32: BMB (Series Part 4/4) Conclusion & News From Rich

Intro:
Hey, you’re drinking house coffee – unfiltered conversations brewed at the intersection of real estate life and coffee shop service. We’re Maggie and Rich – local business owners and friends sharing stories and welcoming you to pull up a chair with us. The door’s always open. Let us pour you a cup.

Rich:
Are we going to drop these exclusive dude? We’re gonna tell him we

Maggie:
Should tell him. He told me

Rich:
Pretty exclusive. You would really have heard it here first

Maggie:
Truly and I don’t want need to drag this out for 20 episodes. Right?

Rich:
Well, let’s just say that I’m I’m excited. I’m excited about the future. I think I think you know, I’m excited to be back.

Maggie:
Yeah,

Rich:
I’m excited to be back in the future. When I come back,

Maggie:
Me, too. Many of us are

Rich:
Yeah. Well there’s a lot to be said there’s a lot to be said, all right, and at the end of the day, I think I think it’s all happening on a good on like a positive note and lots that I’ve learned from it awesome taken away from it and and ultimately There’s a lot of potential that’s gonna come out of this. So. A lot of things we’ve been talking about for the last several months here

Maggie:
On the podcast

Rich:
You and me things. We’ve been talking about are going to be able to I mean who I hope right in an Ideal World Lord willing, they’re gonna be they’re gonna be able to come to fruition because I will be able to be present. So yeah, I’m looking forward to that but I’m not gonna like, you know, it’s only early December. I still got a couple weeks to to Keep my head in the game.

Maggie:
Lots of Lessons Learned

Rich:
Definitely definitely I’ll be excited to unpack some of those things.

Maggie:
So

Rich:
If you have a yes, sorry, go ahead.

Maggie:
No, I was gonna say are you gonna say? Yeah,

Rich:
Because if you haven’t guessed from what we’re saying, if you’ve been following this podcast for a length of time, you’ll know that my name is Rich and I own a coffee business with some With my wife and some friends and we have for the last six months. Been partnered with another local business and my business called storied that business is called Bishop Harry General Store, you know it you love it. It’s a cool place and they got sick coffee programmed it but that’s because we’ve been part of running the cafe operations the overall Cafe for the last six months and I personally have been not running my own business as much as I’ve been working to manage help manage this other Cafe portion of this other business, so What’s going to happen and this is the first? is the this is this is not yet super public knowledge, but it’s gonna be public knowledge in the in the very near future and So you’re getting these exclusive if you’re listening to this don’t go shouting from the rooftops though, just in case. Is we’re gonna be just going in different directions after the end in the new year. So with that does allows me to be back at storied. and really contributing more there than I’ve been able to and that’s gonna allow us to regroup on the Staffing situation and figure out you know, how to better balance things because We’ve been talking about business models here on the House Coffee podcast. And what we’ve got is a business model. That’s a lot of whack over a story. So this is going to give us a chance to maybe just regroup on that a little bit.

Maggie:
Yeah, lots of lots to look forward to I can speak for myself and our audience that We’re excited to have you back rich.

Rich:
Thanks, man. Well, I’ll be excited to be back.

Maggie:
Yeah.

Rich:
That’s my news

Maggie:
Sweet.

Rich:
You heard here first, you

Maggie:
Hear first and actually it’s just so funny that you bring this up because I want to share a quote with you and I this is the first I didn’t pre-share this with you. No you did you had no idea. I was planning on sharing this call.

Rich:
It’s very true.

Maggie:
But it is so perfect and I want you to be planning to share this quote with me before you heard this news earlier

Rich:
Today. I

Maggie:
Was planning on sharing this with you regardless. in this quote is it’s not too late to do what you want to do if you stop waiting for the right time to do it. Wait, no. Sorry I messed up. I almost had it right. I just got too excited. I’ll start again. It’s not too late to do what you want to do if you stop waiting for the right time for the time to be right.

Rich:
Okay, stop. We’re

Maggie:
Not too late to do what you want to do. If you stop waiting for the right for the time to be right. I don’t know why I can’t say it. I have a little bit of a dyslexia, but

Rich:
I’ve made sense. I think I made some here

Maggie:
You can keep it out of business both ways. I brought it for you

Rich:
If you stop waiting for the

Maggie:
Time to do it, right?

Rich:
James Clear classic dude, atomically,

Maggie:
I forgot to say who it was by it’s by James Clear.

Rich:
Atomic habit shout out to that book that

Maggie:
I really never

Rich:
Too late to start reading that book.

Maggie:
Yeah. Atomic habits

Rich:
Unless you can just stop to the first sense. It’s not too late to do what you want.

Maggie:
But I think people always wait because they don’t think the timing is right and this quote is basically saying you got to stop waiting for the time to be right. It’s never too late to do what you want to do you the time is always right. Yeah. Well and I think that’s fitting for you.

Rich:
I think I thanks me. I appreciate it. But that right here where I can see every time we podcast

Maggie:
Together.

Rich:
And and I appreciate that and I wonder what made you bring that up? Before knowing what I was gonna that I had this news to share. Which by the way this is this is news. This is like breaking news like yeah just broke yesterday. So it’s not like this is it’s yeah

Maggie:
Only told me this like an hour ago, right?

Rich:
I only you know, it only was a conversation yesterday. So,

Maggie:
But I already planned on sharing that quote with you before you told me your news.

Rich:
Yeah, great. Well, thank you. Thank you. Yeah, cool. I mean what you want to do quote unquote is such a big idea, you know, sometimes you want to do something. Like I I there’s a lot of ways I can enter into processing that quote. So I’m not gonna do that today. Yeah, I know because we don’t have that time. I’m just gonna accept I’m gonna receive that

Maggie:
Receive it.

