Learn the coffee shop economics needed to make your business profitable and grow successfully in this episode with Andrew Tolley, the co-founder and head of coffee at Taylor Street Baristas. You’ll also learn the value of viewing staff as an investment rather than a cost, and the best way to maintain character in your shops whilst standardising processes.
[02:48] Andrew tells the story of how he got into coffee
[04:46] The conflict between passion and profit and why you need to view your cafe as a retail business
[06:58] What the profitability of a site depends on and how to set rough benchmarks for profitability
[09:12] The importance of forecasting revenues and costs in a financial model and the right level of granularity to shoot for
[11:19] The other non financial acid tests you need to run to assess if a location is the right fit for you
[14:06] The challenges of creating a good food offering that can compete with the rest of the market
[16:26] The importance of training and developing staff and how to do this effectively to maintain engagement
[21:04] The requirements for opening up a second site and the challenges that come with scaling
[23:53] The Taylor Street origin story and the Tolleys’ ambition for the business
[27:29] Andrew’s current coffee habits and what he’s changed his mind about in the world of coffee
You’re always welcome to book a demo with us. Completely free of charge, of course.