Steps to Scale Your Restaurant Concept

Thank you. And we also have Clinton Anderson, the CEO of 4th, who will be moderating the conversation with Jason. So Jason, how about I let you provide the audience some details about your background and you can likewise inform them a bit about Chop Store. And after that I'll let you take it from there, Clinton.

Thanks Christina. My name is Jason Morgan, CEO of Original Chop Shop. I have actually been doing this for about 9 years now. We bought the brand name in 2016three unitsand I've grown it to 26. Prior to this, I have actually spent the majority of my profession in hospitality in some shape or form. After a brief stint of trying to be an accountant for about a year and a half, I transitioned into gambling establishment residential or commercial property and worked in business financing.

I was the very first worker there after personal equity purchased the business. Helped grow that from 20 to 150 locations, took it public in 2014, and after that left about a year and a half after going public to do this at Chop Store. My hope is that we can replicate the success we had at Zos, and we're off to a really excellent start.

We're at the counter, we bring the food to the table. It is mainly protein bowlsabout 40 percent of the mix. We likewise do salads, sandwiches. The key to the program is we have a drink part as well with fresh-squeezed juices and protein shakes. We do all stables, we do breakfast all day.

Freddy's Frozen Custard & Steakburgers

A little more complicated than a few of the walk-the-line concepts that are out there, however we think we've got something pretty unique. We're going to include another shop this year and a minimum of 4 stores next year. We will be 31 or so stores by the end of next year.

National Milestones in Brand Expansion

I've been in this role for about 6 years. Fourth, as many of you understand, is a leading supplier of software application solutions to the dining establishment and hospitality industry. Our objective is to assist our customers be successful in driving profitability and being efficientmanaging labor, handling stock, and essentially providing them with tools they need to deliver their vision.

It's rare to have companies that are beloved and growing rapidly, that can duplicate that success every year. Jason, one of the reasons I was so ecstatic to have you join our session is the success at Zos was amazing. I've only fulfilled a handful of brand names where there was such a strong client affinity for the brand name.

And now you're doing the same thing at Chop Store. When you talk with consumers about Chop Store, they enjoy the place. They speak about its distinction. And to be able to take what is a relatively complicated concept in terms of providing an excellent experience for the client, and have the ability to grow that from a couple of stores to now north of 30 shops next yearit's remarkable.

We're going to speak about how to scale a restaurant service. Every restaurateur I ever talk with has dreams of taking one shop, 2 shops, five stores, and turning it into something much biggerexpanding across the city, throughout the state, into numerous states, and ultimately nationwide, even worldwide reach. However it's not simple, especially in today's environment.

It's not a simple time to drive profitability and growth at the same time. How do you scale it and make it successful? Second, beyond innovation, how do you scale great teams?

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The very first concern I have for you, Jasonlook, you have actually done this twice now in the dining establishment market. What are a few of the lessons you've learned? What has your experience been in terms of what it takes to actually drive success in broadening restaurants? Tell me a little about your course, what you experienced along the way, and possibly a few of the more difficult lessons you discovered.

We talked a little bit before we began about LinkedIn, and I have actually got a post teed as much as follow this next week about what the playbook is likepoint by pointfor growing a service. To me, among the crucial things, and I feel very lucky, is that both brands I have actually been involved with are unique.

And there's absolutely nothing exactly like Chop Shop in regards to what we're making with a large, varied menu. The majority of brand names today are really singularly focused in terms of what they're offering from a food. I seem like we began at a benefit with both brand names by having something unique that filled a niche nobody else was doing.

A lot of it starts with the brand. Does your brand name have something special that no one else is doing?

Steps to Expand Your Dining Concept

The second thingI came from a financing background, so a lot of my learnings are more finance and data-driven versus a lot of early startup restaurateurs who are creative types. They enjoy the food, they constructed the menu, they developed the brand.

They don't know their breakeven sales. They do not understand how margin improves as sales increase. They don't comprehend cash-on-cash returns. I have actually seen a lot of companies where the numbers just do not work. And yet people state: let's open 10 more. And I'll say: why? It doesn't make money. Stop. You require to discover a principle that is special.

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If you don't have those 2 things, you should not be building shops. Yeah, perhaps both, right? Because as I hear your description, you've highlighted three things: execution, brand name differentiation, and monetary viability. You've got to begin with execution. If you do not have an operating model that works, broadening it simply increases issues.

Regional Milestones in Brand Expansion

Second, you need an engaging brand or distinct concept that resonates with clients. And another key lesson is about going into new markets.

When we broadened to Dallas, I anticipated new stores to do 5070% of Phoenix sales in the very first year. Too lots of operators presume new markets will open at complete volume day one.