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New business venture

  • 20-01-2009 2:33pm
    #1
    Sinead414
    Closed Accounts Posts: 4 ✭


    Would it be crazy to open a café with small interior & gift shop in these recession times? I know you need to consider many factors such as location, prices, atmosphere, quality, etc. I'm thinking of looking for premises in the Midland/Kildare region for commuting reasons. Any advice?


Comments

  • #2
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Run your numbers from a very conservative aspect. Do a huge amount of market research - most importantly sit in your car for a day counting passers by to work out your walk by rate and then sit outside a competitor in the area (with a good product) and work out your conversion rate. If your cheeky enough have a long long coffee in their premises and work out the average spend per customers over a three hour lunch period and average length of stay.

    Then double your anticipated staff costs and drop worst case sales by 25% to see if you could survive.

    Again its hard to give advice without knowing every detail about the idea but i hope that gives some insight.


  • #3
    Sinead414
    Closed Accounts Posts: 4 ✭Sinead414


    Thanks. Will do that.


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,816 ✭✭✭antoinolachtnai


    It probably would be crazy to be honest, but if you had something special going for you it might work.

    It doesn't really matter where in the country the business is. what matters is what sort of specific location it's on and what the footfall is and the kind of people in the area.

    I think you would need to have a lot of experience in these areas.


  • #5
    Bandara
    Registered Users, Registered Users 2 Posts: 3,282 ✭✭✭Bandara


    Fancy Dresser wrote: »
    Run your numbers from a very conservative aspect. Do a huge amount of market research - most importantly sit in your car for a day counting passers by to work out your walk by rate and then sit outside a competitor in the area (with a good product) and work out your conversion rate. If your cheeky enough have a long long coffee in their premises and work out the average spend per customers over a three hour lunch period and average length of stay.

    Then double your anticipated staff costs and drop worst case sales by 25% to see if you could survive.

    Again its hard to give advice without knowing every detail about the idea but i hope that gives some insight.

    Excellent advice, I'd also add double your expected fitout/setup costs as well.


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