You have successfully set up your dream restaurant or café and now you want to enjoy the freedom of running your own business while enjoying your passion for food and people. For your business to be a success, it is vital that customers have a great experience and want to return to your venue. Keeping the customers you already have happy is important, as they are the backbone of your business and provide a regular stream of revenue. But you should also consider that the customers you retain will actually help spread the word and attract new customers to your business. According to Harvard Business School: “increasing customer retention rates by 5% increases profits by 25% to 95%.”
The coffee shop business industry in the UK is expanding, and it is expected to be worth around £15 billion by 2020. This will see the rise of about 10,000 outlets in the upcoming three years. With room for you to thrive, opening a coffee shop now could be ideal for you. Coffee shops are well in demand with sleep-deprived Brits inclined to purchase a cup of coffee or two throughout the day. There is, however, the stellar competition that coffee shops owners will face from large chains such as Costa and Starbucks as well as the many independent coffee shops who are offering a unique experience to stand out.