Chip Klose is the host of the Restaurant Strategy Podcast and author of The Restaurant Marketing Mindset. As a restaurant coach he’s helped hundreds of restaurateurs increase the profitability of their businesses.

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Guest Resources

The Restaurant Strategy – Check out Chip’s podcast.

Restaurant Strategy Instagram – Find Chip on Instagram. Get a copy of his book “Restaurant Marketing Mindset” by sending a direct message with the word ‘book’, you will receive a link and just pay for the shipping fee.

3 Value Bombs

1) Its important to understand and define what enough means to you so when you become really successful you have a clear idea when to stop.

2) Most businesses struggle because they don’t start with the end in mind. They don’t understand where they are going and they don’t understand enough so they don’t reverse engineer their businesses.

3) Pay the premium for the best and compensate them so they won’t leave you. This will keep you lean and mean and cut hours from your work week.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How Chip Klose Built a 7-Figure Coaching Business that Provides 4-Day Weekends

[1:24] – Chip shares something that he believes about becoming successful that most people disagree with.

Its important to understand and define what enough means to you so when you become really successful you have a clear idea when to stop.

[2:53] – Chip talks about the biggest reason why so many restaurants (and small businesses) fail,

It comes down to two pieces – struggling and failing.
Most businesses fail in the first 2 years because the founders are looking at what they want and not at what problem can be solved in the market.
Most businesses struggle because they don’t start with the end in mind. They don’t understand where they are going and they don’t understand enough so they don’t reverse engineer their businesses.
Having a clear idea of what you need from your business is helping you to guide you of what you really need from your business.
The reason they fail is they don’t know what they need and they don’t know how to serve their market.

[4:35] – Chip talks about many restaurateurs are siloed in their business, what it mean ands and what should they do.

As he was building and starting his business, he needed to build his network because he needed his pieces. The same goes with restaurateurs, they need to know and meet other business owners in their neighbourhood to share stories but they don’t do it because of competition.
When you look at the car dealership analogy, the dealers are side to side with each other but they are collaborating with each other. Yes they are competing with one another but they succeed because that is the part of the town where people know there are cars being sold.
The same is true with restaurants and other businesses, if you put yourself near other people who are going for what you are going for, like-minded individuals, it changes your outlook and it changes your business.

[8:10] – Chip talks about building a business that values lifestyle balance more than growth.

It begins by acknowledging whether that is something that you want. Everybody should build the business that they want. If you want growth, that is fine but understand what is enough so when you get there, you know that you have arrived.
He believe that restaurants should be close to each other that is why he ran a mastermind where he coach restaurant owners and get them together. He can organize it in a way that he doesn’t need to do it 5-7 days a week and do it in a way that works for his life.
The other great part is he is full and not exhausted or burned out when he goes to work and that goes back to the word enough.
Enough and abundance goes hand in hand, one can lead to the other.
Its like creativity, the more you use it the more the wealth springs.
He was clear of what is enough for him and that is having a business that provides stability for him and his family in an area that he cared about.
You need to have a clear understanding of whatever it is that you are exceptional at and whatever it is that you deeply cared about and you are good at.
There are people who value the same and you can bring them together, teach them what you know and provide perspective and objectivity.
There is an incredible value in coaching and not it is making its way to business and hobbies and not only in the sports world.
The number of online coaches is increased . There are ways to monetized that and to impact the people you are serving and that will create a better quality of life for you . It happened to him for 10-12 years and he feels that he is now in the arrival point for 3-4 years. He wants the same for anybody out there.

[12:33]– A timeout to thank our sponsors.

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[15:29] – Chip talks about how Fire Nation can launch a group coaching program in their own niche.

Group coaching will be a very big deal over the next 5-10 years.
A restaurant is a pyramid and the restaurant owner is on the top of the pyramid.
Everyone is looking for answers and the one on top needs to have all the answers to all the questions but the truth is they don’t.
He runs a group coaching program with a mastrermind format and what happens he divides it into 4 different groups of 40-50 restaurant owners where they can raise their hand and ask their questions, get answers and get close together.
The idea is to just identify the people who need help in the area that you are really good at, those who have a problem that you are qualified to solve and put together a path forward to help them.
The other part is when you get them all together, they will feel not isolated and lonely.
Simplify marketing by getting people to raise their hands and get them to change their behaviour.

[19:51] – Chip talks about how to make sure your business stays lean and mean and how to have a 4 day weekend.

Don’t take advice from peole who are living a life that you don’t want.
Its important to understand what do you need, if it is a 3 days working and 4 days to spend time with your family and friends.
A way of delegating and outsourcing is through agencies to get that management off your plateso you can do more is a key oart of staying lean and mean.
Bring experts and overpay them. He would rather overpay for someone and know that they could never be micromanaged because they can easily run the business.
Pay the premium for the best and compensate them so they won’t leave you. This will keep you lean and mean and cut hours from your work week.

[23:01] – Call to action.

The Restaurant Strategy – Check out Chip’s podcast.
Restaurant Strategy Instagram – Find Chip on Instagram. Get a copy of his book “Restaurant Marketing Mindset” by sending a direct message with the word ‘book’, you will receive a link and just pay for the shipping fee.

[24:04] – Thank you to our Sponsor!

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