What are your views on starting up a cafe business in Melbourne?

[JayMakaveli]

All insight, pros & cons is encouraged!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Carnage]

Did you try to do any research before asking?
You should probably do the research and come up with the pro's and con's and people here will advise you only of they know you put in some effort...

 

[welshmin]

Generally I wouldn't consider a cafe "fast lane". Why? Lack of scale.

To bump a cafe into a multi-million dollar a year business you'd need to either franchise or expand to new locations. Both of which are pretty difficult to do. Not impossible, but difficult.

If you were going for that kind of thing then study Starbucks/Gloria Jeans/Zaraffa's/Coffee Club and understand how they did what they did.

As a lifestyle business? A cafe ain't too bad. I'm dreaming of opening up a bistro/cafe type deal when I retire and don't need to stress about the money too much. But it wouldn't be my path to retirement.

 

[nradam123]

Read the chapter on Fastlane Interstates in The Millionaire Fastlane .
A cafe comes under "Intentional Iteration (II)" so it does not work well with commandment of scale.

And this is a broad question man, and you have a broad market. Unless you pick the right street corner, the right niche (cafe for entrepreneurs with free wifi ? Have a weekend speech by local entrepreneurs? I dunno), right social media voice and all that .... you are going to be crushed (This is true for all business btw)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[kkompoti]

open a cafe , only if you are going to franchise the hell out of it.

there is a big profit selling one cup of coffee, but you must really do the numbers first.
also young good looking ladies serving it is a plus for more costumers.

 

[kkompoti]

no i saw it. you entered the forum. asked this question only as a first thread, and waiting for the EXPERTS to speak. nice but not so nice.
introduce yourself first. contribute to the forum first and then if you add some value to it ,someone big from here will add some value to you as well.

go on .tell us something about you and your entrepreuner projects.

 

[TheGrind]

I'm not convinced that after all expenses there's much money in the cafe world.

Read e-myth 2.0 if you're considering this though.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Fox]

2 Posts, no pic, no details...

"Hey can I have a business plan"

 

[MattR82]

Don't do it.

Melbourne is one of the most competitive markets for coffee in Australia, and maybe even the world. Also, how many of the CENTS principles does it fail? Quite a few I think.

I had friends that worked in and managed cafes in capital cities in Australia. Not as easy as you may think. But if you have something truly different, that's another case maybe.

 

[GuestUser155]

Do you need a step-by-step guide, too?

I've got a few of those laying around.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Raoul Duke]

All insight, pros & cons is encouraged!

Please tell me the EXACT steps. Don't leave anything out.

 

[JayMakaveli]

Did you try to do any research before asking?
You should probably do the research and come up with the pro's and con's and people here will advise you only of they know you put in some effort...

You're right. I could've put more effort into my question, but I effortlessly prematurely posted as a first post to see how much traffic this forum gets.

I'll be sure to put more effort in my next post!

 

[JayMakaveli]

Generally I wouldn't consider a cafe "fast lane". Why? Lack of scale.

To bump a cafe into a multi-million dollar a year business you'd need to either franchise or expand to new locations. Both of which are pretty difficult to do. Not impossible, but difficult.

If you were going for that kind of thing then study Starbucks/Gloria Jeans/Zaraffa's/Coffee Club and understand how they did what they did.

As a lifestyle business? A cafe ain't too bad. I'm dreaming of opening up a bistro/cafe type deal when I retire and don't need to stress about the money too much. But it wouldn't be my path to retirement.

You're completely right, and I wasn't considering opening up a cafe to hit the multi million dollar mark because I have no motivation to franchise such a business.

I'll keep it as a lifestyle business for future preferences.

Cheers!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JayMakaveli]

Read the chapter on Fastlane Interstates in The Millionaire Fastlane .
A cafe comes under "Intentional Iteration (II)" so it does not work well with commandment of scale.

And this is a broad question man, and you have a broad market. Unless you pick the right street corner, the right niche (cafe for entrepreneurs with free wifi ? Have a weekend speech by local entrepreneurs? I dunno), right social media voice and all that .... you are going to be crushed (This is true for all business btw)

I love your creativity! I'll be more specific In my next posts and cheers for the insight!

