How to find a balance ? - Opening a Coffee Shop / Investing in real estate

[ALC]

Good evening,

I intend to open a Coffee Shop soon, so I would be busy 6 days / 7 and probably no free time to learn about the market at least not much and no time to invest in the first years after opening the Coffee Shop..

For those who have been in the same case, how do you find a balance?

Do I have to concentrate more on franchising my concept and dominating the market, and investing in real estate later on?

I am only 20 years old so I have more or less time, but I would like to have some financial freedom before my 50 years...

Thanks

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Greg R]

Good evening,

I intend to open a Coffee Shop soon, so I would be busy 6 days / 7 and probably no free time to learn about the market at least not much and no time to invest in the first years after opening the Coffee Shop..

For those who have been in the same case, how do you find a balance?

Do I have to concentrate more on franchising my concept and dominating the market, and investing in real estate later on?

I am only 20 years old so I have more or less time, but I would like to have some financial freedom before my 50 years...

Thanks

If you haven't read UNSCRIPTED , the book talks about execution via extreme focus (or unbalance). Temporarily unbalance yourself and build your Fastlane.

As @JScott already said, focus on business income first to build wealth. Investment income is to preserve wealth.

 

[ALC]

If you haven't read UNSCRIPTED , the book talks about execution via extreme focus (or unbalance). Temporarily unbalance yourself and build your Fastlane.

As @JScott already said, focus on business income first to build wealth. Investment income is to preserve wealth.

Didn't ordered it yet..i'm reading Go-Giver actually but i need to order it asap.
So I wait to the point where i have a "stable" situation then I start?
Or is there any other possibilities like investing the income in new services like Roasting, then selling it and make ads of my shop on internet and then grow the sales ?

If you got any suggestions, go ahead ! I'd like to hear your opinions on my projects

 

[Greg R]

Didn't ordered it yet..i'm reading Go-Giver actually but i need to order it asap.
So I wait to the point where i have a "stable" situation then I start?
Or is there any other possibilities like investing the income in new services like Roasting, then selling it and make ads of my shop on internet and then grow the sales ?

If you got any suggestions, go ahead ! I like hearing opinions on my projects

If your goal is to build the best coffee shop in France, the only thing you need to do right now is focus on building and growing the coffee shop. Nothing else matters. Everything else will fall into place.

Now start.

 

[millerad]

You can definitely do it. You have to try and balance how crazy your life will be. On 3 hands you will be running a coffee shop and whenever you have a second you can be working on your long term plans.

 

[Greg R]

You can definitely do it. You have to try and balance how crazy your life will be. On 3 hands you will be running a coffee shop and whenever you have a second you can be working on your long term plans.

Oh yea?

Real Life Example:

Today instead of going home from work and building my prototype, I have to go to a rental property of mine where I am turning over a tenant. The three hours that I am going to spend over there (five hours of my time total) takes away from the time I was going to spend working on my product.

Three years ago, I thought buying rental properties while trying to build my business was "smart." Now I have to live with the byproduct of that choice. Not that it is good or bad, or that I would do it any other way. It is just the fact that I cannot work on my prototype which has way higher Expected Value (EV).

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[ALC]

If your goal is to build the best coffee shop in France, the only thing you need to do right now is focus on building and growing the coffee shop. Nothing else matters. Everything else will fall into place.

Now start.

That's my ultimate goal now, even if my passion is Automotive Racing and i'm craving to be a professionnal racecar driver, the futur of cars and Racing looks not so bright so i've told myself that, if i have to work for something , i must go in something that has a future..but driving/racing is definitly a thing that i could do every minute of my life without being bored of..but such is life.
The new trend of Australian Coffee Shop has begun here, but my project is different and it's actually a new trends that i'm launching, hopefully it will work.

I have all the qualities that my competitors do not have, but where I'm afraid is that people may not respect the same qualities and principles that i have.
I would not have the same control that i can have on my shop (speaking of franchisees),the fear of not to find the same atmosphere that I want to provide to people in my others shops led by franchisees

 

[Greg R]

but where I'm afraid is that people may not respect the same qualities and principles that i have.

That is why you should test your product, shop, concept before you launch.

 

[ALC]

That is why you should test your product, shop, concept before you launch.

My concept would work for sure, but i'm not sure about the people who will open a franchise contract with me if ever it happens, find the same quality of products and services in any shop of my brand.

 

[Azure]

Why a coffee shop? What are you doinh differently from every single Harry Hipster who opens a neighborhood coffee shop?

 

[ALC]

Why a coffee shop? What are you doinh differently from every single Harry Hipster who opens a neighborhood coffee shop?

Because Coffee has been a thing for a long time, i already manage my parent's Coffee Shop which is a french franchise but start to be old school.
I want to open my own coffee shop, got my own style(which has not been used before), many unique products imported from Italy with a strong partnership with my supplier. I also want to create a brand like 'GRIND Coffee' have been able to do in London, with his black card and other thing...i'm in France and all of this don't exist here.
Only young folks like Starbucks, but i feel a change in the habits of people, they seek the quality and not many people provide it.

Why a Coffee Shop ? Because I know the market fully, how this business works, I see another opportunity in the restoration, but the entry fee is higher, also because i see an opportunity here in France.
I can not stand hipsters and coffee filters and their sweet espressos... that trend is horrible, but it allows me to get ahead for the next trend.
A real espresso is supposed to be strong and intense!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)