5 Significant Questions You Should Be Asking Yourself Before Buying a Business
Buying a business in an industry you love can bring with it a mixture of exciting, inspiring and sometimes intimidating feelings. With so many things to consider and so many plans going around your head, some of the most significant and basic questions can become lost in thought. Our expert team at Jamaica Blue™ have pulled together the top 5 questions you should be asking yourself before taking the exciting steps towards buying your business.
1. What are the reasons I am going into this business? It is important to determine whether the nature of the business suits your personality, skills and ambitions. Owning a Jamaica Blue café business will give you all the freedoms and flexibilities that come with owning your own business whilst allowing you to make your mark on the iconic Jamaica Blue brand. It is an advantage to have a basic understanding of the industry itself to ensure this is an area you will love working in, although expertise is not essential as all Jamaica Blue franchisees benefit from full training to obtain all the skills and knowledge required to run a successful café business.
2. Who is my target market? Establishing your target market from an early stage will give you a great advantage when it comes to executing your business plan. You need to ask yourself who exactly your business will be targeted at, an audience which can vary between each Jamaica Blue site (don’t worry if you can’t answer this – your development manager can help you determine this!) Once this has been established the expert team at Jamaica Blue will guide you through a strategically designed marketing strategy including assistance with local area marketing and operations. Jamaica Blue has taken care of the customer research and marketing strategy and supports with each store’s local area marketing plan as well as providing operations support and training tools. New products are developed by the Jamaica Blue team each season providing your café with an exciting and diverse menu. All Jamaica Blue café owners also have the opportunity to design and amend their menus to suit their personal customer base, adding a personal touch suited to your clientele.
3. How will I finance this business? Organising the funding of your business is a significant step you should be taking before you commit to buy. For many this is unfamiliar territory, which could cause stress and apprehension. It doesn’t have to be this way for Jamaica Blue franchisees! Jamaica Blue is accredited with all four ‘big banks’ giving you the opportunity to more easily secure the bank loan you may require to open your future café business. Our expert team are there to guide you through every step, offering personalised, professional advice saving you the stress and uncertainty that comes with applying for a loan unassisted. Find out more about Jamaica Blue’s financing and accreditation here.
4. How much support do I need/will I receive? For any business owner, the support and encouragement from those surrounding you is essential for progression. As a Jamaica Blue franchise owner you will not solely have to rely on the support from your family and friends. You will receive initial and ongoing support and training from your development manager and operations team at Jamaica Blue whenever needed, alongside guidance from fellow franchisees who you can connect with via the Jamaica Blue intranet platform. Tailored local area marketing and operations support is provided to all franchisees, customised to suit their business and it’s needs. You will benefit from specialised training in barista skills, food hygiene and preparation and business development to ensure you acquire all of the necessary knowledge required to make your Jamaica Blue café business a success! For more information on the training and support provided at Jamaica Blue click here.
5. What are my future plans for this business? Whilst it is impossible to predict the future, it is feasible to plan the future of your business. Set out a 5 year plan (or more if you are feeling inspired) and outline major milestones, goals and objectives. Writing this down can help you monitor your business’ progress and help you take any necessary actions required to achieve these goals. If you need assistance in planning your business’ future, your development manager can assist using their expertise and previous experience, allowing you to create an ambitious but realistic plan, which is sure to excite and inspire you to achieve your goals.
Our dedicated team at Jamaica Blue are with you every step of the way to assist you and answer any questions you may have before and during your business venture. No question is too big or small. For more information on the current Jamaica Blue opportunities visit www.jamaicabluefranchise.com.au or call one of our friendly advisers who can talk you through the franchising process.