As Business Insider aptly states, “Coffee is more than popular: it’s ubiquitous.” As far as the global industry for coffee is concerned, sales are phenomenal, and are now topping $100 billion annually. This pushes coffee ahead of even well known commodities, including gold and corn.
Coffee certainly is popular, and globally, coffee farming alone provides 25 million jobs. It’s not a bad time to get your career on board with this industry, considering that there is constant growth and room for smaller coffee shops and chains to grow. In America alone, over 150 million people drink coffee every day.
Are you looking for a changeup in your career, and for ways to share your love and knowledge of coffee with others? Here are several successful business ideas for you, and the benefits and potential drawbacks of each position.
This can be a good, steady option for someone who has been employed in the restaurant industry and is looking for a change but not necessarily to leave completely. The average hourly rate for a barista is about $9.30 an hour, and this will vary depending on location, experience, and tips. Tips are usually untaxed and can amount to anywhere from $2 to $30 per location, per shift. The outlook for this position is decent, with a forecasted growth rate of 6% over the next 10 years.
Opening a Coffee Shop
If you’ve been in management before, owning and running a coffee shop might be more your style when it comes to successful business ideas. If you are opening your own place and not buying into a franchise, there will be many i’s to dot. You will need to take out a loan, find out about local regulations and permits, set your business up for taxes, research the local market, purchase equipment, and make hiring decisions. If you do it right, you can make at least $40,000 a year.
Mobile Coffee Franchise
Want to set your own hours, and deal with an established, successful business plan rather than coming up with one yourself? Then running a mobile cafe business might be the right option for you. Franchises succeed more often than other businesses because they have backing from a company that already knows the right formula for attracting loyal customers. Mobile coffee vans also have the ability to more easily tap into hard-to-reach markets like industrial parks, which have a lot of potential customers but are difficult locations for brick-and-mortar cafes to set up in. If you want to run a business, but have less capital, mobile food trucks have a 25% lower investment requirement on average. Downside of this position? Some of your money will need to go back to the franchise, and mobile businesses are not insulated from outdoor weather conditions.
What successful business ideas do you have? Let us know in the comments!