Denis Rawlins shares with the listeners his experiences and things he learnt when starting this business. Here are some of the points I thought were useful for budding entrepreneurs:
- Suitability of location for your business depends also on your Brand (on how shopping malls weren't working well for J & R)
- Differentiation - stand out from your competition (and there will be competition!) by offering something different from the rest. In J&R's case, the idea of a deli and a restaurant in one place worked.
- Organization of the company i.e. who does what is important.
- Learn from your mistakes!
- (This is a note to self) Find out the difference between licensing and franchising. (Licensing was mentioned briefly in the aforementioned podcast).
- Protect your brand.
- What he learnt: you can't be everywhere at the same time.
The last point is important, because Rawlins learnt this when he was just starting out at the business and I can relate somewhat to that now. When you first start out, you tend to start many things at a time. You will then realize you can't be there for all of them so you need to set up procedures for them and delegate it to someone you can trust.
Listen to the podcast below:
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