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Ady
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Karen Wardle, post: 19791 wrote:
Hi Ady

Firstly, congratulations on your plans for business ownership. It is great when you can start something from scratch and through creativity and hard work, watch it grow into a success.

You are off to a good start. You have come to Flying Solo, you will find a wealth of knowledge here and it is one of the friendliest forums around. I have no doubt that there are many people here who can help you with the specifics of the industry that you wish to enter. And Jayne has given you a great contact.

Ady, if I can be honest with you, I think that you would benefit from conducting some further research before you jump in. You seem very passionate about what you are doing and that is great though sometimes it means that we can act without thinking things through properly.

I do think that there are still some gaps in your research which is to be expected when you are entering an industry that you are not experienced in. It is a competitive industry that you will be entering, what is going to put you ahead of your competition?

I don’t think it is possible to give you an accurate answer in relation to the asking price of the premises. In depends on many variables, including the location, foot traffic etc. 30k is a lot of money to part with, especially to set up a business that you are not experienced in. I would also suggest seeing an accountant he/she may suggest that leasing premises would be better for your situation. (I am not saying that it would but an accountant would tailor there recommendations to fit your particular business and financial circumstances)

Some of your comments indicate that you are pressed for time. Why is this? Ady, don’t rush your decision. I don’t want to sound like a ‘dream killer’, I believe that we should all try to earn a living doing something that we love. $30k is a great deal of money to be investing without thorough research. You will give your business far greater chance of success if you build it on a solid foundation and have a plan mapped out before you start.

Is it possible for you to invest some time in a related course that deals with the specifics of the industry. Often when we are excited about a new venture we just want to get going with it. Take your time. Harness your energy into learning as much as you can before you start.

Jayne has given you an email contact and I am sure that Craig will be able to offer you some great advice.

Good luck

Karen
http://www.you-can-start-business.com

Hi Karen,

Very valuable advice you have made, thank you so much for that.
In terms of your comments that coffee shop is a very competitive industry, and what is going to put me ahead of the competition, that is something that still in my top of the list search list, and maybe enrolling quick hospitality course is the best idea, in relation to the pressured time I have, I think mainly because I have been out of job for a while, and needs the money to keep on rolling back again to support family economy, so my short thinking now is that I should not waste more time and put a delay on the plan I have now. But you are right that I should give it more time so that everything is lays prepared in front of me and all the plans are mapped out open wide ready to run effectively.

Once again, thank you for your kind advice.

Kind Regards,
Ady