Vol 1: Keep Everything Sustainable

Meet Naama Tamir, co-owner of Lighthouse BK, a Brooklyn restaurant committed to their locally sourced, ingredient focused menu and driven by their mission to do better for the community they’ve fed daily for 13 years and counting. Recently, Lighthouse’s community raised $30,000 with their NuMarket campaign and funded a new industrial composter to serve their neighborhood. So what’s their secret to sustaining their continued success?— well for them, it’s just that: sustainability.

“The dream for Lighthouse was to open a place that we wanted to have in the neighborhood… New York can be so lonely at times and we wanted a place that felt like home. These community centers are these places where people hang out and meet other people and it it can be such a big part of your life,” Naama shares. Community plays a huge part in how Lighthouse has called Brooklyn their home for over a decade, but there’s something else that contributes to their success. From the start, Naama and her team found themselves wanting to serve their patrons, staff, and network of local suppliers in a much bigger and more holistic way. Their commitment to sustainability became what made them stick out from the rest and kept their community coming back and growing throughout the years.

“It starts with a vision. We just really wanted to do things differently… and this is an ongoing thing. We're constantly thinking about the better way of doing something. And by better I mean it has to be better for the environment. It has to be better for the staff. It has to be better for the guest.”

Naama credits the intellectual challenge of constantly seeking improvement and doing more as the driving force that keeps her curious and maintains her love for her job, even after many years in the industry. That passion extends to her team as well. “We have staff that have been with us for so so many years. Back of the house for 13 years, front of the house for 9 years. You know that famous saying where people people don't work for a job, they work for a leader or they work for a cause. There's just something about knowing that you're a part of something that's bigger that just makes makes us all much more committed.”

This commitment to doing more is also what brought Lighthouse and NuMarket together for a campaign. Well, that and being regulars ourselves. Naama and her brother/co-owner Assaf knew that to continue making an impact, their sustainability efforts needed to go past their restaurant. Last year, with the help of the friends, family, and fans, they successfully funded an industrial composter for the neighborhood which is going to be up and running any day now!

For Naama and the Lighthouse BK crew, the spark that keeps their business going and sustainable (when it feels like the world and economy is against small food businesses) is sustainability. But what is it for you and your business? We challenge you to put a name to whatever niche or passion you feel makes your business special, and if you’re willing to share. Shoot us an email or a DM on instagram @numarket.co, we want to hear it!

Interested in making your food and beverage business more sustainable? According to Naama, it begins with finding great partners who align with your vison.

Here are some of her recommendations and resources to assist you in taking whatever size step toward sustainability you desire for your business:

• Start with your energy provider: “It can be as easy as finding a energy company that sells renewable energy and can give you some tips on how to save energy and what smart devices do use.”

• Think local: “If you're not a locally sourced restaurant. It can be as simple as deciding to make one dish a week with locally sourced ingredients. Source locally and organically from a farmer that you love. You can kind of talk about the dish in a different way and engage with the guests to see their reaction. Maybe over time that dish grows into more dishes and you are sourcing more locally.”

• Partnering with companies committed to sustainable and equitable food systems: “Rethink Food is another great one where if you are working in in a bigger facility and you have a good amount of food access. They they pick it up and use it to cook healthy meals for food insecure people. So you’re both reducing food waste and also helping people eat healthy. There are just so many great small organizations like BK ROT, and even the Billy Oyster project too who collect oyster shells to restore oyster reefs in NY.”

• Tap into your local resources: “Even the department of sanitation can sometimes be a great resource. A few years back, I was working with the NY Institute of Public Knowledge, and we actually worked on creating this tool called “No Free Lunch” that would basically do two things. 1) it would map out a lot of this information so people can would have a roadmap to becoming more sustainable but also 2) show some accountability. So if Lighthouse said that they were composting. You'd be like okay well who are you composting with and then BK ROT would have to verify us working with them.”

• Think green… packaging: “In terms of packaging. We'll always pick the most sustainable packaging. There's just so many decisions you can make but I would say either start with the easiest thing that you can you can change because that will just propel you in the right direction.”

What made the Lighthouse campaign on NuMarket so successful

Challenge: Despite its longstanding presence and loyal customer base, Lighthouse BK faced the same challenge as many small businesses: the need to continually innovate and implement sustainable practices while maintaining profitability and community engagement. The restaurant aimed to expand its environmental initiatives but required additional funding and community support to realize this goal.

Solution: Lighthouse launched a campaign to raise funds for a significant sustainability project – an industrial composter for the neighborhood. This initiative was aimed not only at enhancing the restaurant’s operational sustainability but also at providing a community-wide benefit. The story behind the need for the composter enabled Lighthouse’s community to galvanize around an important NuMarket campaign.

Campaign Execution: Naama, Assaf and their team leveraged the strong ties Lighthouse BK has nurtured with its community over the years. By engaging with customers directly both in person and on social media, explaining the tangible benefits of the composter, the campaign ignited widespread support. NuMarket's platform facilitated this by providing a seamless way for the community to contribute financially.

Results: The campaign was a resounding success, raising close to $30,000. This funding enabled the purchase and installation of the industrial composter, which is now poised to become operational. The project exemplifies Lighthouse’s commitment to sustainability, reducing organic waste, and providing fertile soil for New York City and beyond.

Business Impact The successful campaign has further solidified Lighthouse BK’s reputation as a community and environmental leader in Brooklyn. It has attracted more customers who value sustainability, enhancing the restaurant's profitability and brand loyalty. Additionally, the composter will serve as a physical testament to the community's collective effort towards a sustainable future, inspiring other businesses to follow suit.

Future Outlook With the new lease signed and the composter set to go live, Lighthouse BK looks forward to continuing its mission with renewed vigor. The restaurant plans to maintain its innovative edge by exploring more ways to integrate sustainable practices across all aspects of its operation. Lighthouse BK remains a pillar of sustainability in the food and beverage industry, demonstrating the power of community-supported initiatives in achieving significant environmental impacts.

For businesses looking to enhance their sustainability practices, Lighthouse BK's story serves as inspiration and a blueprint for success in community engagement and environmental responsibility.

TL/DR:

• Naama and her brother Assaf opened Lighthouse in Brooklyn over 13 years ago and are still kicking (they just signed a new lease!)

• In a city dominated by hype, their focus on sustainability and community has enabled them to survive boom/bust/pandemic/media mayhem.

• The secret? Having something at the core of their business to drive them and their team. For them, it’s sustainability.

• Trying to make your biz more sustainable? Start with the easy things and build relationships with people who get what you’re doing.

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Intro

East Boston’s EBO & CO Grocery emerged from a legendary pop up series: East Boston Oysters. It’s been redefining the grocery shopping experience in Boston with its unique blend of gourmet products and local favorites. You’re just as likely to find a local beer and keno ticket as you are gourmet cheese and empanadas. Under the visionary leadership of Alexis Cervasio, this establishment not only promises a selection that caters to the discerning tastes of food lovers but also fosters a sense of community among its patrons. This case study delves into the unique (everything Alexis does is unique) strategies that propelled EBO & CO to achieve its crowdfunding goals, highlighting the pivotal role of strategic surprises, fantastic design, and personalized community engagement.

Vision and Ambition

EBO & CO Grocery was a dream, long conceived, out of a desire to create a grocery store that doubles as a community space, where the joy of discovering new and exciting food is shared by all. With the foundation of a wildly successful East Boston Oysters popup series, Alexis Cervasio aimed to bring the same ethos of fun and community to a broader audience in her hometown of East Boston. The objective was clear: to open a grocery store that would serve as a beacon for both food enthusiasts and the local community, offering a curated mix of products ranging from the everyday to the exotic.

Campaign Strategy

With a lease in hand and construction ready to go, Alexis came to NuMarket to help get across the finish line in a big way. The campaign strategy for EBO & CO Grocery was well crafted, incorporating several innovative elements:

1. Strategic Surprise: The announcement of the new store location was strategically timed to maximize impact and engage potential funders right from the start. This surprise element played a crucial role in generating initial buzz and excitement around the crowdfunding campaign. Alexis’s experience with popup announcements, that often sold out within minutes, helped to make the announcement an even bigger one. Check out their launch post here.

   

2. Design-Driven Approach: From the beginning, EBO & CO placed a high premium on design, ensuring that every touchpoint, from social media to the store’s interior, reflected the unique EBO & CO aesthetic. This commitment to design helped to distinguish the brand and capture the imagination of the community. How cool is this design and photography?

   

3. Direct Community Engagement: Alexis and her closest circle went beyond traditional outreach by engaging directly with the community through personalized messages and interactions. This approach not only conveyed the passion behind EBO & CO but also built a strong, personal connection with potential contributors.

4. Real & Raw: Everything EBO & CO Grocery did throughout the campaign was real, personal and open. Contributors and fans of the campaign got to see what Alexis’s reality was as a business owner and become a big part of her future.

Key Moments on Social Media

Two Instagram posts exemplify the campaign's successful engagement strategy:

• The launch post (View Post) served as a personal, inviting window to join EBO & Co.’s journey, blending the vision for the store with a call to action for community support. It was exciting, real and engaging.

• A mid-campaign update (View Post) highlighted the progress and potential of EBO & CO, offering a sneak peek into the envisioned shopping experience and reinforcing the importance of community backing.

