Guest Speaker – Sacred Grounds coffee house

Mr Baumgartner, our school guidance counselor, was kind enough to come and speak to our imagesclass today.  As a former business owner [spent 13 years with Sacred Grounds coffee], he had some wisdom and insight for students and future entrepreneurs.

 

When he started his company, these were things he tried to keep in mind…

  • Pay attention to the money!
    • Charge enough to cover all costs and generate a profit
    • Don’t give too much away for free
    • Keep costs down by buying in bulk
    • If you need a loan, have a solid business plan, do the research and dress appropriately for your investor meeting
  • When leasing space from someone else, you are sometimes limited in choices [only would sign one year lease, had to adhere to their hours]
  • Know your competition, know and follow trends, be aware of seasonal changes
  • Build relationships!  Got to know each customer [75% of business came from loyal, repeat customers], their faces, their orders.  A way to compete with some of the larger, more corporate coffee shops.
  • Hard work => results; worked 60+ hours per week, but happy to see the outcome

work-hard

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