The way people choose and use their local coffee shop is giving Independent operators a boost.
Whether you own a café or coffee shop and want to expand or dream of opening one, today is a great time to look for opportunities.
The pandemic has caused cash flow to dry up and owners to re-evaluate their lifestyles. This means that there are 1000's of great coffee businesses for sale. Taking over an existing coffee shop or cafe could save you £100k in set-up costs and give you a head start as it will already have a loyal customer base.
Even chains like Starbucks are closing shops; they often rely on first-mover advantage. When a location becomes saturated with coffee places, their rent deal no longer works, so they close.
There is a problem with taking over an existing business; how do you know that it's not a dud?
Some cafes will have inherent issues that even the most entrepreneurial owner cannot overcome, it may be too small, on the wrong side of the road or have an unrealistic rent.
The seller will paint a pretty picture of the opportunities that taking over their business will give you. You see examples of this in the for sale ads all the time; 'opportunity for extending trading hours', 'space could be rented out in the evenings', 'catering or delivery options'. The question in your mind should be, ' if these are such a good idea, why didn't they grasp these incredible opportunities themselves?
Your new venture must be able to take advantage of the changes in consumer behaviour as we come out of the pandemic. Social distancing, together with perceived safety, means that you won't be able to cram as many seats in as before. Working from home means that people will want to work from your place, so power sockets and good lighting are essential.
Once busy city centres are quiet, and commuter towns are bustling, what was once a great location could now be terrible.
Take advantage of the opportunities, but it's a case of 'Caveat Emptor' - or buyer beware. Come and see Claire Bowen’s Keynote @CoffeeShopExpo – ‘Why NOW is the time to open a coffee shop’