Farnoosh Torabi's Blog, page 29
August 23, 2013
Brewing a Better Atmosphere
Things like atmosphere, décor, service and product are standard success factors in the coffee house business, but one British Columbia-based owner will tell you that, more than anything, location is key.
Michael Manhas raised eyebrows back in 2007 when he decided to transform an old laundromat in the run-down commercial area of Oaklands/Fernwood in Victoria, BC, into the stylish, family-friendly Koffi House (1441 Haultain St.). “As we were building, there was a lot of curiosity. When they found out what I was doing they were openly pessimistic,” remembers Manhas. “Most thought we didn’t stand a chance.”
It’s not that the 43-year old coffee enthusiast had run out of options. He’d seen plenty of empty spaces in more affluent neighborhoods that would have required less work and less upfront investment. But none of those spaces offered Manhas what he was looking for as precisely as Oaklands/Fernwood did. “It was one of the only affordable neighborhoods to buy a home, so a lot of mid-20 to mid-30 families started coming in and buying homes,” he says. “This was my target demographic, a little older than the core demographic you find downtown, a little more stable.”
The gentrification of the Oaklands/Fernwood residential area continued over the course of the laundromat’s extensive, three-month conversion into a coffee house, one that included the removal of over 4 tons (4000 kg) of metal. Manhas, who co-owns a real estate business, took on much of the renovation work himself and completed it for a fraction of the cost. “I took classes at Home Depot – electrical, flooring, tiling plumbing,” he says. “I saved between $20,000-$25,000 doing much of the high-cost ‘trade work’ myself or through my network of friends.”
When Koffi finally opened its doors, in October 2007, it was an instant hit. “Although the neighborhood was pessimistic, there was a lot of advance build-up which gave us a really strong core customer base. The same person comes in 2-3 times per day,” says Manhas. “Once we started operating as a business, the cash flow was always positive. Second year sales skyrocketed. I paid off my initial $90,000 investment within five years.”
Manhas credits well-positioned, reasonably-priced products; friendly, everybody-knows-your-name service; unique, Mid-Century modern-inspired styling; and strategic partnerships with local businesses like Pagliacci’s, Canterbury Coffee, Planet Foods, Simply Sweet Bakery, and Lekker Foods, for converting one-time neighborhood cynics into loyal customers.
As new business ventures into Oaklands/Fernwood, Koffi finds itself in a new role: neighborhood anchor. It’s a role that Manhas doesn’t take lightly. “We have a large community involvement,” says Manhas. “ We have raised money for neighborhood improvements – new benches and flower pots – as well as for families. Recently , we helped raise over $20,000 neighborhood family who had a very sick baby.”
Brewing a Better Atomosphere
Things like atmosphere, décor, service and product are standard success factors in the coffee house business, but one British Columbia-based owner will tell you that, more than anything, location is key.
Michael Manhas raised eyebrows back in 2007 when he decided to transform an old laundromat in the run-down commercial area of Oaklands/Fernwood in Victoria, BC, into the stylish, family-friendly Koffi House (1441 Haultain St.). “As we were building, there was a lot of curiosity. When they found out what I was doing they were openly pessimistic,” remembers Manhas. “Most thought we didn’t stand a chance.”
It’s not that the 43-year old coffee enthusiast had run out of options. He’d seen plenty of empty spaces in more affluent neighborhoods that would have required less work and less upfront investment. But none of those spaces offered Manhas what he was looking for as precisely as Oaklands/Fernwood did. “It was one of the only affordable neighborhoods to buy a home, so a lot of mid-20 to mid-30 families started coming in and buying homes,” he says. “This was my target demographic, a little older than the core demographic you find downtown, a little more stable.”
The gentrification of the Oaklands/Fernwood residential area continued over the course of the laundromat’s extensive, three-month conversion into a coffee house, one that included the removal of over 4 tons (4000 kg) of metal. Manhas, who co-owns a real estate business, took on much of the renovation work himself and completed it for a fraction of the cost. “I took classes at Home Depot – electrical, flooring, tiling plumbing,” he says. “I saved between $20,000-$25,000 doing much of the high-cost ‘trade work’ myself or through my network of friends.”
When Koffi finally opened its doors, in October 2007, it was an instant hit. “Although the neighborhood was pessimistic, there was a lot of advance build-up which gave us a really strong core customer base. The same person comes in 2-3 times per day,” says Manhas. “Once we started operating as a business, the cash flow was always positive. Second year sales skyrocketed. I paid off my initial $90,000 investment within five years.”
Manhas credits well-positioned, reasonably-priced products; friendly, everybody-knows-your-name service; unique, Mid-Century modern-inspired styling; and strategic partnerships with local businesses like Pagliacci’s, Canterbury Coffee, Planet Foods, Simply Sweet Bakery, and Lekker Foods, for converting one-time neighborhood cynics into loyal customers.
