Bar-Consulting: Volumengeschäft oder Großkunden gewinnen

0:00Unternehmer/Gast Uh, I have a bar consulting business. So, my business partner and I do cocktail programs, training programs, and implementation of systems, restaurants, hotels, Bar. I think he's saying bar like the ballet bar. Okay, I'm here. Yeah, bar like yeah. Okay. So, we we kind of came to the realization after being here for the last 2 days. We're trying to decide whether to go with the sort of volume play where it's like a $20,000 offer where we do like basic 12 cocktail menu, 4-day implementation, um, which may or may not have some like a- ARR associated with it like ongoing monthly, or go up market and go after the big guys. So, we work with like Capital One, Virgin Voyages, uh, these huge guys, but it's bespoke. So, in my mind more difficult to scale, higher for trying to figure out which way we should go.

0:58Which one do you do now? We we do Both. Like split. Like from revenue standpoint, more or less 50/50. From like number of clients, like 20% white glove, which is what we call it, and then the remainder is uh the the lower the lower tier offer. How much of your staff would you say is on the white glove versus the lower level? Like which one do you do for the white glove? But I'm a founder and kind of still working with the white glove clients cuz we can direct them on Yeah.

1:28two two full-time is always on the admin for the for the database or Facebook Want me to say that? Uh, that's the point I'm I No, say what you're going to say. I mean, I was going to say which one So, okay. So, I think sometimes the question is like we think about like well, what's more scalable? But I think both of us come back to the same thing very often, which is like how do we scale what is unscalable?

1:56Alex And so, if your best customers, and this is like I would be thinking of about this, which is like which ones are easier for me to find, uh, easier to retain, uh, and then probably harder to fulfill. Right? Um, easier to find, easier to retain, but they're harder to fulfill. That's usually what's unscalable, right? And then people are like, "Oh my gosh, how am I going to be doing this forever?" It's like you won't be doing it forever. We will figure it out eventually. But like there are ways to scale what is quote unscalable. And so, I think a lot of times when people want to go down market, it's usually because that feels hard to do because you're in it right now, or like somebody who's very talented. And it's like, "Well, how would we do that?" And then it then it kind of goes back to like the unicorn and a few other things that we talk about, um, when it comes to key man risk.

2:39Alex I'm a fan of doing what is unscalable, you know, like and figuring out how to scale that cuz I think that's where the best companies are created. And so, I like the thought of if those customers that are the white glove are easier to find, easier to retain, um, and maybe Probably higher margins I would imagine on those. Higher margins. Yeah. For white you have positive Well, it's a it's a longer lifetime value for sure cuz we work on like 3-year contracts, 2-year contracts with them.

3:06It definitely takes more man hours to service them. But the gross margins are higher, correct? Yeah, ulti- ultimately ultimately yeah, because they go on these like expensive retainers, which the lower value ones can't do. But they're very difficult to find. Like in 4 years we have four. Yeah. So, but you have a reliable acquisition system for the low the the the smaller ones, correct? You can call it reliable. >> [snorts]

3:31Alex >> How do you find each of them? Uh, so for the first 3 years we were in business, we did affiliate referral, networking, personal contacts. Uh, when we outgrew that because of the size of our team, we started moving into more paid ads. Um, paid ads has done okay. Did really well at the beginning of the year, did terrible during the summer. I think that was largely because of the agency we chose. Um, and so now we're kind of like which channel do we focus on? But I think first we need to figure out which avatar do we go after.

4:05I'd say go where you're getting customers. Okay. Because like if we say like I think okay, what do you do after this conversation? So, if we were to say like we play it out. So, let's say you do the white glove. It's like, "Okay, now what do you do?" It's like, "Okay, now we just wait." It's like that's not good. And so, you have to have there has to be a core activity that we can draw this to. I think we were talking yesterday about how you do events, right? Um, and it's like, "Okay, well, it seems like it's a haphazard sometimes when you get these things, but it's like, "Well, every event I go to I get 10 contacts.

4:34From those 10 contacts I close two." And it's like, "Okay, well, then how do I do?" And like a good friend of ours, um, is in the real estate industry and he's for brokers. And uh, he figured out that equation. And so, he's doing 66 events in Q4. 66. On his own, flying out. And they're going to do 1.2 billion.

4:57But he he fi- like he 5x the market cap in 24 months by working his ass off. And so, I'm bringing this up to say like if you had one thing that you found those four from, which felt haphazard, it's usu- like things feel volatile when volume is too low. And so, people are like, "I'm making content, but it's really like, you know, I only get a customer every week or so that, you know, comes from it." It's like, "Right, you're just you get it."

5:22It's for every seven pieces of content you get one customer. So, it's like we do 450 per week, and so that's why we get more than you. And I'm only trying to say is like if you can narrow it down to the activity, then it's like you probably just need to do 10 or 100 times more of that one activity. And so, we both like the white glove one better. That customer is better. That business that has a retainer with enterprise customers is more valuable.

5:46>> Sure. So, If you can't find Right. If you can't find them, then yeah, go run ads and get better at that and expand it. But the the the 201 play is how do I zero in on that? What events are they going to? What networking things? And then it's just like you probably just need to do 100 events to go get 15 of those a year. And then all of a sudden your business blows up. Yeah. That makes sense? 100%. Okay. Thank you. Yeah. If you are a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift.

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