Impact and Influence

Through Alexis Cervasio’s leadership and a well-orchestrated campaign, EBO & CO Grocery not only met its funding goals but also solidified its position as a cornerstone of the East Boston community. The campaign’s success can be attributed to its innovative approach to engagement, blending surprise, design excellence, and personal connection to create a powerful narrative that resonated with backers. Check out what the Boston Globe had to say about the new shop and check it out next time you’re in Boston.

So what happened?

After raising $30,000 in just 48 hours, Alexis opened EBO & CO Grocery in 2021 and has been thriving in East Boston ever since. Numerous other NuMarket community businesses have had their products sold and enjoyed there, with Alexis being being a powerful force for good in the Boston food community!

Want to talk more about how to get better funding for your biz? Click here to talk to our small team.

and…

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Jason and Michael have had a big impact in a small shell (this is the last seafood pun, we prawn-ise). Bluefin Raw Bar, a beloved establishment in Boston's seafood dining scene, embarked on an ambitious project to open a new location in Jamaica Plain. To bring this vision to life, they sought the support of their community through NuMarket, a platform that empowers businesses to fundraise with the help of their community. We’re delving into Bluefin Raw Bar's strategic approach to running their NuMarket campaign, highlighting their engagement with the community and the unique methods they employed to ensure the success of their campaign.

What they wanted

How it started: Since its start in April 2022, Bluefin has been a testament to the vibrant and sustainable ethos of New England seafood, brought to life by Jason and Michael. The core idea behind Bluefin – celebrating small boat, locally caught fish – is more than just a business model; it's a tribute to the maritime heritage that defines New England. Bluefin has been doing this out of Bow Market in Somerville, MA, a space for pop-ups and permanents alike to find flexible space.

Where it’s going: The goal was straightforward but significant: to establish a new brick and mortar presence in Jamaica Plain, Boston. Beyond expanding their physical space, Bluefin aimed to weave their establishment into the fabric of the local community, creating a venue that reflects the area's dynamic spirit and a shared love for sustainably sourced seafood.

New spot, new people? Bluefin’s growth meant engaging what would normally be an entirely new community, miles away from their original location. Alongside their original location though, Bluefin had been selling their fish at Farmers Markets across the Boston area. With the ambition to open up the new spot and a mix of customers and community in different areas, there was a need to bring everything together to make the growth possible.

That’s where NuMarket came in.

How they did it

Skipping ahead: Bluefin raised $35,207 from 185 customers through a NuMarket campaign. Here’s how:

1. Engaging In-Person Patrons: Understanding the importance of face to face connections, Bluefin capitalized on their presence at local farmers' markets and events. These markets were not just places to sell seafood but became platforms for sharing their vision for the new location, gathering support, and directly engaging with seafood enthusiasts. This face-to-face interaction allowed them to convey their passion and commitment to sustainability, garnering enthusiasm and backing for their campaign.

2. Leveraging Email Communication: Recognizing the power of direct communication, Bluefin also embarked on consistent email marketing. They both reached out to their closest supporters individually and the wider customer base with regular updates, behind-the-scenes looks into the project, and clear calls to action to support their NuMarket campaign. This ongoing dialogue kept the community informed and engaged, reinforcing their sense of involvement in Bluefin's journey.

3. Utilizing Social Media: The campaign's momentum was further amplified through strategic use of social media. An impactful launch and consistent posting on Instagram (View Post) invited followers to be part of their expansion story. Through compelling storytelling and regular updates, Bluefin kept the community's interest piqued and participation high.

So what happened?

$35,207 and 185 people later, Bluefin Raw Bar in Jamaica Plain is just weeks away from opening.

Want to talk more about how to get better funding for your biz? Click here to talk to our small team.

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Popups, Brick & Mortar, and the Paths in Between: NuMarket x Hotplate:

👉 Are you an aspiring food business owner or a current pop-up dreamer? We’re hosting a webinar with Hotplate’s CEO, Rishi, April 2nd at 12pm EST. We’ll share insights, tips, and advice to keep your culinary dream moving. Whether you're looking to buy a food truck, grow a pop-up, or open a restaurant, this webinar is for you. Save your spot now: Register here

How to access $20,000 in restaurant grants w/ Irene Li of Mei Mei

👉 For all Massachusetts-based businesses: We’re sitting down with Irene Li of Mei Mei, who will share how you can access $20,000 in grant funding from the state, April 17th at 1pm EST. Don't miss out on this chance to ask Irene questions and get more growth for your biz. Learn about available workforce training grants, application tips, and how to use those grants for success. Sign up here

More webinar subjects upcoming in April…

• Is AI applicable for restaurants, is it real and should I be using it?

• How to cut down on recurring costs and increase your bottom line.

• Should you have posted that April Fools instagram that you really didn’t want to?

Our past campaigns have brought some incredible women into our NuMarket community who we are so proud to know. Naama of Lighthouse has worked tirelessly to make the industry a better, more sustainable place. Irene of Mei Mei is advocating for small business and teaching business owners what it takes to make it. The entire Rebel Rebel team is making the wine world a more inclusive space and do so much to celebrate their neighbors and fellow small businesses. We could literally go on and on. 

Today, I wanted to introduce you to a woman in the Houston community who inspires me every time I see her both IRL and on my Instagram feed: Chef Sasha Grumman. You may know her from a little show called Top Chef, but I know her as someone who is not only extremely talented but extremely passionate about using her platform to advocate for the things that matter to her like transparency in the food and beverage industry, equal pay, and women's rights/healthcare.

What has been the most difficult thing about being a female chef with a platform?

In regard to being a female chef on social media, I think the most difficult thing for me is to be sure about something before I post about it. Whether it’s someone asking for my chef services for pennies or about a new abortion law in Alabama, I want to make sure I’m informing you and not just flying off the handle. I want to make sure that I’ve thought through what I want to say and how I want to say it. I’m not scared to shake it up as a female chef with a platform. If I’m not pushing the boundaries and making people think every once in a while, then what’s the point?

Any advice you can offer to other women in the industry who want to be a chef / business owner?

If you want to be a chef / business owner, go work in a kitchen. You don’t NEED culinary school. Hands on experience is the best experience. Put your head down and work. If someone mistreats you, document it. Ask thoughtful questions. Don’t party with your coworkers every night. And definitely don’t party with your boss. Take notes. Read books. Listen to podcasts about finances and eating right. Treat your body right. Take care of yourself, work hard and keep your eyes and ears open. Listen, nobody is an overnight success. Figure out what kind of life you want, set your sights somewhere in the clouds and stick to it because anything is possible in this business. Shatter those glass ceilings for yourself and the next generation.

How does your love for food and advocacy for women’s rights overlap?

I think my love for food and advocacy for women’s rights overlap because the same women I march in the streets with are the same women I cook with in the kitchen. Our bonds go far beyond beautiful watermelon radishes and perfectly fried chicken. We know that if we want to keep growing in this industry, we have to support all women. That means supporting causes like abortion rights, trans rights, gay marriage rights, etc etc etc. There are not enough women in this industry. We have to give every woman a boost when we can. Show up for one another. If you’re proud of a woman in the hospitality industry - go tell her!! Right now! We are so much stronger together. 

Who are some women in the industry that inspire you?

Honestly, so many female chefs in the industry have inspired me - how much time ya got? I could chat your ear off for hours about how I think Kiki Louya in Detroit is just a total empowering badass in her community or that Valerie Gordon in Echo Park, CA is so elegant and refined and glamorous and that is all reflected in her food or how Evelyn Garcia is just a magical person and such a gift to our industry or how Courtney Storer in LA so gracefully crushes her job as a culinary producer on The Bear; on and on and on!

Upcoming webinar: NuMarket x Hotplate: Popups, Brick & Mortar, and the Paths in Between, April 2.

TL;DR

It’s not just the mega restaurant chains or giant tech companies that can sell their business. There’s a big demand to purchase small businesses out there, for those who do want to sell, and Chat walks us through how he’s helping to do just that.

• Why a valuation of your business is important

• What you can do to prepare to sell

• Why it’s hard to get the real value right

Baton: Zillow, but make it small biz

Baton helps connect small business owners with potential buyers, all while facilitating the hard parts of the transaction. Picture the last time you looked for a house on online, but this time you’re looking to take over a restaurant. Reflecting on the inception of Baton, Chat shares, "It was really a conversation I had with a friend during COVID... He was looking to buy a small business, and talking about it, we realized what was missing in this space was the Zillow for small business."

Fortunately for Chat, he had experience working at Zillow and other tech companies that were making hards transaction a lot easier. Chat’s background provided the perfect springboard to address the gap. He saw an opportunity not just to create a platform but to help small business owners by making the selling process transparent and understandable.

What is Baton?

Selling a business is hard and conveying the value of a small business is even harder. Baton demystifies and facilitates the sales process, so that real business owners can build personal and generational wealth. Building a small business takes an obscene amount of work and Baton helps you to get the value for it you deserve. By providing an upfront valuation (scroll down for more on this), Baton empowers owners with critical information and matches them with serious buyers, making the path to sale as smooth as possible. Targeting primarily "Main Street" businesses – from wine shops to lunch counters – Baton is focused on ensuring that the backbone of the real economy can transition ownership with confidence and clarity.

Can small businesses really sell?