As new business ventures into Oaklands/Fernwood, Koffi finds itself in a new role: neighborhood anchor. It’s a role that Manhas doesn’t take lightly. “We have a large community involvement,” says Manhas. “ We have raised money for neighborhood improvements – new benches and flower pots – as well as for families. Recently , we helped raise over $20,000 neighborhood family who had a very sick baby.”
”Sweet Spot” for New Car Buyers Approaching
It’s long been common consumer knowledge that the end of the year is the time to get the best deal on a new car. New research from Edmunds.com might suggest otherwise, however.
Experts at the auto research site are calling the coming weeks a “sweet spot” for shoppers on the market for a good deal on the car of their dreams. The reason – according to Senior Analyst Jessica Caldwell – is because, in the final days of summer, dealers are just beginning to kick off sales on their 2013 inventories to make way for 2014 models.
“Shoppers typically will find the perfect blend of discounts and selection during this late-August-to-September time period,” says Caldwell. “If they wait much longer, they might be able to find better discounts on a new car, but they’ll find that inventory of those vehicles will be limited.”
It’s simple: Imagine you’re at your favorite department stores’s annual white sale. You don’t want to be one of the last people to browse the linen, right? You’ll be probably get a good deal, but the tradeoff is you’ll be left picking through the least desirable items. Caldwell says the same goes when it comes to timing your new car purchase and ultimately the price difference between a sale in August and one in December may not be that worth it, especially if you’re stuck with unattractive choices.
It seems as though some consumers are already taking notice of deals on 2013 models and acting fast. Last month, the average discount percentage on a brand new 2013 vehicle was 12.7%, compared to a discount percentage of just 7.7% for a new 2014 vehicle. As a result, Edmunds projects that most new cars sold through September will be 2013 models.
Also according to Edmunds, you can find some of the best deals right now for the Cadillac CTS coupe, Fiat 500 C Abarth convertible, Honda Odyssey,Subaru Outback and Volkswagen Passat S.
Caldwell advises that consumers on the market for a luxury vehicle, however, act fast. “Because their consumer is generally more into having the latest model with newer technology, luxury automakers will be especially aggressive about getting rid of their old inventory – even now,” she says.
Photo Courtesy, Brian Teutsch.
Inexpensive Bridal Gowns
August 22, 2013
College Students: Why You Need Renter’s Insurance
Soon-to-be freshmen go through a barrage of checklists to make sure they have all they need for classes, their new dorm room, and for their newly independent, collegiate life. Parents, too, will go to great strides to properly prepare their children for living on their own, usually for the very first time. One of those check list items will be to ensure expensive or irreplaceable belongings are fully insured: renter’s insurance.
It can protect your important stuff (like laptops, iPads and other gear), and much like home-owner’s insurance, it helps safeguard against fire, theft and vandalism.
Here’s what students ought to know about renter’s insurance and why it may be important to invest in a policy:
On-Campus Coverage
College students may be surprised to learn that while they live on campus in a dorm, their parent’s homeowner’s insurance will cover the loss or damage of their belongings, too. This falls under personal possession insurance, as long as their parent’s policy includes “off-premise coverage.” However make sure to assess the limits and deductibles associated with the policy before foregoing additional coverage.
Liability & Living Expenses
Home and Renter’s insurance can also include living expenses if you are ever displaced and have to stay in a hotel for an extended stay due to fire, flood or a natural disaster, or when any temporary relocation is necessary that isn’t the direct responsibility of the landlord (such as a building-wide bed-bug infestation). And renter’s policies can also include liability insurance, a safeguard against medical bills should anything happen in your home that you’re responsible for: if your dog bites a neighbor, for example, or if someone trips and falls on your property (it will also include legal fees if you’re named in a lawsuit).
Off-Campus is On-Your-Own
However, once a college student moves to an off-campus apartment, all of these rules change. Not only are you not covered by your parent’s policy anymore, your landlord won’t be responsible, either. They’ll cover all repairs on the building, but won’t help in compensating for any damage to tenant’s belongings.
For example, the year my kitchen ceiling caved in due to a leak in the upstairs neighbor’s apartment (when I was on vacation, no less), the building’s manager worked quickly to fix the damage within days of the incident, all while I was away. But when I returned, I found all my spices, vitamins, and window blinds destroyed in a muck of spackle, ceiling grit, and paint from the worker’s repairs. When I pressed these issues with the building, they said I had to take it up with my insurance company.
