Like any other business, starting a bubble tea business can be tricky. Especially when you’re new to all the things about it. You wouldn’t even know where to start and which steps you need to take on.
That’s why you will always need a comprehensive and sound business plan when you start a business– no matter how small or whatever industry you come in.
You may think, “Nah, I don’t need a business plan. It’ll just waste my time!”. Well, it definitely is time-consuming and needs a lot of brain juice to do, and there’s no arguing with that.
But contrary to what you think, you need a business plan before starting anything.
This plan can help you realise the potential of your business in an orderly fashion. Not to mention, it can also speed up your startup’s growth while mitigating the risks and possible pitfalls you might encounter along the way.
When you have a business plan ready at your side, it can also provide prospective financers, partners, sponsors, suppliers, and customers with a comprehensive insight into what you plan to do with the business. They will see you as a thought leader in the industry that considers every aspect of the business.
They will see that you are dead set on achieving your boba tea shop’s goals to the point of having a plan that lays the roadmap for your success.
What’s In A Bubble Tea Business Plan?
For starters, a business plan can vary depending on the industry and environment of the business you will be working in.
Since our business plan revolves around a bubble tea shop, we need to keep in mind the food & beverage industry alongside the competitors that come with it.
In your business plan, it’s important to consider the following sections;
- Executive Summary
- Business Summary
- Products & Services
- Marketing Analysis
- Strategy & Implementation
- Sales Forecast
- Organisational Plan
- Financial Analysis
- Industry Analysis
If you successfully write all of these throughout your bubble tea business plan, you’re guaranteed to have a backbone that no one can contest.
How Do You Write A Bubble Tea Shop Business Plan?
Well, we’ve shown you the skeleton right above– but we’re sure you have questions about what that is and how to even write it.
So don’t worry; this article will help you understand how you will go about writing those sections and what things you should consider.
Shall we start?
Executive Summary
Your business plan should make a good first impression, especially regarding new businesses on the block. The executive summary will sum up your milk tea business idea innovatively and creatively. It should be engaging and informative at the same time.
And a friendly tip, although this is your first page of the bubble tea business plan, we recommend you do this last when you already have a good grasp of what you want to happen with your bubble tea shop.
This is what your executive summary should contain:
- Objectives for the First Three Years: This explains what you want to achieve in the first three years of your business. This will be the guiding light on which paths you’d go for your business.
- Mission & Vision: This section would be the guiding pillar for your business. It will illuminate your business code of ethics and the practices you will follow within the business.
- Keys to Success: This part of the executive summary will tell you which factors should be accounted for in the business to succeed.
Business Summary
Your business won’t stand alone– there will always be a general idea behind it and the people who build it. The business summary will show anyone who reads your business plan how the business came about to be what it is. It will also show them who legitimately owns the business.
- Startup Summary: This is where you will show the startup started– the story behind how you began.
- Business Ownership: This section describes who are the owners of the bubble tea business paper.
Products & Services
As the name suggests, you will describe all the products and services your bubble tea business will have. Since it’s a bubble tea business, we’re sure you’ll be listing bubble tea flavours, add-ons, tapioca pearls, sizes of cups, possible snacks, pastries, selections of green tea & black tea, and even juices if you’d like.
Marketing Analysis
Every business needs to learn about its market. You need to know about their needs, wants, and demands. It also shows what your other competitors are doing. To help you do that, you need a market analysis that provides the necessary insights into your prospective customers and market competition. It’s basically market research.
- Market Segmentation: Here, you divide your customers by demographic, geographic, behavioural, or psychographic characteristics. This strategy breaks a target market audience into smaller, more manageable segments.
- Target Market: A target market consists of a group of customers who have similar needs for your products and services and have the ability and willingness to purchase your products. In your case, the people who want to buy bubble tea.
Strategy Implementation
In strategy implementation, plans are turned into actions to accomplish goals. Getting stuff done is what it is all about. Organisations succeed when they can effectively execute key processes and implement decisions.
- Marketing Strategy: A general marketing plan for your bubble tea shop should be in place before you open up. Provide an explanation of how you will reach your customers effectively and at a minimal cost.
- Competitive Edge: Well, this awfully is a given, but this is where you think you stand out from the other bubble tea businesses out there. This is your unique selling point that you should maximise.
- Sales Strategy: This is where you write up about the path you’ll take for securing stable, foreseeable revenue through the relationships you build with new and existing customers.
Sales Forecast
You need to know or estimate how much your bubble tea business will sell in a week, month, quarter, or year, depending on your calculations. Your business will rely on this forecast to account for the future financial decisions you need to make.
Organisational Plan
Well, a bubble tea business won’t operate without personnel, won’t it? An organisational plan can help you figure out how many people to hire and which people you need for the business to have a smooth and continuous operation.
Financial Analysis
By the time you start your bubble tea shop, you already have finances in place. You’ll have your capital, equipment, loans, expenses, and many more. You can use this section to calculate crucial current figures and make cash flow projections for the foreseeable future.
Industry Analysis
Lastly, an industry analysis will show you what the industry you’ll enter will look like for you. It can make you understand the competition, opportunities, and threats you may face when you start the bubble tea business.
- SWOT Analysis: Your business’ strengths, weaknesses, opportunities, and threats can be assessed through SWOT analysis. This analysis can provide you with a new perspective on your business. It can also contribute to the creation or refinement of your business strategy.
- PESTLE Analysis: With this analysis, you can understand an industry’s macro environment. The PESTLE acronym stands for Political, Economic, Social, Technological, Legal, and Environmental factors. Using this method allows a company to understand better the factors that might affect an industry or business.
Making Your Bubble Tea Shop Business Plan Standout
It is crucial to proofread and edit your writing as readable as possible. This way, anyone who reads it will easily understand your goal.
You’ll, however, be able to make your business plan stand out when you completely understand the brand you’re selling.
Make your store stand out by emphasising its unique qualities. How does it meet the needs of that community, or do you possess something other bubble tea brands do not?
Always remember to avoid trying to sell everything about your brand. Since you’re a bubble tea shop, focus on your speciality: bubble tea.
– INSERT A PHOTO FROM OUR SHOP–
Write Your Bubble Tea Business Plan Now
In addition to the sections above, you should also consider the presentation of your PowerPoint and pamphlet when creating your bubble tea business plan.
It is important to make a good first impression on everyone. With this guide, hopefully, you will be able to create a comprehensive and creative business plan for your boba tea business.
But if you want the easiest and most convenient way to build a business plan, you can just straight up have a company copy from a bubble tea franchise (if you ever happen to avail of one).
Best of luck, and let us know if this helped you out in building a plan for your bubble tea store!
FAQs
Is bubble tea still popular?
Bubble tea is gaining popularity across markets, with the trend continuing to soar. A total of US$2.4 billion was generated by the bubble tea market in 2019. The industry’s value is predicted to reach US$4 billion by 2027.
So yes, it’s still popular.
Who is the target market for bubble tea?
Based on research and current trends online, the majority of bubble tea consumers are Millennials and GenZs. These are people around the age of 15 – 30 years old. With that being said, you should cater to these people’s wants, needs, and demands if you want your bubble tea business to succeed.
What are the objectives of a bubble tea shop business plan?
Well, some of the objectives we can share with you from our Pearl Lemon Boba philosophy are:
- To invest in quality assets that will help sustain the quality of our products,
- To perform better than our industry competitors, and
- To serve our customers the best bubble tea with a smile.
