Planning on starting my own business

[2slo4u]

Hey all,
I have a lot of people interested in buying my car ($10,000obo) so with that money what I have planned is to start a business. I initially wanted to buy a Lexus GS400 and go VIP style with that but with a kid on the way I figure I'd do something that will bring income instead of add to my expenses.
I guess the topic of this thread is: has anyone started a business before or can chime in on info about starting a business such as loans.
The business will be owned by my wife and I and what I want to do is open a Bubble Tea and Crepes shop. I have done a lot of research on product pricing and calculating with realistic figures the revenues and expenses but it never hurts to get opinions from others.
I have found a few locations with a lot of teens, walking distance from near by neighborhoods, in a busy plaza with no other store selling Bubble Tea, and also plenty of parking.
Most are about $20-$25/SF/year and about 1800-2000sf.

JUST IN THE PLANNING STAGES. GIVE ME IDEAS OF BUSINESSES TO START.

 

[vjf915]

I dont know what bubble tea is.......or crepes. But I guess my only piece of advice would be to NOT make your wife your business partner. God forbid you two should split, you want to buy back half of your multi-million dollar company?

 

[2slo4u]

I dont know what bubble tea is.......or crepes. But I guess my only piece of advice would be to NOT make your wife your business partner. God forbid you two should split, you want to buy back half of your multi-million dollar company?

its more of an automatic partner kinda thing haha married=we'll be there working together..the business will be the last of my worries if we get divorced, but i get what your saying though

bubble tea is a tea like drink usually mixed with black or jasmine tea combined with milk, choice of flavor(taro, honey dew, strawberry, lychee...alot of flavors), milk, and one of the best part of the bubble tea, the tapioca (boba)


crepes:
http://www.google.com/images?client=firefox-a&rls=org.mozilla:en-US:official&channel=s&hl=en&q=crepe&um=1&ie=UTF-8&source=og&sa=N&tab=wi&biw=1360&bih=578

 

[253eg]

If you have a bubble tea joint in Tacoma, I'll be a regular.

 

[vjf915]

I think if I lived in your area, I would definitely come in and try your stuff.

My last post was a little bit of a joke, I apologize. I would HOPE that a small business wouldnt be your biggest worry. In all seriousness though....I think it would be wise to broaden what you deal with. You may love bubble tea and crepes, but I have to assume that there are not enough people in any given area that would buy enough to sustain a business AND provide enough income to your family to make it worth while. Maybe call it bubble tea and crepes, but would be better to deal in A LOT of pastries and whatnot.

 

[2slo4u]

I've thought about the Tacoma area, but I'll look into it more. Im not sure where would be a good area since I don't want it near the mall and I've only lived in N.E Tacoma which is basically Federal Way anyway. I know Tacoma alright though so I'll check around the area.

 

[253eg]

I think if I lived in your area, I would definitely come in and try your stuff.

My last post was a little bit of a joke, I apologize. I would HOPE that a small business wouldnt be your biggest worry. In all seriousness though....I think it would be wise to broaden what you deal with. You may love bubble tea and crepes, but I have to assume that there are not enough people in any given area that would buy enough to sustain a business AND provide enough income to your family to make it worth while. Maybe call it bubble tea and crepes, but would be better to deal in A LOT of pastries and whatnot.

Bubble tea is pretty big in Tour area, especially in a certain area. Anywher you have a large Asian population, your gonna have a lot of Pho and Bubble tea joints.

Personally, it'd be a good investment, but you'd have to set yourself apart from all the other businesses.

S. Tacoma way would be the only real spot, thats a long strip of road and cuts into the International district. But, there is so much competition.

 

[2slo4u]

I think if I lived in your area, I would definitely come in and try your stuff.

My last post was a little bit of a joke, I apologize. I would HOPE that a small business wouldnt be your biggest worry. In all seriousness though....I think it would be wise to broaden what you deal with. You may love bubble tea and crepes, but I have to assume that there are not enough people in any given area that would buy enough to sustain a business AND provide enough income to your family to make it worth while. Maybe call it bubble tea and crepes, but would be better to deal in A LOT of pastries and whatnot.

oh no worries, I smiled as I read it cause I told my wife she gets nothing from the business only I do. Then she fired back saying the "you'll get nothing from me either" -_- so she was included automatically haha

I only know of one crepe shop here, maybe I need to get out more haha, but its at the mall and when I pass by they seem* to get good business.