Would my insurance provider have covered the damage done to my kitchen supplies? Absolutely. The average cost for renter’s insurance is only about $184 per year or just $15 a month — and if I had put in a claim, I would have gotten that money back and more in brand new supplies and gear. I didn’t end up filing a claim, but rest assured had anything more valuable than my curries and multivitamins been affected, I wouldn’t have hesitated. Another note: if your roommate has renter’s insurance, you’ll still need your own.
Make an Inventory
However, fair warning: renter’s insurance won’t cover these expenses blindly. They’ll want records, documentation, and detailed inventories of all the damage. To determine how much insurance you might need, take inventory of everything you own including clothes, electronics, jewelry and furniture. Make a detailed list and an accurate estimation of your valuables so your insurance agent can recommend the right kind of policy.
Photo Courtesy of: pgfdpio.blogspot.com
August 21, 2013
Become More Powerful in Two Minutes
Sorry, but your mom was right. A study shows that your posture not only speaks volumes about you, it can change your mood and how others perceive you. That’s according to Amy Cuddy, professor and researcher at Harvard Business School. Cuddy studies nonverbal behavior, snap judgments and how they can influences others – even ourselves.
“Don’t fake it till you make it. Fake it till you become it,” said Cuddy in her recent TED Talk.
In a 2010 paper for Psychological Science, Cuddy and other researchers examined “power posing,” or how the projection of power through posture can have a positive influence on how one is perceived and behaves.
In their study, 42 participants were randomly assigned to strike” high-power-poses” or “low-power-poses.” High-power poses are marked by expansiveness (i.e., taking up more space or less space) and openness (i.e., keeping limbs open.) Naturally, low power poses involve the opposite. Participants held two poses for one minute each. The researchers measured their likelihood of taking risks with a gambling task and feelings of power through self report. Finally, saliva samples were taken to measure their levels of cortisol (the stress hormone) and testosterone. What the scientists found was…well, powerful.
“High-power posers experienced elevations in testosterone, decreases in cortisol, and increased feelings of power and tolerance for risk; low-power posers exhibited the opposite pattern,” the research found. “In short, posing in displays of power caused advantaged and adaptive psychological, physiological, and behavioral changes, and these findings suggest that embodiment extends beyond mere thinking and feeling, to physiology and subsequent behavioral choices. That a person can, by assuming two simple one minute poses, embody power and instantly become more powerful has real-world, actionable implications.”
So before an interview or presentation, try finding a space to practice being powerful. Just a few minutes of doing this will have a measurable effect. Cuddy suggest finding a private place to strike a power pose. Take up as much room as possible and hold it. If you need a little reference, think of some of your favorite superheores: Super Man, Wonder Woman – even a powerful little guy like Peter Pan. According to Cuddy, you’ll experience a decrease in cortisol of about 25% and an increase in testosterone of about 19%.
Photo Courtesy, thatdjspider.
August 20, 2013
Secrets of a Third Generation Pawnbroker
Les Gold is the tough-talking, larger-than-life reality star of cable’s Hardcore Pawn. He says his five decades of experience have given him a better education in business than any MBA program ever could. Now he’s revealing what he’s learned in his bestselling book, “For What It’s Worth.” Read more here.
Send us your feedback on Twitter @Farnoosh and use the hashtag #FinFit.
August 16, 2013
Rising Mortgage Rates: The Silver Lining
Rates for 30-year fixed mortgages rose again this week. Current rates have reached 4.41%, according to the Zillow Mortgage Marketplace, up from 4.28% last week.
“Rates remained steady for the second week in a row, alleviating some concerns that they would continue the upward surge that began early this summer,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, although we expect continued volatility, we expect rates will remain fairly steady until a clearer picture emerges about the strength of the U.S. economic recovery.”
Many experts agree, however, that rates are likely to continue to climb. This has left potential buyers with some anxiety about their prospects of getting a good deal on a mortgage. Rising rates aren’t all bad news, however. Here’s the silver lining.
Today’s Rates Are Still Pretty Low
With so much excitement around activity in the market, it’s easy to lose sight of the context. Current mortgage rates, though higher than they were months ago, are still historically low. If you want to buy a home, an interest rate below 5% shouldn’t be much of a hinderance. Experts have also said that the rising rates shouldn’t stall the recovery of the housing market with so much demand still present.
The Economy is Improving
“Higher rates mean the economy is doing better, which is good for housing prices,” says John Walsh, president and founder of Total Mortgage in Milford, Conn. Interest rates are to our national economy. They were driven down in an effort to jumpstart our economy and it seems as though it’s working, at least in the housing market. Overall, an increase in interest rates signifies some optimism that consumers can afford them.