Rich:
Thank you. Well, I don’t have a thoughtful. Well for you, so maybe just been listening to or right? What else is up?

Maggie:
Red, I would love to tell you what I’ve been listening to I’ve been listening to the puberty podcast.

Rich:
Oh, yes, and

Maggie:
This particular episode was season 3 episode 20. I don’t I haven’t listened to every single episode. I just kind of scroll through topics that are interesting and important to me and this episode was taught titled. Talk to your boys. And the guest on the episode was Christopher pepper who is an award-winning educator who coordinates the San Francisco United school districts young men’s health project and he does he gets middle school and high school boys together and small groups to talk about relationships emotions and healthy masculinity. And so I thought that this was a good podcast for me to listen to and just learn more about Puberty and young boys since that’s sort of the stage of life that I’m in right now. Yeah, as you know.

Rich:
Yeah.

Maggie:
So disciple it was very insightful and just learning how to navigate. friendships and emotions and Dynamics and everything in in that stage of life so tough because

Rich:
Yes tough When We Were Young and it’s

Maggie:
Yeah,

Rich:
Things are not getting easier, you know,

Maggie:
No and just to put it into perspective. When we were in middle school, we didn’t have smartphones,

Rich:
Right? Yes,

Maggie:
And we didn’t have to go through middle school and high school with us like social media pressure. group texts Dynamics with with other kids in our school and everything.

Rich:
Yeah, and

Maggie:
So that’s kind of more the contacts of what I’m referring to is like how do I navigate raising a kid? Who is 12 almost 13 with like the challenges of social media and screen time and homework time and Sport time and music like everything. It’s just still a world and I’ve been kind of plunged into and I’m loving it. Don’t get me wrong. I am loving it. But I’m just I don’t know. I’ve never been in the stage of life before and I I didn’t have the past 12 years to prepare for it now,

Rich:
Right so

Maggie:
Yeah.

Rich:
Proud of you.

Maggie:
It’s been spend a huge learning curve that I’m totally embracing and loving cool. But I mean in 12 years from now you can listen to this episode when Oliver’s.

Rich:
Yeah. It’s hard to imagine because so much has changed in 12 years. I mean, I was just High School 12 years ago slightly slightly more but like 12 years from now.

Maggie:
Mm-hmm,

Rich:
You know, that’s not that long. It’s not that far away. I know I’m told and that wasn’t that long ago, you know ultimately but but like you said smartphones that changed everything and that’s happened in in the wake of that. Yeah,

Maggie:
I mean

Rich:
Shout out to aim is the messenger. I know I mean we did have like that whole thing in my space. We were I was on my space suit, so I mean, you know, not for nothing I

Maggie:
Had away messages.

Rich:
You know, you know about the character.

Maggie:
They’re all lyrics,

Rich:
You know about the character dude,

Maggie:
I did three yes or one four three

Rich:
Dude. I was just gonna say or the carrot slash three.

Maggie:
Yeah.

Rich:
Crushed.

Maggie:
Did you have a link to like a photo page like check out my photo like

Rich:
Like a father’s Link in my MySpace. I wasn’t a big photo guy, but What was I

Maggie:
Photo bucket or something?

Rich:
I had like bands in high school. So I would link to like, you know, almost stuff. Yeah, like okay and page and

Maggie:
To shut up.

Rich:
I wish you could I wish there was like and maybe there is and maybe someone could tell us there’s like like the way back machine or there’s other things online. You can kind of access some of this old stuff, but

Maggie:
I

Rich:
Wish there were ways to just interact with that. Now that old the way that it was because my space now is like No, it’s not it.

Maggie:
I’m the same.

Rich:
Yeah, just for the like Nostalgia of it. Someone’s got to build that.

Maggie:
Oh my it was good. It was good and simpler times

Rich:
Simpler Times India.

Maggie:
What? Have you been listening to?

Rich:
Yeah. What have I been listening to dude? What haven’t I been listening to? All right more Dateline.

Maggie:
Yeah.

Rich:
I wasn’t I feel like I was listening to Something Real specific lately. It’s just about this book Bad Boy open real quick.

Maggie:
While you’re looking that up. Did you hear that Death Cab for Cuties coming to program Junior

Rich:
Center? I’ve got open text messages right now with my friend we’re talking about should we buy tickets together?

Maggie:
Mm-hmm.

Rich:
Y’all don’t know this but I bought tickets to Death Cab for cut either 20th anniversary tour. We’re gonna even have any content today. It’s like all banter. They’re 20th anniversary tour death cabs album transatlanticism and Co headline tour with the postal service and that 20th celebration of their album give up. So it was a co-headline tour now, it’s kind of fake that that’s a fake out because Ben Gilbert the lead singer of both bands and writes all this music but there are different artists involved with those projects on the side. So they’re bringing that all together playing straight through the albums. It’s mind-blowing and I bought tickets last February. No, I guess it was this year. Wow

Maggie:
This February.

Rich:
I bought them early this year and I the concert was supposed to be like September, right? So I was like months and months out and I had it all planned. Well, I didn’t have I didn’t have a lot of plans really dialed for but I did know. I was gonna do it but then if that date was coming around and it was like I had a new you know, I have this job that I didn’t have when I was to take this I had um, and I had a kid then but I had the kid then now still and he’s older and and it is just like the concert ended up being on. Oh Christina’s was just starting a new job as a teacher. It was like September was like early September. So it’s just the worst timing for this concert and it was three hours away. It was in a different state. So I’ve done that before to go see a show but it was I had to call it on this one. And so we sold to take us some friends and they were able to go and that was cool and then alone all of a sudden I don’t know where They announced more dates for 2024 of the same tour and what did you know, there’s literally a date right here in Albany rather than having to go three hours. It’s

Maggie:
It all worked out. So what?

