This week we speak to Martin Wolstencroft, Founder & CEO of the company behind Banyan, Manahatta or Box. Amongst other things, Martin discusses the four features you must have to ensure your business is a success. He also tells us how he re-mortgaged his house and put EVERYTHING on the line to launch his first bar in Headingley, why and how he streamlined 10 different bars into three distinct but complimentary brands, his advice, and questions, for anyone wanting to run their own business and more…. INTRODUCING MARTIN WOLSTENCROFT Martin started his career with Whitbread in 1990 after graduating from Leeds University, starting out as their youngest manager and being promoted rapidly through key operations and marketing roles. Martin co-founded Arc Inspirations in 2000 and opened the first bar under the brand, the Arc, in Headingley, Leeds. Arc Inspirations now operates around 20 premium bars across the Midlands and the North of England, under the brands of Banyan Bar & Kitchen, BOX and Manahatta. He has a fantastic passion for the industry and his energy is contagious, proving to be an outstanding respected leader over the past 30 years. EPISODE HIGHLIGHTS [00:00:30] Why and how Martin launched his own business [00:09:00] The expansion plans [00:14:00] How to create a bar brand [00:17:00] The move to three streamlined brands [00:19:00] Dealing with Covid [00:26:00] The upsides from Covid [00:29:00] The issues arising from a growing geographical spread of bars [00:33:00] How to determine whether your business idea is any good [00:40:00] The hardest part of the business journey KEY TAKEAWAYS & BUSINESS LEARNINGS When you get the door slammed in your face, have the courage to go back and say ‘can we have another chat, please’Business growth is often about confidence and momentumInvestors like simple repeatable modelsCash in a bar business is a real negativeConsistency of delivery of customer experience is key to a chain of barsFind your Ikigai to ensure your business is a success BEST MOMENTS “Don’t launch your own business… stay where you are. Don’t do it !! “ “I speak to a lot of people who want to launch their own business and I look them in the eyes and say ‘how much money are you going to put in?” “Designing a bar or restaurant starts with a passion. What’s your passion?” “Covid gave us a chance to step back and think about the business“ “Start a business with something you really love” VALUABLE RESOURCES FOR YOU Website: http://www.leedsbusinesspodcast.com  Ikigai - https://en.wikipedia.org/wiki/Ikigai  Website: https://www.arcinspirations.com/  LinkedIn: https://www.linkedin.com/in/martin-wolstencroft-aaa287b/  https://www.linkedin.com/company/arc-inspirations/  Instagram (business): https://www.instagram.com/arc_inspirations/  Twitter (personal): https://twitter.com/wullybull  Twitter (business): a...