Turning Your Passion to Profit with Andrew and Claire Bowen

02/25/24 • 39 min

Today, we're shaking things up and venturing beyond traditional retail to dive into the world of coffee shops. What lessons can we learn from the cozy corners of your favorite neighborhood cafes?

I had a lovely conversation with Andrew and Claire Bowen, the authors of the award-winning coffee book The Daily Grind. While their book was originally meant to be an extension of their business, it unexpectedly took off and turned them into industry coaches.

Now, Andrew and Claire are here to share their journey and how you can turn your passion into a profitable business. Get ready to dive deep into money management, finances, and budgeting, as they serve up some practical tips and mindsets to help you keep your business on track and your budget in check.

Plus, they'll be breaking down what exactly makes for a healthy net percentage and how you can maximize your cafe's earnings. We’ll also uncover how the retail world and coffee shops go hand in hand, including the importance of community involvement and what you should really be looking for in a new hire. Let’s dive in!

[0:00] Welcoming Claire and Andrew

[04:24] The winning strategies that helped transition Andrew and Claire's love for coffee into a profitable and scalable business model

[07:34] Debunking financial planning myths for independent retailers to ensure longevity and growth

[12:29] How Andrew's 25 years of retail experience shaped his entry into the coffee industry

[14:49] The key exercises that can help retailers predict startup costs and sales potential for a coffee business

[19:05] What is the average profit margin for coffee shops?

[21:21] What lessons can we learn from the journey of this independent cafe overcoming challenges?

[25:43] What Claire and Andrew are most proud of in their business

[28:47] Andrew and Claire's resilience round

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Connect with today's guest and get all of the resources on our website at https://www.crystalmediaco.com/episodes/turning-your-passion-to-profit-with-andrew-and-claire-bowen/

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Today, we're shaking things up and venturing beyond traditional retail to dive into the world of coffee shops. What lessons can we learn from the cozy corners of your favorite neighborhood cafes?

[0:00] Welcoming Claire and Andrew

[04:24] The winning strategies that helped transition Andrew and Claire's love for coffee into a profitable and scalable business model

[07:34] Debunking financial planning myths for independent retailers to ensure longevity and growth

[12:29] How Andrew's 25 years of retail experience shaped his entry into the coffee industry

[14:49] The key exercises that can help retailers predict startup costs and sales potential for a coffee business

[19:05] What is the average profit margin for coffee shops?

[21:21] What lessons can we learn from the journey of this independent cafe overcoming challenges?

[25:43] What Claire and Andrew are most proud of in their business

[28:47] Andrew and Claire's resilience round

Previous Episode

6 Tips for Retail Success in 2024: After the Show

In this episode of 'After the Show', we are live from Palm Springs after our first Oasis of Opportunity Retreat. I want to discuss additional strategies for retailers to focus on in 2024. I am joined by special guests Majda Rensberger from OneCoast and Steph Bechard from Crystal Media.

We are talking about the significance of adapting business strategies to effectively engage customers, the need for talent acquisition and delegation to scale up businesses, and the importance of storytelling in marketing and branding. The discussion also covers the critical role of email marketing and the need for retailers to surround themselves with growth-oriented peers to brainstorm and learn from each other.

Let’s dive in!

[00:00] Welcome from Palm Springs!

[00:57] Lesson One: If there is something that you really want to do, find a way to do it!

[04:16] Lesson Two: Invest in talent to scale your business

[06:36] Lesson Three: Make your brand more human

[08:51] Lesson Four: Focus on Storytelling!

[14:11] Lesson Five: Embrace Email Marketing

[15:18] Lesson Six: Find a Mastermind. Surround yourself with people who will push you to see things differently

Continue the conversation in the Rooted in Retail Facebook Group - https://www.facebook.com/groups/rootedinretail
Get all of the resources on our website at https://www.crystalmediaco.com/episodes/6-tips-for-retail-success-in-2024-after-the-show/

Next Episode

What retailers can learn from Coffee Shops: After the Show

In this episode of 'After the Show', host Crystal Vilkaitis discusses various topics related to retail growth and challenges, focusing on insights drawn from a conversation with Andrew and Claire Bowen, authors of the bestselling book 'The Daily Grind'. Through exploring the importance of being famous for something in your retail business, tips on checking profits weekly, and strategies for driving foot traffic, the episode offers actionable advice for retail store owners. Also covered are ideas for adding a coffee element or a popup shop to enhance customer experience and foot traffic, hiring for both culture and skill, and leveraging customer reviews for improvement.

Let’s Dive In!

00:00 Welcome to After the Show

00:53 Some reminders and announcements

01:57 When can you join us live?

02:38 Are you known for something?

04:32 How often are you checking your numbers?

06:03 Marketing to manage your foot traffic (Consider using email)

10:28 Could you have a coffee cart or popup shop in your store? What kind of experience would that be for your customers?

13:43 Get on the waitlist for the next Oasis of Opportunity Retreat

14:16 Should you hire for culture or for skill?

19:00 Little changes can make a big difference - how do you find new ideas for improvements/changes in your store? Staff feedback and reviews might be the answer.

25:48 Celebrate our one-year anniversary of Rooted in Retail next week!

Join us in the Rooted in Retail Facebook Group - https://www.facebook.com/groups/rootedinretail
Get all of the resources mentioned in today's episode at https://www.crystalmediaco.com/episodes/what-retailers-can-learn-from-coffee-shops-after-the-show/