Rich:
So I’m about that presale link to get those tickets. Yeah, yeah Shadow.

Maggie:
Yeah.

Rich:
What have I been listening to though? Man, wow, gosh, I was gonna say I had something as I was driving or I was thinking like oh, yeah. I’m listening to that thing. But I can’t really remember it. Oh, okay. All right, you know what? It was without the thing. I was thinking of. I found this documentary. It’s kind of like not exactly. What are you listening to? It’s yeah, what do you count? What are you doing? But it was on I was documentary and I can’t even remember why I thought to mention it. I don’t know something. We’re talking about earlier or something. We’re talking about right now, but it’s basically a documentary on What’s called the independent fundamental Baptist movement. Okay the ifb and I found this documentary dear that is It’s rough. It’s an early. I’m not gonna lie, but I think it’s so important that this kind of thing is this because because ultimately this stuff is tragic and I think it’s so much of what makes Christianity look bad, you know. Jesus teachings are hard to take like on their own. but the things that people do to mess it up. And go Way Beyond extreme way out of line with with extremist stuff. That’s just like not it’s just it’s just so out of pocket as they say. It’s really crazy. So this this. Documentary is kind of chronicling different. different instances of abuse and an ultimately like like sex like sexual abuse.

Maggie:
Is it the one where the Duggars were in it?

Rich:
I don’t know. No. I don’t know if B, they that hasn’t come up at all.

Maggie:
Okay,

Rich:
This is completely documentary related, you know, this is doing so there’s a there’s the figurehead of the ifb the fundamental Baptist movement from like the 40s the figurehead is this guy Jack Hiles. And so a lot of people anyone familiar with that movement will probably hear that name and would know that name and so the the show kind of traces how that guy got this whole movement started and then the Fallout from that but it’s mostly dealing the it’s mostly interviewing and following the stories of people who are our age. So people who grew up in the 90s. Yeah in this in this culture of fundamentalists like extremism and and it’s it’s yeah, like I said it’s tragic. So I was I was watching so I watched several episodes of that.

Maggie:
What platform

Rich:
I think is on Netflix,

Maggie:
Okay?

Rich:
Or it could be Max. I’m pretty sure was Netflix,

Maggie:
Okay?

Rich:
Because I have both seconds and that’s where watches that. Yeah, so I was checking into that because that’s something that’s close to home because I’ve lost friends to that kind of way of thinking. I’ve also got friends back from that way of thinking and such a trip and I myself was looking into it when I was kind of new in the faith because I had friends who are influenced by it. So just on the local level like within New York State In the mid it it in the Midwest and in the south of those things are especially prevalent and hardcore around here. It kind of gets mmm buried a little bit more. It’s like easier this easier to avoid just because it’s harder to be so vocal and extreme in such a liberal climate as we have

Maggie:
In

Rich:
New York or the Northeast so

Maggie:
Interesting

Rich:
Easier to avoid around here, but I did like have just through through proximity with with people that were close to me.

Maggie:
I’m not even gonna comment because I have so many opinions and yeah, it’s very

Rich:
Right.

Maggie:
I grew up in a very conservative house

Rich:
Which is still because it’s like is the one you the your background from. What I understand is is different in so many ways in terms of the actual like beliefs about spirituality. There are there are differing beliefs, but the it’s it’s interesting how the extremism or the fundamentalism can have the same threads even when you have very different ideas about how God operates not you but but two different Church Like mindsets, but you still get this same kind of religious extremism and talking wrong. I don’t I’m not one who thinks, you know religion doesn’t have rules or like practices or ways of life. Because that’s that’s a given but I do think when it’s so out of whacking out of balance and it’s missing the heart of the actual message. That’s where it’s problematic. So just an interesting insightful. incisive

Maggie:
Thing I was watching.

Rich:
Cool and something earlier. I don’t know something earlier that we were talking when you came by the shop made me remember think of it. I can’t remember what that was. Yeah. No big deal.

Maggie:
Yeah.

Rich:
Yeah, check it out. Um, let’s I don’t know what it’s called. That’s

Maggie:
It. I’m I stuff like that just like not to be used like a buzz word but is like kind of triggering and I can’t do avoid watching that kind of stuff if it if it’s like

Rich:
You probably

Maggie:
Too extreme or two like sensitive. I just tend to avoid. stuff like that because it’s not part of my lifestyle anymore. I’ll say but Yeah,

Rich:
All good. Oh good. I just think you know people there are people who find that interesting or there are people who find it and like a cathartic to yeah. Go through that. I think one of the cool things about this the documentary is how it’s basically tracing the stories of Justice. It’s like these people getting Justice

Maggie:
Gotcha

Rich:
And Because there were there were crimes done against them. You know, it was like, yes, it was trauma it was abused and and they’re telling the story. So they’re they’re exposing it. They’re uncovering it

Maggie:
But

Rich:
Then there are you’re also seeing how they got how they’ve they’re in Rick. They have this this they’ve come together people who have all shared this experience from different places Washington State, Indiana, Florida, like like you see how they end up kind of forming this community that That rallies around and yeah and and ultimately seeks Justice and ultimately Vines justice as these things are brought to bear. It’s actually on Max surprise surprise.

Maggie:
Yeah

Rich:
The max app and it’s called let us pray. P r e y. Oh a Ministry of scandals.

Maggie:
Oh

Rich:
So I watched

Maggie:
I love a good pun.

Rich:
So yeah, so

Maggie:
First episode.

Rich:
Cool, okay.

Maggie:
So

Rich:
How we do it. Let’s just check. Let’s check the timer real quick because

Maggie:
Wrapping up the business model canvas.

Rich:
I would love to do that today. I’d love to wrap it all up. So what’s how much time you got? What

Maggie:
Time you gotta go? I have about 30 minutes.

