There’s a lot of bean-counting in ASH’s coffee biz

Seven seniors at the Academy of the Sacred Heart have spent this year learning about financial concepts and entrepreneurship in a new “Financial Literacy” course taught by Aubrey Miller, owner of PJ’s Coffee on Magazine Street.
In preparation for the class, students took online courses over the summer on personal financial literacy and entrepreneurship from Iberia Bank.

The first summer course demonstrated the importance of a good credit score, especially when buying a house, purchasing a car or even getting a job; the differences between debit and credit cards and how paying or not paying these debts influences your personal credit score.

Inner workings of business
The course also taught us about savings, specifically how simple financial habits can help us achieve a savings goal. We learned how to make decisions about buying versus renting, insurance, taxes, investments and even the inner workings of the U.S. banking system and the Federal Reserve.

We were taken on an entrepreneurial expedition, involving starting our own food truck in the second course. We learned the variables to consider when starting a new business and established a business plan that included the name and location of our business, the target population, an evaluation of competitors and an income statement.

We had to choose a starting team of employees who would help the business grow as well as any additional services that made our business unique.

Another aspect to this entrepreneurial experience involved choosing roles in the venture – from manager to cook. We also thought about a promotional strategy that would spread the word about our business.

“This class has allowed me to broaden my knowledge on business and finance,” said Madison Keller, the financial math literacy business manager of the coffee shop. “It has really gotten me interested in possibly opening my own business or minoring in business whereas before this class, I would have never even thought about.

“Business is integrated into every major and every job, and I now know that no matter what field I decide to go into, the business skills I have learned will help me succeed.”

Classroom instruction at Sacred Heart has consisted of everything from writing a lease to business financials.

Hands-on experience
We were also given the opportunity to work at a small franchise of the popular PJ’s chain on Sacred Heart’s campus that opens an hour before and after school each day.

We began the semester by learning the basics of running a PJ’s franchise – from the recipes to the day-to-day management of a business, to successfully keeping track of money by balancing the cash box after each shift, how to best organize items within a business for better efficiency and the importance of keeping track of inventory.

Working shifts throughout the school year gives us real -life experience when dealing with products as well as customers. We have become knowledgeable about licenses, permits and leases.

In addition to Mrs. Miller’s instruction, we have benefited from the guidance of guest speakers who are helping us build our business plans, which will include all of the details of every legal document and financial concept needed to start a business. This course has allowed us to be able to plan more carefully for our futures by putting into perspective the importance of budgeting money and the best ways to do so.

While the majority of class participants do not anticipate majoring in business, we are learning that regardless of our career paths, “everyone is in business.” We now have a solid foundation in both personal and business finances, often stumbling blocks to young entrepreneurs. Sacred Heart is helping its students ready for the tough job market that awaits.

Destiny Stafford is a senior at the Academy of the Sacred Heart.