Turning Your Passion to Profit with Andrew and Claire Bowen

Rooted in Retail

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

Be sure to join us in the Rooted in Retail Facebook Group for After the Show Live! https://www.facebook.com/groups/rootedinretail
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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Chapters

1. Three Tried and True Lessons (00:00:00)

2. The winning strategies that helped transition Andrew and Claire's love for coffee into a profitable and scalable business model (00:06:32)

3. Debunking financial planning myths for independent retailers to ensure longevity and growth (00:09:42)

4. How Andrew's 25 years of retail experience shaped his entry into the coffee industry (00:14:37)

5. The key exercises that can help retailers predict startup costs and sales potential for a coffee business (00:16:58)

6. What is the average profit margin for coffee shops? (00:21:13)

7. What lessons can we learn from the journey of this independent cafe overcoming challenges? (00:24:10)

8. What Claire and Andrew are most proud of in their business (00:28:33)

9. Andrew and Claire's resilience round (00:31:36)

10. Best business book (00:31:46)

11. Best retail technology (00:32:18)

12. How do you keep up with the ever changing retail industry? (00:32:59)

13. What's a company culture best practice? (00:34:04)

14. If you had to start your business all over again, what's one thing you would do differently? (00:34:58)

15. What does the future of independent retail look like? (00:36:46)