Rich:
Okay? So if you’ve been tracking with us last week, we did just a little casual convo.

Maggie:
Mm-hmm

Rich:
Post Thanksgiving. But two weeks do we only have two weeks before that that we

Maggie:
Three weeks ago because we we had a wait a minute

Rich:
How many episodes have we done on the business model stuff? Two weeks or three. I think it’s two or three. I can’t read I think it’s too. Okay. We did two weeks so far going through these nine components of a business model. and Today, we hope to wrap that up. So we’ll go through the last so we’ve been through up through five so we can do the last four I think today and we’re just really kind of doing survey level. Survey,

Maggie:
This is episode 32 by the way.

Rich:
I didn’t give you the chance

Maggie:
To read it. And yeah.

Rich:
And the reason we’re exploring business models is because of my premise that people take business models for granted. and they don’t really most I would say most people don’t most people don’t understand what a business model is how it works what it is whether it’s component parts even business owners and I’m venturing to say that most business owners don’t understand their own business model and don’t truly know how one if they have a model that works or to How well it works and/or how it could work better. So I’m personally

Maggie:
Getting myself.

Rich:
Yeah. Yeah, you’ve proven my point you you’ve actually been exhibit a on

Maggie:
Yeah

Rich:
How people don’t understand and not enough but like

Maggie:
No

Rich:
You’ve our conversations have been enlightening because as we have gathered this This framework for understanding business models. It’s become clear how much there is to think about it? And how much goes into it and as your as you’re admitting. There’s you don’t you know, we don’t necessarily understand our

Maggie:
Response. Hmm.

Rich:
I appreciate you I appreciate the Candor there.

Maggie:
Yeah, that’s a good recap.

Rich:
Yeah. Yeah. So today we’re gonna talk with those last four. Okay.

Maggie:
Yes,

Rich:
The first five were number one your value proposition. So what is it your what problem? Are you solving? That’s the real question with number one. What problem are you solving two? Who are you doing it for who are your people who are your customers? You’re target market three sales. channels Yep, I’m going off the Tom. I’m going off the Dome here for was custis. Yeah custody relationships your customers. So how you gonna get them? How you gonna grow them and How You Gonna Keep Them impressed right number five was revenue streams not to be confused with sales channels. Revenue streams is how money is getting to you? What are the ways that you’re basically cash and checks. Are you cash and checks are you? Is a cash is it is it online? It’s is a retail is it? business to business all that kind of stuff right or was B2B Number three so you get confusing. Another point we made was that there’s a lot of crossover and a lot of these things are not exactly a linear progression here as much as there’s bleed through in all of these things. So they all work together when you’ve got a good model everything is kind of part of a system. That’s the thing to understand. So today we got to talk about Yes,

Maggie:
Okay, the list number six assets number seven partners and suppliers or your relationships? And I should say assets also key resources. Number eight Key activities and number nine. What does it cost

Rich:
Bottom line it

Maggie:
Overhead?

Rich:
Yep. So all these things are coming from of YouTube video that I found. Called the business model canvas. and it’s a nine minute video just over nine minutes that has that basically lays out this handy framework for understanding business models, and I thought it was maybe the most Concise way.

Maggie:
Yeah

Rich:
While still being incredibly thorough and like hitting all of the markers for a good. For all the things you should consider for a business model. And if you look at these nine things you can basically take this framework this grid and like we’re trying to build out a lens here through which we can really look at any business and say, okay, how how do they have those things and ultimately look at ultimately look at our own businesses and say in what way are we doing? All these you know, how are all these things applying? Are we lacking anything? Do we need to rework things and you know, you and I are very different businesses, which is another reason why this is fun to explore. But at the end of the day, I’m I’m working out the question for myself and you know, you have your own. Things but I’m working out the question is my is my model is my business model. Working or how do I make my business model work because it’s just been an ongoing thing and constant Evolution over at story trying to figure out how the heck to make this thing. Work out and ultimately sustainable. That’s that’s the real key. That’s where after right. So that’s a lot of reintro to get us to the point of talking about assets.

Maggie:
Yeah so rich that’s when it comes to assets AKA Key Resources. What does that look like for storied coffee?

Rich:
Well assets that’s gonna be like physical stuff I think is gonna be let’s see.

Maggie:
Would that be? um

Rich:
Physical Financial intellectual personnel Yeah, your

Maggie:
Espresso machines.

Rich:
Yeah, totally. I think it comes on your physical gear, you know, depending on your business. So like in a restaurant business you got to have the right kind of

Maggie:
Which is different than like coffee beans. Right. Those wouldn’t necessarily be assets, right?

Rich:
Good question. See I don’t actually.

Maggie:
I think I look at it as like

Rich:
Yeah, I mean assets is the stuff

Maggie:
But

Rich:
More importantly it’s the key resource. We’re trying to talk about it’s it’s the what are the what are the strategically important things? That’s what really you’re paying more attention to or asking like bigger picture questions about it turns your business model. But go ahead. That’s cut you off.

