Link to original video by CNBC Make It

I Left Wall Street To Start A Coffee Business—Now It Brings In $3 Million A Year

Summary of "I Left Wall Street To Start A Coffee Business—Now It Brings In $3 Million A Year"

Short Summary:

Margaret Yumo, a former Wall Street professional, left her high-paying job to pursue her passion for coffee and founded Kahawa 1893, a specialty coffee company sourcing beans from women farmers in Africa. Her company has grown to generate over $3 million in revenue annually, with a focus on ethical sourcing and empowering women in the coffee industry. Kahawa 1893 utilizes a QR code system on its coffee bags to allow customers to directly tip the farmers. The company has expanded its reach through online platforms, grocery stores, and food service establishments, facing challenges like the pandemic and supply chain issues. Despite these hurdles, Kahawa 1893 has achieved significant success, including a partnership with Trader Joe's and a growing distribution network.

Detailed Summary:

Section 1: Introduction & Background

• Margaret Yumo, a former Wall Street professional, shares her journey from finance to coffee entrepreneurship.
• She highlights the challenges she faced as a Black woman in a male-dominated industry and her reliance on coffee as a source of energy.
• She introduces Kahawa 1893, her specialty coffee company, and its mission to empower women farmers in Africa.
• The name "Kahawa" means coffee in Swahili, reflecting the company's focus on Kenyan coffee.

Section 2: The Business Model & Impact

• Kahawa 1893 sources coffee beans from women farmers in Kenya, emphasizing the role of women in the coffee industry.
• The company utilizes a QR code system on its coffee bags to allow customers to directly tip the farmers.
• Kahawa 1893 operates through multiple channels, including its website, Amazon, grocery stores, and food service establishments.
• Margaret emphasizes the company's commitment to ethical sourcing and empowering women in the coffee industry.

Section 3: Challenges & Growth

• Margaret shares the initial resistance she faced from her parents, who viewed coffee as a less prestigious career path.
• She describes the demanding nature of her Wall Street job and the challenges of balancing her side hustle.
• The pandemic significantly impacted the business, leading to financial difficulties and a reliance on credit card debt.
• A partnership with Trader Joe's marked a turning point for the company, leading to increased visibility and investment.

Section 4: Success & Future Plans

• Kahawa 1893 has achieved significant success, expanding its distribution network and securing partnerships with major retailers.
• Margaret highlights the company's commitment to ethical sourcing and its impact on the lives of women farmers in Kenya.
• She expresses her passion for the coffee industry and her vision for continued growth and expansion.

Notable Quotes:

• "I really had this motivation that I wanted to rise up." - Margaret Yumo, on her drive to succeed in a challenging environment.
• "I was working more than when I was in banking, but it didn't feel the same because I was essentially doing many different things and I loved what I was doing." - Margaret Yumo, on the difference between her Wall Street job and her coffee business.
• "It's been an amazing relationship, it's been life-changing for the business." - Margaret Yumo, on the impact of the Trader Joe's partnership.
• "It is a dream job, I wouldn't have predicted it, but it's something that I love, love doing." - Margaret Yumo, on her passion for her coffee business.