
60% of Restaurants Fail in 3 Years. What One Owner With 2,800 Reviews Does Differently | Nick Smith
A film school graduate who wrote and directed a horror movie now runs a restaurant with nearly 2,800 Google reviews, and he says the math is already against you before you start. In this episode, Nick Smith, founder of The Old Republic Kitchen and Bar in Elgin and the writer and director of Munger Road, explains how passion starts a business, how break even math, value, and consistency keep it alive, and how a 2020 drive-in movie night sold out in eight minutes. Founders will learn which number to check before taking on any project, why customers who say you are too expensive have a value problem, and what makes a business last. Key takeaways: 00:00:00 Introduction 00:04:23 Q: How do you choose a business idea when you are starting with no money? A: Nick Smith explains that he asked what the best business decision would be before making a movie, then picked the horror thriller genre for its built-in audience instead of a love story that would need a star. 00:32:42 Q: What business realities come with making an independent movie? A: Nick Smith says every movie is basically a corporation, with taxes, accounting, copyrights, insurance, and payroll, and an investment that has to pay off. 00:39:11 Q: What does it take to make a business last? A: Nick Smith says "make it last" is his mantra, and that it can be equally or even more difficult to make a business last, especially for a second generation, than to build it. 00:47:44 Q: How do restaurants avoid failing in the first few years? A: Nick Smith says to do the math before you do anything, check the weekly break even sales, and stay conservative with your sales assumptions. 00:53:12 Q: Are your prices too high, or do you have a value problem? A: Nick Smith says if customers leave feeling a place was overpriced, that is a value issue, not a pricing issue, and the staff culture behind the product is part of that value. 01:04:13 Q: How can a business survive a crisis like COVID? A: Nick Smith says his team stopped waiting for the phone to ring, launched five items for five dollars until five, and later added a drive-in movie night that sold out in eight minutes. If you want to build a business that lasts, this conversation is a playbook. Subscribe to Founder Talk for more conversations with founders building businesses that last. 🔗 CONNECT WITH Nick Smith Old Republic [Kitchen + Bar] Website: https://www.oldrepublicbar.com/ The Old Republic Kitchen and Bar Instagram: https://www.instagram.com/oldrepublickitchenbar/ The Old Republic Kitchen and Bar Facebook: https://www.facebook.com/oldrepublicbar Smith's Prime (opening soon): https://www.facebook.com/smithsprimesteak/ https://www.instagram.com/smithsprimesteak/ Munger Road (streaming on Amazon Prime): https://www.amazon.com/Munger-Road-Nicholas-Smith/dp/B0DJDBBHWB If you are a B2B company that wants to build your own in-house content team instead of outsourcing your content to a marketing agency, we may be a fit for you! Everything you see in our podcast and content is a result of a scrappy, nimble, internal content team along with an AI-powered content systems and process. Check out pricing and services here: https://impaxs.com If you want to start a podcast that helps you win clients and become the go-to brand in your industry, Podcast Builders can help! https://podcastbuilders.com/ Podcast Builders is a podcast production and strategy company based in St. Charles, Illinois that helps founder-led B2B companies build revenue-generating podcasts. The company provides podcast strategy, studio production, editing, and distribution services for businesses across the western Chicago suburbs including St Charles, Geneva, Batavia, Naperville, Aurora, Wheaton, Glen Ellyn, Elgin, and more. Head to our website to stream every episode on your favorite platform, join the Founder Talk community, and submit questions for future guests–all in one place: https://foundertalkpodcast.com/





