Frozen Yogurt Store – Between 2003 and 2009, the frozen yogurt industry grew by 16 percent, according to research done by Market-Research.com, a market research firm, and reported by MSNBC. If you want to get in on the rapidly growing industry by opening your own frozen yogurt store, you should definitely look before you leap. Develop a plan and be aware of the laws of your state.
How to Open Frozen Yogurt Store
Know Your Customers
Before you plan and open the frozen yogurt shop, find out if there is a demand or desire for the store in your chosen area. Conduct surveys, either by going door to door yourself or by hiring a research firm. Ask a range of people from all backgrounds, ages and genders in the area how they feel about frozen yogurt. Examine income and employment statistics for the region so that you know whether or not people will be able to afford to spend money on your frozen yogurt.
Know Your Competitors
If there are other yogurt shops in your region, pay them a visit to find out what types of yogurt products they offer and their pricing. Find out how saturated the area is by scanning the telephone book or performing a web search for frozen yogurt stores in your zip code or city. Create a list of the products other stores offer, for example, some stores may have five rotating flavors of self-serve yogurt, while others may offer full-service frozen yogurt, sundaes and ice cream. Look at what makes each competitor stand out or not and develop your own idea to make your store stand out from the rest.
Know the Rules
Tax rules on small businesses vary from state to state and city to city. Before you start your frozen yogurt shop, make sure you have all the paperwork in order. Since you are starting a business that will serve food, you may need to have special permits and licenses that demonstrate that you know how to serve food safely. You’ll also most likely need the proper health, zoning and building permits. If you plan on hiring employees, you will need to register for an Employer Identification Number and complete I-9 forms for all new hires.
Know the Costs
Odds are likely that you’ll need to raise money before you can open your frozen yogurt store. Entrepreneur magazines estimates that starting a frozen yogurt store can cost between $10,000 and $50,000 up front. Consider how much rent will cost, how much it will cost to hire employees and the cost of inventory and supplies. Also keep in mind the cost of obtaining permits and licenses. Weigh the costs against how much business you plan on doing. Think about how much yogurt you will need to sell to make rent each month. You will also need to know where the money is going to come from. You may be eligible for loans or even grants depending on where you live and whether you are a woman or other minority.