Chat passionately argues against the misconception that only large companies can make good money when sold. Chat’s anecdotes of successful sales – from wine shops to dog walking services – bring home the point that real small businesses have real value. "It's really the folks on the avenues and streets... Those are all some of the companies that we've helped represent and or have already sold," Chat proudly states, showcasing the diverse array of small businesses that can generate real financial value.

Step by step: How to sell

Selling a business, particularly a small one, can often seem like navigating through an uncharted territory. Chat Joglekar, CEO of Baton, lays out a simplified, step-by-step process for small business owners looking to sell. Here's how he breaks it down:

Step 1: Acknowledge the Desire to Sell

The journey begins with a crucial decision – recognizing the time may have come to sell your business. This acknowledgment is the foundation of the process. As Chat says, "Really what we're doing is we want to support any small business by getting them to a successful sale." It’s hard to know when the right time is, but having data like a true valuation can help.

Step 2: Understand Your Business's Valuation

Before anything else, you need to understand what your business is worth. This step involves getting a clear picture of your business's financial health and its valuation in the current market. Chat emphasizes the importance of cash flow and multiples in this step, "The first part is a price, and a key part of that is getting the valuation and really understanding how your business is going to be valued by the buyers." Don’t know what cash flow or multiples are? Baton helps not only explain what those are, but helps you calculate them.

Step 3: Prepare Your Business for Sale

This involves more than just making your business look attractive to potential buyers. According to Chat, it’s about ensuring your financials are in order, understanding the key levers of your business's value, and possibly making adjustments to improve its appeal. "If you understand how we get to cash bflow and you understand where kind of B, the valuation comes from, you can really start to understand what are the levers that drive this for your business."

Step 4: List Your Business on the Market

With a clear understanding of your business's worth and having prepared it for sale, the next step is to list it on the market. Platforms like Baton facilitate this process by connecting sellers with serious buyers. "We want to empower owners with the right information upfront, which is primarily this valuation, and then if they're interested in selling, match them to serious buyers," Chat notes.

Step 5: Engage with Potential Buyers

Once your business is listed, potential buyers will start to show interest. This stage involves engaging with these buyers, negotiating terms, and finding the right fit for your business's future. Chat suggests that this is also the stage to communicate the intrinsic value of your business that might not be immediately apparent from its financials alone. "It's going to be hard to get that intrinsic value that the existing owner sees," he admits. However, he encourages owners to communicate these values to potential buyers, leveraging them as negotiation points. This approach underscores the deeply personal aspect of selling a business, beyond just the numbers.

Step 6: Closing the Deal

The final step is the sale itself, which includes finalizing the terms, signing the necessary paperwork, and transitioning the business to its new owner. This step requires careful consideration to ensure that all parties' interests are met and that the business continues to thrive under new ownership.

Interested in learning more?

Reply to us here or at community@numarket.co and we’ll put you in touch with Chat and the Baton team.

Upcoming Events

NuMarket x Hotplate: Popups, Brick & Mortar, and the Paths in Between: Click here to RSVP

How to access $20,000 in Massachusetts restaurant grants w/ Irene Li of Mei Mei. Click here to RSVP.

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TL;DR

Irene takes a radically transparent approach to Open Book leadership, involving her team in crucial business decisions and goals. It’s led to:

• Buy-in and shared goals across the team

• A stronger, more involved customer base

• Plenty of awards and accolades

Irene’s Journey from Kitchen to Tech Office

Irene Li's journey in the the hospitality world is one of experimentation in leadership and fearlessness to get things right. As the owner of Mei Mei Dumplings, Irene has transformed the dumpling restaurant into a community-centered enterprise. But her influence extends beyond the kitchen; Irene is also the founder of Prepshift, a platform designed to empower restaurant operators and workers with the skills and knowledge they need to succeed in the industry. Prepshift was born out of her time in the Visible Hands program, informed by deep experience in the hospitality industry. Irene is also one of NuMarket’s first contributors (Mamaleh’s campaign) and campaign owners.

Her leadership in the restaurant sector has been marked by a commitment to sustainability and employee welfare, setting new standards for what a socially responsible restaurant can look like. This holistic approach to business has not only garnered critical acclaim from the likes of The James Beard Foundation but also built a loyal customer base across the country that resonates with her team’s values. We got the chance to talk about leadership in restaurants, “Open Book Management” and the state of hospitality today.

Understanding Where Hospitality is Today

The hospitality industry today faces an unprecedented array of challenges, from navigating the complexities of skyrocketing costs to addressing the critical issues of sustainability and worker well-being. Irene Li is acutely aware of these challenges and emphasizes the importance of adaptability and openness in overcoming them. "The landscape of hospitality has changed dramatically," Irene observes. "We're at a crossroads where the choices we make today will define our industry for years to come."

One of the most significant shifts Irene notes is the increasing demand for transparency and ethical practices from consumers. "People want to know where their food comes from, how workers are treated, and what businesses are doing to minimize their environmental impact," she says. This heightened consumer consciousness is pushing restaurants to adopt more sustainable and ethical business models not only for their customers, but for their own teams.

Shaping the Future

As for the future, Irene predicts that "sustainability isn't just going to be a buzzword but a fundamental operation principle for successful restaurants." This includes everything from sourcing ingredients locally to reducing waste and improving energy efficiency.

While also a fierce critic of many of the “platforms” (see 30% fees on delivery orders, which we’ll talk about in later posts), Irene highlights the role of technology in transforming the hospitality landscape. "Technology will continue to play a pivotal role, not just in how we serve our customers but in how we manage our businesses." From innovative ordering systems to platforms like Prepshift that offer professional development opportunities, technology is making the hospitality industry more efficient and accessible. We’ll be sharing more info on some of the tools we like in future Nu Business posts, webinars and carrier pigeons.

However, it's the focus on community that Irene believes will truly define the future of hospitality. "Building a sense of community and connection will become even more vital," she explains. This involves not only how restaurants engage with their customers but also how they support their employees and contribute to their local communities. We couldn’t agree more.

Navigating the Hospitality Terrain Today

"The hospitality industry today is navigating through a sea of change," Irene begins, reflecting on the huge amount of challenges currently facing the sector. From fluctuating consumer expectations to the imperative for sustainability, the industry is at a crucial juncture. Irene notes, "Customers today are more informed and conscientious. They're not just looking for a meal; they're seeking an experience that aligns with their values." This shift demands a reevaluation of practices, pushing for greater transparency. For Irene, a big focus for the industry needs to be on better employment practices.

The post-pandemic recovery phase has ushered in a renewed emphasis on employee well-being and mental health. "We've seen a paradigm shift in how we view our teams. It's no longer just about efficiency but about ensuring a supportive and nurturing work environment," Irene emphasizes. This holistic approach to employee welfare is crucial in an industry historically plagued by high turnover rates and burnout.

The Philosophy Behind Open Book Management

At the heart of Irene’s success with Mei Mei's is a management strategy that Irene Li passionately implements: Open Book Management. This approach is fundamentally about "creating transparency around financials and operational decisions within the business," as Irene describes. Irene involves the Mei Mei team in high level management decisions and financials, opening the book for the team to see.

By involving the whole team in understanding the financial workings of the restaurant, everyone becomes a stakeholder in its success. This method demystifies the often-guarded domain of business finances, empowering employees with knowledge and fostering a culture of ownership and accountability.

Irene's belief in this approach is evident when she says, "We’ve seen firsthand how powerful it can be when everyone on the team understands not just their role, but how it fits into the bigger picture. It’s about building trust and making sure everyone is pulling in the same direction."

Mei Mei: A Case Study in Engagement and Resilience

Mei Mei Dumplings, more than just a restaurant, is a centralizing community force where the principles of Open Book Management have flourished. "Sharing our challenges and triumphs openly has not just helped us internally; it has also drawn our customers and community closer to us," Irene notes.

This engagement has been crucial, especially when navigating the unpredictability of the restaurant business. The approach has turned customers into advocates, deeply invested in the restaurant's success.

That success was clearly evident on NuMarket, where Mei Mei has raised over $200,000, a testament to the strong bonds formed with its customers through transparency (see also, building imperfectly). These funds have been instrumental in sustaining the business during hard times and fueling its continuous growth.

Prepshift: Expanding the Impact

With the establishment of her latest business, Prepshift, Irene aims to extend the principles of Open Book Management to the broader restaurant industry. This platform serves as a beacon for sustainable employment practices, emphasizing transparency, education, and worker empowerment. "Prepshift is about taking the lessons we've learned at Mei Mei and helping the industry evolve," Irene shares. It's a call to action for restaurant owners to embrace a more inclusive and transparent approach to business management.

The Importance of Open Book Management

Our conversation with Irene underscored the transformative power of Open Book Management. It’s a philosophy that transcends the conventional boundaries of business management, advocating for an environment where transparency, education, and shared responsibility are the norm.

Irene's experience with Mei Mei and Prepshift illustrates the practical application and benefits of this approach. "It’s not just about the numbers; it’s about creating a culture where everyone feels valued and vested in the outcome," she reflects. This collective ethos has been instrumental in Mei Mei's resilience and success, proving that when a team is united in purpose and understanding, challenges are far more possible to overcome.

The Final Role of Open Book Management

Irene shares it "isn't just a management strategy; it's a philosophy that permeates every aspect of our business." By demystifying the financial aspects of the business and involving the entire team in decision-making processes, Mei Mei fosters a culture of transparency and collective investment in the restaurant's success.

