When it comes to starting a business, especially one in the restaurant business, making money isn't easy. Around 60% of new restaurants fail within the first year, and nearly 80% shutter before their fifth anniversary. With inflation at an all-time high, nationwide labor shortages, and supply chain issues, restaurants are finding it harder and harder to make a profit.
In a recent interview on my Podcast Live Richer, I spoke to Pinky Cole, the Founder of Slutty Vegan, a burgeoning vegan burger empire. Pinky Cole is a mom, serial entrepreneur, brand strategist, and veteran television producer who poured all her love, experience, and talent into a recipe for success. When restaurants were closing, Slutty Vegan opened two locations, garnering socially distanced lines down the block. Just two years old, the company’s revenues grew to $4 million within the first six months of its grand opening. So I asked Cole how she was able to turn her restaurant dreams into a successful business against the odds. Read five of Cole’s keys to success below.
1. Create a Product that Everyone Will Love.
Cole wanted to create something that even people who aren't vegan would enjoy. Dedicated to reinventing vegan food culture, Slutty Vegan’s crave-worthy, indulgent menus and joyful customer interactions draw locals and visitors to eagerly wait in now-infamous lines down the block for vegan burgers and more. Sluttified fans include celebrities Snoop Dogg, Justin Timberlake, Jermaine Dupri, Taraji P. Henson, Tyler Perry, Tiffany Haddish, Queen Latifah, and many more.
Cole believes this perspective allowed her to attract a wider demographic to Slutty Vegan’s offerings. The demand for Slutty Vegan already outstrips the supply, and with a new round of funding, Cole is hoping to open 12 locations over the next year.