Assignment 24A – Venture Concept No. 1

Hometown Coffee

Opportunity - My opportunity is the need for a coffee shop in my town. Adults and teenagers in my town have the need. They have expressed a need for a coffee shop to provide them with good tasting, quality coffee. There is a need for a coffee shop, because there are currently no coffee shops or places that specialize in coffee in my town. The people of my town would also like to have other coffee drinks available, such as: lattes, cappuccino, mochas, and iced coffee. They would also like this coffee shop to be a place to socialize and relax. My market would include people ages 16+, male and female, from all income levels, both local and people passing through town. People are currently satisfying the need for coffee by making it themselves or getting coffee at the gas station. Neither of these options is desirable and doesn't completely satisfy the need for a coffee shop. I feel that this is a very big opportunity and would be successful. This opportunity will exist until someone opens a coffee shop in my town.

Innovation - My idea is not very innovative in the sense of being a new concept. Coffee shops have been around for a very long time. It is innovative in the sense of being the first coffee shop in my town. We would be selling typical coffee shop fare, including coffee, specialty coffee drinks, teas, hot cocoa, cider, and baked goods. These items would all be priced differently based on ingredients, time required to prepare, and local market prices.

Venture Concept - My coffee shop would address the need for a coffee shop in my town. I know many people who have expressed a desire to have a local coffee shop. More than 60% of Americans are coffee drinkers and consume coffee daily. This is a major need that is currently not being meet in my town. For non-coffee drinkers, I would offer other beverages, such as: tea, hot chocolate, and cider. The coffee shop also provides for the need of a place to gather and socialize in my town. I don't think it would be difficult to get people to come to the coffee shop because it is fulfilling a need that they have. There is also no local competition. Price points will be important to the success of the business. I want to offer good tasting and good quality beverages, being mindful to keep costs down and very competitive. Customer experience will also be important. I will need to hire a friendly staff that will make each customer experience a pleasant one so they will give good reviews and recommendations of the business. Location will be important in that the business will be most successful if it is located in a high traffic area. I would want to keep the physical building small at first, with potential to add space later. Enough seating for around 20-25 people at a time would probably be adequate. A drive-up window will also be important to satisfy customer needs. I would need to have a least two, maybe three, employees working during each shift, one for the drive-up window and one for in-store service. There would be two shifts, morning and evening.

My "secret sauce" is my knowledge of the local market and connections with the people in my town. I would like to provide a comfortable, local feel in my shop by making it casual and displaying art from local artists. I would also personalize our menu based on local tastes and preferences. This would create a more personal coffee shop for the specific needs of the local people who will be the main customer base. 

What's next for my venture? I would like to keep this as a small, hometown coffee shop and would not be interested in franchising or opening other locations. My town is small, and one location will be adequate. I would like to have an option to expand the physical size of the shop if necessary, to accommodate more customers, and possibly have a space for local bands to perform.

What's next for me? I would not be in this business to make a lot of money. My main purpose would be to satisfy the need for a coffee shop in my community. I would be hands on at first, until everything is established, possibly for a year. Then, I would like to hire a manger to run the business so I would not be so consumed with the business and would have more time to spend with my family.