“Through Open Book Management, we've not only improved our financial health but also cultivated a team that's deeply committed and aligned with our mission." This model has proven effective in building resilience, adaptability, and a strong sense of community within Mei Mei, setting a blueprint for success that extends beyond its walls.

Want more?

Want to learn more about Irene’s work with Prepshift? Reply to us here or at community@numarket.co and we’ll put you in touch with Irene.

Are you a business owner in Massachusetts? Irene is running a webinar with NuMarket in April: How to access $20,000 in restaurant grants w/ Irene Li of Mei Mei. Click here to RSVP.

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TL;DR

Everyone has a dream of working on their dream business. Edlin Choi is doing just that, sharing with us how to find a match between opportunity and passion. Spoiler alert, his NuMarket campaign is running throughout March.

• Move out of Silicon Valley

• Get experience in the world you feel strongly about

• Find an opportunity within that world and act on it

From Tech to Farming: A Unique Path to Bone Broth Entrepreneurship

Edlin Choi’s journey is not your typical Bone Broth entrepreneur story. Growing up in suburban New Jersey and graduating from NYU with a degree in finance and marketing, Edlin ventured into the tech startup world in Silicon Valley. Skip ahead a handful of years and Edlin is working on a regenerative farm in rural Georgia, of course. His real passion for sustainable food systems led him to decisions that puzzled many but made perfect sense to Edlin. "I saw this as an opportunity to learn everything about sustainable farming firsthand," Edlin shares.

Skip ahead even more and Edlin is thinking about making Korean bone broth as a business. The question we asked Edlin is, “What came first when starting it up? The passionate dream, or a business opportunity? Let’s dig into the beginning of Heart & Seoul to try and answer.

Heart & Seoul: Born from Sustainability and Tradition

Nose to tail, Edlin’s farm experience in Georgia showed him how much opportunity there is for farms to use every part of the livestock they raise. As a Korean American, Edlin grew up eating the nutrient-dense parts of the animal often overlooked in American cuisine. Connecting these dots between sustainability and his cultural roots sparked the idea for Heart & Seoul Food Co.

Edlin realized there was a significant opportunity to create something valuable, nutritious and delicious from what was considered "inedible" by most of the US. "The specific idea and vision were born on the farm," Edlin explains, emphasizing the importance of using the whole animal and tapping into his Korean heritage to inspire the creation of nourishing, traditional broths that utilize these overlooked, yet incredibly nutritious parts of the animal harvest.

The Opportunity: Overcoming Industry Norms

One of the biggest hurdles for Edlin was the industry's standard practice of underutilizing animal parts. By connecting with local farmers, he discovered a widespread issue: many farmers chose not to take back certain animal parts from processors due to the cost and effort involved in selling them. Those same parts are the nutritious, delicious ones Edlin loved to cook with. This realization highlighted a gap in the market and an opportunity for Heart & Seoul to step in. Edlin leveraged this insight to create a business model focused on sustainability and efficiency, and he plans to work directly with processors to reduce costs and ensure a steady supply of quality ingredients.

Opportunity Found, Now Time to Build a Business

Validation came not just from identifying a supply-side opportunity but also from understanding the demand for such a product. Through pop-up events and farmers markets, Heart & Seoul began to resonate with people, confirming the appetite for traditional, nutritious foods that also address food waste and sustainability. "If it tastes good, I think people will buy it and our sustainable and climate-positive approach will reaffirm their decision," says Edlin, highlighting the importance of product quality and taste in building a successful brand.

So Which Comes First, Opportunity or Dream?

Both. Either. Neither. Edlin's journey with Heart & Seoul illustrates that it's not necessarily an either-or situation. What we know from Edlin’s story though is that a passion for sustainability and traditional wisdom around food can be the guiding light, driving an entrepreneur to explore and identify unique market opportunities. Acting upon an opportunity can provide a solid foundation for a business that aligns with a person’s passion and values. Entrepreneurs should consider how their personal interests and professional opportunities intersect, using both as complementary forces to build a meaningful and sustainable business.

Emerging from Broth to Soup

To those acting on following their business dreaming, Edlin offers a handful of valuable insights and resources:

1. Passion for your product and its impact on the community or environment can be a strong differentiator in the market.

2. For CPG focused businesses, get on StartupCPG immediately. It’s a community for entrepreneurs to share resources.

3. Build a network early on for professional advice. Learn to lean on mentors and peers for help, guidance, and moral support in what will definitely be an emotional rollercoaster.

How to Follow Along and Support Heart & Seoul

Go to heartandseoulfoodco.com, contribute to and learn more about the business on Heart & Seoul’s NuMarket campaign or follow along on their Insta account.

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TL;DR

Creating and growing a CPG product is difficult, especially if you want to “scale.” We dig in with George Bryson on ways to grow sustainability, from the start. We’ll cover:

• Understanding what profitability means

• Building your unique beachhead

• What scale means and why you don’t have to be on every shelf in the country

Designing Your Food Dream for Profitability: CPG Edition

The pandemic brought us a surge in CPG (consumer packaged goods) businesses, turning kitchen experiments into nationwide phenomena. For every success story, we’ve seen countless others who haven’t fully realized their dreams. For many of those CPG’s, basic business design and the funding that goes along with it has been the problem. Instead of seeking profitability, many sought high valuations. Instead of starting with a strong community of customers, others went for nationwide distribution from the start. To sort through what to do and what not to do when designing a new CPG product, we caught up with George Bryson. He’s a luminary in the CPG landscape with over two decades of experience, to share invaluable insights for restaurateurs and food entrepreneurs eager to start selling their products outside of a brick & mortar.

The Foundation of a Profitable CPG Business

The journey to CPG success begins with understanding the cost of making your product and establishing a pricing strategy that ensures profitability right from the start. Bryson advises to "find your unfair advantages" and leverage them. For brick-and-mortar restaurants transitioning into CPG, this could mean using your existing customer base and brand recognition as a launching pad for your product.

Understanding Profitability in CPG

Profitability, Bryson emphasizes, means more than just generating revenue; it's about intentionally designing your business to be profitable. This involves understanding your costs, setting appropriate prices, and ensuring that after all expenses, your business remains in the green. It's about crafting a business model that stands the test of time and market fluctuations.

Creating Your Beachhead Market

Bryson recommends starting with a focused approach, creating a stronghold in a specific market before expanding. Utilize your existing restaurant or food business as the initial platform for your CPG product, gradually expanding to other complimentary outlets. This strategy minimizes marketing expenses and leverages your already established brand presence. One of our favorite examples of this is Buenas in Boston, who started by stocking their products in local stores and restaurants like Ebo & Co. Grocery as well as at their own brick and mortar.

Navigating Distribution and Sales

When venturing into distribution, understand the different margins required by various retailers and adjust your pricing accordingly. Direct-to-consumer (DTC) sales might offer better margins but require different strategies compared to selling through third-party retailers. Bryson stresses the importance of building a strong foundation in a few select stores or markets before considering wider distribution. Mei Mei does this exceptionally well, just recently announcing more regional distribution.

The Importance of Financial Management

Critical to the success of any CPG venture is robust financial management. Bryson highlights the significance of having a clear grasp of your cash flow, costs, and contribution margins. He suggests partnering with financial experts, especially for founders who may not have a strong background in finance. This partnership can provide the clarity and oversight needed to ensure the business remains profitable and sustainable. George has recommendations depending on your business or idea, with more info here.

Scaling Your CPG Business

As your product gains traction, it's crucial to assess when and how to scale. Success brings its own set of challenges, including the need for additional capital to meet growing demand. Bryson advises caution, recommending that entrepreneurs only pursue growth opportunities that align with their capacity and business goals. Sometimes, the most challenging yet prudent decision is to say no to opportunities that might overextend your resources.

What to Do Next

From understanding profitability to mastering distribution and scaling wisely, George’s guidance serves as an invaluable resource for food entrepreneurs looking to grow. The transition from restaurant to retail shelves is fraught with challenges, but with careful planning, financial savvy, and a focus on your core strengths, success in the CPG space is well within reach. You can reach George at george@startupfieldguide.com

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In the heart of local neighborhoods, where the smell of freshly baked goods and coffee fills the air, independent bakeries and cafes are not just businesses; they are vibrant community hubs. NuMarket, a pioneering platform in small business funding, has stepped into the role of transforming the dreams of such establishments into reality. By leveraging the support of their most significant assets—their customers—places like Sixteen Mill, Amazing Ackee, One Mighty Mill, Cafe Gloria, and Paris Creperie have embarked on unique journeys of growth and expansion. This case study delves into how each of these unique cafes and bakeries has utilized NuMarket to foster a deeper connection with their community, highlighting their distinct dreams and the collective effort to realize them.

Sixteen Mill: Crafting a Huge Gluten Free Community

$38,811 raised from 266 contributors

Sixteen Mill, a bakery known for its treats that you would never know were gluten free, envisioned creating a space where the Brooklyn community could find surprising sweetness and the comfort of freshly baked goods. Their NuMarket campaign aimed to fund the opening of their new bakery and takeaway shop, while introducing new menu items for their farmers market stalls. The funding from their customers not only helped open their doors to acclaim and fanfare but also reinforced the notion that Sixteen Mill was more than just a bakery—it was a shared community space, crafted out of love by Talia and Miles and sustained by the people it served.

