How much does it cost?

Question

We're still in the idea stage, but my husband as ALWAYS wanted to own his own coffee and exotic tea shop. We're thinking of doing it on our own without a franchise, What are the start up costs for this? Any tips or advice? Where can we find out information?

Answer 1

I would start by doing lots of research on opening a business and jotting down just off the top of your head what you'll need to get started before you even try to figure out costs - listing everything will give you a place to start. Here are some things I would think about:

1) where and how big do you want this shop to be?
2) what space is available in the area where you want the location
3) will you need to do your own renovating/remodeling to the space
4) do you plan to buy or rent the space?
5) location is really, really important; are there other businesses in the area that draw people and might promote walk-in business for your shop?
6) how close is your nearest competition? don't even try to compete with starbucks if they're anywhere near unless there's something so unique about your shop that you'll have your own niche following
7) how will you advertise?
8) will you need to hire employees
9) who will handle the legal work? the accounting?
10) how much insurance will you need - property insurance, insurance against loss of inventory, liability insurance in case a customer or an employee gets hurt in the store
11)how much inventory do you need to get started?
12) how much money do you need not just for upfront costs but to keep the shop going in the beginning before the business takes off
13) have either of you worked at the kind of coffee/tea shop you'd like to own - are you willing to do that for awhile to really learn the ins and outs of the business?

Answer 2

Ask around, there some shops out there like that. Good luck and have fund doing that! ^.^