How do I make more money? Which areas of the business can I adjust to increase my profitability? These are the questions on the minds of most coffee entrepreneurs. Running a coffee bar means you make your money via low profit margins that compound when scaled. It is not as easy as simply introducing a new flavor, choosing the right rewards program, or offering tempting discounts and deals. In fact, a lot of the usual tactics are money drains not money makers and are definitely not sustainable. Many of the ways to make more money are hiding in plain sight.
In today’s episode we are going to talk about six proven methods for increasing your shop’s revenue that are both achievable and sustainable. Not to mention they offer the benefit of strengthening your companies foundations and culture in the process.
We will cover:
- Service + Speed
- Well curated specialty item programs
- Cost + Inventory
- Retail placement
- Getting out of your shop
- Investing in culture
Related episodes to listen to next:
223 : Building a Financially Resilient Business w/ Andrew Carroll
211 : Straight Talk from the Retail Doctor, Bob Phibbs
184 : Making Great Business Decisions w/ Dave Stachowiak
173 : 5 Areas of Focus for Retailers
160 : The Smart Way to Approach Money w/ Jill Schlesinger
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