The New How Podcast – Challenges and Rewards of Small Businesses with Kosta Fotiadis

The New How Podcast

Summary
Kosta Fotiadis, entrepreneur and owner of Smoke Cigar Lounge, discusses his journey from working at Lockheed Martin to opening his own cigar shop and developing the Toro point of sale system. He shares how he became involved in the cigar industry and the importance of creating a community and social space for cigar enthusiasts. Kosta explains how Toro evolved from a basic POS system to a comprehensive technology platform that streamlines operations and improves efficiency for cigar shops. He also highlights the challenges and rewards of being a small business owner. Brian Corcodilos shares his journey of starting a cigar shop and developing a point-of-sale software for the cigar industry. He discusses the challenges he faced, such as the impact of COVID-19 on his business and the difficulties of navigating the cigar industry regulations. Brian also talks about his expansion into making his own cigars and his plans for the future, including buying a sailboat and traveling the world. He emphasizes the importance of learning the business before starting a venture and the value of buying back time through efficient systems and processes.

Keywords
Kosta Fotiadis, Smoke Cigar Lounge, Toro, point of sale system, cigar industry, community, social space, small business owner, cigar shop, point-of-sale software, COVID-19, regulations, cigar industry, making cigars, sailboat, travel, business lessons

Takeaways
Kosta Fotiadis transitioned from working at Lockheed Martin to opening Smoke Cigar Lounge and developing the Toro point of sale system.
Creating a community and social space for cigar enthusiasts was a driving force behind opening the cigar lounge.
Toro started as a basic POS system but evolved into a comprehensive technology platform that streamlines operations for cigar shops.
The system includes features such as employee clock-in, automated ordering, and personalized recommendations for customers.
Being a small business owner comes with challenges, but the rewards include freedom and the ability to create a unique experience for customers. Starting a business requires learning the industry and gaining experience before diving in.
Efficient systems and processes can help save time and improve business operations.
Adapting to challenges, such as the impact of COVID-19, is crucial for business survival.
Expanding into new ventures and vertical integration can lead to growth and success.
Having a clear vision and being willing to take risks are important for entrepreneurial success.

Chapters
00:00 Introduction and Background
06:27 Creating a Community and Social Space
31:22 The Challenges and Rewards of Being a Small Business Owner
41:24 Expanding Toro and Growing the Business
57:30 Saving Money and Building for the Future
01:04:22 Buying Time Back and Embracing Chaos