Opinions expressed by Entrepreneur contributors are their very own.
Contemporary out of an unfulfilling finance profession, Neil Hershman was searching for one thing totally different — one thing he may construct together with his personal arms. That search led him to 16 Handles, a New York-based froyo model he frequented as a buyer.
Astrophysics diploma in a single hand, finance resume within the different, Hershman discovered himself behind the counter of his first 16 Handles franchise, sleeves rolled up and working the shop from open to shut.
What began as a aspect venture rapidly spiraled into one thing greater. “Open and shut, each single shift I used to be working,” Hershman says. “I used to be capable of advance the enterprise [and] usher in extra income to the purpose the place the revenue was so nice that I made a decision to go away all my different initiatives and simply concentrate on 16 Handles.”
At a time when different entrepreneurs have been retreating, Hershman expanded. He began constructing new shops throughout New York Metropolis throughout Covid-19, when retail leases have been low cost and rivals have been shuttering. “As a substitute of getting scared, I used to be the one coming in and constructing,” he says.
Associated: He Began a Enterprise and Ended Up on the Brink of Chapter. He Mounted His Errors – and Now Teaches Entrepreneurs What He Needs He Knew When Beginning Out.
Quickly, he wasn’t simply working places. He was main your complete firm.
Since buying the model from founder Solomon Choi in 2022, Hershman has led a nationwide growth of the froyo chain from 30 to 150-plus places. His sudden journey from buyer to franchisee to CEO provides him a novel edge in right this moment’s crowded dessert market.
Hershman is behind a number of the model’s wildest flavors, starting from Harry Potter references to “french fry frozen yogurt” (a play on McDonald’s continuously damaged ice cream machines). “I’m a part of the shopper base,” he says. “My household, my pals, everyone seems to be a part of the shopper base. So it is simply concepts that we’ve got.”
The outcomes communicate for themselves. “Our gross sales progress has been phenomenal, like after we launched french fry, or the Squid Video games-inspired taste, or the butter beer out of Harry Potter,” he says. “Our gross sales are up like 30-40% the week that we launched in comparison with prior years. So it actually does make a distinction.”
However constructing a thriving model takes greater than taste. It takes belief, consistency and loyalty — not simply from clients, however from the group. That is why the primary individual Hershman employed was Lisa Mallon, who co-owned the Fairfield, Connecticut, location together with her husband for 13 years.
“Who is aware of the model higher and believes within the model greater than individuals who have been profitable with the model?” Hershman says. “Someone who’s received 13 years of working a retailer open to shut and is aware of buyer interactions and [what] clients need, learn how to make the very best bang in your buck on this enterprise.”
Associated: Her Present Was Canceled – However the Setback Taught Busy Philipps a Highly effective Lesson for Creators and Entrepreneurs
This technique helps the model keep constant, that are the callouts Hershman appreciates most in buyer evaluations.
“We used to have one woman who ordered each single day, and it could all the time come by way of across the similar time, to the purpose the place while you heard the printer printing at the moment, we knew it was her order and what to do,” he says.
Someday, she left a five-star evaluation with an image of her froyo on her espresso desk. “Love this place, nice chocolate,” she wrote.
For Hershman, these few phrases have been a supply of encouragement. “Although it feels monotonous that we’re packing the identical order each single day, there’s any individual on the different finish who all day might be trying ahead to this second of opening up this bag,” he says.
Hershman careworn the significance of paying shut consideration to evaluations, whether or not optimistic or crucial.
“[Loyal customers] know what to search for greatest,” he says. “These are actually necessary for us as a franchisor to know what is going on on with our places, and for retailer operators to know what is going on on within the buyer’s thoughts.”
Associated: This Native Bakery Has Strains Out the Door. Right here Are the Secrets and techniques to Its Success.
Hershman and his group maintain a detailed eye on evaluation platforms like Yelp to assist refine operations and construct belief whereas protecting in thoughts that not each critique is a name to motion.
For instance, one of many challenges Hershman recognized is just not getting the complete image of a buyer’s expertise primarily based on their evaluation. “You simply get the sides, so it makes it a bit onerous to make use of these evaluations as a long-term determination maker,” he says.
Nonetheless, crucial evaluations can present readability, and good evaluations can construct credibility. Each are alternatives to develop as a enterprise.
Hershman’s story is about seeing potential the place others see plateaus and making actually particular moments for purchasers, who will return for the constant expertise many times.
After taking up as CEO and reimagining 16 Handles for a brand new technology, Hershman’s recommendation to entrepreneurs is easy however highly effective:
- Obsess over the shopper expertise. From staple merchandise to add-on companies, the whole lot may be improved to construct belief and domesticate repeat enterprise.
- Construct buyer loyalty at each flip. Studying and responding to buyer suggestions lets clients know their voices are heard.
- Innovate with objective. Not each enterprise concept will see the sunshine of day, however specializing in fixed enchancment will maintain your enterprise aggressive.
- See your enterprise by way of the eyes of a buyer. Spending time on the entrance traces may give you a contemporary perspective on what’s working and what must be improved.
Take heed to the episode to listen to instantly from Neil Hershman, and subscribe to Behind the Evaluate for extra from new enterprise homeowners and reviewers each Tuesday.
Editorial contributions by Jiah Choe and Kristi Lindahl
