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Elias

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Elias last won the day on March 20

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About Elias

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  • Business: Retail

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  1. I agree with the above vision of Loyverse.town and believe that it would grow into much bigger and broader then being a community of Loyverse users. There are much more that we can do at Loyverse.town and through it. Will be sharing about this step by step, and will contribute as well.
  2. It is the time for the shop owners, when it is necessary to breakthrough by focusing both on customers (shoppers) who are existing customers, and on a new customers as well. It is a good to experiment with a combinations - creating a hybrid of different formats: like combining a coffee shop, with delivery options and offering there as well necessary products for the nearby living people. For the small outlets it is the time, of the unifying hybrid formats of shops-cafes. Combining offline operation, with online deliveries. And empowering shop premises with necessary products and services for the specific area. Do not stick to one format only. Become multi in your approach, and study your clients and customers around. And study your competitors around. Including those who are not in a same format with you. It is a time to embrace and engage every possible shopper, through every possible channel.
  3. If to bootstrap the restaurant yourself, it is better to start with the simple format. To make it cash positive experimenting with format, and forming a right niche of services for the right niche of customers. It could be a combination of cafe and small restaurant format. Even as a start it could be a cafe with a good menu.
  4. Elias

    Working from a cafe

    Now, looks in some countries - the trend is working from homes. But in South Korea, people are still actively visiting cafes, even though wearing masks.
  5. It could be an empirical method as well: what ever average costs in your company is spend in a certain period dividing on the number of customers you have acquired in a same period.
  6. One of my friends started a coffee shop as an individual business three years ago. Despite all his efforts, now this cafe is closed because it was cash negative and drove him a minus. Recently, I read about Romanian guys, who started their coffee shop business three years ago as well, with 10K euros and 12 sq.meters, and now they have over 150 coffee shops, have sold 35% of their company to venture investor, and have opened their franchise. Quite impressive growth over the same three years. I am curious to research about what significant difference was between both coffee shop startups developments. I think one of the key important differences was an experience: the Romanians had among their previous project - owning a bar and having several cafes. Based on such knowledge, they could learn how to manage such a business and understand its pluses and minuses. And they already could understand what is necessary to make such business scalable. Another essential point was - vision: Romanians from the beginning have set a target to develop a chain retail business, to attract strategic investors, and later to sell their business to a strategic buyer. That is smart move generally because once you are starting to grow and especially scale your retail business to many outlets - you have to build an exit plan. And I believe Romanian founders new, from the beginning who will be their target potential strategic buyer. (Maybe Nestle? or Coca Cola, who acquired some years ago Costa Coffee for 3,8 billion euros!). That's why - what three years ago, looked pretty much similar: my friends small coffee shop and Romanians small coffee shop - in 3 years became absolutely different from the result, size, and perspective point of view. Many things to learn. Many points to research. What about you? Are you in the position of a friend of mine? Or are you in the place of Romanians? Or would you like to become successful like Romanians in your business? Please share your story and experience. Let us learn together how to succeed. P.S. And yes, Loyverse POS is ideally solution to fit for the cafe shop business models - from individual shops, Romanian alike cafe chains to Costa Coffee size coffee shop chains.
  7. Despite, that analytics says that there is a start of the global economic crisis, there is a business that is on the rise: Manufacturing of Masks. For example URBAN AIR MASK 2.0 https://www.airinum.com/products/urban-air-mask-2-0-classic?variant=13654585606249 This manufacturer is out of stock. His fancy designed mask cost 69 USD. It is reusable, with filters. The original cost of such a mask, I believe small. Margin-profit should be very big. Looks good for business in a time of viruses spread and ecology problems. What do you think? Is it worth of starting such a business? And if yes, what will be necessary for this? What kind of investments? What kind of competence? And how to scale such enterprises nationally and globally?
  8. How can be calculated the average age of inventory? (formula)
  9. What are the e-commerce safe zones in the US?
  10. What is the average receipt in McDonald's?
  11. What is busiest McDonald's in the world?
  12. Do you apply the concept of customer always right?
  13. What is one stop shop concept?
  14. Can digital receipts replace printed receipts in the small business?
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