Talia, Miles and the Sixteen Mill family used social media and email to connect with their community on a deep and personal level. By letting real people in on their real journey to opening Sixteen Mill through their NuMarket campaign, they grew their community and raised the money they needed to thrive.

Amazing Ackee: Bringing Authentic Flavors to the Forefront

$15,995 raised from 171 contributors

Amazing Ackee and it’s owner, Chantal, set out with a dream to introduce and celebrate Caribbean food in New England, through ackee-based pastries and dishes in Connecticut. Through NuMarket, they sought to open their first storefront and expand their kitchen to accommodate the growing demand for their famous ackee and patties. The campaign resonated deeply with customers, many of whom were eager to support a venture that promised to bring a taste of Vegan goodness to their doorstep. The success of their campaign was a testament to the community's desire for different culinary experiences and their willingness to support those who dared to dream differently.

Chantal’s vision for the shop shone throughout the campaign with personal instagram stories and email updates throughout the campaign. Small business owners face countless setbacks in realizing their dreams and Chantal was never afraid to share what those meant and how Amazing Ackee’s customers were a huge part of overcoming those obstacles.

One Mighty Mill: Reviving the Tradition of Stone Milling

$22,197 raised from 170 contributors

One Mighty Mill has taken the lead on the mission to bring back the age-old tradition of stone milling, offering their community freshly milled flour and a range of baked goods made from organic, locally sourced grains. Their NuMarket campaign was specifically aimed at expanding the offering of their Bakery & Cafe in Massachusetts, by buying a state of the art pizza oven. The enthusiastic participation of their customers not only highlighted the community's support for sustainable and healthy food practices but also emphasized the need for a physical space to enjoy that food.

Tony and the team at One Mighty Mill engaged their community of customers in store and online, deepening personal connections through their NuMarket campaign that led to critical funding. Local media and community groups shared their campaign widely to create a truly community driven campaign.

Cafe Gloria: A Dream of Sustainable Coffee Culture

$31,000 raised from 178 contributors

Legendary mixologist Will Isaza broke the news that he would be opening his very own Cafe Gloria, named after his Mother. He dreamed of creating a fully sustainable coffee shop that highlighted coffees and baked goods from Colombia. Their campaign on NuMarket was hugely successful in engaging Will’s community across Boston and specifically in East Boston, where Cafe Gloria would be opening up. The campaign also generated interest regionally, with media coverage and sustained buzz both throughout the campaign and afterward. The overwhelming support from their future customers was a clear indicator of the community's shared desire to see Will’s dream come to life. Cafe Gloria's success story through NuMarket is a powerful reminder of how the dreams of a business owner their customers can lead to meaningful achievements.

Paris Creperie: Expanding the Love for French Crepes

$19,575 raised from 164 contributors

Paris Creperie's dream was to spread the community love they had generated for years beyond their original location, aiming to open a new bar next door. Their expansion wasn’t centered on the crepes and coffee they had become known for, but an entirely new concept called Bar Lunette. Their NuMarket campaign captured the hearts of many, drawing support from customers who were enchanted by their delicious crepes and the promise of more Paris goodness into the evenings. The campaign's success was not just a win for Paris Creperie but a celebration of the community's enthusiasm for businesses that are neighborhood staples.

Conclusion

The journeys of Sixteen Mill, Amazing Ackee, One Mighty Mill, Cafe Gloria, and Paris Creperie, as facilitated by NuMarket, underscore the profound impact of community funding. Each establishment, with its unique dream, has demonstrated that when businesses open up funding opportunities to their customers, they tap into a reservoir of support that goes beyond financial contributions. These campaigns have fostered a sense of emotional ownership and pride among customers, transforming them into the biggest drivers of long-term success. NuMarket has not only enabled these bakeries and cafes to grow with their communities but has also redefined the essence of community-supported businesses, where dreams are shared, and achievements are celebrated together.

Why Winter is Brutal for You and the Business You Own

TL;DR

• We share why Winter is brutal for restaurants and their staff

• We share an idea for how we can make this better

• We ask for your input on the idea by replying or commenting on this post

Let’s make this quick and slightly less painful.

Winter is a rough time for restaurants, their owners and their staff. Here are a few reasons why.

• Customers cut back after holiday spending

• Dry January leads to lower beverage sales

• Pipes burst because it’s cold

• When everyone else is posting photos from the Caribbean, you’re still unloading deliveries in the walk-in freezer

• The walk-in freezer isn’t working because of the burst pipes from the cold

• Your staff is unhappy from less tips

• It’s still expensive to eat out, making your stuff even more unhappy

Instead of writing a microeconomic breakdown of why this is happening we’re going right into an idea to make it better, inspired by our friend/customer Naama at Lighthouse in Brooklyn. As Vithu from NuMarket has taught us, we should always have a “solutions mindset.” Here’s a potential solution:

Nu Industry Card: An Industry Only Resource

What it is:

• You offer 20% off for industry folks, Monday-Thursday, at your space.

• You and your team then get 20% off at all the other spots that have signed up.

• Only those who have signed up to offer the industry discount, get the industry discount.

Why it would work:

• Your spot gets more industry people through your doors during slow times.

• You and your team get to eat out much more affordably.

• The industry gets a much needed boost.

• You get a boost of happiness from more food community hanging out.

What we need from you to make this happen (or not):

Tell us by replying to this email whether you want this or not. We will only work on this if there are enough of us who want it.

Share this post with other industry friends by clicking below:

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If we’ve never met you, here we are below👇

We have a policy on our small team of not pushing you towards a solution that isn’t right for your business. As much as we love when businesses choose to work with NuMarket, we frequently connect businesses with other resources that are better fit for them. If you’d like our help figuring out if NuMarket is right for you, go to numarket.co and click “Get Funding”!

Exploring Financing Options for Restaurant Equipment

For small business owners in the food and beverage industry, acquiring essential restaurant equipment often involves exploring various financing options. Traditional routes such as bank loans and credit union financing are commonly considered. Additionally, government-sponsored loans, including those offered by the Small Business Administration (SBA), can provide favorable terms and competitive interest rates for restaurant equipment loans.

The Complexity of Restaurant Equipment Loans

Securing financing for restaurant equipment is an important moment for any culinary entrepreneur. While loans have been the conventional choice for years, it's essential to delve deeper into the intricacies and challenges they present. Restaurant equipment loans can often become a complicated journey filled with potential pitfalls.

1. The Long, Difficult Approval Process

One of the primary challenges with traditional restaurant equipment loans is the prolonged approval process. Unlike other forms of financing, where you might secure funding relatively quickly, loans often entail extensive paperwork, credit checks, and negotiations. This extended timeline can lead to delays in acquiring the equipment you need promptly, potentially hampering your business’s launch or expansion plans.

2. Tough Eligibility Criteria

Loan approval hinges on meeting specific eligibility criteria, which can be quite difficult to meet. Financial institutions typically require businesses to have a well-established credit history, a substantial down payment, and valuable collateral. For newer culinary ventures, restaurants or food businesses or those with limited credit histories, meeting these criteria can be a considerable obstacle.

3. Collateral and Personal Liability

Many traditional lenders require businesses to provide collateral as security against the loan. This collateral can encompass valuable assets such as property, other equipment, or even personal guarantees. While collateral provides security for the lender, it places substantial pressure on business owners who risk losing their assets in the event of default. Personal liability is a weighty consideration that entrepreneurs must carefully assess.

4. High-Interest Rates

Interest rates for restaurant equipment loans can vary significantly depending on the lender, your creditworthiness, and the current market conditions. For businesses with less-than-perfect credit scores, securing favorable interest rates can be a daunting challenge. High-interest rates can inflate the overall cost of borrowing, impacting your business's profitability in the long run. In 2024, interest rates are higher than they have been in years.

5. Limited Flexibility

Traditional loans often lack the flexibility that food and beverage entrepreneurs require. These loans typically come with fixed repayment schedules and terms, leaving little room for adjustments based on your restaurant's cash flow or seasonal variations. This lack of adaptability can strain your finances, especially during slow periods or unexpected emergencies, as was seen from 2020 onward.

Want to dive deeper into the different borrowing-based financing options available for equipment? Check out this great guide by Toast!

NuMarket: Redefining Food And Bev Financing

NuMarket is a refreshing alternative for food and beverage business owners seeking equipment financing. This innovative crowdfunding platform offers a departure from the rigidity of traditional loans, providing a more inclusive and flexible approach to funding restaurant equipment needs.

NuMarket's crowdfunding model revolves around community support, where contributors become your biggest supporters in your culinary journey. Instead of a loan, contributors receive 120% of their contribution back in credits to spend at your business, distributed over six months. The model is designed to be mutually beneficial for the business and their community.

Here’s why the model works so well for community-driven businesses:

• Business owners get to give back to their community instead of a bank.

• The amount raised is paid back on the cost of delivering the good instead of cash.

• Credits are distributed over time, encouraging repeat customers.

• Most customers spend more than their credits available when visiting, ultimately leading to extra revenue with every visit.

• Credit usage is spread out over time, providing more flexibility than a fixed loan repayment schedule.

