Consulting Advice

by acedisgrace2. Posted on Sep 11, 2020    1    3


Hello,

I plan on starting a Tea Shop in Buffalo, NY, where you can go in and buy looseleaf tea. It will be a smaller space, as it will accommodate seating for eating as well. As I do not have much experience in opening a business, I wanted to see if anyone had any experience opening a tea or coffee shop. The main things that are of concern currently are: what are some financial practices that I should be following? How much do I ask for in a loan? What is the best way to stay prepared and how can I develop my own business plan? These may seem like very vague and uninformed questions, if you'd like to help I'd be more than happy to elaborate, just trying to get some expert advice lol.

My biggest problem is my lack of experience, sorry if I seem somewhat lost/new. Thank you in advance!


Comments

Zazenp 1

Do you have experience working in a tea shop or managing a similar business?

IntoTheWildBlue 1

Have you worked with tea in the past? What's your expertise? Small business loans are difficult to get if your a new business and may have to provide collateral to secure the funds. Is this an endeavor that you could self-fund? You can PM me if you would like to discuss further. Also, call your local SBA - They provide mentors who can help you through creating a business plan.

cybersaint2k 2

I helped develop a web site for a tea company in Vancouver, Washington many years ago. In doing so I understood that business a bit.

This shop remained a simple brick and mortar location with a few seats and a nice entryway for walk-ins. The owner made money 3 ways.

1) Fancy tea brunches. High quality British-style high tea enabled her to increase profits for the whole event and atmosphere. This makes money with British and Indian ex-pats.

2) Online sales of rare teas that she would sometimes have drop-shipped from Japan, China, Russia. Ex-pats from various places (Uganda, for instance) who are used to home-grown teas want to get their former favorite--she would help. For a price.

I visited a nice tea shop in Richmond VA in February. They did something smart--they catered to wealthy and tea-snobs in the daytime. Then at night they dimmed the lights and became a student hangout, dropping their prices and changing the music from classical to study jams. Instead of an older proper woman serving, the guy had tattoos and large holes in his ears.

I thought that was a smart move. And it kept 3-4 tables filled.