1. eMyth by Michael Gerber – Which hat are you wearing? You need all three!
2. Purple Cow by Seth Godin – Market differentiation is the bare minimum. Be remarkable!
1. What is my core competency – this could be filter coffee or customer service or giant hamburgers. It’s what you do best!
2. What is my competitive advantage – perhaps you roast your own coffee or own a coffee farm. This is what separates you from your competitors and places you at a cost or service advantage. Barriers to competition.
Don’t sign a lease (yet):
1. Get your lawyer to read over the lease.
2. Get another lawyer to read over the lease – demolition clauses and similar fine print will be the ruin of you
1. Financial capital for cash flow – You may have the money for the new Spirit or LaMarzocco coffee machine but can you cover three, four, five month rent and all your cupola costs. What if your machine is stolen and insurance won’t cover you because you didn’t have locks on the windows? This could be the end for you.
1. Your environment – a simple foot traffic analysis by your council may convince you to take a rental on the other side of the road.
2. Your competition – Bikies may own the local cafe. No, seriously.
1. Yourself – Enough said
2. Excellent – Enough said
3. Prepared – To do the hard yards. #ruleofthumb is everything achieved in life takes 10 times longer and costs 10 times more than initially expected.