Success Stories with NuMarket

To illustrate the power of NuMarket, let's look at some real success stories from culinary businesses that have utilized the platform. Mamaleh's, a renowned Boston deli, raised an impressive $75,293 to fund a Rational Combi Oven. They offered their community the opportunity to be part of their growth by crowdfunding specialized ovens for speeding up their ability to make latkes and so much more.

New York-based Pica Pica, led by Chef Nadia Agsen, secured $10,801 to keep growing her intimate dinner and pop-up series and allowing her to purchase a Hobart Mixer. New England’s Tiny Arms Coffee used NuMarket to raise $21,882 to expand their coffee roasting production by purchasing a larger coffee roaster. Buenas raised $37,245 to build the Super Bien, a conceptual space for their grocery-bar, which needed equipment like a new fridge.

These businesses not only successfully funded their equipment needs but also strengthened their ties with the community and supporters who believed in their vision.

A real team that’s here to help

We have a policy on our small team of not pushing you towards a solution that isn’t right for your business. And as much as we love when businesses choose to work with NuMarket, we frequently connect businesses with other financing options when it’s the right solution for them. If you’d like our help figuring out if NuMarket is right for you, go to numarket.co and click “Get Funding”!

TL;DR

You might think that a 401(k) is something just for giant companies. We’re going to look at four common misconceptions of 401(k)’s, paired with entrepreneur/investor Jason Young’s wealth of knowledge, to share why they might be a key for your food business.

• It isn’t complicated to offer a 401(k) to your team. There’s an app.

• You don’t need $401k to offer a 401(k), it’s terrible government branding.

• Having a 401(k) for yourself and your team could lead to everyone being able to buy a home one day. Interested?

Quickly, What a 401(k) is:

A savings plan offered by employers that allows employees to save and invest a portion of their paycheck before taxes are taken out. The money in a 401(k) account can grow over time, helping employees build a fund for their retirement.

Misconception 1: 401(k)’s Are Only for Big Corporations

Reality: Small businesses, including restaurants, can and do offer 401(k) plans. In fact, setting up a 401(k) plan can be great for restaurants in tough hiring climate. It helps attract and retain employees in a space with high turnover and not a lot of hiring options. "There are a lot of people who will probably have never had a 401(k),” Jason says, “(they) don't know that it's a benefit.” Offering a retirement plan in the restaurant space can signal that you’re an employer who cares about the well-being of your team in the short and long term.

You don’t need a huge team to do it either. All you need is one employee and a few minutes to set it up. See Misconception #2…

Misconception 2: 401(k)’s Are Hard to Set Up

Reality: While the thought of setting up a retirement plan might seem daunting, it’s not nearly as hard as trying to fill seats at your restaurant on a rainy night. Jason told us that technology has made managing 401(k) plans much more straightforward than in the past. Many providers that are easily google-searchable offer streamlined processes specifically designed for small businesses. Even if you’re in the kitchen or on service all day, the new 401(k) providers will make it relatively easy. Here are a few of the providers Jason recommends:

• Guideline

• Betterment

• Fidelity

Misconception 3: 401(k)’s Are Costly for Your Business

Reality: There's a common belief that offering a 401(k) is a significant financial burden for a business. 401(k) just sounds expensive. Jason let us know that 401(k) refers to the tax code, not $401,000 (fun fact, and terrible branding). Jason put it clearly:

"The cost to you as an employer is minimal,”

With basic plans costing around a thousand dollars per year, the fees are mostly covering the monthly subscription for the online providers.

Another key Jason let us in on: these costs are tax-deductible, offering additional financial benefits. For instance, the SECURE Act offers a tax credit to small businesses to help with the costs of starting a 401(k) plan.

Misconception 4: 401(k)s Aren’t Worth It

Reality: In the competitive restaurant industry, providing a 401(k) can differentiate your business as a desirable place to work. Additionally, helping employees with their long-term financial health can improve overall job satisfaction and team loyalty.

The value of offering a 401(k) goes beyond financial returns and retention. Jason stresses the importance of helping employees build wealth,

"this solution literally can make the difference between your employees being able to retire one day or not."

Good, important stuff.

What to do Now

1. If an hour of set up and ~$90/month is within your budget, continue.

2. Share this 401(k) with your team and ask, is this something you want?

3. Take a look at the providers like Guideline and set up an intro call with them.

4. Reply here if you have questions, we’ll do our best to share more of Jason’s knowledge.

Have something else you want us to cover?

Nu Business is a resource for real business owners and their teams. Plain, simple. If there’s something you want us to cover, reply here and let us know.

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TL;DR

You’re about to read how we think embracing imperfections in your business can lead to more revenue, more (quality) customers and less stress. We’ll break it down into 3 parts, all through our lens of a recently opened hero of ours: Sixteen Mill bakery in Brooklyn.

• Your customers aren’t perfect and neither are you.

• The more you show the “real” side of your business, the more emotionally and financially they’ll be invested in your business.

• Being imperfect helps you open and operate quicker, growing with the real people who love your business.

More Money: Just Get Open

Sixteen Mill didn’t wait for the perfect signage before they opened their doors. They opened with a simple, spray-painted number on the doorframe and a piece of paper on the door.

Their espresso machine broke before it even turned on, so they sold matcha instead. This didn’t deter them from getting customers through the door. It helped them to open in a raw and real way that resonates with the community. Sixteen Mill generated far more (important) revenue by opening sooner than sitting and waiting for the perfect opening day.

More Customers: The Community of Imperfection

Do you have a band that you tell all your friends you saw before they “got big?” That is Sixteen Mill’s opening weekend for me. I’ll always be able to tell the world that I got one of the purple-ish sourdoughs on opening weekend, because the wrong psyllium got delivered. It was delicious, see imperfect photo of me eating it out of the bag:

For all the customers who got matcha instead of broken-coffee-machine espresso, the Cappuccino they’re going to get in a few weeks will taste even sweeter. Let’s also say your mixer goes down and you’re only able to produce a limited supply of Walnut Chocolate Chip cookies for the weekend. You just created scarcity, urging the people who love your food to come in ASAP and get the thing they love instead of waiting.

There’s one key to all this working: sharing the news and insights with your community…

More Quality: Let Us In!

You have a lot of your customers’ dream job. It may not feel like it when the walk-in breaks or your landlord calls to tell you the electric bill is going up, but it’s true. Following your culinary dream is what many of us wish we could do. The more you share the imperfections, trials and challenges of your business, the more we want to come in. Looking perfect might get a passerby to come and order a drink, but sharing the imperfection will get your neighbor to order your whole menu for their birthdays, weddings and dog’s adoption anniversary. When you share something real, you’ll get a real connection in return. You might also decrease your stress level by looking to the things that go wrong as opportunities to grow with your customers.

Sixteen Mill’s Social media isn’t a highlight reel; whether it's a late night of dough kneading or an out-of-stock item, their openness brings their community along for the journey. This deepens customer relationships to a point where seemingly everyone in line knows the owners of Sixteen Mill Talia & Miles (and their child below) by name and face.

Let your business be real, be imperfect, and watch as it resonates deeply with the very people you aim to serve.

Reminder: Graham Boswell shares more about sustainably funding your restaurant. Join us Jan. 9 to hear more.

We’re teaming up with Graham for a webinar on “Financing Your Dream.” ​Restaurants are tough. High operating costs, thin margins, and a lot of heartache. Graham will be covering everything he’s learned as a food entrepreneur, from detailed planning, having a long term vision, and a strong grasp of your fundamentals.

Register for our Jan. 9 webinar here.

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‘Tis the season for ~*resolutions*~. Some will be kept, and some won’t actually make it to the second week of January 2024. That’s okay, we’re not here to judge. Wellness is a hot topic this time of year as people prioritize their health, but that can mean something different for everyone. In my own personal search of understanding what wellness means to me, I checked out Netflix’s new-ish documentary “Live to 100: Secrets of the Blue Zones.” I was fascinated by these centenarians and the five vastly different places in the world they called home. In the show, Dan Buettner, host and author of the book the series is based on, narrows down all of the things these very happy 100-something year olds were all doing to age so gracefully:

• move naturally

• have a positive outlook

• eat wisely

• and the one that spoke to me the most, connect.

Okinawa, Japan; Sardinia, Italy; Ikaria, Greece; Nicoya, Costa Rica; and Loma Linda, California are the places, called “Blue Zones,” identified to have the most people living past 100 and leading happy, independent, and healthy lives. While a whole lot of walking and eating so many beans is a cornerstone of what helps them achieve this almost super human status, we’re skipping past that to talk about the emphasis these places put on finding community and prioritizing connection. We talk about community a lot at NuMarket. I mean, it’s communities of people, supporters, and regulars like you that have made SO👏 MUCH👏 GOOD 👏 happen for really incredible people and businesses this year. New bakeries, new pizza ovens, new kitchens, new bars, new countertops, new shops have happened because of your belief in these individuals and all they do for your neighborhoods and communities.

The show explores how being connected to community provides a hugely important feeling of purpose and being a part of something bigger. We get it, you get it (we know you do because you’re here), and according to this random documentary I binged in a day, it’s basically a scientifically proven part of being happy, fulfilled, and maybe even 100 years old one day. Whether that’s true or not, we can definitely speak to how much connection means to the food and beverage industry. It’s what it’s all about, right? It’s basically a ongoing cycle of connecting and community:

You show up for and support your favorite businesses 🔁 They provide the food, drinks, community hubs, vibes, and people that make life worth living to 100 for.

