Coffee is a never ending demand by people and by 2021 the industry is expected

Coffee is a never ending demand by people and by 2021

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Coffee is a never-ending demand by people and “by 2021, the industry is expected to reach $46.2 billion.” ( Gaille ,2017) What would help with the coffee shop is that we could do a limited time only flavor; example: Pumpkin Spice and Candy Cane. I wouldn’t call myself a trendy person parse, but I do try to keep up with it, so I know what to aim my product towards. Evaluation of the Target Market. The demographic for my business will cover all ages. At a young age we encourage creativity, so having the ability to have a craft night open to all ages would cover a wide range of potential customers. Quoting Pablo Picasso "Every child is an artist, the problem is staying an artist when you grow up."(Staff, E.D.,2019) We would like to keep our price is low enough to attract customers yet high enough for both the craft store and the coffee shop to keep business afloat. The growth rate for the market in the last few years has increased. It has increased because “consumers are adopting a “quality over quantity” mindset
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Sip n’ Stitch Opportunity Analysis Plan 5 when shopping for discretionary goods ranging from fashion to furniture.” (Weinswig, 2018) An, my craft store will cover that range. The projected growth for this market is a slow yet steady kind of thing. I call it that because yes there are other business in our area that offer wood décor and other hand made goods, but they have their own attractions in addition to that. From where I live, I would have to drive about 15-20 minutes away to the Red Barn Country Store to go shopping, so having my store in my home town is ideal because there is some space between locations. For the coffee shop I would have to drive 20-30 minutes away to get a cup of coffee from a chain store; example: Starbucks / Dunkin Donuts because that is the closest competition I would have because we don’t have any coffee shops in our area. Overall, I would have to say that there are three other companies that currently serve those target markets. For the craft store we have the Red Barn Country Store, and for the coffee shop we have Starbucks and Dunkin Donuts. But, on the other hand there is no physical store that offers both categories together under one roof. Company Overview . The Red Barn Country Store has home décor. They have a mass production of their items and not all other them are handmade. They have a label on those that are handmade. They have attractions like “ In Store and Online Shopping, The Kids Corner, Red Barn Hayrides, Farm Animal Experience, Arts and Crafts Night, The Loft Private Party Events, Family Atmosphere, Play & Picnic Area.” (RedBarnCountryStore, 2018) While Starbucks and Dunkin Donuts offer freshly made breakfast items and pastries, and hopefully a friendly atmosphere. Prices will vary between items purchased. The only consistent thing between our two craft stores would be what that physical item could be and the size of it. For my coffee shop
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  • Summer '16
  • Red Barn Country Store

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