After a little over five years here are my words of wisdom:
First rule: Only talk to people who are successful at what they do, whether you want to be a writer, a television host, a chef, or a coffee shop owner. Business, and this business in particular is not for everyone. I define success as having a profitable, quality operation regardless of your environment.
There really isn't any luck involved, per se, but those who are prepared will be exposed to more opportunities than most.
Take the time to seriously learn about coffee and espresso, AND business basics first. You have to hit the ground running, no baby steps or it will kill you. Don't romanticize owning a shop. You need to know you are better than the best available shop in your area BEFORE you open. And if you are more aggressive, travel, take the time to visit the best coffee shops in the US, Canada, or overseas and pay careful attention to everything that's going on. (This is what we did, and it paid huge dividends)
The more you prepare ahead of time in terms of bean/roaster selection, proper equipment, proper brewing techniques, mastering grind, dosing, temperature, tamp, brew pressure, etc. as well as understanding proper design for efficiency, minimizing waste, customer education and customer service, pricing... the better off you will be. To be honest, if you don't have a clear, and I mean precise understanding of everything above PLUS, in this market, you will not fare well. Customers consistently mark "Quality" as being the number one reason they return to a coffee shop -- especially NOW when that is what will separate you from everyone else. But if that's not what you're about, I would wait, or do another business... customers spot the truth of your core, you can't fake it, so either you put the coffee/espresso first and foremost, or you will suffer the consequences of the many Starbucks style copycats that have come and gone by the hundreds in recent years.
** Don't expect everything all at once. Lots of employees, big paycheck for yourself, overseeing everything. Many new owners want too much too fast and end up in ruins. Plan long term strategy, for a 20 to 30 year run. This should be a long term project. Look at the ENTIRE picture and see how to manage debt, growth, etc throughout the life cycle of the business. Invest in your business as much as you can in the beginning so you can take time working ON your business as more and more time goes by. We decided to do without employees to pay off our loans AND save money for a second business.
After five years, we are looking for another project. Take your time and do it right.
Prepare well. Love what you do.
and
kick ass by improving daily.