 

[JayMakaveli]

no i saw it. you entered the forum. asked this question only as a first thread, and waiting for the EXPERTS to speak. nice but not so nice.
introduce yourself first. contribute to the forum first and then if you add some value to it ,someone big from here will add some value to you as well.

go on .tell us something about you and your entrepreuner projects.

You caught me out!

Regardless, I'm still 26 years young and an aspiring entrepreneur. My knowledge and insights towards entrepreneurship are slim, but I've dabbled in a few projects over my years.

I'm currently running a mobile cocktail bar service in Melbourne, and have a painting and decorating business that keeps most of the boys busy. I've recently just come back from a long term traveling trip and feel that spark of fire within me is gone.

I want to start a new project or at least invest in something I love. This maybe the wrong forum to be posting in, but I value the enjoyment of what I'm doing more than the scale of profit I can make.

Nice to meet you guys

 

[townhaus]

painting and decorating business that keeps most of the boys busy.

Sounds like you already know something about running a business. Why not grow and expand this?

I'm assuming this is your main source of income, or do you make more from the cocktail bar?

The "doing what you love" topic has already been discussed ad-nauseum here. I'll let others chime in about that.

I recommend read MJ's book "The Millionaire Fastlane ", i think you'll get a lot from it as many of us have.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JayMakaveli]

Sounds like you already know something about running a business. Why not grow and expand this?

I'm assuming this is your main source of income, or do you make more from the cocktail bar?

The "doing what you love" topic has already been discussed ad-nauseum here. I'll let others chime in about that.

I recommend read MJ's book "The Millionaire Fastlane ", i think you'll get a lot from it as many of us have.

Correct! This is my main source of income, and I'm constantly procrastinating whether or not I should invest in more time and expand the business, but I'm more leaning towards giving the director position to my current supervisor and work things out from there.

Thanks for the book recommendation man. Appreciate it

 

[Andy Black]

I heard a great line a couple of weeks ago from a guy called Bryce Cleveland:

"Grow what you know."​

I mention it in the second half of the second radio interview linked to in my signature.

Ask @MTF what he thinks about focusing and doubling down, versus dabbling and going wide.



EDIT: Here's that thread with a video interview with Bryce Cleveland. It also links to his Soundcloud audios where he talks about "Grow What You Know":

• www.thefastlaneforum.com/community/threads/video-great-interview-with-a-true-entrepreneur.69885

 

[JayMakaveli]

I heard a great line a couple of weeks ago from a guy called Bryce Cleveland (I created a thread linking to a video by him and some really good audios he did on Soundcloud). (Will link later when I'm on my PC).

The line was: "Grow what you know."

I mention it in the second half of the second radio interview linked to in my signature.

Ask @MTF what he thinks about focusing and doubling down, versus dabbling and going wide.

That's a great line! And If I was truly driven towards reaching financial freedom at an early age I'd definitely consider reevaluating my priorities and growing what I already know.

But at this stage in my life I feel content within most aspects except for my thirst for new beginnings and adventure. I got bored at some point and realized my needs are different. I'm not saying that I became successful and I'm over it because I'm far from successful. I've just taken a new interest in things is all.

Appreciate all insight though and I'd love to listen to that link!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JayMakaveli]

Kind of sounds like I should be posting all this in the spirituality forum. But I'm already a member of one

 

[TonyStark]

Did you read the book?

 

[The Racing Driver]

All insight, pros & cons is encouraged!

Follow this 4-Step process by @snowbank

1. Can you create something that's more valuable than what's out there?
2. If yes, how can you reach your potential audience?

Then finally, when you've done the required due diligence and research. Does the maths make sense? Can the business help you reach your income goals? If yes, go for it!

Remember the 2nd Habit of Highly Effective people. Begin with the end in mind....

P.S: In all honesty, this forum isn't really the place to just ask for things to be handed to you. Come back with some more research on potential gaps you can fill.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.