|Industry:||Accommodation and Food Services|
|Amounts:||various Find what funding programs you qualify for|
Markham, Ontario's Judy Wong loved the sweet traditional Asian desserts her grandmother made for her when she was young. There was grass jelly, which is like a dark green Asian JELL-O made from a twig-like grass in the mint family, usually served with sugar syrup or mixed with fruit. And tofu pudding, laced with sugar syrup, was a particular favorite. Pretty quickly she had the idea to turn her passion into a business. With a professional business plan from the Centre for Business Plan Development, she could confirm her target group and more.
"I really loved it, and I kind of watched from the side, so I learned all the recipes," says Wong. As she grew up, she travelled to various places around the world, and learned the desserts of the countries she visited. "I love desserts," she says simply.
Eventually, she realized her passion could be the key to a successful business. Her sister, Wendy, worked in the restaurant industry, and had been making bubble teas in her restaurant. These sweetly flavored beverages from Taiwan are made from various combinations of tea, fruit, fruit syrup and milk, and often contain tapioca balls or pearls made of jelly. They're shaken just before serving, and the frothy foam gives the drink it's name.
The mall features several Asian eateries and a "dai pai dong" (Chinese food court), so it's a prime location for this unique dessert emporium. But Rainbow Bubbles doesn't just feature Asian delectables. With the surge in popularity of cupcake outlets, that tasty North American treat is also on the menu. "Our main goal is not to just specialize in one thing," says Wong. "We want it to be open for everyone, offer something for everyone."
To prepare to seek financing, the trio initially worked on their own business plan. But things got busy very quickly once they signed the lease on their unit in First Markham Place. Arranging for suppliers and contractors – and all the other details of launching a new business – had them working furiously. They decided to turn to the professionals at the Centre for Business Plan Development.
Her business plan writer unearthed the demographics of Wong's target market, younger Asians, and Wong was pleased to learn that Rainbow Bubbles was perfectly situated in Markham. "The older people, especially Asians, go with necessity more than impulse buying," says Wong. "The younger groups of people are the ones that will be going out to movies and spending on these kinds of sweets. The business plan writer found what we needed in the statistics." Wong advises budding entrepreneurs to thoroughly research their ideas. "And make sure that whatever their specializing in, be well-prepared. Keep learning and searching for new ideas."
Imagine how a professionally prepared business plan could help grow your business. For a free consultation, call 1-855-892-2506.Please note our Centre is not affiliated to programs profiled in the above article and no claim is made that funding is due to our Centre unless stated.