There are alot of things I have to consider though, such as the things you've pointed out like revenue over expenses. I'm doing my research now by going to different Bubble Tea shops and counting the customers per hour. I bring a bunch of my cousins to buy and hang out there so I don't look like I'm just there watching them

 

[2slo4u]

Bubble tea is pretty big in Tour area, especially in a certain area. Anywher you have a large Asian population, your gonna have a lot of Pho and Bubble tea joints.

Personally, it'd be a good investment, but you'd have to set yourself apart from all the other businesses.

S. Tacoma way would be the only real spot, thats a long strip of road and cuts into the International district. But, there is so much competition.

South Tacoma Way crossed my mind too but like you said there is alot of competition. I think that B & I would take most of my customers away.

 

[lowlife9]

i love jasmine tea and i drink it everyday but i hate tapioca. how much would a cup of this bubble tea cost at your store ???

 

[Mr. Jollypants]

Let me put it this way. 10,000 isn't enough. Use it as a down payment on a business loan. You're going to want to calculate money to survive on, money to use for business expenses (There are a lot.). I truely hope it turns into a business that is successful right off the bat, but truth is, more than likely, it's not. For the first few months you are going to be spending two or three times the amount of money that's coming in. I've owned by business for almost a year, and I'm still spending more money than I'm bringing in.

You want to figure out exactly what you want to do, not do what you think you want to do. Then figure out a way to separate yourself from other shops and businesses within 25-30 miles. Be it prices, customer service, atmosphere, or just community events. You're best bet is going around the area you are thinking about opening a business, and gauge your possible customers. Have them do surveys, or face to face surveys, ask questions if they visit businesses like yours, if so, who and why, and if they don't, why not, what would bring them in.

Get a business plan together. Doesn't need to be a formal one, but one that lists your goals. Set them high, but don't set them so high that you can't achieve them. For example, "Within 6 months, I'd like to break even on expenses and profits." and "Within a year, I'd like to have 3 full time employees."

 

[vjf915]

I agree. The key is to STILL maintain competitive prices. THAT will be what brings customers in.

 

[Mr. Jollypants]

I agree. The key is to STILL maintain competitive prices. THAT will be what brings customers in.

There is a point in pricing. At first, you'll want to have your prices low enough that it'll generate interest and talk, once you've established repeat customers and good standing with a community, you can then start raising prices. A customer is willing to pay extra money for a product at your business if they feel they are more valued, not much extra, but enough to make a difference. You don't want to start it off so low that it generates BAD talk, people do and will believe that significantly lower prices equals bad quality and customer service, but you also don't want to raise it so much that they feel they are getting ripped off. My general opinion is, ask what the customer is willing to pay, and add 30% to it.

 

[got traction]

free bubble tea and crepes to CC mods?

 

[vjf915]

 

[got traction]

free bubble tea and crepes to CC mods?

pffff...im local....people in jersey dont get s**t

 

[2slo4u]

free bubble tea to CC members?

thats basically you, 253eg, crash, nofx and eran so yes haha one a week haha

thanks alot for the input vjf and mr. jollypants.

I've been working since 13 in the business field so I know a few things about running a business. I plan on putting all the money on a loan. Right now I'm going around tasting other shops bubble teas and comparing the area traffic.

I'm not set on bubble tea and crepes though. My cousin and I were just talking about it and I'm deciding to act on it. If you have any ideas on a small business I should start, please say.

 

[Mr. Jollypants]

Holy s**t, $20-$25/SF? I thought the $1/SF near me was pretty outrageous.

 

[2slo4u]

we have $.99 /sf carpeting

 

[got traction]

thats basically you, 253eg, crash, nofx and eran so yes haha one a week haha

thanks alot for the input vjf and mr. jollypants.

I've been working since 13 in the business field so I know a few things about running a business. I plan on putting all the money on a loan. Right now I'm going around tasting other shops bubble teas and comparing the area traffic.

I'm not set on bubble tea and crepes though. My cousin and I were just talking about it and I'm deciding to act on it. If you have any ideas on a small business I should start, please say.

there is a bubble tea place on the corner of south tacoma way and stelicoom blvd. Go check it out, i think its pretty well decorated....just an idea