In the journey of entrepreneurship, two significant decisions often arise: acquiring business property and establishing a legacy in untapped markets. These steps can helo expand your business but also come with unique challenges. Jeremy Brown, the owner of JWB Distributing, shares insights from his extensive experience in business and wine distribution, offering valuable advice for navigating these milestones.
Acquiring Business Property: Planning for Growth
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Think Big and Long-Term
When purchasing business property, consider your business’s future growth. Brown advises buying more space than you initially need, particularly for operations like storage and logistics. “Expansion is a big deal,” he explains. “Many focus on the aesthetics of the front end, but the back-end operations often need more space than anticipated.”
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Understand the Pitfalls of Renting
Renting may seem convenient, but it can lead to significant costs over time. For example, businesses often end up renting items like plates and glassware for events because they lack storage space. Brown highlights how repeated rentals eventually surpass the cost of ownership.
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Create Strategic Solutions for Outgrown Spaces
Falling in love with a location and signing a long-term lease can limit growth. Brown shares the story of a client who transformed an outgrown space into a “heritage kitchen,” showcasing original recipes and nostalgia. “They turned a limitation into a legacy,” he says. Consider creative ways to repurpose or retain outgrown spaces while expanding.
Establishing a Legacy in Untapped Markets
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Know the Community Inside-Out
When entering a new market, understanding local preferences is critical. Brown learned this firsthand, thinking he had trends figured out, only to discover the market required flexibility. “Test the market and be ready to pivot quickly,” he advises.
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Start Small, Think Big
Untapped markets often present overlooked opportunities. Brown targeted smaller communities like Lindsay and Merced, where demand existed but supply was limited. “Not everyone gets people to bring them great products,” he notes. These smaller ventures eventually led to success in larger markets.
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Be Adaptable
Conventional methods don’t always apply. Brown abandoned traditional distribution systems when they failed to work in the Central Valley, instead opting for innovative approaches catering to the unique needs of the region. Reinvention was key.
Lessons on Resilience
Business ownership isn’t without challenges. Brown reflects on the importance of staying true to your vision, even during hard times. “You are your biggest competitor,” he says. “Make sure you’re doing everything you can and doing it right.”
Brown shares a personal story from his restaurant days: a couple, visibly distressed, sent their food back multiple times. After observing, he realized they were going through a divorce. This experience taught him to focus on doing his best, regardless of external circumstances. “Don’t doubt yourself. Be there for the long run, and do it right.”
Final Thoughts
Acquiring business property and entering untapped markets can be daunting but rewarding. With careful planning, adaptability, and resilience, these steps can help establish a business legacy. As Jeremy Brown’s journey illustrates, success lies in thinking creatively, planning for growth, and staying true to your vision.
By approaching these challenges with intention and innovation, entrepreneurs can build not just businesses, but legacies.
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