145: Coffee Shop Economics with Coffee Beanery’s Kevin a Laurie Shaw
Laurie Shaw is the COO of Coffee Beanery, the best provider of 100% Arabica Specialty coffee with 40+ Flavored Coffees offered in Decaf Swiss Water Process. In addition, she manages gift sets, fundraising, franchising, a wholesale. Kevin Shaw, the Director of Franchise Sales, joined the family business as a manager of the Ren Cen store in Detroit and soon after moved back to corporate to develop the roasting, flavoring and packaging processes that have evolved into what you see today. In this episode, Laurie and Kevin are taking us behind the scenes of their franchise to share what it’s like to run a coffee shop. Learn about the epic risks and big rewards of opening a coffee shop including the earning potential. After listening, you will understand the economics of owning a coffee shop and the vital steps in making it your next financial success! Where we are: Johnny FD – Sri Lanka / IG @johnnyfdk Sam Marks – North Carolina / IG @imsammarks Sponsor: Support the Show: Join our Patreon Discussed: Coffeebeanery.com Like these investments? Try them with these special ILAB links: ArtofFX – Start with just a $10,000 account (reduced from $25,000) Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) Betterment – Get up to 1 year managed free Wealthfront – Get your first $15,000 managed free PeerStreet – Get a 1% yield bump on your first loan *Johnny and Sam use all of the above services personally. Time Stamps: 20:26 - Consumption patterns for coffee globally over the past few decades 25:02 - “People like going places that are more special and unique.” - Laurie Shaw 26:47 - The economics of owning a coffee shop 29:10 - Different products they sell and the revenue each product brings in 29:44 - How Coffee Beanery has responded to the rise of remote work and coffee shops becoming like coworking spaces 31:00 - The online order environment in the coffee business 33:22 - Where do their coffee beans come from? 37:01 - “People do business with people they like, and they will take an inferior product if they get an excellent experience.”- Laurie Shaw 40:50 - The cost and profit of a cup of coffee 41:35 - When and how Coffee Beanery moved towards the franchised model 44:43 - The requirements of becoming a franchise owner 55:00 - How Coffee Beanery creates customer loyalty 58:20 - The stats behind Coffee Beanery and other big coffee companies If you enjoyed this episode, do us a favor and share it! Also if you haven't already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2020. All rights reserved. Read our disclaimer here.