From Gas Station to Nationwide Franchise Chain: Derrick Hayes on Big Dave's Cheesesteaks Expans
Welcome to our deep dive into the world of restaurant entrepreneurship with Derrick Hayes of Big Dave's Cheesesteaks. In this insightful video, we explore how inflation impacts the restaurant industry and the secrets behind the success of Derrick's seven locations in Georgia.
Discover the pivotal role of back-end systems in scaling Big Dave's, and why a college degree isn't a prerequisite for success in this field. Learn about their unique approach to customer feedback through secret shoppers and how different growth rates shape business trajectories.
We'll also delve into the exciting story of how Big Dave's made its way into the prestigious Mercedes-Benz Stadium, the power of a great team in scaling business culture, and the brand-defining strategy of feeding customers for free.
Uncover the financial realities of the restaurant business, especially when operating a single location, and why having a concise menu is key. Excitingly, we reveal that Big Dave's has a waiting list of 1,600 people eager to open franchises!
Derrick shares his experiences in changing his business while raising capital, emphasizing the importance of the bottom line in this process. Plus, get insights into his feature on CNBC, connections in the industry through Meek Mill's friend Tak, and how Lil Uzi Vert influenced their menu.
We'll also discuss the barriers created by ego in collaboration, the efficiency gains from opening in the Mercedes-Benz Stadium, and the business structure required for such an endeavor. Learn about the 18-month journey to franchising readiness, the unexpected life of a winner, and the collaboration between Derrick Hayes and Pinky Cole, hinting at a potential upcoming show.
Finally, we delve into the challenging life of a CEO, the ultimate goal of providing opportunities for children, and the risks of growing a business too rapidly.
Join us as we uncover the keys to success in the dynamic world of the restaurant business with Derrick Hayes. Don't forget to like, share, and subscribe for more industry insights!
#DerrickHayes #BigDavesCheesesteaks #RestaurantEntrepreneurship #InflationImpact
#BusinessScaling #GeorgiaEats #NoDegreeSuccess
0:00 Intro
1:15 How Derrick Hayes scaled his restaurant business
2:55 Ordering Demand Explained
5:14 Raising Capital for Big Dave's Cheesesteaks
8:23 Locations in Mercedes Benz Stadium
12:40 Managing Employees
13:38 Future of Big Dave's Cheesesteaks
15:08 Secret Shoppers
16:30 Why Derrick Waited to Franchise
17:48 Franchise Process
22:29 What makes Derrick Stay Ahead of The Industry
24:11 One Location Won’t Make You Money
25:40 What is the Goal?
27:11 How to Become a Franchisee
30:50 How Strict are the Franchise Rules?
33:43 Musicians Influence in Big Dave’s
35:57 Why You Need to Provide Value to Others
39:05 Motivation from others Success
42:00 Importance of Showing Up
43:24 Maintaining and Managing Company Culture
45:52 Selling The Business
49:16 Real Estate Investments
51:28 The Life Of a Winner
55:11 Corporate Structure Breakdown
57:12 How to be a Successful Entrepreneur
1:00:30 Creating Opportunity and Drive For Your Kids
1:04:39 Outro