My friend has an idea to give up his teaching job and open up a hippy cafe/art/music venue. He has no experience in business! What are the pitfalls he should look out for? What should he do first?
If I were him I think I would start off by doing one of those evening courses in setting up your own business. There is alot to think of- tax implications, accountants, solicitors etc. I wouldnt want to go into it completely blind. A fair percentage of new businesses fail in the first 12 months of trading I believe these courses help you avoid pitfalls. If not an evening course, Im sure there are books he could buy. Sounds like a fun business though I wish him luck !
He needs to seriously look at if there is a viable market for what he wants to do. Many people have dreams about owning this or that and end up disappointed because there just isn't the custom for that sort of thing.
Check out the licensing requirements with the Council. He will need a premises licence for any musical performance, plays, films and late night refreshment