How can a model develop?
Phillip Chang has wrestled with this query many occasions — like in 2004, when his bubble tea franchise, Boba Loca, hit a wall. “I could not clear up the issue by simply including one other drink,” he says. “I wished one thing extra, one thing larger.” So he created Yogurtland, a self-serve frozen yogurt model that sparked a global craze (and lots of copycats).
Seventeen years later, Yogurtland remains to be going robust — no small feat within the ever-changing meals world. And Chang is able to develop once more. Over the previous two years, he is launched two new ideas throughout the Yogurtland model: Holsom by Yogurtland — a fast-casual, wholesome meal joint — and Egg N Chook, which focuses on a Korean rooster sandwich (and does not use the Yogurtland branding). Right here, Chang discusses the artwork of innovation, diversification, and gaining a aggressive edge.
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You strategy growth very rigorously. Inform me about that.
I don’t like growth for no motive. My philosophy is: Why am I doing this enterprise and what is the finish objective? That needs to be very shaped. With out that, all people is simply chasing cash. If you do not have your individual philosophy or basis of who you’re, it is nothing. Identification is so essential. It’s important to begin from there.
So the place did the Holsom and Egg N Chook ideas come from?
Earlier than we expanded, I wished to construct robust roots with Yogurtland. Doing that gave us plenty of nice concepts. I believed, How can we make it higher?
We began with high quality. That is how I got here up with Holsom. It is very mild and dietary meals. However with Holsom, there’s nonetheless a connection to yogurt. I wished to transcend that — discover an actual meal. So for Egg N Chook we did plenty of analysis to ask, What’s the demand on the market?
The meat market is big, however I believed individuals perhaps missed the rooster alternative, and rooster is a more healthy choice. I am Korean, and there are many rooster eating places in Korea. I knew how they served the rooster, and so with our wonderful workforce, we put collectively the demand for our market and got here up with this wonderful rooster sandwich.
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How do you suppose innovation and continuous diversification have contributed to the success of your manufacturers?
Within the restaurant trade, we consider tendencies when it comes to cycles. There’s difficult occasions, however one factor that by no means adjustments is {that a} prime model can win in any sort of cycle.
With Yogurtland, frozen yogurt consumption is continually going up and down, however we’ve such nice high quality that we proceed to thrive. We’re taking on an enormous portion of the ice cream market.
The identical factor is true with Holsom and Egg N Chook. When we’ve high quality and supply price to our clients, we will dominate the market.
What recommendation do you might have for enterprise house owners going via a not-so-great gross sales cycle? How do you keep motivated in occasions when it is not the most effective?
All entrepreneurs ought to have their very own philosophy and beliefs — an id, and a transparent concept of who you’re. What do you need to obtain out of this?
All the time attempt to take a look at the entire image. When a pacesetter is so into little operations, they miss large tendencies. It’s important to perceive if a market is popping from a typical beef hamburger to a rooster sandwich — there are many indicators. In the event that they learn them forward of time, then they will plan. Take a step again. And at all times find time for meditation — about your life, your loved ones, your objectives, the individuals round you, and what you are making an attempt to attain.
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