BREWING UP
BUSINESS
Empowering New Entrepreneurs
But it's not just about the coffee - Coffee Lab is also exploring ways to empower workers and create new on-ramps to entrepreneurship.Â
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Before purchasing the shop, I reached out to a former employee (a single mother of 3 working 70 hours a week) to see if she wanted to partner with me on the shop.
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I'd buy it, she'd learn the business and manage the shop, and gradually she'd earn equity until we were 50/50 partners.
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She said yes and the experiment began.
The shop I purchased is one of the oldest in Dubuque, in business more than 20 years.
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But the original owner had died suddenly and the business had changed hands a few times. Sales were way down and the shop wasn't profitable.
The Situation
The Turnaround
Within a year, working through strategies with my manager (and future business partner), we had successfully turned the shop around.
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We drove increased awareness through a new website, regular posts on social, and built our own customer email list.
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We increased revenue by adding new food & drink options, expanded hours, implemented a digital loyalty rewards system, and started holding regular events, like book clubs and art openings.
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And we decreased costs by transitioning to a new point of sale system, a new payroll provider, new suppliers, and implementing better systems.
Outcomes (so far)
Annual sales have increased by 318%
Average customer order increased by 142%
Average daily orders have increased by 223%
We've added 2 new employees to the team
And my future business partner? She's only working 1 job, averaging 40 hours per week, and bringing home more money.