Are you thinking of how to start a juice bar business? Then you’re in luck. The fresh juice bar business is growing and is expected to be worth about $70 billion by 2025. However, the competition between old and new players is high. Therefore, if you want to increase your chances of success, your best bet is to become a franchisee. Below we’ve outlined the steps of starting your own organic juice business under a franchise.
1. Write A Business Plan
Before starting your business, prepare a business plan. Your business plan will be the roadmap you’ll use to establish your fresh organic juice business. With the help of your business plan, you’ll prepare a clear strategy for starting. And you’ll also be able to spot potential problems you might face early on, making it easier for you to find solutions for these problems. In your business plan, make sure to include the following.
- Executive summary
- Company description
- Competitor and market analysis
- Marketing and financial plan
- Your mission and goals
- Organization structure and culture
- Products and services
2. Identify A Franchisor
Now that you have a better picture of how you want your juice business to grow, it’s time to find a franchisor. A simple internet search will help you identify several juice bar franchises you should consider. Each of these franchises has its advantages and disadvantages. Therefore, take your time getting to know each franchisor. Then take a look at your business needs and select the franchise that will satisfy those needs. To be thorough, talk to each franchisor once you’ve narrowed down your list. A good fresh juice franchise should be one that helps you to
- Identify the best real estate space to set up your juice business
- Trains you on the best way to run your business
- Offers training support to your staff
- Helps in marketing campaigns
- Identify vendors and suppliers of fruit, vegetables, equipment, etc.
3. Prepare Your Financing
Now that you’ve selected one or probably more juice bar franchises, it’s time to consider your start-up costs and financing. With the help of your business plan, make a list of the supplies and equipment you’ll need, calculate the costs of real estate space, identify the licenses and permits you’ll need, and plan for your operation costs, including benefits and payroll. Also, don’t forget to account for franchise fees and the initial investment cost your franchisor demands.
Once you’ve identified how much money you need to get started, you need to know at what point your business will start making money. Your franchisor should be able to help you with this based on past experience working with other franchisees. It will take a while for your business to start making money. Therefore you should create a financial plan that covers your operating expenses during this period.
With a financial plan in hand, it’s time to fund your business. How you fund your business depends on your financial strength. You can use your personal savings or seek outside funding from your family, friends, bank loans, angel investors or even crowdfunding.
4. Prepare For Opening
How do you prepare for the opening? You do this by executing your business plan. With the help of your franchisor, you should:
- Choose your juice bar location
- Purchase equipment and fixtures
- Hire and train staff
- Sign an agreement with fresh product suppliers and vendors
- Set up your marketing channels
- Obtain the necessary licenses, business permits, and insurance. This GovDocFilling Northwest Registered Agent LLC Review explains the process of registering your business.
Once you have the above prepared, you’re ready for opening and should now start serving your first customers.
5. Marketing Your Juice Bar
While this is the last step in this plan, you should start your marketing way before you open your juice bar. Otherwise, how will people in your community know that you’re open for business? Ensure that you speak with your franchisor on how your marketing should be handled. Your franchisor is responsible for marketing since they own the brand. However, you can work on an agreement where you’re in charge of local marketing (with your franchisor’s oversight).
The best way to market your organic juice bar is to leverage the power of social media because you will find your target market (millennials) mostly on social media. The social channels you should bank on to build a strong social media presence are TikTok and Instagram. And that’s because they’re very visual and have proven to be very successful for small food businesses and foodies. Check out the following fresh juice brands on Instagram to find out how they’re doing their marketing @freshjuicebar, @tenfruits, and @cleanjuice.