Eric Faust had a long-range vision for a business: Duluth Coffee Company, beginning as a wholesale roastery and eventually growing to include a retail location. But substantial obstacles stood in his way, including lack of capital, lack of foundational business knowledge, two difficult business models, and operational challenges ranging from siting to partnerships.
How can an entrepreneur overcome serious obstacles in order to establish and expand a business?
The Entrepreneur Fund provided extensive support to actualize his vision, including startup financing, expansion financing, classes, and an expert consultant to advise him on business planning and troubleshooting. This multifaceted, multi-year support enabled Faust to:
- Launch a strategically sound wholesale coffee business
- Build stable revenue, market share and strong relationships
- Leverage his wholesale success to open a retail location
Duluth Coffee Company is now a thriving multifaceted business. Faust is eyeing additional expansion opportunities. Projections indicate the company is on track to double revenue by 2016.