How To Start a Milk Tea Business
How to start a milktea business? If you have not tried or know what milk tea is, you must have lived in the middle ages. This perfect combination of tea and milk has captured the hearts of millions, especially in the 21st century. The best part of the beverage of the century is that it Is customizable, from the sinkers to the sugar content!
Perfect for any day, the demand for milk tea continues to increase so much that suppliers are putting up to the challenge! With various milk tea shops in the Philippines, it is important to stay in the zone, being highly competitive and in the trend! Here are some points to consider when starting your own milktea business:
1. Business Plan and Market Strategy. The milk tea market is very flexible. The menu can range from original milktea flavors to in-house specialty with different flavors, sinkers, and other add-ons! It is essential to know where your business will go and set an image exactly! Consider searching for recipes that would significantly impact the milk tea world, targeting your ideal audience. Consider a market strategy for start-ups such as promos to gain an audience and consider the prices of products. Throughout the process, it is vital to have a goal and stick to it. Never forget the capital and budgeting, making sure every part of the process is within the scope of your budget. This planning stage is crucial in identifying your business’s essential details.
2. Audience, Location, Advertisement. Whether you want to have a niche or explore the general menu of milktea production, it is essential to consider your audience and envision if you were the customer. With the current situation, a pop-up store, online store, or in-store location are options for where you can put up your business. The access to the location should be practical and easily navigated by your target customers. Furthermore, to get your audience’s attention, think about how your product can reach them through advertisements.
3. Reliable Suppliers. The secret to an unforgettable milk tea is within its ingredients! This is what makes your customers keep coming back! Your business’s quality and image highly depend on your investment in ingredients and equipment. This part is very decisive. Aside from the time and money you put into it, this predicts the future of your business; thus, consider suppliers as your co-workers, only giving quality ingredients and equipment. There are several milktea ingredients and equipment that can be checked here.
4. Business Permits and Licenses. Either starting small or starting big, it is critical to comply with the requirements set by the trade industry. This includes business license, tax registration, business name, logo, etc. Complying increases the market value and avoids penalty fees.
5. Start Your Milk Tea Business. Get everything going! Make and market your business to your audience. Let the word spread by mouth or through online platforms. Be open to feedback as it is a work in progress. Trust the process, and you are on a roll!
We have made a Return of Investment Calculator below for you to help with your business financial planning.