
Having professional help with money management frees up a small business owner to focus on operating concerns.
It’s important to find the right balance between working long hours and business success.
A small business owner should not create a situation in which the business could not continue in their absence.
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B’s Answer

Revenue and operating profit. Build a business case looking at expected sales and associated revenue per sale. Then separate your cost in to Fixed Cost and Variable to model out the expected proceeds. Ensure those are enough to pay yourself.

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