Juice bars are becoming very popular nationwide, as more people are being health conscious. For example, in 2015, people in the United States drank 6.6 gallons of juice per capita. If you are thinking about opening a juice bar, you know that there are many things to consider before your grand opening. However, it always helps to have a little checklist to go over before opening up. Below is a list of a few questions to ask yourself:
What Does the Competition Look Like?
Depending on how large of a city you are opening up in, there will likely be a few local competitors around. Where are they located? What part of the community do they serve? What parts of town are under served by competitors? What type of juicing equipment is used by the competition?
While you do not have to be a carbon copy of the competition, you can learn a lot of lessons from them. Depending on how long they have been operating, they likely have a solid business plan, so take notes. Also, go to review websites, such as Yelp and Google. Search the competition, and see what customers like and dislike about them. For example, if you see many reviews that appreciate the friendly service, consider visiting the establishment to see exactly what they mean: How do they greet you? How long do they take? What is the atmosphere like? If you see angry reviews about how long the juice takes, see what you can observe about their process and ask yourself: “How can I streamline this?”. If you can improve upon your competition from the beginning, you will have an edge.
Another way to use the competition is to check out their advertising. Do they primarily use social media? Have you seen billboards? How does their building “Stand out”? All of this information can affect your business plan in a positive way.
What is My Overhead?
Before you even think about starting a business, you have to know what you will need to purchase. Look into what properties are for rent, and how much you will have to pay. Also, look into what sort of deposit you will have to put down upon renting the property. Another step you will have to take is finding out what sort of juicing equipment you will need. Look into what commercial fruit juicers are available, and price them with different companies. Commercial juice extractors can be expensive, so look into how many you will need to start up. This is another reason to scout out the competition. Look to see how many juicers they operate with, what brands they use, and how long they take. All of this information can be helpful to your business plan.
Another thing to look at is how much to pay employees. Websites like Glassdoor reveal just how much employees make at certain jobs. This should give you a rough estimate of how much to pay.
What will your product be?
Obviously, juice is your product. However, think about how many different types of juice you would like to offer. Also, think about how much the ingredients cost, and what sort of juicing equipment is needed. Do you want to offer exotic flavors, like wheatgrass? Many millennials appreciate these flavors and appreciate wheatgrass for its nutrition (It is high in vitamins A, C, E, along with calcium, magnesium, iron, and many amino acids). However, you will have to weigh whether it is worth it to buy a wheatgrass juicing equipment, along with other exotic juicers.
Regardless, make sure to do the math, and decide how you will make a profit. With the rise in popularity of juice bars across the country, some good business sense should help you make a profitable juice bar.