Maggie:
No, I’m just trying to put it in like real life

Rich:
Example three terms. Yeah, so I would say like Abby is an extreme asset to my business, right? She’s a co-owner but before that she was a All-Star employee who crushed it every day day in day out and she has some assets that allowed her to financially partner with us and become our owner of our business and now like her being you know in the positions in as an owner versus an employee like there’s a lot of flexibility created. So that was a really important. Move that we made and she’s a very important part of the business at this point creating a lot of opportunities for us. So it’s you know the owners I would now I don’t take what we’re saying here for Or gold because I’m not. Sure, the technical definitions around all these things and I bet they exist like there’s a reason Business Schools are out here, right? So we’re just kind of Spitballing off of these things and that’s more. So how I want to approach this. But when I think about Assets in our business I’m thinking about the the people like that, I think Christine. Has you know, it has been an asset in our relationship has been an asset. Those are a little less tangible possibly in in terms of how they translate to to. Helping our business but location in our case not an asset. I would say we thought it was gonna be an asset because you know Hometown hero blah blah whatever like I’m from Scotia

Maggie:
And

Rich:
I know the area and stuff like that. But if you can talk about location as an asset, I would say that has not been that grateful. Yes, but but technically that’s probably part of you know, that’s something you think about we do have a lease on a physical space. So in terms of a restaurant you need, you know, brick and mortar basically, you know storefront that you can operate out of and bring people into to to drive those sales, so We do have a good space that houses a lot of our houses all of our stuff most of our stuff. What else financially that’s been something we’ve struggled with the financial assets have definitely. They’ve come and gone. They’ve come and gone. There’s been times we’ve had access to Capital through different. Programs or loans or or opportunities or Partnerships? That has worked out. There are some Partnerships that have been good and have been assets to our business over time. yeah, I think you know it’s speaking kind of generally but those are the types of things. I think you also have. Assets in a business, like branding logos things like they’re literally called brand assets.

Maggie:
No, so.

Rich:
I think that we have a pretty good brand.

Maggie:
Definitely

Rich:
In my opinion, which is my best. And it is also Lee ultimately like the design work has primarily been done by me. But I mean

Maggie:
This afternoon alone. I mean the from the time like from the time I came into story today and until it closed you had several guests who? Were not regulars

Rich:
True who

Maggie:
Were newish. One was visiting from out of town and literally Googled coffee shops and found you

Rich:
She was looking for a cool guy.

Maggie:
Yeah and like she lives in Virginia and the other couple like Was also like looking around for coffee shops. And then I think someone else said they came from Saratoga.

Rich:
Yeah,

Maggie:
So like that’s so that’s it. Say something.

Rich:
Yeah. Yeah, it does. I think

Maggie:
Even though Scotia isn’t a destination. All the in the last hour that you were open today you had several guests. Not including that one person who was a regular. Well, it’s not you newer name. So I’m assuming All those people. Yeah. Came to Scotia to see you.

Rich:
Yeah, not me in particularly the story but today yeah to survival story. That’s really cool. And I think that speaks to some of the assets that we have on Deck. I

Maggie:
Definitely

Rich:
I think something that you might think that you might not think of that could be an asset is like good reviews,

Maggie:
You know,

Rich:
I know that people choose the place that has like high four point four point something we were 4.8. I’m pretty sure on Google and to me that’s the only one that matters. Yeah. so, yeah, so like that’s an asset which has come from our good staff that we’ve had over the years who have invested in their custody relationships the physical Financial intellectual personal our Personnel for Welcome Home Co yeah,

Maggie:
I would say my trailer

Rich:
Right?

Maggie:
It’s

Rich:
A huge. Yeah, that’s it.

Maggie:
And It’s like I was thinking about my business model coincidentally. And I was like, I think the reason why. I have had success with my staging business is because my overhead is so low.

Rich:
Sure.

Maggie:
I very low overhead. I just bought a trailer

Rich:
Right? You don’t have a storefront that you’re

Maggie:
Yeah

Rich:
And runs on most yourselves done

Maggie:
And I from own. Yep own all of my inventory. and yeah, I I have help but that’s also I don’t know if that yeah,

Rich:
Really Joe and yeah,

Maggie:
Brandon. Yeah,

Rich:
Those are huge assets.

Maggie:
And so that’s like my I don’t know but I don’t have like other than I

Rich:
See what you’re saying. There’s not a lot to name because you don’t have a lot of stuff to you

Maggie:
The actual Furniture, but that’s kind of

Rich:
Which is cool.

Maggie:
That’s just furniture. Like I’m not gonna go and name every individual pillow and like accessory,

Rich:
Right? You know, all those kinds of home staging items are assets for you.

Maggie:
Yeah

Rich:
That got me thinking about like the number of espresso machines. I I currently own or have owned over the years.

Maggie:
It’s

Rich:
A surprising number.

Maggie:
Yeah, and

Rich:
All of those have come in handy at different times and and owning two right now. I own two Lamar Zogo like full scale. Professional espresso machines and that’s created the opportunity to more or less run two bits to businesses or to iterations of the story brand at the same time at different times and we have our little travel espresso machine. Also that alarmers local Mini. that has allowed us to pop-ups at the same time as well or that has Subbed in for the big boys when those have gone down, you know, we’ve run the bar with just one single group Lydia Mini at times too. And that’s that’s been a huge asset which got a shout out Christine because we bought that with her tax return. Hmm one year. It’s 2019. I was telling the story of how I drove down to Virginia.

Maggie:
Oh, yeah.

Rich:
And back in the same day 14 hours round trip

Maggie:
For that was that

Rich:
Little espresso machine and that’s proven to be huge when we went on Parental leave when Ollie was born. We took it home and we had our own espresso Barn home. Talk about an asset. That’s cool. Yeah.

Maggie:
Well, yeah, I mean for Thanksgiving we had guests at my house from out of town for several days and I shopped my trailer for furniture to use while they were there and like chairs and coffee table like carpets area rugs things like that.

Rich:
Shout out to the essence.

Maggie:
Yeah.

Rich:
Well, I think that’s a good that makes that clear like what the kind of stuff you’re talking about. What are the things that are are tangible sometimes intangible, but but there’s still like tangible to your yes. They they’re functional to your business things that you possess.

Maggie:
There’s this line in the Muppet Christmas Carol. Have you seen it? Probably where the the rats are trying to convince Ebenezer Scrooge to put more coal in the fire and they’re like They’re like trying to get Kermit to like ask for more coal and the rats are like we’re freezing and the one rack is like shivering and it goes our assets are frozen. And that’s the only thing I could think of because they’re like free and then

Rich:
It’s funny on a number of levels.

