Two years. The first, made a 6000 loss. The second, made a 30,000 profit because we stopped buying in and made 95% all our own food items.
Had we known then what great coffee tasted like we might have had a chance to make it ourselves, but alas, we did not, and as a result we made possibly the worst coffee anywhere. We only made this horrendous discover after we sold up and started visiting other cafes.
Most valuable lesson:
not to expect the old "life style" experience. Its jolly hard work, long hours, staffing issues (staff often make more wages than the owner).
If its a cafe, learn about coffee ! Coffee is a culture, not simply a sales product. Many cafe goer's these days want and expect the owner to have a passion for coffee that drives the establishment and filters down to all staff. An owner with passion for coffee employs staff with same and barista with same. Bad coffee is a reflection on an owner without passion.
Another valuable insight:
whilst the food and beverage side is vitally important, service is moreso IMO.
A wise and very experienced restauranteur once told me "great service with average food will always win over great food and poor service"