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.
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.
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.
She said yes and the experiment began.
The shop I purchased is one of the oldest in Dubuque, in business more than 20 years.
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.
We drove increased awareness through a new website, regular posts on social, and built our own customer email list.
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.
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 ___%
Average customer ticket increased by ___%
Average daily tickets have increased by ____%
Increased profit margins by ___
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.