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Karen Yeo, 32, and Rob Coldman, 44, invested more than $500,000 in their Gillman Village bistro Verve, which opened in August last year.
The economic crisis hit shortly after, but the two first-time entrepreneurs dealt with it by revising sales targets and controlling costs. Business took off and they managed to go above their monthly sales target of $100,000.
That was the situation when LifeStyle spoke to them in February. Here is how they have fared since.
'Our growth has remained steady despite the economy. We did see a change in our business - fewer functions such as corporate events and weddings. However, our regular trade continued to improve steadily month on month.
That said, we are nowhere near to running at full capacity and recognise that there is still significant growth potential.
We may have revised our expectations a little, but if we can continue to profitably grow our business at a steady rate during difficult economic times, we will be well- placed when the economy picks up.
We are very lucky to have a core list of regulars. Therefore, it's important that we continue to come up with new ideas, new menu items and alternative wines to keep our business fresh and our appeal constant.
Our 'mammoth burger challenge', where anyone who can finish a three-quarter pounder burger gets a free dessert or drink, is one in a series of promotions. We've also recently introduced our own wine label, Verve Wines, which has been very well received.
As our business has grown, we actually needed to increase the size of our team.
As we approach Verve's first anniversary, we're looking to open another branch. The proposition is a little different and the location, which is in town, has a lot more traffic. We are waiting for a written confirmation from the landlord, and hope to be up and running in August.'
Frankie Chee
This article was first published in The Straits Times.
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