Maggie:
And yeah, it’s it’s just like a plan word, right, but it’s just that makes whenever I hear assets I always think of that line in the Muppet Christmas Carol,

Rich:
That’s hilarious. He so part number seven partners and suppliers which again in one sense can could be assets could be an asset to you. But but specifically if depending on the kind of business you’re in maybe maybe it doesn’t matter what kind of business you’re in because you will always there will always be relationships. That are important to your business in terms of your partnership. Yeah.

Maggie:
And

Rich:
And suppliers and I mean for me it’s it’s other Realtors. Yeah more

Maggie:
Well my business. My staging business is mostly word of mouth and the people who refer me are other real estate agents who are about to list a house for sale and they believe it needs to be staged in order to for it to be marketed and show well. And so I have to maintain good relationships with other real estate agents. In order to continue to grow and get more business. Yeah,

Rich:
That makes sense. and Yeah, because you’ve said it’s mostly realtor other Realtors. Who

Maggie:
Yeah,

Rich:
Who are you so that’s the check so suppliers. I don’t know how that would Factor near into your

Maggie:
Yeah

Rich:
Your model frankly. I mean suppliers can be like that’s you almost everything a little more concretely on this one and maybe calcium in terms of like supply chain is a way that we’re all affected by. Supply or relationships

Maggie:
And

Rich:
There was never better time than covid to to be getting to understand supply chain and how we are interdependence.

Maggie:
Yeah

Rich:
In business and just in life, right? So for me suppliers is maybe a bit more clear cut like I’ve got my coffee comes from crew. So there’s my coffee supplier, right? And even they’ve got suppliers from Royal coffee in in New York and New Jersey, which is a green coffee importer. So they get raw coffee from other coffee from other countries coffee growing regions. They import the green coffee, then they’ve got it in their warehouses and then companies roasting companies like crew work with them. So they’ve got their suppliers and they’re supplying us and kind of goes two ways there and then So that’s that’s like a supply supplier relationship. What else I got I get tea from short and stout which is huge on our bubble tea from because we do all real loose leaf teas for the bubble tea. So we’ve got our tea supplier. We got our coffee supplier. And ultimately we’re we’re coffee and and tea business. So those are two biggest most important things. We’ve got we get matcha from Saratoga tea and honey. So there’s there’s another one and I have found over time that the if I I want to have the least number of suppliers.

Maggie:
Yeah,

Rich:
I found because you know what that means that means I have but I have the least number of bills.

Maggie:
Mm-hmm.

Rich:
The least number of of you another word we use in the industry is vendors. These are these are my vendors and I want to have as few vendors as possible because that’s as few people I owe money to as possible. Yeah, technically it’s in a way right now pong like with Sue she’s she’s my bakery supplier, even though she’s baking in house and we’re kind of like sharing the the revenue on that through an arrangement, but it’s like we we no longer do stuff in-house for our Bakery nor are we Outsourcing it from BJ’s or whatever, which I hope I’ve told that story before because

Maggie:
It’s

Rich:
A little little funny to me, but Now it’s all in house baked goods, but it’s it’s not us. It’s it’s it’s from pong. So that’s been that’s

Maggie:
Amazing.

Rich:
Yeah. Yeah. We’re just how about earlier? Um, I don’t know that probably makes that clear. What unfortunately have to go to Restaurant Depot?

Maggie:
Yeah, but

Rich:
There’s your Fairy like we’ve got relationship with Driscoll. Food Driscoll food service so I can you know, I’ve got my rep there and I can just text her the order and then they Supply from all their various suppliers. They bring us what we need and so I can either get that a Restaurant Depot or work with Driscoll depending on the weekend what I need and this it’s been handy and that environment to have both of those options that story. I don’t have that driscollection. I just have Restaurant Depot or Or other sources online or something or the grocery store.

Maggie:
Yeah.

Rich:
So it’s all about Supply we call supply chain because there’s there’s so many links in that system that have to line up for you to get what you need on a timely in a timely fashion.

Maggie:
I wonder if difficult you could categorize. Estate sale business owners as part of my partners and suppliers because that’s where you have repeat contacts. I do

Rich:
Definitely especially yeah, right. Yeah. Yeah that

Maggie:
Shout out to Mark Williams

Rich:
Because that brings up an interesting point complete Estate Solutions. Is that his company that’s cool because so with my he was giving me books.

Maggie:
Yeah

Rich:
A couple times. He was trying to help me. He hooked me up with books and that was really cool because I was trying to find book I

Maggie:
Could definitely be a supplier because I made that connection.

Rich:
Yeah. You’re definitely an asset. You have definitely been an asset.

Maggie:
So

Rich:
Shout out that

Maggie:
Yeah, Mark is is someone who runs in estate sale business and I frequent his sales and sometimes I’ll be like hey, if you ever come across this kind of chair, let me know.

Rich:
Yeah,

Maggie:
Or he’ll call me up the day before a sale and say hey. I think you’ll like a couple of things that we have at the sale. You should stop by this weekend and I do

Rich:
That’s cool. And those kind of relationships where you got the same there’s trust there, you know, they know they know, you know that they know what you’re looking for what you mean? That’s

Maggie:
That’s

Rich:
An asset and that’s yeah your relationship. That’s that’s really

Maggie:
Cool.

Rich:
I wish that I had more capacity and maybe now without Bishop Fairy like frankly. Maybe I’ll have more capacity to go. Get books whenever calls, you know, because they’re that what those are sick. Those are sick Lots. I have so many books. That’s why I can’t take any more books. I just frankly we have too many. I gotta get more on the Shelf. Before I can take on more. Yeah,

Maggie:
But

Rich:
Part of it was not having the time.

