EYL #264 From Gas Station to Nationwide Franchise Chain: Derrick Hayes on Big Dave's Cheesesteaks Expansion
Earn Your Leisure
iHeartPodcasts
4.9 • 7.9K Ratings
🗓️ 14 November 2023
⏱️ 71 minutes
🧾️ Download transcript
Summary
Welcome to our deep dive into the world of restaurant entrepreneurship with Derrick Hayes of Big Dave's Cheesesteaks. In this insightful video, we explore how inflation impacts the restaurant industry and the secrets behind the success of Derrick's seven locations in Georgia.
Discover the pivotal role of back-end systems in scaling Big Dave's, and why a college degree isn't a prerequisite for success in this field. Learn about their unique approach to customer feedback through secret shoppers and how different growth rates shape business trajectories.
We'll also delve into the exciting story of how Big Dave's made its way into the prestigious Mercedes-Benz Stadium, the power of a great team in scaling business culture, and the brand-defining strategy of feeding customers for free.
Uncover the financial realities of the restaurant business, especially when operating a single location, and why having a concise menu is key. Excitingly, we reveal that Big Dave's has a waiting list of 1,600 people eager to open franchises!
Derrick shares his experiences in changing his business while raising capital, emphasizing the importance of the bottom line in this process. Plus, get insights into his feature on CNBC, connections in the industry through Meek Mill's friend Tak, and how Lil Uzi Vert influenced their menu.
We'll also discuss the barriers created by ego in collaboration, the efficiency gains from opening in the Mercedes-Benz Stadium, and the business structure required for such an endeavor. Learn about the 18-month journey to franchising readiness, the unexpected life of a winner, and the collaboration between Derrick Hayes and Pinky Cole, hinting at a potential upcoming show.
Finally, we delve into the challenging life of a CEO, the ultimate goal of providing opportunities for children, and the risks of growing a business too rapidly.
Join us as we uncover the keys to success in the dynamic world of the restaurant business with Derrick Hayes. Don't forget to like, share, and subscribe for more industry insights!
#DerrickHayes #BigDavesCheesesteaks #RestaurantEntrepreneurship #InflationImpact
#BusinessScaling #GeorgiaEats #NoDegreeSuccess
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Transcript
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| 0:00.0 | Earners, what's up? Look, inflation is real. Rising interest rates are real. |
| 0:04.6 | And we all know as creators and entrepreneurs that one income is too close to none. |
| 0:10.2 | But with disruption of revenue streams from algorithm updates and product changes, |
| 0:15.0 | if you're a creator and you're not using Kajabi to diversify your income beyond ad revenue and brand deals, |
| 0:21.0 | you're leaving money on the table. |
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| 0:29.1 | successful online businesses by unlocking predictable, reoccurring revenue. |
| 0:34.8 | They provide a one-stop shop |
| 0:36.6 | to turn your skills, passions, and experiences |
| 0:39.8 | into enriching online courses, |
| 0:42.0 | exclusive membership sites, thriving communities, |
| 0:45.0 | personalized coaching, subscription podcasts, and more. |
| 0:48.8 | And it makes it easy. |
| 0:50.4 | Add video content, add assignments, add assignments, add your knowledge will base all in one place. |
| 0:58.0 | Creators and entrepreneurs value ownership and control over their brand. |
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| 1:21.0 | with less than 50,000 followers. |
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| 1:29.1 | to start your own business if you go to Kajabi. |
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