MYCA is a Sligo based accountants who work with Cafes, Resturants owners.
In this post, we will look at the reasons why you might look to set up a new Cafe business.
The main reason I found from speaking to business owners is they always wanted to do something they were passionate about.
As much as this is a great reason to start a business, it is not always the best approach.
The ‘’WHY’’ part of starting a Café needs two things, you must be passionate and will people be willing to pay you to pursue your passion. (What do you offer?)
I have found the second WHY is what people focus on rather than the passion, developing quality and learning the Cafe trade.
What closes Cafes businesses is not having enough time. To ensure you can give your business enough time you need to ensure you have the correct resources in place from the start.
If you are currently working a job and you want to open a café, although you haven’t worked in a food business in 10 years, get a job working a shift, and see if you are as fulfilled working in the industry rather than been a business owner in the industry.
Not having enough start-up funds is a recipe for disaster, This depends on your business structure, but if you are selling a high-quality service and you are struggling to find the customers to pay the higher fees you will either settle selling your service at a lower price which will attract more of the same customers or you will end up running out for funds and having to close.
There is no shame in having a great business in the wrong market, as long as you are aware of it. Develop a plan to get your business in front of the people you want to.
You will need an average of 6 months savings, to give yourself enough cash runway, if you don’t currently have 6 months savings continue to work until you have enough saved.
To this even before you think of setting up a business, in the next post we will look at the structures you can consider to trade through.