How to take a tired, run-down Pizza Shop from zero to profit, and sell it in 28 days.
There are business opportunities in the strangest of places. A few years ago I saw an advertisement for a Pizza shop up for sale. It was closed down but fully equipped. I thought “Why not?”… “Let’s see how quickly I can FLIP this business.” Here’s how it all unfolded:
- I negotiate well to create the basis for a Win-Win
- I took possession of the shop on Friday the 1st of October. It was about 6pm when the team (my wife) saw it for the first time. The stunned response was: “Don’t talk now! I need time to see the vision.”
- I thought that this would be a good time to go and get a pizza from up the road (check out the competition = market research), and to grab a bottle of wine or two (introduce myself to the local business owners = strategic alliance), and have some FUN along the way.
- With a vision in mind and an exit strategy, it was time to get cracking.
- I then advertised for staff- pizza cook and drivers (team) and worked out who did what, when and how (systems).
- I shared the vision with the team and explained that this is a short-term project – 28 days in and out – and we’ll all have fun along the way.
- Saturday morning I was up early and off to the hardware store for paint and cleaning products.
- I got the team involved to help (reward them with free pizzas = leverage) and started to create flyers for a letterbox drop. All the while, having more FUN.
- I simplified the menu, changed the look of the shop and created a USP (niche): 10 pizzas, two sizes, brilliant base and superior quality toppings at a premium price.
- I invited everyone I knew for opening night and had even more FUN.
- I advertised the business for sale (ten days after purchase = goals) and stayed firm on the realistic price set (profit).
- I interviewed prospective buyers, introduced them to the landlord and created another Win-Win
- The contracts were signed.
- There were smiles all round.
- We then had a lot more FUN.
Total of days 28 with a profit in excess of 600% net on purchase price.
- Was it hard work? Yes (but not for long though)
- Was it difficult? No
- Did I follow proven business systems? Yes, Yes, Yes
- Was it FUN? Definitely
- Did I learn from the experience? Absolutely!
- Did others learn from the experience? Yes.
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