When do you know when you're ready start your own shop?

Question

My friends and I want to set up a juice bar/ alcohol pub in school (a juice bar by day and an a pub by night)

Answer 1

From the sound of it, I dun think you have done your own business before? I will suggest that you do up a business plan. Include some financial estimates, like how much your supplies is going to cost you, your fixed and variable cost, your pricing strategy, your estimate of how many you will need to sell before you can break even, etc. A business plan will help you to think through all the problems you will face and also present you with a reality check of the opportunity. Once you're done with, you will be in a much better position to determine if you're ready.

Answer 2

When you're ready to be responsible for your every acions and decisions. = )

Answer 3

Like the first answer suggests, do up a business plan. Get your friends together and brainstorm on the business idea to enhance it.

You have to think about certain things such as how do you make money from this bar, who your target market is, financial plans for at least the first two years. You may even want to get some investors (from family or other peers) to invest in the business.

But do you think an alcohol pub is suitable in a school? You can probably go ahead with a juice bar, but I'm not so sure about the pub.