Podcast
Questions and Answers
What is the primary reason for choosing a unique name for your cafe?
What is the primary reason for choosing a unique name for your cafe?
- To save money on marketing by using a generic name
- To blend in with other cafes in the area
- To attract more customers with a common name
- To reflect the vision and differentiate from competitors (correct)
How will the cost of furniture and equipment affect the cafe's operation and perception?
How will the cost of furniture and equipment affect the cafe's operation and perception?
- It affects the cafe's ability to hire more managers
- It only impacts the speed of serving coffee
- It may affect how customers view the cafe and its offerings (correct)
- It has no impact on the cafe's operation or perception
What is the depreciation period for the furniture and equipment purchased for the cafe?
What is the depreciation period for the furniture and equipment purchased for the cafe?
- 5 years (correct)
- 1 year
- 10 years
- 3 years
How many full-time managers does each store start with to cover Monday through Friday?
How many full-time managers does each store start with to cover Monday through Friday?
What is the total annual rent for the space occupied by the coffee shop?
What is the total annual rent for the space occupied by the coffee shop?
What is the consequence of increasing prices according to the text?
What is the consequence of increasing prices according to the text?
How much is the monthly rent due for the coffee shop?
How much is the monthly rent due for the coffee shop?
What is required as a deposit for utilities for the coffee shop?
What is required as a deposit for utilities for the coffee shop?
According to Jane, what are the key factors that will drive long-term demand for the coffee shop?
According to Jane, what are the key factors that will drive long-term demand for the coffee shop?
What is the reason mentioned in the text for expecting the coffee shop to be a success?
What is the reason mentioned in the text for expecting the coffee shop to be a success?
When are employees required to set-up and clean-up at the cafe?
When are employees required to set-up and clean-up at the cafe?
How many shots of espresso does a small cup use?
How many shots of espresso does a small cup use?
What is the estimated amount of coffee (in pounds) required for each shot of espresso?
What is the estimated amount of coffee (in pounds) required for each shot of espresso?
What happens to fresh coffee grounds after use?
What happens to fresh coffee grounds after use?
What is the consequence if there is not enough logo cups available?
What is the consequence if there is not enough logo cups available?
What is the fate of any remaining coffee at the end of the week?
What is the fate of any remaining coffee at the end of the week?
What happens if there is a shortage of coffee during the week?
What happens if there is a shortage of coffee during the week?
What is the purpose of the Income Statement?
What is the purpose of the Income Statement?
When are items expensed on the Income Statement?
When are items expensed on the Income Statement?
What is the purpose of a Balance Sheet?
What is the purpose of a Balance Sheet?
Which financial document provides a snapshot of a business at a point in time?
Which financial document provides a snapshot of a business at a point in time?
Flashcards
Unique Cafe Name
Unique Cafe Name
Distinctive name that enhances recognition and differentiates from competitors.
Depreciation Period
Depreciation Period
The period over which an asset's cost is allocated as an expense.
Full-Time Manager
Full-Time Manager
Covers operational hours, ensures smooth functioning, and manages staff.
Monthly Rent Payments
Monthly Rent Payments
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Long-term Demand Drivers
Long-term Demand Drivers
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Employee Setup and Cleanup
Employee Setup and Cleanup
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Repurposing Coffee Grounds
Repurposing Coffee Grounds
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Coffee Freshness
Coffee Freshness
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Income Statement
Income Statement
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Expense Recognition
Expense Recognition
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Balance Sheet
Balance Sheet
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Study Notes
Cafe Naming and Branding
- A unique name for a café enhances brand identity and sets it apart from competitors.
- Strong branding can influence customer perception and loyalty.
Furniture and Equipment Costs
- Initial costs for furniture and equipment impact operational budget and cash flow.
- Quality furnishings improve customer experience, affecting business reputation and sales.
Depreciation Period
- Furniture and equipment purchased for the café typically have a depreciation period of seven years.
Staffing Requirements
- Each store starts with at least one full-time manager to cover operational hours from Monday through Friday.
Rent and Operating Costs
- The total annual rent for the coffee shop must be calculated based on the lease agreement and location.
- Monthly rent payments contribute to the café's overall fixed costs.
Pricing Strategies
- Increasing prices can lead to a decrease in customer traffic and sales volume, impacting overall revenue.
Financial Obligations
- The coffee shop requires a utility deposit, which is generally based on local utility policies and service agreements.
Demand Factors
- Key factors driving long-term demand for the coffee shop include location, quality of coffee, and customer service.
Success Expectations
- Reasons for expecting the coffee shop to succeed include a well-defined target market and effective marketing strategies.
Employee Responsibilities
- Employees are required to set up and clean up before and after café operations, ensuring a welcoming environment.
Espresso Preparation
- A small cup of espresso typically uses a double shot, with each shot requiring approximately 0.2 pounds of coffee.
Environmental Considerations
- Fresh coffee grounds can be repurposed for compost or other eco-friendly practices after use.
Branding Materials
- A shortage of logo cups can harm brand visibility and customer experience, leading to potential revenue loss.
Coffee Management
- Any remaining coffee at the end of the week should either be discarded or repurposed to maintain freshness.
- A shortage of coffee during the week can disrupt service and customer satisfaction, impacting sales.
Financial Documentation
- The Income Statement serves to track revenues and expenses over a specified period, reflecting profitability.
- Expenses on the Income Statement are recorded when incurred, regardless of cash flow.
Balance Sheet Purpose
- A Balance Sheet provides a snapshot of a business's financial position, showing assets, liabilities, and equity at a given point in time.
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