In 2024, it’s more profitable to open a niche market business focusing on wellness, healthier foods and environmental impact than to open the next drive-through fast food joint. Healthy alternatives are not trends.
They are a response to emerging demand from a health-aware audience with a busy lifestyle. Healthy alternatives for food and beverages are fighting their way up the demand ladder.
About the reviewer
Brandi Marcene, a business plan writer at OGS Capital, has years of expertise in HORECA business consulting.
Satisfying Demand of The Target Market
Most businesses are built around what is already selling well on the market. Meeting demand is a guarantee for profit. Understanding demand means that a business will not produce an excess of goods.
Setting a product range for a bubble tea shop can be inspired by what’s already out there. Usually, bubble tea flavors are based on the following:
- By base (tea type): black; green; oolong; white.
- By flavor, some examples: fruit, berries; chocolate; coffee.
The driving force behind increased demand for healthy alternatives is a health-conscious consumer.
Identifying the Customer of A Bubble Tea Shop
A significant chunk of the business plan is dedicated to the customer. Defining a business’s target customer brings the startup or an existing business one step closer to developing a marketing and business strategy to best approach and attract the target audience.
And to get them to return. Examples of how to describe a target customer and put together a profile of a business’s target audience are available online. For example, a sample business plan for bubble tea shop gives an idea of the general business structure and the consumer profile.
Meeting Legal Requirements
A part of any food-related business is connected with licensing and getting different types of permissions. Depending on your place of business, you may need separate licensing for food, drinks and alcohol.
Moreover, local legislation may have some restrictions, for example, on service hours and the use of outdoor seating areas. The legal aspects of running a business may be tricky; it’s best to consider employing an on-staff lawyer or at least having a go-to legal consultant.
Conclusion
Explore the local market, what people are drinking, and how they spend their free time. These factors build up the core of the business, identify which services and goods are in demand with the target audience, and identify which needs of the consumers are not satisfied by the market.
Just like with any other business, starting a bubble tea shop requires planning, a development strategy and an in-depth market analysis.
