Should You Open a Coffee Shop Franchise?
At FranchiseHelp, we see thousands of visitors each month from budding entrepreneurs who think that selling coffee to their fellow caffeine addicts could make for an exciting and lucrative venture.
Naturally, many folks considering a coffee business find their way to FranchiseHelp, searching for information on massive franchise brands like Dunkin' Donuts; retail giants like Starbucks (sorry, it's not a franchise!); more modest franchises like Seattle's Best, The Coffee Bean & Tea Leaf, and Coffee Beanery; mobile coffee carts like Maui Wowi; or even alternative in-office coffee service franchises like Xpresso Delight.
There's no question the global coffee industry is absolutely enormous (an estimated $430 billion in 2019) and growing nicely at nearly 6% per year (with even greater growth potential in less crowded segments like commercial and office coffee).
But is there any opportunity left for an individual to get in on the game? And if so, how much would it cost to open a coffee business?
Oakscale, which works with high-growth emerging franchise brands, writes about the costs and economic potential of the coffee business for those looking to break into this industry. In particular, they discuss the potential investment required, factors many entrepreneurs don't think about upfront (supply chain, driving foot traffic if your store is not in an ideal location, and alternatives to a traditional coffee shop).
How to Handle the Bad Apple Employees On Your Team
In line with my 3-Ts (Train, Transfer or Terminate) philosophy, let me outline what I feel are some of the key things a prudent manager / leader needs to do to try to turn this sort of worker around.
What Draws Investors to Franchising
Most prospective franchisees are drawn to the business by previous frustrating experiences in their past employments. This could have been caused due to lack of control over one’s work environment, being bound to report to superiors and insufficient room to exercise one’s authority at their work place. The micro- managing bosses, unresponsive organizational structures, or lack of voice in the organizations process are a few of the reasons why many people decide on investing in franchises as their new career. By investing in this business they take control over their own life with a little risk as compared to starting their own business from scratch.