Entrepreneur's Corner with Ryan Lawrence: How to Manage Inventory and Keep Costs Down

05/31/23 • 49 min

In this week’s episode of Dadages, host Chad Hagle continues his conversation with Ryan Lawrence in the first installment of Entrepreneur’s Corner. Chad and Ryan are in Santa Clarita, CA, at Ryan’s Vintage Chariots retail location.
The discussion begins with the topic of capital raising for early-stage companies. Ryan gets Chad’s insight on how to navigate the world of venture capital and seeking investments, who to approach, how much to ask for, and ways to spend money from investors effectively. Chad emphasizes the importance of confidence and knowing how to tell your story in a compelling way that shows potential, as this relates to success with investors as well. Chad also offers advice on protecting your brand, keeping it clear, and how to use trademarks and intellectual property correctly as a company grows.
The talk continues with an important topic for any business: money. Ryan asks for Chad’s opinion on how to manage inventory and keep costs down, specifically in apparel. “It’s very unpredictable,” is how Chad describes it; therefore, it’s important to create a good relationship with suppliers to negotiate reorders in a way that allows the business to identify what specific products are successful without amassing inventory and maximizing the cost, or even coming up with alternative methods of production for the top products. Chad also offers tips to increase sales in the store and engage the customers and strategies to deal with excess inventory while still generating value.
The next topic the interview touches on is scalability. Ryan shares his concerns about possibly cheapening his brand as it continues to grow. Chad’s fundamental piece of advice regarding this is “grow cautiously.” This means growing while preserving the integrity of the brand and what makes it unique. He mentions the fact that he favors incremental businesses in his own investments, those that get profitable and then get big.
Ryan then talks about some of the specific aspects of his business, like his margins, prices, his customer base, and quality of his products in the industry. Chad and Ryan also discuss the changes the business can go through as it scales in the future. Chad once again advises to stick with what works and continue doing it. Finally, Chad gives guidance to Ryan on how to delegate. Ryan has handled all the details of his business so far, and while he wants to maintain his creativity, he recognizes that he needs help sometimes.
This is the second part of the first series of the new Entrepreneur’s Corner format, where the script is flipped and the guest asks the host questions. Make sure you tune in to learn about all the different aspects of business from experienced entrepreneurs.

Hosted by Ausha. See ausha.co/privacy-policy for more information.

Hosted by Ausha. See ausha.co/privacy-policy for more information.

Previous Episode

Entrepreneur’s Corner with Ryan Lawrence: The Role Storytelling Plays in the Success of Your Business

For the first time, host Chad Hagle goes on-site to Southern California to meet with entrepreneur Ryan Lawrence.
Ryan Lawrence was born and raised in Huntington Beach, California where his family was full of civil servants. Listen in to stories of how Ryan, earlier in his career, was a real-life version of a Beverly Hills cop. Ryan says that he is “not a total mechanic” but does “appreciate the style and history” of vintage cars. Ryan still owns the 1964 Ford Falcon Ranchero that he got when he turned 16 years old. Today, he is the thriving owner of VintageChariots.com, which has two retail stores in the Los Angeles area.
“It’s like a family experience,” Ryan describes of being a part of car culture. It’s about more than men looking at metal, it’s about storytelling. Ryan appreciates the history, style, and the experiences behind the automobile industry. He has established himself as a resource for the classic car community, connecting with people who share a passion.
To continue the conversation, Chad and Ryan turn the tables, and Ryan becomes the interviewer, asking Chad the questions this time. Ryan “pitches” his brands, Chariots Inc and Vintage Chariots, to Chad. He explains that there was a need for a lifestyle brand to exemplify the automotive and outdoor culture that relied on not only style but also high-quality materials, giving people the opportunity to express themselves and show what they love doing.
Ryan gets Chad’s insight on how to promote himself and gain exposure when started a brand to let people know what the company represents. Even though Chad doesn’t consider himself an expert in marketing, he shares some of the lessons he’s learned in his own journey. “You have to maintain consistency” is his first piece of advice. Share your message continuously and simplify it as much as possible, associate the person with the brand and the story behind it.
Ryan explains how his brand went from vintage to Chariots Inc to include modern car enthusiasts. Chad shares his thoughts on how and how much brands can transition and change while still remaining true to their message without confusing their audience. They also discuss retail and sales strategies in the world of cars, touching on things like design, fashion, stores, location, and how to attract people’s attention visually. Finally, Chad gives Ryan advice on creating a good online presence and ways to reach more people in the environment around him and his space.
This is the first part in a two-part series where the script is flipped and the guest will be asking the host questions. Make sure you follow through and listen in to Entrepreneur’s Corner, the latest and greatest format brought to you by Dadages Podcast.

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Next Episode

Some of the Greatest Deals of My Career Are the Ones I Didn’t Do with Chad Hagle

In this week’s solocast episode of Dadages, host Chad Hagle discusses a Dadage he learned from one of his mentors, “Some of the greatest deals of my career are the ones I didn’t do.” Chad talks about the notion of real estate as a risk management business, not an opportunity-seeking business. He shares some stories of deals he didn’t do in his career with the audience, emphasizing how he came to those decisions, all the factors he took into account, and the reasons why they were the right choices for his business and life overall. Chad explains how roads not taken and opportunities not pursued can be good and help avoid bad consequences and preserve the potential for greater long-term success. Finally, Chad warns the Dadages friends and family about the dangers of losing money on deals that don’t get done, through overhead and other costs, with examples from his own experience. Be sure to tune in to learn valuable information about real estate deals and decision-making from a business perspective.

Hosted by Ausha. See ausha.co/privacy-policy for more information.