Podcast Summary
Business Growth & Scaling: Determination, hard work, and strategic planning can help entrepreneurs grow and scale their businesses, even starting from entry-level positions and facing challenges like monthly payments and competition.
25-year-old entrepreneur Ryan Briggs, the founder of Briggsy's Quality Butchers, demonstrates the power of determination, hard work, and strategic planning in growing and scaling a business. Starting as a washing-up boy at the age of 13, Briggs worked his way up, completing his butcher apprenticeship and winning numerous awards, including being named Scottish Under 22 Butcher of the Year. He then seized an opportunity to buy the business and used vendor financing to make the purchase. Currently, he's managing two shops and aiming for five shops and a restaurant in the future, with a goal to sell the business in ten years. Despite challenges such as monthly payments to the previous owner and competition, Briggs is focused on growing his business and expanding his portfolio. His story serves as an inspiration for business owners and entrepreneurs looking to grow and scale their businesses.
Entrepreneurship Challenges: Buying a business with vendor financing requires hard work, persistence, and learning from experienced business owners to overcome challenges like keeping up with monthly payments and staying competitive.
Starting and growing a business requires dedication, hard work, and smart investments. The entrepreneur in this discussion shares his experience of buying a butcher shop with vendor financing and the challenges he faced, including keeping up with monthly payments and remaining competitive. He emphasizes the importance of working hard and being persistent, as well as learning from experienced business owners. Additionally, he highlights the value of resources like Entrepreneurs University, which offers insights and tools to help businesses grow and become profitable. Overall, this discussion underscores the importance of perseverance, learning, and strategic decision-making in entrepreneurship.
Cost management & pricing: Build relationships with suppliers for fixed contracts, focus on weekly customer payments, understand market trends, and aim for a reasonable profit margin.
Effectively managing costs and pricing in a business is crucial for profitability and growth. The speaker shared his experience in the butcher industry, where fluctuations in live and dead weight prices can significantly impact the business. He emphasized the importance of building relationships with suppliers and negotiating fixed contracts to maintain consistent pricing. Additionally, he suggested focusing on weekly payments from customers instead of monthly accounts to improve cash flow and better manage expenses. The speaker also highlighted the importance of understanding the market and being competitive with pricing, while still aiming for a reasonable profit margin. Overall, the conversation underscores the importance of staying informed about market trends and maintaining strong supplier relationships to ensure a successful business.
Wholesale business in food industry: Maintaining a healthy wholesale business in the food industry can lead to efficiency, regular cash flow, and substantial rewards. Integrating online ordering systems and monitoring profitability are important strategies.
Having a strong wholesale business can significantly contribute to the overall profitability of a company, especially in the food industry. The speaker, who owns an ice cream business, emphasizes the importance of maintaining a healthy wholesale business to ensure efficiency and regular cash flow. While it can be challenging to compete in a crowded marketplace and meet the demands of wholesale customers, the rewards can be substantial. The speaker also mentions the potential of integrating online ordering systems for wholesale customers into their website to streamline the process. Additionally, the speaker stresses the importance of monitoring profitability through regular financial reports and understanding customer behavior to optimize average order value. Overall, focusing on both the retail and wholesale aspects of the business can lead to greater success.
Labor percentage and avg transactional value: Reducing labor percentage and increasing avg transactional value can lead to greater profitability for businesses. Use tools like the James Sinclair daily income sheet to track daily sales and labor costs, and collect customer contact info for advanced orders and higher avg order values.
Focusing on reducing labor percentage and increasing average transactional value can lead to greater profitability for businesses, even as turnover grows. It's important for business owners and their teams to prioritize these metrics and make them a part of their daily operations. This can be done through the use of tools like the James Sinclair daily income sheet, which helps businesses track and analyze their daily sales and labor costs. Additionally, collecting email addresses and phone numbers from customers can allow businesses to communicate with them directly and encourage advanced orders, leading to higher average order values and increased sales. By focusing on these areas, businesses can improve their profitability and better serve their customers.
Community Marketing: Engaging in local events and old-school marketing tactics can help small businesses build strong relationships with customers, create loyal followers, and differentiate themselves from competitors.
Participating in local events and community marketing can significantly benefit a small business, even if it doesn't result in immediate high sales. By engaging with the local community through events like school fairs, village fetes, and even barbecues at caravan sites, businesses can build strong relationships with customers and create loyal followers. These customers can then act as mini-marketeers, spreading the word about the business and attracting new customers. While the costs of participating in these events may seem high, the potential long-term benefits make it a worthwhile investment. Old-school marketing tactics like leafleting and door-to-door visits can also be effective and cost-efficient ways to reach customers. By focusing on community marketing, businesses can differentiate themselves from competitors and become the go-to place in their town.
Entrepreneurship traits: Passion, resilience, and innovation are essential traits for successful entrepreneurs, even when facing challenges. Good food and shared experiences can also bring joy and strengthen relationships.
Ryan, a young entrepreneur, exhibits several traits of successful business leaders. He is passionate about his cause and demonstrates immense resilience. At just 25 years old, he has already amassed significant commercial awareness and is innovating in his industry. Despite facing challenges, Ryan continues to push forward and shows promise for even greater success in the future. Additionally, the conversation touched on the importance of cooking and good food. The hosts shared their favorite barbecue dishes and even gave a shout-out to Briggsy's Butcher, a business offering delicious meat options. Furthermore, the conversation revealed that both Ryan and one of the hosts have faced health challenges, with Ryan dealing with debt and the hosts dealing with high blood pressure and gout. Despite these challenges, they continue to persevere and find joy in their passions. Overall, the discussion highlighted the importance of passion, resilience, and innovation in entrepreneurship, as well as the value of good food and shared experiences.
Active living with high blood pressure: Despite high blood pressure, one man continues to live an active lifestyle through medication and determination, inspiring others to do the same. Supporting local businesses also plays a role in personal and community growth.
Even with challenges like high blood pressure, it's possible to live an active and fulfilling life. The man in the discussion, despite dealing with high blood pressure for decades, continues to play tennis every day, run marathons, and even dance. He keeps it under control with medication, proving that a diagnosis doesn't have to be a death sentence. Additionally, the discussion highlights the importance of supporting local businesses, like the one in the Scottish borders mentioned, which has an impressive 80 grand a month turnover. The podcast aims to help people grow their businesses and encourages listeners to subscribe, rate, and review to spread the message.