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Wealth Beat News > Small Business > How To Successfully Expand Your F&B Business
Small Business

How To Successfully Expand Your F&B Business

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Last updated: 2023/10/27 at 12:25 AM
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Featured on national TV, owner of Peg Leg Porker Restaurant, Bringle’s Smoking Oasis, Pig Star and Peg Leg Porker Bourbon & Lifestyle Brand.

Contents
It’s all about balance.Attention to detail can make all the difference.Approach expansion with a hearty appetite.Honor heritage.Conclusion

In every entrepreneur’s journey, there’s a point at which they must decide: Do I continue on the same path, or do I begin to branch out? It’s a difficult choice that must be carefully considered, as money, staff and time are always limited.

After years of running a successful barbecue brand in Nashville, I began to seek a new creative endeavor. I wanted to expand the business but complement the ventures already in existence. After extensive market research and consulting with other trusted business owners, I started a spirits company and released a line of bourbons designed to expand my brand and showcase my love of America’s native spirit. I developed a new method of hickory charcoal finishing that made our bourbon unique and tied it directly to the BBQ world.

The expansion wasn’t easy, but any entrepreneur can make similar moves with careful planning and some good advice. Here are my top tips for expanding your business in new directions.

It’s all about balance.

I believe my experience with barbecue gave me a unique starting place when envisioning how I wanted the bourbon to taste. I’ve always believed that great food and drinks complement each other. So, inspired by iconic and rich barbecue flavors, I knew the type of whiskey I had to create was none other than a Tennessee bourbon.

Barbecue is all about balance and complexity, and I made sure to bring that philosophy into our bourbon-making (and business expansion) process. Like crafting a perfect sauce, our blend of grains and aging process creates a flavor profile unmatched by other bourbons. We meticulously source the finest locally grown grains, ensuring the highest quality ingredients. And we employ a patient approach to aging, allowing our bourbons to mature to the perfect point.

Don’t put so much effort into your new ventures that you neglect the ones that got you where you are today. Whether it’s promoting a loyal team member to fill your previous role or designating certain days a week for your OG business, don’t forget where you came from.

Attention to detail can make all the difference.

In the world of barbecue, as with any business, attention to detail and patience are paramount. Similarly, as leaders, we must adopt a meticulous approach to all our actions. For my business, this means selecting the finest ingredients to employing precise aging techniques. Just as barbecue enthusiasts seek that perfect blend of flavors, you must carefully seek balance and detail in your business practices.

One great way to pay more attention to detail is to slow down. That includes the pace of your individual work, your staff operations, your hiring decisions and more. A slow and steady pace can help ensure you don’t miss a single thing as you move through your busy day.

I also try to stick to a routine. I know what time I’m going into the office, what time I’m leaving and what time is best to meet with my staff. If you find patterns that work for you and those around you, don’t reinvent the wheel each week—stick to them! It’ll help you remain focused on the new challenges at hand.

Approach expansion with a hearty appetite.

When you reach a certain level of success, outsiders love to voice their opinions about how the work should get done, and only some in my circle were on board with a bourbon line. Was choosing to dive into an entirely new industry risky? Absolutely, but to me, it felt necessary to fill my cup, both literally and figuratively.

Piling your plate a little too high leads to added stress, but sometimes all you need is a deadline and a dream to make the expansion happen. Don’t be afraid to push yourself outside your comfort zone and learn as you go. As entrepreneurs, we’re all figuring things out daily, and without risk, you can’t expect much reward. What’s the point of playing it safe?

Honor heritage.

My upbringing played a significant role in shaping our bourbon, too. Growing up in a family with a deep love of food and a strong work ethic, I learned the importance of tradition and craftsmanship. Those values are at the core of my company.

Being raised in a region renowned for its bourbon culture inspired me to honor local traditions and build upon them to create a product more relevant to my line of work. This blend of legacy and forward-thinking guides our approach to everything and ensures our bourbon reflects time-honored techniques and a touch of originality that sets us apart.

Whether you’re from a food-loving family or not, keeping your heritage alive in your business can foster a sense of authenticity. If you can, research your family history and learn about where you come from. You might find the answer to unanswered questions, or even uncover the root of why you are the way you are. Knowledge is powerful!

Conclusion

Growing my company to its success today has taught me the importance of building a solid team where passion and expertise align. As an entrepreneur, I understand the value of innovation and staying ahead of the curve. This mindset encouraged me to explore creative approaches in the distilling process, ensuring our bourbon stands out among competitors. My experience with barbecue continues to drive my commitment to producing a bourbon that’s both exceptional and commercially successful, and I’m confident any food and beverage entrepreneur will be able to distill these lessons into their own successful expansion.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Read the full article here

News October 27, 2023 October 27, 2023
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