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E198: The Power of Cultivating an Adaptive Mindset with Simran Bakshi
When the crap hit the fan in 2020, a lot of restaurants shut their doors due to the lockdown. Several restaurants shut for almost a year before opening up because they didn’t know how to adapt to an uncertain environment – and it was too late by the time they figured it out.
Simran Bakshi, the owner of Spice Bazaar, decided to do exactly the opposite. His restaurant stayed open, set up a ghost kitchen, then expanded by setting up multiple ghost kitchens, and his business exploded!
Sim was one of the very few people who cracked the code and figured it out. During the first six months of the shutdown, they did more sales than they did prior to the shutdown – and the doors weren’t even open yet.
Here are some power takeaways from today’s conversation:
Episode Highlights:
The Business Hack: A Ghost Kitchen
If you have a restaurant, and you serve Indian food, for instance, you can cook multiple other cuisines or even just one certain item. Then you could sell from that restaurant online such as DoorDash, UberEATS, or GrubHub with a different name. It's a ghost kitchen because it's embedded into another facility that has nothing to do with the cuisine that you're selling online. You’re basically running two restaurants in one location so it's a passive way of income within your business. It's an amazing business hack since you're maximizing your floor space or real estate to create multiple businesses running out of it.
Leveling Up: Opening Multiple Ghost Kitchens
For instance, you're in the mood to go eat pizza, and you go to this one street where there are 20 different pizzerias. But what if those 20 pizzerias were owned by the same person? This is the concept of acquiring as much real estate on these third-party delivery companies so if the customer doesn’t want to eat at your restaurant and wants to try the same cuisine elsewhere, the next restaurant on the list is still your company.
The Power of Adopting The Adaptive Mindset
There’s a difference between someone taking ownership, responsibility, and risks to thrive in an unpredictable environment versus someone that's in the same town that decided to do the opposite and got angry about it. It's a mindset thing. There are a lot of people that get comfortable but if you want to do well, you have to keep changing and adapting to new things.
Everybody's tolerance is different. But when it comes to your business, you have to be comfortable enough in your space to know what you're doing and to know the type of risks that you can take and how long you can sustain those risks. Don't get too comfortable because when you get comfortable, you start taking things for granted. Everything evolves very quickly. And if you're not adapting to those things, you're going to lose it.
Resources Mentioned:
www.spicebazaarnj.com
Email: [email protected]
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By Erik Cabral
5
5151 ratings
When the crap hit the fan in 2020, a lot of restaurants shut their doors due to the lockdown. Several restaurants shut for almost a year before opening up because they didn’t know how to adapt to an uncertain environment – and it was too late by the time they figured it out.
Simran Bakshi, the owner of Spice Bazaar, decided to do exactly the opposite. His restaurant stayed open, set up a ghost kitchen, then expanded by setting up multiple ghost kitchens, and his business exploded!
Sim was one of the very few people who cracked the code and figured it out. During the first six months of the shutdown, they did more sales than they did prior to the shutdown – and the doors weren’t even open yet.
Here are some power takeaways from today’s conversation:
Episode Highlights:
The Business Hack: A Ghost Kitchen
If you have a restaurant, and you serve Indian food, for instance, you can cook multiple other cuisines or even just one certain item. Then you could sell from that restaurant online such as DoorDash, UberEATS, or GrubHub with a different name. It's a ghost kitchen because it's embedded into another facility that has nothing to do with the cuisine that you're selling online. You’re basically running two restaurants in one location so it's a passive way of income within your business. It's an amazing business hack since you're maximizing your floor space or real estate to create multiple businesses running out of it.
Leveling Up: Opening Multiple Ghost Kitchens
For instance, you're in the mood to go eat pizza, and you go to this one street where there are 20 different pizzerias. But what if those 20 pizzerias were owned by the same person? This is the concept of acquiring as much real estate on these third-party delivery companies so if the customer doesn’t want to eat at your restaurant and wants to try the same cuisine elsewhere, the next restaurant on the list is still your company.
The Power of Adopting The Adaptive Mindset
There’s a difference between someone taking ownership, responsibility, and risks to thrive in an unpredictable environment versus someone that's in the same town that decided to do the opposite and got angry about it. It's a mindset thing. There are a lot of people that get comfortable but if you want to do well, you have to keep changing and adapting to new things.
Everybody's tolerance is different. But when it comes to your business, you have to be comfortable enough in your space to know what you're doing and to know the type of risks that you can take and how long you can sustain those risks. Don't get too comfortable because when you get comfortable, you start taking things for granted. Everything evolves very quickly. And if you're not adapting to those things, you're going to lose it.
Resources Mentioned:
www.spicebazaarnj.com
Email: [email protected]