This week we speak to Martin Wolstencroft, Founder & CEO of the company behind Banyan, Manahatta or Box.
Amongst other things, Martin discusses the four features you must have to ensure your business is a success. He also tells us how he re-mortgaged his house and put EVERYTHING on the line to launch his first bar in Headingley, why and how he streamlined 10 different bars into three distinct but complimentary brands, his advice, and questions, for anyone wanting to run their own business and more….
INTRODUCING MARTIN WOLSTENCROFT
Martin started his career with Whitbread in 1990 after graduating from Leeds University, starting out as their youngest manager and being promoted rapidly through key operations and marketing roles.
Martin co-founded Arc Inspirations in 2000 and opened the first bar under the brand, the Arc, in Headingley, Leeds.
Arc Inspirations now operates around 20 premium bars across the Midlands and the North of England, under the brands of Banyan Bar & Kitchen, BOX and Manahatta. He has a fantastic passion for the industry and his energy is contagious, proving to be an outstanding respected leader over the past 30 years.
EPISODE HIGHLIGHTS
[00:00:30] Why and how Martin launched his own business
[00:09:00] The expansion plans
[00:14:00] How to create a bar brand
[00:17:00] The move to three streamlined brands
[00:19:00] Dealing with Covid
[00:26:00] The upsides from Covid
[00:29:00] The issues arising from a growing geographical spread of bars
[00:33:00] How to determine whether your business idea is any good
[00:40:00] The hardest part of the business journey
KEY TAKEAWAYS & BUSINESS LEARNINGS
- When you get the door slammed in your face, have the courage to go back and say ‘can we have another chat, please’
- Business growth is often about confidence and momentum
- Investors like simple repeatable models
- Cash in a bar business is a real negative
- Consistency of delivery of customer experience is key to a chain of bars
- Find your Ikigai to ensure your business is a success
BEST MOMENTS
“Don’t launch your own business… stay where you are. Don’t do it !! “
“I speak to a lot of people who want to launch their own business and I look them in the eyes and say ‘how much money are you going to put in?”
“Designing a bar or restaurant starts with a passion. What’s your passion?”
“Covid gave us a chance to step back and think about the business“
“Start a business with something you really love”
VALUABLE RESOURCES FOR YOU
Website: http://www.leedsbusinesspodcast.com
Ikigai - https://en.wikipedia.org/wiki/Ikigai
Website: https://www.arcinspirations.com/
LinkedIn: https://www.linkedin.com/in/martin-wolstencroft-aaa287b/
https://www.linkedin.com/company/arc-inspirations/
Instagram (business): https://www.instagram.com/arc_inspirations/
Twitter (personal): https://twitter.com/wullybull
Twitter (business): https://twitter.com/arcinspirations
Shout out tags: Building Champions - https://www.jamiepeacock.co.uk/coaching/
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ABOUT YOUR HOST
Phil Fraser went from an accidental kitchen table start up, with no investment, all the way to multi-million pound sale to a PLC 18 years later. He’s travelled the full SME business journey of launch, growth, scale and exit.
As well as hosting the Leeds Business Podcast, Phil now works with ambitious SME-owners as a Business Sounding Board (think somewhere between Business Coach and Business Mentor). In simple terms, he’s ‘a pair of ears and an extra pair eyes’ for SME Owners helping them to be better at what they do. Phil’s mantra is It doesn’t need to be ‘lonely at the top’. He helps Business Owners to be better business owners, by helping with their clarity and focus.
As a Business Sounding Board, he gives SME Owners the time & space to regularly discuss their challenges and opportunities, with no sense of judgement or bias, and in complete confidence. This allows them to explore their options in full, culminating with a list of issues to address/clarify, a clear target in mind, a roadmap to success, and a renewed enthusiasm and confidence for the challenges ahead.
Phil has appeared as a guest on over 60 podcasts, webinars and interviews, from around the whole globe, talking on a variety of business subjects. You can view them all at https://philfraser.co.uk/watch-hear-phil/.
LEEDS BUSINESS PODCAST
Banyan, Manahatta, Box, Arc Inspirations, Jamie Peacock, Leeds, Leeds Business, Business in Leeds, Nous of Fraser, Business Sounding Board, Business Coach, Business Mentor,
Email: phil@leedsbusinesspodcast.com
Mentioned in this episode:
Pre roll November
As November is my birthday month, I've got three special offers for you.
If you can say yes to the following four points, you qualify.
You have to be a business owner, have three to 15 staff, a turnover of between 350, 000 and 3 million, and wanting to develop and improve yourself and how you run your business.
