Author Archives: Sydney

Wired Coffee & Bagel, a Lesson in Planning

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Business plan

Matt and Marty Michele became the “new kids on the block” when they open the doors to their shop in Eldridge Commons in Malta, New York. This complex of apartments and retail, and office space seemed like a piece of heaven for the new shop owners.  However, multiple ups and downs delayed the coffee shop opening by several months.

Well this scenario is not so uncommon.  What is it they say about Murphy’s Law?  Even with a perfect business plan things can always go wrong.  That is why is so important for a new business to allow a little wiggle room for those unforeseen circumstances.  Failure to do so will really leave the business in a jam at can be crippling.

Compared to most of the other small businesses that went into this mid-sized mixed retail, office, apartment complex Matt and Marty are way ahead of the game.  They continue to see their clientele grow on a monthly basis.  I truly think this because they” had a good solid business plan.  And while as Matt implied, it has been a bit scary being the “new kids” they are weathering at well.

What separates Wired Coffee & Bagel from some of their retail neighbors in the complex?  Matt and Marty chose a good product.  A product with a general appeal—everybody wants their coffee, or should they say needs their coffee.  Everybody likes to eat.  They chose a setting that was somewhat different from the older establishments in the area.  It is attractive, with an outdoor seating area.  They also have a good handle on promoting their business in social media.  Today that is such an important concept.  Any business that tries to fly without the Internet is doomed to fall behind its competitors.  This is a concept that I preach day after day to service businesses in all different niches.

Despite setbacks and slower than anticipated growth, Matt and Marty have stuck with their plan to provide a premium quality product.  This is what sets them apart from some of the chain coffee shops that are in close proximity.  All their sandwiches soups baked goods, and salads are fresh made.  Their coffee is a small batch roasted and they also use a special nitro cold brew process if that’s your game.  There are plenty of teas, hot chocolate, and soda as well.  Wired provides a good product and the customer is never disappointed.  Once that customer walks through the door, they are hooked and Matt and Marty know they’ll be back again.  Not only will they be back, but they both share their new found favorite coffee spot.  Never doubt the power of word of mouth.

I would like to thank Matt for letting our staff interview him concerning this promising young business.  Matt, you know will be sending everyone your way the cause we want you to be one of The New Kids Forever.  Lots of luck Matt and Marty!

 

New Kids Forever Or New Kids Disappear?

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Oh the glorious 80’s, do you remember those days?  I remember my cousin traveling 90 miles to bring his daughter who was all of maybe 8 or 10 years old up to Saratoga Springs, NY to see  New Kids On The Block at the Saratoga harness track. Crowds and crowds of people were there, mostly young girls accompanied by parents.  I couldn’t understand the attraction myself. What made New Kids on the Block such a success? Was it their great voices, cute teenage boy personas, or “cool looking clothes”.  What inspired all those young people in the audience?

 

While all of the above were contributing factors to the success of the group, what made them charm so many young girls into to buying  their records over and over again I can tell you  was marketing. Without marketing they would have just been another handful of guys hanging out in the garage making a little music. Without the posters, T-shirts, pen and pencils and all of the the other promotional paraphernalia, paired with personal appearances, the New Kids would have gone nowhere.

 

Next to having a good product with a general appeal, marketing is one of the most important concepts for business owner’s especially new business owners to grasp.  Unfortunately, marketing is so often downplayed and neglected resulting in the early demise of new businesses. All too often young, or unseasoned new business owners think all they have to do to get a space, put some furniture in it, open the door and “they will come”.  Without a solid marketing plan in place these new businesses are doomed to fail, in as little as six months.

 

Grant Cardone is a famous author entrepreneur and business owner and if you haven’t familiarized yourself with him or read some of his books I would definitely recommend that you do. Some of his books include “The 10X Rule”, “If You’re Not First You’re Last”, “The Closers Survival Guide”, and “Sell or Be Sold.”

 

Grant Cardone has his own TV network  and in one of the presentations he said that 93% of small businesses make less than $250,000 per year and over 51% make less than $25,000 per year. He basically said that that equates to 67% of small businesses breaking evening or even losing money.  Cardone goes on to say that in business, as in life that if you simply kind of wing things as you go along then you’re not going to be confident.  You’re not going to know where you’re headed and this is going to cause you to make a lot of mistakes. You will to be overly cautious when you should be bold and you’re going to be reckless when you should have been cautious and this is why businesses fail.

 

Grant Cardone has spoken and written repeatedly about why businesses fail.  The list I relate to is short and sweet:

1) No one knows youSuccess vs Failure

2) You’re too small

3) You don’t grow fast enough

4) You don’t spend or invest enough

5) You don’t make enough

 

Back to the New Kids, they obviously didn’t do their own marketing. They had paid promoters and managers handling the marketing and making money for both the band and the promoters.  As a small business person must you have someone doing your marketing unless you are experienced at marketing yourself and have the time to devote to implementing your marketing plan.  Failure to comprehend this will doom you to failure.

 

To be successful in business you need to have a solid marketing plan. That plan has to include funds for marketing and advertising as well as staffing, products, supplies and everything you can possibly think of that you might need and a little extra for the things you may have overlooked.  You must sit down and have it on paper. Know where you’re going to get the funds , and how you are going to proceed. Sure you can start a business on a shoestring but the truth is you are going to have to move fast if you’re going to make it and actually get some money out of it, and marketing is the one thing you cannot skimp on.  Failure in marketing means the New Kids Disappear.

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