Maggie:
Yeah, but

Rich:
I’m stoked to to know. So thanks for making that.

Maggie:
Mm-hmm

Rich:
That connection

Maggie:
Definitely it’s a win-win.

Rich:
Very

Maggie:
Mark and yeah,

Rich:
True true. so Partners suppliers could probably keep picking at that one. But it it’s just hopefully

Maggie:
That’s tapped out. Oh, yeah. So okay number eight Key activities. What are those?

Rich:
What are the expert things? We will do

Maggie:
Expert things that we do.

Rich:
So this is going to be kind of unique to you personally as in whatever your role is, right? So in your business, you’re the founder. And you’re the CEO. and You’re the head honcho. So like So you are so much of of dictating so much a part of dictating like what are the key things that I have to do or that welcome home coaster do so. It’s this links up with with either one of us in our own businesses because of the rosie occupied

Maggie:
I can I can give you a couple of examples and you can let me know if this is what you’re thinking. I staged a house. Earlier this year where it was kind of a historical home. and one of the bathrooms was missing. A shower curtain rod and so

Rich:
It’s always something.

Maggie:
Yeah, and it’s like I went out. And I bought a shower curtain rod and I installed it. So that the bathroom would look good and would have that finished look to it and it wasn’t photographed without a shower rod. and in that same house another thing that I did was There the Newell post which is the post that’s at the base of a staircase. It’s like a big

Rich:
Who knew.

Maggie:
Well, that’s why I explained. It was it’s called a new post.

Rich:
I know.

Maggie:
N e w e l l Newell Yeah. The top part of the wooden like decorative ball at the top of the null post. was detached from from the post so I went and got some Gorilla Wood Glue and I reattached I glued it and reattached it so it wasn’t like a screw like so it wasn’t like something poking out at the top of it, but it had that finished look because it was right at the entryway of the home and it was just sort of like placed on top of there and I I was didn’t want showings to happen and somebody to put their hand on top of the new post and it like fall or get lost or whatever and I just thought it would just be a nice touch to just repair that So that it was done so

Rich:
Full service.

Maggie:
Those are a couple examples. I think if you say expert things we do like small repairs to a home.

Rich:
Yeah, well, okay, so That’s an interesting example. Those are those are so specific examples and they’re kind of little things and I’m trying to basically take those as examples and like take the average of them and figure out what’s the bigger idea in terms of your expertise that would lead you to do that right

Maggie:
And details

Rich:
So you so it’s like I

Maggie:
Pay attention to the detail. Yeah

Rich:
That that could my qualify here. What are the extra things? will do what are the key activities and it’s like you’re gonna you’re gonna fully consider everything about your staging project, you know, because you’re gonna take your expertise in staging and you have your eye for for design

Maggie:
And

Rich:
Your experience with people and you’re gonna say, all right, I’m gonna There’s this new post thing. It’s we got to work that out and there’s a shower curtain around the missing. We’re gonna catch all these little things that other people are gonna catch if we don’t catch them first

Maggie:
And or other other companies might just leave. And not and not repair. Sure.

Rich:
Yeah, so in terms of like how you

Maggie:
Details you’re saying or what people will notice.

Rich:
I’m trying to take those examples and extrapolate them into you know, how is this representing your expertise?

Maggie:
Oh

Rich:
Personally. So I was painting that out

Maggie:
Gotcha

Rich:
That

Maggie:
Yeah, that’s broadening that out.

Rich:
So that’s how I would it kind of interpret this one. What are what what makes you an expert or what is expert about you or Or how is your expertise gonna come through and in the ways in the things you do and those are good examples of how I think you’re applying your expertise to this this

Maggie:
The details. The little things are actually big things. Yeah,

Rich:
Exactly. Exactly. So that’s

Maggie:
My line of work.

Rich:
Right, so that’s that’s what makes you. That’s what makes welcome. Homeco. That’s a that’s one thing that that’s welcome home Co is going to do this is cover those those little details.

Maggie:
Um, I think can think of one thing for storied.

Rich:
Yeah. I know I was I was the best funny. I’m thinking more. I’m thinking for you more too. It’s or like thing freezer. Yeah, go ahead.

Maggie:
Um, you know people’s names you go out of your way to learn people’s names and even like, You you ask like qualifying questions. to help remember their name

Rich:
Yeah, okay that this is true. This is true. I’m trying to say I’m trying to ask myself. I’m just gonna be too picky, but I’m also trying to say like what do we mean by this? Key activity thing.

Maggie:
You in other words your own tea for your milk teeth. You brew them you brew them from

Rich:
Yeah, that’s a that’s probably a good example. The key activity is the way I’m the way I’m trying to understand this question to myself right when I understand kick activities. It’s like what are the things our business has to do? What are the essential things we have to do? So we’re I was using this expertise language. But really the question is what are the key things that we have to do to operate to exist to be storied to be welcome uncle and I think you’re I think you’re right with that example is we’re going to make tea in honor of tea. Like we’re going to take an oolong tea and look, I’m no tea expert. All right coffee is my wheelhouse but we’re taking too long to we’re gonna steeper for five minutes and at 200 degrees. We’re gonna take a white tea. It’s gonna be 175 for five minutes and green tea three minutes. 175, right? 185. So we’re gonna do It’s all Loosely if we’re gonna give it room to expand and so yes, we’re going to we’re going to pay attention to details in the ways that we’re doing this thing. We’re gonna be a little bit more technical than your average coffee shop quote unquote or your average Cafe and same with espresso. All right, we got scales we got Well scales are actually kind of engaged. Yeah, pretty revolutionary the coffee world. You can see a coffee bar without a scale. I don’t know maybe just get a bash Brewers. Um, but yes, so we’re gonna apply the expertise in these areas because for me key activity for sure is like we’re gonna steep this t to the right concentration for our milk T’s and we’re gonna make this espresso according to this recipe and we’re going to use this blend of coffee and we’re gonna make sure those things are right and we’re going to steam milk to the right texture and temperature for the Beverages. And those are the Key activities in our specialty coffee and milk tea business that we’re gonna we’re gonna do for sure.

