Finance Tips for First Time Café Owners

Opening your own coffee shop is no small commitment or task.

It going to require a fair amount of your time and money, there’s no avoiding that. However, as a coffee shop owner, there are several small changes and practices you can implement into your day-to-day operations to make life that little bit easier. Anything you can do to save on time and money is in your best interest.

Invest in good equipment

We’re not saying go out and buy the most expensive coffee machine you can find. However, opting for the cheapest option also isn’t a great idea. Buying poorly made equipment will not only mean a poor quality product for your customer, but also increase the chances of having to replace it sooner rather than later. Do your research. Find out what will offer value for money as well as working well for its intended purpose.

Shop around

When it comes to stocking your shelves with all the things you need for your café to run, shop around. Pay attention to things like coffee cups, cake boxes, delivery costs, food ingredients. Don’t just buy from the first company you find. See what offers and deals other suppliers are offering, and figure out what makes the most sense for your business.

Selling good products

Having good chefs, good baristas and good product is the difference between having a successful business and an unsuccessful one. Yes, there are other important factors to running a business, but if your product isn’t up to scratch, you can be guaranteed you won’t get very far. If, as a new café, you serve a bad coffee, the chances are you won’t see that customer again. You want to build up a good reputation. After all, word of mouth is free marketing.

Have the right amount of staff working

Being overstaffed on a quiet day is the easiest way to pour money down the drain. Hospitality is very unpredictable and it’s better to be covered with enough staff to serve your customers. However, it’s important that you’re not paying your staff to stand about with nothing to do. Plan for the busy days, holidays, and special occasions, but pay attention to the quiet days too.

Stock up on what you need

When your café is busy and you run out of something essential, the easiest solution is to jump to the shop round the corner. However, doing this all the time quickly adds up. Your supplier’s prices will be way lower than any supermarket or corner shop, so take advantage. Yes, sometimes its unavoidable but try not to let it become a daily habit.

Cry over spilled milk

If milk isn’t measured properly when making coffee, you end up with a lot of wastage. Milk is not cheap. So, make sure you’re not pouring milk (money) down the drain.

Allow Momentum Bookkeeping to handle your bookkeeping…

Running a café is a considerable challenge. Especially in the first couple months. There are so many things to consider and stay on top of. Your bookkeeping doesn’t have to be one of them.

At Momentum Bookkeeping we have years’ worth of experience handling bookkeeping for all kinds of businesses, including cafes and restaurants. Give yourself one less thing to worry about, and some time to actually enjoy the early stages of running your business, and let us handle your bookkeeping.