So allll of that to say: if you need a resolution to be a little happier and healthier in 2024, maybe lean into the idea of community and connection because according to these Blue Zones, there’s something to it. Find the places, people, and businesses that make you feel like you’re a part of something special and show up for them. This could mean supporting your favorite vendor at the weekly farmer’s market, meeting your book club at your go-to cafe, or maybe even contributing to a NuMarket campaign to help your neighborhood bar remodel their patio. Will doing these things help you live to a hundred? Couldn’t tell ya’, but will all of these pursuits of community help us all feel more connected? Absolutely.

Happy Nu Years friends,

Isabel + Team NuMarket

The Rise, the Close and How They’re Kind of the Same

Meet Graham Boswell (formerly) of popular pop-up-turned-permanent, Littleburg. Graham went from working as a cook at Oleana while simultaneously doing countless pop ups leading up to 2020. He then worked his way to opening one of Boston’s hottest brick-and-mortars, during the pandemic, to then closing it in about two years despite its success. A classic pipeline, right? Stick with us. For he and the Littleburg crew, that impossible decision to close was the right one. Graham shared with us what it took for him to close that chapter— both literally and figuratively.

TL;DR

• Graham Boswell opened Littleburg after years of running pop ups, to much success,

• As Littleburg’s lease was ending, Graham decided to run the financial and emotional numbers on the restaurant’s future.

• After careful time, thought, and resource (which he shares below), Graham decided to close Littleburg and focus on future opportunity.

“I think failure is a big part of that learning process.” Graham recalls as he talks about the early days of Littleburg. It started with doing up to 12 pop-ups a month, “I was really excited about doing vegan food with really high quality ingredients that brought in a lot of the techniques and flavors that I was learning working at Oleana.” Turns out, a lot of people were excited about his Mediterranean driven vegetarian vision. Despite the doom of early March 2020 (i’m sure you know it well), he continued to be successful throughout the pandemic with meal delivery services. Next thing Graham knew, he was signing a lease for a brick-and-mortar and planning to run a NuMarket campaign to help fund his opening.

Starting a NuMarket campaign allowed Graham to continue doing Littleburg his way. “I think being able to retain your ownership and having enough flexibility in terms of cash on hand allows you to make better strategic decisions that reflect what you want to do with the business rather than being at the whims of investors or being tied to a bank.” Graham also shares “I didn't really know how to evaluate the finances of NuMarket vs. a bank loan, like how does the expense of the cash upfront that you get from a NuMarket Campaign compared to the expense of the interest that you pay a bank? I don't think you really can evaluate that 1:1, but you actually see the benefit of the NuMarket approach when folks are coming to to visit you when you open because they have credits to use.” We promise we didn’t make him say this 👀

Graham raised $20,585 and went on to opening Littleburg without a hitch. They were dubbed by Eater and the Boston Globe as one of the best new restaurants to open in 2021… but two years later Graham decided it was time to close. We asked Graham what it took to realize that it was time and he shared that evaluating the end of Littleburg made him ask the same questions he asked himself before he opened.

• Has what I’m doing now served me enough to even consider what’s next? Graham asked himself, “Have I gotten enough out of where I am right now to be thinking about the next step? That next step usually includes quite a bit of risk. My recommendation…don't take that risk until what you're currently doing feels like it's not a challenge anymore and you've been successful with it.” This was relevant when going from pop up to permanent and relevant again as Graham was thinking about what was to come next.

• Do I have the resources in place? “I had the wisdom to know that I didn't have the excitement in the gas tank to expand the business further or keep doing what we were doing…and set myself up for for more burnout. I had to ask myself is it worth giving up the equity in the business in order to take some time off and explore other opportunities.”

• Have I thought about my exit? “Thinking about your exit is hard to do especially when a place isn't even open… but an exit could be selling the business. You think to yourself, are there going to be enough assets here to ultimately sell this business? Am I going to be able to be patient enough to sell the business at a price that makes sense for me? It could be expanding the business…or could be moving to another location when the lease is up. I didn't want to lock myself into something when I was still kind of at this phase of learning and experimenting and testing the market.”

• Am I ready to walk away when something isn’t the right fit? “We went through two rounds of negotiations to get into (Littleburg’s potential new) space and it was not a good deal. Some parts of the deal were really attractive and other parts were just things that I could not get behind…It's so much better to turn something down and walk away from something that you're excited about than to set up your business in a location that doesn't set you up for success… We've learned so much, we've had a really great impact, but the right move right now is to quit while were ahead.

• Do I have the right people around me to say goodbye? From the right realtors when you’re starting something new, to HR professionals who can help you maneuver how complicated it is to break the news of closing to your beloved team (and the Littleburg team was beloved), having a community of supporters is key. “The most concrete resource is other people. For me that was my bookkeeper who also served as business planning consultant and being able to have conversations with someone who is a little less emotionally involved in the business, but knew the business really intimately...That could be your friend in the industry…Just don't be afraid to reach out and find that support system because your colleagues have been through it too and the people who want you to succeed will be there for you.”

Closing a business that has been your entire life for more than five years is not an easy feat. No matter how right the decision for Graham and Littleburg to close up shop and hit pause was, he was left with a lot to process.

“When we did close, it gave me the bandwidth to pull back, and reflect on all we had accomplished and everything that I had learned. I completely changed as a person. My goals have clarified and the vision for what I want out of life is much stronger. I did something really challenging, and it was pretty damn successful. I know what I'm capable of and have a higher baseline of confidence. I have a talent for food, but also learned that I have a talent for business operations. That may ultimately be the most valuable thing for me in my career.”

It’s not all positive retrospection that you’re left with though. It’s difficult to shake running a business and accounting for every single one of your employees at all times. Graham recalls “The week after our last service, I was out to dinner with my wife and a friend of ours and I noticed this reflexive thing in my brain, thinking ‘oh my god what's happening at the restaurant right now? Should I be there? I'm worried about what's going on, are things going well, is everyone doing ok?’ It took me a moment to remind myself the restaurant's not open, that's not a worry anymore— but also damn, I have this habits around letting the business take up a lot of space in my mind, and that gets in the way of relationships and being present outside of work. There's a tough balance there because you want your business to be personal, but you also need to have enough space in your life, and particularly in your mind, for relationships that ultimately make you a full person.”

That moment has played a big part in shaping how Graham is approaching planning his next steps. “How am I going to prioritize that mental space. What skills are there that I can apply around mindfulness so that my business doesn't take over my mind and therefore take over my family and my whole life… I think that if I do undertake another restaurant project in the future, I would try to do it in a way that is really sustainable for me and my goals around building relationships, which I believe to be the the recipe for happiness.”

What has Graham been up to since closing shop? “This summer I made a lot of trips to the beach, I had a lot of relaxing warm baths in the afternoon, I’ve done a lot of cooking at home, learning about cuisines that I hadn't been focused on. I made a number of rounds of mapo tofu and a lot of pizza has been coming out of my oven. It's been really nice to have a break.” It’s not all beach trips and pizza for post-Littleburg Graham though. He’s working toward what’s next for him and that includes sharing everything he learned as a chef and business owner over the last five years with other food entrepreneurs like himself. His hope is to help set them up for success, but also understand what it takes to sustain it.

Want to hear more about sustainably funding your restaurant? Join Graham Tuesday, Jan. 9 to find out!

We’re teaming up with Graham for a webinar on “Financing Your Dream.” ​Restaurants are tough. High operating costs, thin margins, and a lot of heartache. Graham will be covering everything he’s learned as a food entrepreneur, from detailed planning, having a long term vision, and a strong grasp of your fundamentals.

​We'll cover the basics of operational budgeting, as well as pre-opening financial planning for restaurants and cafes.  If you're dreaming of opening or growing your own food concept, this baseline of knowledge is crucial. Or, if you're a restaurant lover, the topics we touch on will help you understand where your hard earned money goes when you dine out.

Register for our Jan. 9 webinar here.

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🚨 DISCLAIMER: there are absolutely zero, zilch, no Black Friday Sales, empty discounts, and no buzzy holiday shopping lists ahead 🚨.

You can unclench that jaw, take a deep breath, and have a break from the holiday mayhem that is everyone’s inbox right now. Hi NuMarket friends, fam, and contributor community! Isabel here 👋. I’m hoping to bring you a little food for thought (and also just a food idea for that upcoming potluck on your calendar — can confirm this cheesy hasselback potato gratin is great).

I don’t know if it’s just me but every year my inbox is bombarded with more and more noise. Flashy ads tempting us with deals and discounts that promise the perfect gift for your partner’s sister’s best friend. Luckily, there’s a light at the end of the wild tunnel that is Black Friday... ahem, Thanksgiving week, and that’s Small Business Saturday. This day focuses on supporting small and being intentional about where you're spending your money. As most of you know, contributing to a NuMarket campaign is as intentional as it gets:

That initial contribution immediately helps a business you love and the great people behind it fund their growth. ➡️ You get to continue helping them when that 120% back in credits rolls in every month. Using those credits keeps the support train going way after the campaign ends and keeps you a part of their growth/community. ➡️ The business gets to do their thing with the support of their community and you get more and more of what you love. 

