Assignment 29A – Venture Concept No. 2

Hometown Coffee

Part 1 - Description of Venture Concept

Opportunity - More than 60% of Americans are coffee drinkers and consume coffee daily. This is a major need that is currently not being met 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 and other coffee drinks. There are currently no coffee shops or places that specialize in coffee in my town. 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. We would provide high quality coffee and other coffee drinks, such as: espresso, cappuccino, lattes, and iced coffee. For non-coffee drinkers, we would offer other beverages, such as: tea, hot cocoa, and cider. We would also serve a small selection of baked goods. In addition to providing for the need of coffee, my shop will provide a place for people to gather and socialize. I want the shop to have a hometown feel, and I will customize the menu and decor to reflect local tastes and styles. I will also provide a place for local artists to display and sell their artwork. This will enhance the appearance and appeal of my shop, while also supporting local artists. I don't think it will be difficult to get people to come to the coffee shop because it is fulfilling a need and there is 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 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 in the beginning. A drive-up window will also be important to satisfy customer needs. I would need to have two to three employees working during each shift. There would be two shifts, morning and evening.

My "secret sauce" is my knowledge of the local market and relationships with the people in my town. I want my shop to be unique to my hometown and feel like a part of the community. I will achieve this by customizing my menu to local customer preferences and by creating a comfortable atmosphere with local decor and art. It will be a hometown coffee shop that will be personalized for the specific needs of the local people who will be the main customer base. 

What's next for my venture? In the future, I plan to expand the size of the shop to provide a space for local artists to perform, and to provide more seating if necessary. I intend 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.

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 manager to run the business so I would not be so consumed with the business and would have more time to spend with my family.

Part 2 - Summary of Feedback

I received a lot of positive feedback about my coffee shop concept, especially on the idea of creating a local menu and displaying local artwork. I was initially thinking that I would purchase local artwork and signs to hang in my shop, but Grace Ubben recommended that it could be a way for local artists to sell their artwork and I loved that idea! I could provide a space for them to advertise and display their artwork, which would add to the visual appeal of my shop, and they would benefit from more sales and recognition. This would also help create community ties for my coffee shop and add to the local economy. Shivani Dave commented that the local feel and menu would create a “unique experience” for customers of my coffee shop. I do want my shop to be unique and feel very local and homey. Madylin McConnell commented about the importance of the “interior decoration and the vibe” in differentiating my shop from others and attracting customers. My goal will be to create a local, hometown vibe through the menu, artwork, employees, and overall decor and feel of the shop. 

I also received positive feedback about the idea of starting with a smaller shop with the ability to grow and expand. Once I expand, I really want to offer a space for local artists to perform. Grace commented that there is a coffee shop in her hometown that has expanded to offer a place for local artists to perform and it’s added to the shop's popularity. I can see this happening with my shop as well and I’d love to add this to my business in the future. Orlantha commented that a local coffee shop in her town transforms into an indie bar at night and hosts local artists. This attracts new customers who come for the entertainment at night and come back for the coffee in the morning. While I wouldn’t want to fully transition into a bar at night, I like the idea of hosting artists and drawing in new customers in that way.

Overall, everyone agreed that this is a really good business idea. There is a definite need for this type of business in my community and a lack of competition, which makes for a great business opportunity. As long as it is executed properly and managed well, I think this could be a successful business that would benefit my family and my community. 

Part 3 - Changes to My Venture Concept

Since I didn’t receive negative feedback, there weren’t many changes to make. I did add the idea of local artists using my shop as a way to advertise and sell their artwork to my plan. I really like that idea as it will benefit my shop and the artist. I’m also determined to add a place for local artists to perform in the future. I think both of these ideas will add to the local feel and uniqueness of my business and benefit my community.