Martin Berry is living the entrepreneurial dream. He quit his 9-to-5 job and took the leap to start a business. Now, he helps run a global company that has generated more than $500 million in system-wide sales in one year.
“If you wait for the right time, it will never come,” he told CNBC. create In a story published on February 15 (1). “It never feels comfortable to take the leap from getting a paycheck every month to being an entrepreneur. And you need to take a leap of faith. And you need to just go for it.”
A former banker, Barry first encountered bubble tea franchise Gong Cha in 2011 at a mall in Singapore. create. The brand was founded in Taiwan in 1996 by Wu Zhenhua, and has grown into a local favorite.
Barry saw the potential to expand the brand, and flew to Taiwan where he met with the founder and discussed acquiring the master franchise rights. This was the first step in the journey leading to the ownership of the company as it became a global powerhouse.
In April 2012, Barry and his wife opened the first Gong Cha location in South Korea, expanding the company’s reach to a fifth market. In a few months, create According to reports, Barry and his wife opened four more bubble tea shops across Korea, spending about $2.5 million of their life savings.
“It was pretty scary to be honest,” Barry said. But he had a plan.
“My strategy was that I would put a Gong Cha next to a Starbucks, the first five stores, and if I could get 1 in 100 people who go to Starbucks to come and try a Gong Cha, then I got the business.”
Gong Cha became popular, and before long, Barry says, a weekend lineup of hundreds of people was forming. In June 2012, Barry’s signed a deal to open a dozen locations in department stores across the country.
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It represents Barry’s great dedication, create Reports, opening of franchising and businesses are exploding. Barry says within three years of opening his first store, there were 300 locations.
Investors also came knocking. In 2014, a private equity firm acquired a controlling stake in Gong Cha Korea, which was run by Barry and his wife. createand in 2017, in partnership with this equity firm, Barry acquired Gong Cha’s owner, Royal Tea Taiwan.
Barry currently serves as the president of Gong Cha Global, and after rapid expansion, Gong Cha now has more than 2,100 stores in 28 markets (2). The company expects to generate $578 million in system-wide sales by 2024, according to the report create.
A story like Martin Berry’s is inspiring, and entrepreneurs can learn from his story the importance of taking the leap and looking for a great business opportunity.
In fairness, Barry’s useful background in financial services honed his experience and helped give him the startup capital to make his dream a reality. Not all entrepreneurs have that much in their favor. But starting a small business still comes with its fair share of risks.
According to the US Bureau of Labor Statistics, since 1994, about 20% of businesses fail within the first year of their opening. The risks of starting a small business can be weighed depending on whether the costs will put you in an uncertain financial situation. And if you’re unable to secure financing, or the financing doesn’t cover your costs, you could find yourself in the red.
Many small business owners can keep a primary job for these reasons. Taking the leap like Barry and saying goodbye to your 9-to-5 is a dream for many, but given today’s tight job market, and the financial pressures of economic uncertainty and inflation, the choice is becoming difficult for entrepreneurs.
If you’re not sure if your small business is strong enough to be a career pivot for you, look for resources to help you analyze your financial situation. The US Small Business Administration (SBA) website has a tool that connects small business owners with local advisors.
If you’re just getting started with your small business, the SBA has other tools including information on market research and writing a business plan, as well as information on applying for financing.
To protect your assets when starting a small business, it’s important to look into the different types of incorporation and liability protections you have. You should also learn to keep your business finances separate from your personal finances and how to comply with local business and tax laws.
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Create CNBC (1); Gong Cha (2)
This article provides information only and should not be used as advice. It is provided without warranty of any kind.
