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

Summary

Margaret Yumo, a 36-year-old entrepreneur from New York City, shares her inspiring journey from Wall Street to founding Kahaw T93, a coffee company that supports women farmers in Africa. She reflects on overcoming challenges, including skepticism from her parents and a tough start in the coffee industry. With a passion for coffee and a deep connection to her roots in Kenya, she transformed a side hustle into a thriving business, securing retail partnerships with major stores like Trader Joe's. Her journey highlights perseverance, purpose, and the power of supporting women in agriculture.

Takeaways

• 😀 Margaret Yumo transitioned from a high-powered Wall Street career to entrepreneurship, driven by a passion for coffee and social impact.
• 😀 Her coffee company, Kahaw T93, focuses on sourcing coffee from women farmers in Africa, specifically Kenya, where coffee labor is predominantly done by women.
• 😀 Kahaw T93’s name combines the Swahili word for coffee ('kahawa') and the year coffee was first cultivated in Kenya (1893).
• 😀 Margaret’s coffee bags feature QR codes that allow customers to tip the farmers directly, reinforcing the company's commitment to supporting women in coffee farming.
• 😀 Initially, Margaret's parents disapproved of her decision to leave a secure job in finance for the coffee business, as they viewed coffee as an unprestigious career.
• 😀 Kahaw T93 started as a side hustle, but Margaret decided to take a sabbatical from her Wall Street job to focus on growing the business full-time.
• 😀 The brand offers its coffee through various channels, including its website, Amazon, grocery stores, and cafes, with a focus on increasing distribution to reach more customers.
• 😀 Margaret faced significant financial challenges, including using all her savings and accumulating $50,000 in credit card debt, but her breakthrough came when Trader Joe’s contacted her.
• 😀 Being featured in Trader Joe's marked a turning point for Kahaw T93, helping the brand gain recognition and expand its retail presence to other stores like Target and Sprouts.
• 😀 Today, Margaret has paid off her debt, achieved financial stability, and continues to grow her coffee brand with the goal of empowering more women farmers and expanding her impact on the coffee industry.

Q & A

What motivated Margaret Yumo to leave her Wall Street job and start a coffee company?

Margaret was motivated by a desire to build something meaningful and impactful. As a black woman in a fast-paced and competitive environment, she sought a career that allowed her to give back and create a brand with a social impact. Her connection to coffee, particularly the role women farmers play in its production, further fueled her decision.

Why did Margaret choose coffee as the focus for her business?

Margaret grew up in a coffee-farming family in Kenya and noticed that women were responsible for most of the labor involved in coffee production. She wanted to build a brand that could empower these women and address the disparity in coffee’s value chain, particularly in how women farmers are often overlooked.

What is the significance of the name 'Kahaw T93'?

The name 'Kahaw' is derived from the Swahili word for coffee, and 'T93' refers to the year 1893, when coffee was first grown in Kenya. This ties the brand directly to Margaret's Kenyan roots and the history of coffee in the region.

How does Kahaw T93 support women farmers in Africa?

Kahaw T93 gives back to women farmers by sourcing coffee from them and providing a platform where consumers can tip farmers directly through a QR code on the product packaging. This initiative helps empower women and improve their livelihoods.

What challenges did Margaret face when starting her coffee business?

Margaret faced several challenges, including her parents' disapproval of her leaving a well-paying job on Wall Street, a steep learning curve in the coffee industry, and financial struggles. Additionally, the pandemic and supply chain disruptions created significant obstacles.

How did Margaret’s business survive and grow during the pandemic?

Despite using up all her savings and incurring debt, Margaret's business received a major breakthrough when Trader Joe's expressed interest in carrying her coffee. This helped her gain exposure and allowed the business to recover and expand into other retailers.

What role did Margaret play in the day-to-day operations of Kahaw T93?

As the founder, Margaret is involved in every aspect of the business, from choosing and roasting coffee, to marketing, customer service, and strategy development. She oversees all operations to ensure the brand remains true to its mission and values.

Why does Kahaw T93 focus on premium pricing for its coffee products?

Kahaw T93’s pricing reflects the costs of sourcing high-quality, unroasted coffee beans, roasting, packaging, and logistics. The brand also considers the price points of other specialty coffee brands while ensuring that it can generate enough profit to support its business and empower the farmers.

What is the connection between Kahaw T93's branding and African culture?

Kahaw T93’s branding incorporates vibrant African colors and safari-themed packaging, reflecting the dynamic landscape of Kenya, where the coffee is sourced. This connection highlights the brand’s cultural heritage and honors the farmers involved in its production.

What are Margaret's long-term goals for Kahaw T93?

Margaret aims to expand the distribution of Kahaw T93, bringing the brand to more households and retail outlets. The more the company grows, the greater its ability to impact farmers by sourcing from them and providing opportunities for empowerment.