Colisasota
New Contributor
- Joined
- Jan 12, 2019
- Messages
- 3
Rep Bank
$50
$50
User Power: 100%
Hi, I'm new here and still reading The Millionaire Fastlane , but I see a need and am wondering if it is something worth pursuing.
I live in a fairly new area, there are a set of shops near completion which have been "in progress" since 2015. I am a member of a few different community discussion groups and for the past 2 years, there has been a lot of heated discussion about the lack of such services as a supermarket, cafe etc and an empty building.
So far there is only 1 planned tenant that I am aware of - an Indian grocery and convenience store. I know that the community are screaming out for something like a cafe and feel that they would support one.
Obviously I need to do a lot of research on this but the biggest barriers to entry that I currently see are that I don't have the start up capital and no experience in running or even working in a cafe. Of course I can learn the practical side of things and hire experienced staff, but it is the financial side I am concerned about - who is going to back me financially if I don't have the experience? It's also a venture that would require a lot of start up capital and running capital in the beginning, especially if I would need to hire staff (I'll at the very minimum need a qualified/experienced barista) and likely need quit my current job.
One thought I have had is to start a coffee van - much lower startup cost, I could get a personal loan to set up the van and could speak to the council (who is very much aware of the need for such a business in this area) about where I could set one up.
The other barrier to entry is that I will be moving in approximately 1 year's time to a different state. I would have to either be able to sell the business or hire a manager for it by that time.
I guess that question I am asking is - is this a stupid idea? I know people say to think big, but is this too big for my current situation? Would I be wasting my time researching this venture if I'm not likely to get the startup capital.
I think the coffee van idea is possible, maybe I should start with investigating that first. That is also something that could possibly either move with me or be sold easily in a year's time. If I do the coffee van thing - there is the risk that a coffee shop could open in the shops at some stage creating competition where now there is none and I really would love to see a cafe opened up at the shops - I'd love to go with that option.
I'm off to do some research, but in the meantime, and ideas and/or feedback would be greatly appreciated.
Thanks
Joyce
I live in a fairly new area, there are a set of shops near completion which have been "in progress" since 2015. I am a member of a few different community discussion groups and for the past 2 years, there has been a lot of heated discussion about the lack of such services as a supermarket, cafe etc and an empty building.
So far there is only 1 planned tenant that I am aware of - an Indian grocery and convenience store. I know that the community are screaming out for something like a cafe and feel that they would support one.
Obviously I need to do a lot of research on this but the biggest barriers to entry that I currently see are that I don't have the start up capital and no experience in running or even working in a cafe. Of course I can learn the practical side of things and hire experienced staff, but it is the financial side I am concerned about - who is going to back me financially if I don't have the experience? It's also a venture that would require a lot of start up capital and running capital in the beginning, especially if I would need to hire staff (I'll at the very minimum need a qualified/experienced barista) and likely need quit my current job.
One thought I have had is to start a coffee van - much lower startup cost, I could get a personal loan to set up the van and could speak to the council (who is very much aware of the need for such a business in this area) about where I could set one up.
The other barrier to entry is that I will be moving in approximately 1 year's time to a different state. I would have to either be able to sell the business or hire a manager for it by that time.
I guess that question I am asking is - is this a stupid idea? I know people say to think big, but is this too big for my current situation? Would I be wasting my time researching this venture if I'm not likely to get the startup capital.
I think the coffee van idea is possible, maybe I should start with investigating that first. That is also something that could possibly either move with me or be sold easily in a year's time. If I do the coffee van thing - there is the risk that a coffee shop could open in the shops at some stage creating competition where now there is none and I really would love to see a cafe opened up at the shops - I'd love to go with that option.
I'm off to do some research, but in the meantime, and ideas and/or feedback would be greatly appreciated.
Thanks
Joyce
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. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