In a day and age when money is tight for a lot of people, especially during the holiday season, it’s more important than ever to understand how spending ~intentionally~ can make a huge impact for all involved. Whether contributing to a campaign or supporting local favorites, keep real people and the real businesses top of mind. Here are some fun ideas for the holiday season:

• Love your weekend coffee ritual? Purchase their beans to share with your buds.

• Know a cool neighborhood wine shop with a monthly subscription service? Support them directly by gifting it to your mom.

• Have a restaurant that’s your go to when you just need a big ol’ plate of comfort food? Nab a gift card to share with your neighbor.

Where you spend your money holds a lot of power.— and here at Nu, we’re fans of spending it to fuel real people who pour their hearts and souls into creating the delicious foods, community hubs, and tasty products that bring joy to our lives. These small business owners work tirelessly to make our communities vibrant and unique, and I think it goes without saying, they deserve our support now more than ever.

So happy Thanksgiving / Small Biz Saturday week to all who celebrate. Hope you find joy in deleting those noisy ads from your inbox, getting some quality time with the ones you love, and spending a little more intentionally to support really great people.

Cheers 🥂,

Isabel

Vol 1: Keep Everything Sustainable

Meet Naama Tamir, co-owner of Lighthouse BK, a Brooklyn restaurant committed to their locally sourced, ingredient focused menu and driven by their mission to do better for the community they’ve fed daily for 13 years and counting. Recently, Lighthouse’s community raised $30,000 with their NuMarket campaign and funded a new industrial composter to serve their neighborhood. So what’s their secret to sustaining their continued success?— well for them, it’s just that: sustainability.

“The dream for Lighthouse was to open a place that we wanted to have in the neighborhood… New York can be so lonely at times and we wanted a place that felt like home. These community centers are these places where people hang out and meet other people and it it can be such a big part of your life,” Naama shares. Community plays a huge part in how Lighthouse has called Brooklyn their home for over a decade, but there’s something else that contributes to their success. From the start, Naama and her team found themselves wanting to serve their patrons, staff, and network of local suppliers in a much bigger and more holistic way. Their commitment to sustainability became what made them stick out from the rest and kept their community coming back and growing throughout the years.

“It starts with a vision. We just really wanted to do things differently… and this is an ongoing thing. We're constantly thinking about the better way of doing something. And by better I mean it has to be better for the environment. It has to be better for the staff. It has to be better for the guest.”

Naama credits the intellectual challenge of constantly seeking improvement and doing more as the driving force that keeps her curious and maintains her love for her job, even after many years in the industry. That passion extends to her team as well. “We have staff that have been with us for so so many years. Back of the house for 13 years, front of the house for 9 years. You know that famous saying where people people don't work for a job, they work for a leader or they work for a cause. There's just something about knowing that you're a part of something that's bigger that just makes makes us all much more committed.”

This commitment to doing more is also what brought Lighthouse and NuMarket together for a campaign. Well, that and being regulars ourselves. Naama and her brother/co-owner Assaf knew that to continue making an impact, their sustainability efforts needed to go past their restaurant. Last year, with the help of the friends, family, and fans, they successfully funded an industrial composter for the neighborhood which is going to be up and running any day now!

For Naama and the Lighthouse BK crew, the spark that keeps their business going and sustainable (when it feels like the world and economy is against small food businesses) is sustainability. But what is it for you and your business? We challenge you to put a name to whatever niche or passion you feel makes your business special, and if you’re willing to share. Shoot us an email or a DM on instagram @numarket.co, we want to hear it!

Interested in making your food and beverage business more sustainable? According to Naama, it begins with finding great partners who align with your vison.

Here are some of her recommendations and resources to assist you in taking whatever size step toward sustainability you desire for your business:

• Start with your energy provider: “It can be as easy as finding a energy company that sells renewable energy and can give you some tips on how to save energy and what smart devices do use.”

• Think local: “If you're not a locally sourced restaurant. It can be as simple as deciding to make one dish a week with locally sourced ingredients. Source locally and organically from a farmer that you love. You can kind of talk about the dish in a different way and engage with the guests to see their reaction. Maybe over time that dish grows into more dishes and you are sourcing more locally.”

• Partnering with companies committed to sustainable and equitable food systems: “Rethink Food is another great one where if you are working in in a bigger facility and you have a good amount of food access. They they pick it up and use it to cook healthy meals for food insecure people. So you’re both reducing food waste and also helping people eat healthy. There are just so many great small organizations like BK ROT, and even the Billy Oyster project too who collect oyster shells to restore oyster reefs in NY.”

• Tap into your local resources: “Even the department of sanitation can sometimes be a great resource. A few years back, I was working with the NY Institute of Public Knowledge, and we actually worked on creating this tool called “No Free Lunch” that would basically do two things. 1) it would map out a lot of this information so people can would have a roadmap to becoming more sustainable but also 2) show some accountability. So if Lighthouse said that they were composting. You'd be like okay well who are you composting with and then BK ROT would have to verify us working with them.”

• Think green… packaging: “In terms of packaging. We'll always pick the most sustainable packaging. There's just so many decisions you can make but I would say either start with the easiest thing that you can you can change because that will just propel you in the right direction.”

  ---

TL/DR:

• Naama and her brother Assaf opened Lighthouse in Brooklyn over 13 years ago and are still kicking (they just signed a new lease!)

• In a city dominated by hype, their focus on sustainability and community has enabled them to survive boom/bust/pandemic/media mayhem.

• The secret? Having something at the core of their business to drive them and their team. For them, it’s sustainability.

• Trying to make your biz more sustainable? Start with the easy things and build relationships with people who get what you’re doing.

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Hi NuMarket community!

In case you don’t remember us, we’re NuMarket— the small team that helps real food & bev businesses grow with the help of their communities. I’m Isabel from team Nu! Like the rest of the team, i’m food obsessed, community obsessed, and just really excited to get to know you. If you’re wondering how you got here, it’s because you’ve contributed to a campaign to help support a great business, you’re passionate about food and the good people making it, or maybe you are one of those good people. Bottom line is that you’re here because you get it.

You understand how vital the businesses who run NuMarket campaigns are to our communities, and you understand the role that good people like you have in helping them thrive. We’re cranking up this newsletter because we have A LOT to say about helping these businesses do their thing, a lot to say about food, and the food & beverage industry as a whole. Maybe we just have a lot to say…

We hope you stick around for a while because we have people who are much cooler than us lined up to share some really great content. We promise not to spam you (even though I love Spam™) and we promise to bring some fun, thoughtful food + food people focused content to your inbox a couple times a month.

Excited that you’re here,

Isabel

(Ross + Vithu too)

See what else is cooking 🍳

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Danielle Pattavina is the kind of person you meet once and ask yourself why you haven’t met 1,000 Danielle Pattavinas to fill your community. Their goodness is real. With deep experience in hospitality, most people in New England have been served something great by Danielle over the years (and made the better for it). As if Danielle knew we all needed more of that goodness in our life, they decided to take a leap and follow their dream of opening a neighborhood grocer where their choices in food and wine could be brought home by anyone. That’s where NuMarket and Danielle came together and Momma’s Grocery & Wine was born.

What they wanted

TL/DR:

1. To open a specialty grocery and wine shop where Danielle could sell great local foods and independent wines

2. To find the funding to be able to open and grow how they wanted to

3. To find a new community and new customers in a new place

How it started: After years and years of late night bar/restaurant shifts Danielle wanted move into the next stop of life: owning a grocery. They had years worth of connections with local food producers in New England as well as some of the best winemakers across the world. When your experience can propel you into what you’re most passionate about, for some it can feel like the right time to take the leap. For Danielle, the leap was opening Momma’s.

What happened next: Like so many of us have experienced, finding the perfect space took time. Leases came and went with landlords that didn’t fit what they needed. After missing out on their initial location, Danielle finally got a lease in the perfect neighborhood in the Cambridge/Somerville area.

How do we fund this thing, how we want to?: Danielle wanted funding to be able to open Momma’s and do it in a way that helped them grow, not put them in a hole from the start. They also wanted any new funding to be from people that fit their values of inclusion and a more fair economic system. Bank debt, SBA loans and venture capital were either impossible to get or just didn’t work for the kind of food business Danielle wanted to grow.

New lease, new neighborhood, new community: Despite their deep experience everywhere from Vermont to Martha’s Vineyard, Cambridge was a new place to open a business for Danielle and the Momma’s team. They needed to quickly bring together the customers and people who would be there for what was to come on opening day. It’s one thing to start a business, it’s another thing for that business to find success.

That’s where NuMarket came in.

How they did it

Skipping ahead: Danielle raised $44,360 from 318 future customers through a NuMarket campaign. Here’s how:

1. Use the campaign to engage existing community.

   Danielle announced the campaign to their personal network, allowing them to be part of the campaign and join the nu Momma’s community.

2. Use the campaign as a method to reach new community

   Danielle went door to door in their new neighborhood with handwritten letters asking for neighbors to join their community by contributing to their NuMarket campaign

3. Share what’s important to the business

   Danielle was consistent in sharing why the campaign was important and why it benefits everyone. Keeping money in the community through NuMarket’s model was a key piece

   

So what happened?

$44,360 and 318 people later, Momma’s Grocery and Wine opened and is thriving.

Wine Enthusiast recently named Momma’s as one of the best wine shops in the US and a community hub. We agree :)

Want to talk more about how to get better funding for your biz? Click here to talk to our small team.

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