Maggie:
I would say also. That you are obsessed with perfecting the process.

Rich:
Yeah. Yeah, and I thought that I that has become a key activity for sure for me. Yeah, I think the process is is huge. and the thing that I’m like the only caveat I have in like even some for myself in the back of my mind is like are these really Key activities because you could still run a business? I could still run an iteration of story. That doesn’t. Pay all this attention to these details there’s me. So I’m kind of asking myself. What is the line between what do I have to do? Do I have to do this thing in this way? It’s a still run this business and sometimes answers gonna be no, but that’s okay because at the same time for us the answer is well, it is a key activity. We because it to me that is what makes us. Story, you know, that’s what makes us this thing. So I just think the thing to understand about Key activities is these are essential things that if you don’t do them, you will either not be running a business. Effectively or eventually at all, or you’re not going to be running the same business that you otherwise would be running you’d be running a different iteration of that business. That would maybe be okay. or or it’s just something entirely different but You have it as yourself, what are the key activities that for us make us storied? and that’s the or you know, or welcome or welcome uncle or whatever. So it’s like what do we have to do? How do we apply our expertise in a way that makes it uniquely my brand? With the way I want to experience it. and I think that can be any number of things and probably an infinite list if you wanted to be and I think that could be okay actually as long as You have number nine in view which is cost. Right? So that’s actually a funny little. Thought experiment for me. Key activities right up against cost is an interesting. is an interesting thing because I think a lot of people for me maybe I should just focus on myself on this one. A lot of people think that a lot of the things they do in their business are essential things. But but are they though? I bet it’s arguable how essential some of the things we do are and probably some of those things that we’ve deemed essential processes or essential ways of doing business. Are costing us in a way that’s ultimately not sustainable. but if we could change our mindset on them and or allow a different way of doing it or tweak it. Then the it might be more cost-effective and ultimately sustainable.

Maggie:
I think we’re gonna have to put it

Rich:
Interesting to spots a To stop well that got us up to cost which is cool. And I didn’t say earlier. I just say at an earlier point that we could probably have a whole episode on cost. ultimately Ultimately, baby will pick this up next time and we can maybe move on from there and the next episode because I don’t know how much there is to say about. cost in particular that we haven’t already just hinted at or said ultimately the question is Are all of these things lining up? And coming together in a way. that you can pay for

Maggie:
And that’s profitable.

Rich:
Yes. That is that is ultimately making more than it’s than it’s costing.

Maggie:
Yeah. And

Rich:
And is that increasing over time? That’s the only way it’s going to work. So if in any of these places You know if your key activities are costing you money because they take too much time. or they’re costing you money and you don’t even need them like you got to reevaluate those quote unquote Key activities

Maggie:
Or

Rich:
Or look through any of these things is your personnel costing you or your customer relationships under developed. Are you failing to get customers? Right? Do you not have enough sales channels are your revenue streams? Empty riverbeds. Yeah, I think there’s all these kinds of ways to look at it and the things you’re doing they have to be cost effective. And you got to have more ultimately your business model has to be in a vehicle. That’s that’s taking in enough fuel to get that vehicle where it needs to go everybody really I think is as simple as that when you want to boil it down. and so frankly, I mean that’s that’s kind of like it would I don’t even think we could do an episode. Yeah on on just specifically looking at stuff like we could we could do several more episodes and I don’t want to yeah because it’s just actually gonna just have an organically as we continue our base our general conversations.

Maggie:
I

Rich:
Don’t want to do a whole episode just poking at storied or at your business model right and saying, Okay in this area, you know, how are we

Maggie:
Yeah

Rich:
Doing what could we do differently? I think that’s just part of the conversation. We already have all the time. Yeah,

Maggie:
And

Rich:
So I’m gonna let that just bleed into our normal

Maggie:
Conversations

Rich:
From here.

Maggie:
We will link the video again in our notes. In the show notes in the podcast for you to check out the business model canvas for yourself and it was you know, really really good information illustrations that go along with it. simple Concepts but kind of like broken down and yeah, you can watch it in less time than it took for us to explain in four episodes.

Rich:
Of course, of

Maggie:
Course. Um, yeah,

Rich:
So but yeah, I found that thanks for doing this. I thought

Maggie:
Yeah,

Rich:
I found this really insightful. I think it’s you know for me this was helpful to have a group to come coming away with a grid for understanding. Components of my business and how it’s working and as I move as a transition out of this relationship with Richard Ferry and just move myself back into a more like physically present place and in storied, it’s gonna be interesting to start applying these things and really regrouping I’ve already been talking. With all kinds of people yourself included about new ideas. I’ve got things for the new year for story that will shift a lot of these these components of of our business model and and move away from costly quote unquote Key activities to more toward cost effective. Ways of of interpreting, you know, what we what we need to be offering. Quote unquote. Yeah, so

Maggie:
Can’t wait

Rich:
To applying all these things in our lives and processing that together.

Maggie:
Yeah.

Rich:
All right, anything else

Maggie:
That’s all for today

Rich:
It thanks for coming along for the ride. If you buy with us on this business model stuff definitely

Maggie:
Send us a DM or an email House Coffee podcast at gmail.com. And if you’re feeling sassy, you can also leave us a review.

Rich:
Yeah, but not Tuesday

Maggie:
Not Tuesday

Rich:
Not too sassy, you know, you know three stars are

Maggie:
You know, all right. Later.