How His Company Grew From a Flea Market Stand to 3 Locations

Mathew Wong, proprietor of Tea and Milk, initially struggled to satisfy excessive prices and buyer demand when constructing his New York Metropolis bubble tea enterprise. However by educating his clients and offering quality merchandise, he remodeled a single store into a widely known, values-based model.

The store’s authentic 10-by-10-foot house on the Lengthy Island Flea Market has given approach to three everlasting areas throughout New York Metropolis, together with storefronts in Chelsea Market, Brooklyn, and Astoria. Within the course of, Mathew constructed out a centralized kitchen for sandwich making, an occasion catering service, and an enormous neighborhood of boba lovers.

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One of many greatest keys to success for Tea and Milk is their deal with integrity. Mathew and his enterprise companions journey to Asia to supply and study extra about their elements, visiting tea farms to study every thing from the tea-making and manufacturing course of to the ceremonies that commemorate the cultural position of the traditional drink. Mathew then makes use of his travel experiences to teach his clients in regards to the merchandise so that they be ok with their purchases.

Although Mathew and his workforce imagine within the significance of well-sourced elements, the precise tea leaves will be fairly costly, they usually’ve needed to study to work across the rising value of products.

Mathew reads all of Tea and Milk’s monetary statements to maintain up with margins. His background in accounting has taught him that though it may be overwhelming to face discouraging numbers head-on, it is essential to know how your online business is performing so you may make needed changes.

“[If] you are studying a [profit and loss statement] and it is scaring you, it’s totally possible since you’re not doing one thing that you could do, equivalent to advertising and marketing, educating the purchasers, coaching your workers,” Mathew mentioned. “It is advisable to have customary working procedures in an effort to push ahead. There is no different manner round it.”

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When it comes to educating clients, certainly one of Tea and Milk’s greatest obstacles is that clients typically aren’t used to the style of premium elements, so the extra they know in regards to the product, the extra possible they’re going to be happy with their buy. This goes hand in hand with attending to know clients’ preferences as nicely.

“We would like [customers] to belief the model,” Mathew mentioned. “So [when you] order one thing that you just did not like, you get one thing else that you just do like. Then you definitely construct belief with that individual, and finally, perhaps [they’ll] strive it once more.”

Regardless of the challenges that utilizing genuine elements has posed, Mathew sees his merchandise as a worthwhile funding. He has located his outlets deliberately throughout the town to fill gaps in bubble tea choices in a number of New York neighborhoods.

“We go into neighborhoods that we imagine are ravenous for a sure sort of name. We noticed Bay Ridge (Brooklyn), we noticed what it was missing, and we wished to go in there to be the model that may supply one thing completely different.”

He encourages customers to help the native companies of their neighborhood nonetheless they’ll. For those who’re not in a position to spend cash at an area spot you get pleasure from, writing a evaluation or telling your folks to go to can have a long-lasting influence.

“If you need the enterprise to remain, it’s important to assist help in a manner,” Mathew mentioned.

Mathew is an enormous believer within the energy of acknowledging and fascinating with buyer suggestions. Whereas crucial critiques can sting, he makes positive to answer as many as he can to point out that he cares about his clients, commenting again in a well timed method whereas giving himself room to chill off if he wants it.

He additionally encourages enterprise homeowners to lean on pals and companions for help. Having began Tea and Milk with two of his pals and now working the enterprise with a co-owner and normal supervisor, Mathew finds it invaluable to have folks to brainstorm with about new concepts and enhancements. He has additionally constructed a community of different small enterprise homeowners for conversations about enterprise challenges and potential collaborations.

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“There’s all the time going to be occasions the place folks do not agree. However on the finish of the day, it’s important to be very open to those conversations,” Mathew mentioned. “The kind of individuals who need to be in your ecosystem will all the time be there.”

Along with the significance of genuine elements and merchandise, Tea and Milk believes in:

• Staying on high of your schedule and funds. Whereas it may be aggravating, wanting on the greater image and being proactive will help you navigate your online business by means of surprising challenges.
• Leaning on fellow entrepreneurs for help. It is vital to seek out and have the precise folks in your nook when fascinated with learn how to increase and enhance.
• Holding your eye on the prize. There’ll all the time be obstacles when launching a brand new initiative, so it is vital to set clear objectives and keep true to them.

Hearken to the episode beneath to listen to straight from Mathew, and subscribe to Behind the Review for extra from new enterprise homeowners and reviewers each Thursday.

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