Business
LAURIE SHAW Laurie Shaw is the COO of Coffee Beanery. In addition, she manages gift sets, fundraising, franchising, & wholesale. As a mother of 6 children, she is a multi-tasker and has no problem delegating tasks (sometimes even to her grown children). Feeling blessed to have such a positive and “can do” group of people to work with…. up for any task even rebuilding a store in 9 days. It was said it couldn’t be done but with our amazing team (and not a lot of sleep)…it was accomplished!! A nerd at heart, she loves reading and learning about virtually any subject. Favorite Coffee: Iced Fudge Ripple Favorite thing about working at Coffee Beanery: The people and their passion for the company as well as being able to work with my family Bucket List: Traveling with her husband…I love learning about history and cultures and of course, eating different kinds of food KEVIN SHAW 1970….Kevin started fixing coffee machines in the kitchen at the age of 6, he had to stand on a milk crate because like most 6-year-olds he was short. After successfully extricating himself from Fenton public school system in 1982 he had a brief encounter at Central Michigan University cementing his entrepreneurial direction, where he started several successful seasonal businesses. He formally joined the family business (1986) 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. 1989 started selling franchises, The glass is always half full…..if you aren’t laughing within minutes of meeting him give him more coffee and wait. He was born in the wrong century “should have been a cowboy” or better yet John Wayne’s sidekick. Favorite coffee: Hawaiian Kona Favorite thing about working at Coffee Beanery: Getting to work with my family and make people laugh Bucket List: Going to carnival in Brazil In this episode, Laurie and Kevin are taking us behind the scenes of their coffee franchise, Coffee Beanery. Coffee shops are bouncing back like crazy right now. But what does it actually look like behind the scenes to run a coffee shop? How many cups of coffee do they need to sell to be profitable? What is it like to run a coffee shop and what is the earning potential? It doesn’t cost that much to make coffee, but when you factor in staff, rent, and utilities, how profitable is this, especially with people who treat coffee shops like coworking spaces, buying one cup of coffee, and then sitting there for hours. Where we are: Johnny FD – Sri Lanka / IG @johnnyfdk Sam Marks – North Carolina / IG @imsammarks Sponsor: Support the Show: Join our Patreon Sponsor: Boardwalk Wealth Discussed: Coffee Beanery - https://www.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 - Consumptions 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.