Replies to This Discussion

Permalink Reply by Dan Dean on July 16, 2008 at 4:40pm

After three years of planning we opened our shop in october 2007. We hooked up with a licensee outfit (Bear Creek Coffee) to help us get started. I still work full-time at my job as a presentation editor as well as open the shop 5 days a week. I usually put in close to 80 hours a week between both jobs. My wife works about 30 hours at the shop while carting our 5 and 8 year old children around. It is a ton of work! We have not made a dime yet, but on the good side, in an extremely depressed economy, the shop is paying for itself. I am a bit different - I come from a low paying job to one that so far is non-paying. If you are coming from a high paying job - hopefully you have a bit of disposable cash laying around that you can use. Labor is very expensive and so is rent. We are fortunate that we have a vast array of offerings. Our average ticket is close to $5.00. Nothing we are doing is unexpected and it is very rewarding and I love every minute of it. Nothing - save for for the amount of paperwork was really unexpected.
These days corporate America wants 50-60 hours a week with no gurantee of tomorrow - just ask all the GM, Ford and Chrysler employees! For me I had to prepare for the eventual loss of my job in the newspaper industry and I can't think of a better way to transition out of my first career.
Investigate like crazy and get help with location, design and training - it will be well worth the investment. - have fun - Danno

Permalink Reply by Donna King on July 18, 2008 at 5:29am

Shari I'm the same boat with you - I sold my house & previous business, moved to a small town, used some of the cash - will open within a week or two. I wouldn't do it on a loan, but that's just me. Good luck to you!

Permalink Reply by Tom C on July 23, 2008 at 11:36am

Shari,

Congratulations! I might have some perspective on this. I jumped out (of investment banking), built an 11-store chain (wasn't really my intention to get that big...), and then jumped back. Now I keep my hand in by blending and roasting for a couple of wholesale customers. Go slow, have as much fun with the planning as you will with the doing. Talk to your "competitors" -- they were a very willing bunch of new friends and a huge help. Develop your store concept and build a great product, but watch the bills -- I overspent on my first store on things that could have been done much less expensively. Keep us posted on your progress!

Permalink Reply by Shari Coia Fulton on July 23, 2008 at 11:54am

Thanks all - I am going slowly and surely - trying to do all the right research, and will head to CoffeeFest in Sept. I also attended Bellissimo's American Barista and Coffee school in Portland, which was great. Am meeting lots of independant shop owners who are great about sharing info. I really appreciate all the encouragement - just need to validate I'm not crazy for trying this! :-)
Ciao!

Permalink Reply by Jon Mitchell on February 16, 2009 at 9:33am

Shari - I am in pretty much the same boat that you are (were in in July) in. I'm 31 yrs. old, married with one child and another on the way. I'm currently employed in an IT field that pays well, has great benefits, flexibility, end of year bonuses, etc..., but that I literally get anxiety over going to each day. It's just not what I feel in my gut is what I'm supposed to be doing. I just came home this past weekend from spending the previous week in Portland @ the American Barista & Coffee school with Matt Milletto and Jared. It was a great experience for sure and I saw all of the possibilities in my own community. The level of quality and service that is being provided in Portland is leaps and bounds above what is offered in the town I live in, so I see the opportunity there in front of me.

I however am in the same spot that you're in; wonder if I'm nuts. I've never owned a business before and I'm contemplating trying to gather up $200-$300K to start a business. WHAT AM I THINKING!! It does feel right though but it's not any less scary. Then I read several threads on this website about people deciding to close up shop because they just can't make it after 5 years. Of course you have to look at these situations and wonder how these businesses are being run. Are they being managed properly? Were they capitalized properly from the beginning? Are they in the right location? Does their lease make sense? These are all things we learned at ABC for sure. There are so many questions that have to be asked when you see a failing business.

I'd love to hear more about your idea, concept, hurdles that you're encountering and how you plan to proceed.

Myself, I just sent an email off this morning to the President and CEO of our city development corporation asking him for direction and to let me know of any programs or financing opportunities that might be available. I figure I've just got to start asking the questions and feeling my way through this thing. It's one thing to go to class and learn what all you need to be thinking about but it's a totally different thing to actually get out there and start doing it for sure.

I'm looking forward to hearing your story. Good luck.

Jon