James Schramko here. I’ve been out walking in my local neighborhood and I’ve just walked past one of the nice shops in this area. It has good coffee but unfortunately, it’s closed down. Since I’ve been living in this area, there have been a few shops just here that haven’t worked out.
Just down there is a shop that’s been closed for years. And every single time I go around the Manly suburb, there are shops that are closed. So the important lesson here is, if you are going to have a business, you really have to know why you stand out.
Just over that crest is another shop that started up not that long ago, that is amazing. And it has things that make it different to the other shops, and it’s always busy. And I imagine it’s going to be around for years, like the shop that it’s attached to that’s been there for many years.
They’ve found what works with the market. They found the right timing. They found the right products. And they’ve created good marketing around the business. It’s not enough to have good coffee. You have to have something special about your business that synchronizes really well with your local market and then you’re likely to have success.
And, of course, remember if you’re going to get a physical store, take advantage of the internet and coupons and other things that will help bring customers back because you can’t just rely on pass-by traffic these days. You need something extra.