Starting a Donut Shop
We get a lot of inquiries about new donut shops, so we put this together to help out. We’re not going to lie to you, opening a donut shop can be really stressful. It’s going to take long days, odd hours, and a large initial investment, but like any business, the rewards can be worth the risks.
Step 1: Know Your Product
We get a lot of calls from people stating, “I don’t know a thing about donuts, can you tell me what I need?” If only it were that simple. In order to be successful, you must know your product. Think of the people you refer to as professionals in your life - all go through a lot of training to be successful at what they do, and so should you. We aren’t saying you have to go to school for 12 years in order to run a successful donut shop, but it’s not as easy as a single phone call either. There are various routes you can take: consultants, franchises, or even working for a donut shop yourself for a year or two, but the underlying theme is that you need to know your product!
Step 2: Develop a Business Plan
Once you’ve gotten to know your product, you should be ready to take on the world, right? Well, maybe not just yet. Ask yourself, “What are my goals and how am I going to accomplish them?” It’s a simple question that will yield many answers. Having a good business plan can also help you secure any additional capital you may need to get your shop running.
Step 3: Research Your Market
That’s right, time for the old cliché: location, location, location. Check the demographics of your area. What areas are experiencing the most growth? What areas offer the most traffic? Does the building offer adequate seating? Is there adequate power for your equipment? You know you secretly have episode upon episode of "Restaurant Impossible" and "Kitchen Nightmares" on you DVR, watch them and follow their advice.
Step 4: Secure Your Equipment
Call B.A.K.E. Marketing. OK, so this is more of a shameless plug than an actual step, but hey, I’m a company man.
Step 5: Surround Yourself with Talented People
You didn’t marry the first person who flashed you a smile and you shouldn’t hire the first warm body that walks through the door. Your employees are an extension of you. Take the time to interview and train people that are excited to be there and enjoy working with people. After all you’ve been through to get this point, having the right people is the investment that will give you the greatest return.