Coffee is one of the most preferred beverages consumed cold or hot across the globe. There are many varieties of coffee which are grown and then processed to satiate the demands of the ever-growing mankind. Nothing is better than a freshly brewed cuppa, which kickstarts your day in no time. It is also a beverage which is preferred after a long day at work or lounging with friends. These factors indicate the possibilities of a lucrative coffee franchise investment. Though it appears to be facile, there must be some factors taken into consideration before investing into the business.
1. Space
One of the first things to ponder upon is the set up that you wish to establish. Coffee might be something that a many want to grab while rushing to work, while for others it may be a cup to unwind. Allocating a space would ensure a seating area for the visitors which in turn will attract larger crowds. This however, has additional costs which are incurred on acquiring the space and its maintenance.
2. Amenities
A place can appear more inviting if a few free amenities are available which are crowd appealing. Facilities like Wi-Fi, Library and charge in plug points seem more attractive and the place will be flocked by many people. One factor to keep in mind is the specific target audience you will attract, for e.g. people who want to read, catch up with friends or conduct meetings. This means occupying the space for a couple of hours which may not necessarily mean more purchase. Its about the investor to consider these aspects before investing.
3. Food
It is quite a trend for single product-oriented brands which offer a variety of options in the same product. However, people like options and combining food along with beverage is a good idea to attract people. A few treats like cookies, brownie, nachos etc are mostly served t all coffee brands. Serving food along would seem profitable but encompasses of additional costs and associated elements like cooking, storage, serving etc.
4. Opting a Drive Through
Life these days is fast paced and people are always on the move. Coffee is opted by many to be consumed while driving, reaching to work etc. Drive through establishments are in vogue and are also found in food franchises. The option of drive though is a good deal while it requires careful operational manoeuvring. The shortage of time and the pressure to deliver the best service and experience can be a tedious task. It is also better to look for already operating models and take inferences.
Take away: The nature and industry of franchise industry varies but the investment pros and cons always are an accomplice. When you consider investing into a franchise, there needs to be planning and preparation at every level. No matter what the industry research and analyse market trends. A coffee franchise may seem appealing at the onset but like every industry comes with individual traits. Taking time to understand the trade, keeping the finances in place and working out operating model is a better option than rushing into it.
Karan Makan
Technology Engineer and Entrepreneur. Currently working with International Brands and helping them scale their products Globally through different ventures. He owns Multiple Food Brands and is on a continuous spree to acquire many more businesses in the coming years. With over 10 years of experience and strong background in Brand Acquisition, Karan Makan is soon poised to be a Brand in the coming years.
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