More Home Sales
Finally, one theory around rising rates is that it energizes potential buyers to make a decision. Everyone want to get the best possible deal on their mortgage and the possibility of higher rates will draw out serious buyers, pulling them “off the fence,” which should result in increased sales. For homeowners looking to sell, that’s great news. And currently, not only are home sales on the rise but also home sale prices.
Photo Courtesy, 401(K) 2012.
August 15, 2013
Comfort at 35,000 Feet
If you’re a frequent traveler, you know not all flights are created equal. Wouldn’t it be nice to know what creature comforts to expect at 35,000 feet?
What’s your best tip for booking comfortable flights? Connect with me on Twitter @Farnoosh and use the hashtag #finfit.
Do Subscription Boxes Save Money?
Games, intimates, jewelry — these days there’s a convenient subscription service for nearly every need. Does your spouse hate to shop? Gift him a membership to a “T-shirt of the month” club. Do you love trying new make-up, skin care products, and healthy snacks? You’ll find a plethora of prettily pre-packaged sample boxes, all offering to make you feel like it’s Christmas 12 months of the year. From pet stuff to craft stuff to survival supplies, there’s no end to the wacky subscriptions you can sign up for.
But at $10, $20 — even $40 a month — box subscription services claim to deliver far more “value” than the retail sticker price of the products within. But are they worth it?
Let’s use Wantable as an experiment. It’s best known for it high-end beauty box, one of few that delivers 4-6 full-size (not sample-size) beauty products. According to the experts at Real Simple Magazine, Wantable’s $40 package ($36 with annual subscription) is easily worth twice that of it’s cost, so at first-glance, even this “splurge” option seems worth the $80 value. However, I counter that this is ONLY true if you find the offerings useful. The return on your investment depends entirely on how much you wore, ate, consumed and appreciated your extra $40 worth of free goodies.
Wantable actually sent me their most recent intimates, make-up and jewelry boxes. Here’s my review along with an assessment of why, or why not, a subscription service like this can be worth it:
Wantable’s Make-up Box
The box contained full sizes of magenta nail polish, raisin-colored eye shadow, “1930′s” black mascara , a hot pink lip gloss with a convenient mirror and light attached (unique!), and a sample size of two pearl eye-shadows. The nail polish didn’t impress and the mascara was just “okay” (I’m not one for fragranced mascaras and this one packed an annoying, pungent punch), but the lip gloss may well have made up for it all.
Wantable’s Jewelry Box
This box contained a long gold chain with geometric flowers (loved!), gem-encrusted hoop earrings, coral stud earrings, uber-trendy Mint & Kelly green chandelier earrings, and a spectacularly gaudy necklace that I couldn’t even pawn off on friends. Like other Wantable jewelry boxes I’ve reviewed, I find their stuff to be very hit or miss. More on that in a second.
Wantable’s Intimates Box
New to the Wantable line, the intimates box isn’t for sale yet, but I got a sneak preview. This box contained mostly underwear but I must admit, it was GOOD underwear. Lacy black bikini briefs and spanx-like boy-shorts in neutral, in addition to a pair of cute pink argyle socks and a pair of universally useful black tights. I hadn’t specified size and was delighted to find out that the small fit me, so word of warning: their sizes run quite big (that, or the gym has been paying off more than usual!)
Does Wantable Leave Me Wanting?
The allure of subscription boxes like Wantable is that they plan (and hope) that you’ll be pleasantly surprised with enough of their offerings that you keep coming back for more, even if not everything in the box was a hit. Like with other services, I’ve been enchanted with about 20-30% of their products, and left cold by the rest.
I’ve discovered that it’s best to avoid judging a box by the sum of it’s parts. With 70% of the products not quite “right” for me, whether due to color, style or quality (I’ve had Wantable jewelry not last through a single wearing), I’d say my overall satisfaction has a lot more to do with single pieces than how successful the package is as a unit.
For example, the long gold necklace is a piece of jewelry that I instantly adored, would never have bought for myself and now that I own it, admit that I’d easily have paid the cost of a monthly membership for it. The fact that I scored some pretty great chandelier earrings on top of that, makes me feel like I got both for a deal. I’ll probably never touch the hoops or coral studs again, but were they worth the price of admission? It seems so. Especially if I can pass them on to someone who will enjoy them more than me.
Bottom-line
Entry-level sample subscription boxes start around $10 and offer an affordable way to discover new products. For anyone in the business of keeping up with food trends and fresh looks, or for those who don’t have the time, patience or fortitude to figure out what they like on their own, I believe a carefully curated subscription service (where you input your preferences) can be worthwhile. Will it save you money? In the long run, probably not. But then every once in a while an item you don’t know how you ever lived without comes knocking at your door – and that might hold more value than you think.
Photo Courtesy of: Commons.wikimedia.org
