To Build or Buy: Starting a Coffee Shop: Building a New Business vs. Purchasing an Existing One

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ToBuild or Buy1Running Head:TO BUILD OR BUYTo Build or BuyBased on your analysis of the coffee shop business strategy, outline the advantages anddisadvantages of starting a new coffee shop versus purchasing an existing one.1.Discuss the factors involved inselecting a new coffee shop location and how these couldaffect the business's future success.2.Evaluate the key aspects of a business plan for a new coffee shop, highlighting essentialstrategies for gaining a competitive edge in the market.3.How does the choice of business ownership (Sole Proprietorship) impact the operationaland financial aspects of starting a new coffee shop?Provide a detailed response that incorporates both the benefits and potential risks associated withopening a new coffee shop, as well as how these factors contribute to the development of a solidbusiness plan. Your essay should be between 1000 and 1500 words

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ToBuild or Buy2To Build or BuyIn order to start asmallbusiness, coffee shop is one of the most important optionsthatcan provide huge benefitsin future because of its needs in the market. Further,coffee shop needssmall amount of investment and easy to make foundation ofacoffee shop because of it needsfew days to completeand start a business. In this concern,some aspects can be considered in thispaper to explain it in detail.These are as below.Strategyfor aBusiness ConceptA business concept strategy that would directly compete with thecoffee shopneeds abusiness plan to know whether or not the business idea is feasible.Therefore, a coffee shopbusiness can consider following aspectas a strategy for a business conceptafter a period ofresearch and development before the outcome can be accurately predicted for longer timeframes.The Defining the Business and Vision: The first step of the coffee shop business would bestarted through defining the business and vision in order to make a driving force of the businessand clarify the vision(Kim & Mauborgne, 2013).The business would think about the customer,the business, and products/services to make a successive growth. Further, it would also considerabout plan for growth and opportunity to take primary competitive advantage in the market.Goal Setting:The coffee shop business would create a list of goals with a briefdescription of actions.In this, the main goal of the business would be take competitive lead inthe market in the next 5 years of business operations. Further, the other goal of this businesswould be to admire customers through the taste of the coffee.Understanding the Customer: The business concept of coffee shop wouldconsider aboutcustomer needs and wants because they are source of business growth. The customers are the

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