Are you wanting to start a juice bar business? You should, because it’s a clear avenue to capitalize on your qualifications as a health coach and Juice Guru® Certified Juice Therapist.
Juice bars can be easily set up and run to generate huge profits with minimal financial investment. But you need a plan to help you set goals and detail the steps on how you are going to accomplish them.
Benefits of a Business Plan
- If you need to raise capital, you have something to show potential investors.
- It will get you clear on all aspects of setting up the business, so you won’t come across any surprises.
Every good business plan starts with…an executive summary
But in reality, the best executive summary is done last. Why? Because it is a concise overview of what type of business you are, your product, market, location and unique selling position.
You need to have done the research for all the other sections before you create a summary of how your business is going to come to life.
If this plan is going to be used to source funding you need to make sure it is formulated and presented in a way that motivates the reader to continue reading. To do this, you can take the reader on a journey as they step inside the store or walk up to the van.
The most important thing to remember is that it’s not long. It’s only a summary of the elements and the detail that you will flesh out later in the plan. For a guide, it should be no more than a full page long.
Business Description
This section will lay out who you are, your target market, your competitive edge (Juice Guru® Certified Juice Therapist and health coach), and what product and service you are offering. Keep it to a few paragraphs and know that you will go into more details for each point you share in the sections below. You also need to explain your business model, the mode of service (in-store, deliver etc) the interior and customer experience and briefly mention the business owner or founders.
Like the executive summary, this description is best left until you have completed the rest of the plan.
The Business of Juice Bars
This is where you put in a brief description of the overall Juice bar business. Don’t assume that people understand the viability of this type of business. Reference annual revenue, and the key drivers of popularity in the industry. Explain to the reader how the current industry is going to relate to the success of your juice bar business.
Sales Plan and Strategy
This is where you must explain the models of service of your sales in depth. These can include in-store, takeaway, online orders, catering, delivery by the store, and delivery through third-party apps.
This is the section to mention your marketing strategy on how you are going to expose people to your product. Include marketing collaterals such as posters, flyers and brochures. You should also discuss your digital marketing strategy and the techniques you will utilize, such as website, social media and email marketing.
Spend some time outlining any strategic partnerships you have created, such as with gyms or fitness studios. You can also discuss how you will handle your in-house promotions, the informed selling strategy and loyalty rewards program to incentivize your customers to return.
Brand Concept
This is where you will have creative freedom – communicating what your company values are, and how they are expressed through your business concept.
You will need to flesh out what aspects of your brand that make your business unique. Outline the vision of your brand and what it represents. What are the values and how are you going to create that for your customers?
Your Competitive Advantage
What is your competitive advantage? If you are a health coach and Juice Guru® Certified Juice Therapist, this is your time to shine. If you have done other certifications, let people know. Don’t be shy in holding back.
If you have unique strategic partnerships with other business in the area, this is where you make sure they are documented.
You must show people that you have advantages over other business’ in your surrounding area.
Industry Outlook
This is not only good for investors but need to know information before you make any concrete decisions about opening up a juice bar business. You and your investors need to know where the industry is trending.
A lot of this information is online, the best quality information you will have to pay for.
Consider including the juice industry revenue statistics, growth projections, demographics research with customer avatars and patterns of buying habits. You can also discuss the technology that is aiding the industry and what advances if any are on the horizon.
Always put a predominate display of your key findings of the industry outlook in this section. Make them easy to read and relevant.
Relevant Market
Research the consumer market around the prospective location and break it down into neighbourhoods that surround the proposed location of the shopfront or van. Get a good indication of the demographics such as median age, median household income, male/female ratio, families with kids, unemployment rate. Anything that would impact on a juice bar revenue.
Then detail the prospective location – either the address or local region. Explain why you chose this address including the proximity to local wellness centers or gyms. Anything that would indicate why this is a good area for a juice bar business. For added emphasis you can add some photos of the area and the potential assets of why the market is ripe for your type of business.
Competitive Environment
This is the area where you need to clearly outline any direct or indirect competitors.
Direct competitors are considered to be within a two-mile radius and have a similar concept to your store. These would be other juice or smoothie businesses, acai bowl stores or juice vans. Include their name, what they sell, how long they have been in business, the average price point for their main product that is similar to your prospective business.
You should also include the indirect competitors within a two-mile radius of the proposed location. These are the businesses selling similar products as a part of their menus, such as cafes, coffee shops or other health food places. Include their name, what they sell, how long they have been in business and the average price point for their main item that is most similar to your business concept.
It is also good to show your key findings of this section and summarize it down into two or three bullet points.
Relevant Business Demographics
You should outline the yoga, Pilates, CrossFit and other fitness studios in the area. Detail the names and demographics they are focused towards. This will reveal your target market and prospective customers – namely health-conscious and active people with disposable income who are seeking fresh, healthy options to eat and drink. The longer the list of these types of businesses the better.
SWOT Analysis
This can be done as a bullet point list.
- Strengths – outline the strengths of your business. Consider factors such as your unique concept, the location, business experience or qualifications.
- Weaknesses – outline the weaknesses you foresee. This shows that you are thinking ahead. You can plan for these instead of being blind to them.
- Opportunities – show that you are considering the opportunities in the area in how your company can grow.
- Threats – what are the potential threats that can hinder your business success.
It’s important to share all these factors with potential investors upfront. They will ask the questions anyway. You can get ahead of the game and show that you have thought these issues through and aiming for long-term business success.
Management and Personnel
You should always have a biography of the owner or founders. Detail relevant personal information. What is your history and your vision for the business? Then drill down on your educational and professional background and how your skills can be transferred to the management of this business.
Then delegate the roles and responsibilities of the future hires from management through to the kitchen, clean and front of house crew team members. Indicate the experience requirements if needed, characteristics, the role description and key responsibilities.
Financial Assumptions
Make sure you put in the key financial assumptions of the juice bar business. This should show start-up costs of the storefront lease or van costs, build-out costs, licenses and permits, utilities deposit, equipment, menu creation, labor training, inventory, signage, marketing, etc.
Next, outline your payroll expenses and production costs.
Finally, give a breakdown of how many customers are going to have to come through the door and purchase to make your assumptions break even and profitable.
Financial Projections
Be conservative here. Know where your breakeven point is going to be and how long it is going to take to get there. What is your year-end net profit going to look like? Give a month-by-month projection for the first year. You should also indicate any financial projections into the next year, two years and beyond.
Milestone Schedule
This is a timeline of when the major steps that have to take place to launch your business. It will include the schedule for raising funds, organizing the lease, getting the relevant licenses, to the grand opening date.
Remember, you can find many templates on the internet that give you a base to work with and set out the information in a professional and easy to read manner. Utilize them. You don’t have to reinvent the wheel.
