Business Lessons from Snowdonia
Originally sent exclusively to The Letter subscribers on July 7th. Want to be the first to get my personal newsletter in your inbox every Monday at 7am? Subscribe for free here.
This weekend, we conquered Snowdon.
The sheer number of people climbing was astonishing. It was incredibly busy.
And then there were the absolute nutters running up it! I've never seen so many crackpots seemingly determined to prove the word "stupidity" right.
The wind, rain, and overall conditions were treacherous.
I asked one of the safety marshals at the summit if people frequently injured themselves.
His response, delivered in a broad Welsh accent as if I'd offered him a cuppa, was, "Yeah, every day."
Quickly followed by, "It's not uncommon for three air ambulances in a single day."
Air traffic control must be busier than Heathrow, I thought.
I'm surprised it's even allowed. Still, people push themselves to the limit just to say they've done it and can inflate their achievement goals.
Personally, I'd rather keep my ankles intact.
Up on the summit was a bustling coffee shop as weary climbers piled in for hot drinks and snacks.
Regular folk were hugging and embracing like lovers.
The unusual one – me – scanned the room and assessed the potential profit and loss.
That mountain top was likely turning over £25k today; talk about a captive audience coupled with a hungry one!
This, my friends, is prime real estate for a profitable coffee shop.
The prices were even cheaper than my mates at "Rip-Me-Off" Starbucks, too.
I was pleasantly surprised I didn’t need to auction off my niece to get a coffee.
What really occupied my thoughts was how the heck they built this rather large building (about the size of five double-decker buses pressed together, in case you were wondering) on a mountainside, with more wind than my nan after a plate of baked beans.
I don't even know how they got planning permission; surely becoming a billionaire is an easier task.
I was shocked by just how many people were on this hike; the traffic jams of people gave us the feel of an M25 tribute band.
But why? Well, it's the "establishment" factor.
Establishment plays a huge part, and even I bought a T-shirt to commemorate the trek - a first for me!
I've never really been one for wearing Disney ears, I’ve always preferred to stay attractive to the opposite sex.
Humans love history and connection to the past; we love uniqueness, and we love showing off our wins, discoveries, and news, good or bad.
As business owners, we need to understand the human psyche and use it to our advantage.
On my descent, I decided to take the train, which trundles up and down every half hour at £35 a pop each way.
This trip up and down the mountain has been a fixture since 1887.
The accumulation of years of hikers has made it a firm part of the British zeitgeist of memory making.
So, what's the next business lesson here?
Find yourself an established thing with moats around it, and you'll be having two turkeys this Christmas.
That train company certainly makes a bob or two!
The train driver said it’s always full and it’s privately owned.
If you’re on the hunt to buy a business, think about the moats it has.
Think high barrier to entry.
This company runs that train up and down that mountain every day because it knows that folk proudly do it, posturing as gladiators, and they've been doing it for centuries.
This is a good business, and if you could buy it, it’d be worth paying a fair price for.
I may even make enquiries. It's survived more recessions than the McDonald's McFlurry machine has been out of order.
Survived world wars, a couple of pandemics, and ploughed through terrific turnover taxes brought on from repetitive governments trying to finish entrepreneurs and businesses off.
It works because it has a hungry audience.
It works because it has moats around it.
The challenge I have with beautiful Wales as an economy is simple: I saw more people on the mountain than anywhere else.
I can’t believe how anyone makes a crust.
The place really does have 637 sheep for every person I saw. There are sheep everywhere. Pop to the Co-op, and Mrs. Sheep is in the queue, too.
Sure, we found some busy pubs and an amazing ice cream parlour, and before you ask, I just didn’t have enough saliva to pronounce the names of the places we hopped around for tasty treats
I think one was called “Lwtqresght”.
Tourism can’t keep an economy alive alone; you need an ecosystem.
I hopped on Google to see that the country next door subsidises Wales.
The real lesson is, if you want things to be easier in business, choose a place where people are.
Sure, you can make a crust in Wales; plenty do, in what can only be described as a stunning work of art.
The views were amazing.
Trouble is, just over 3 million people live in Wales, and everywhere is so spread out.
Being where the action is gets you access to more talent, connections, and potential customers.
In summary, I love you, Wales. I shall be back to wander your beauty, and I'll be bringing my hard-earned crust to push your economy forward.
In other news, whilst in Wales, I asked a local for directions. The chap said, "Go past the third sheep on the left." I’m still there.
To your continued success,
James
PS. If this hit a nerve (or made you chuckle), wait until you hear the actual strategies from IN2ACTION live at Business Masterclass - plus a whole lineup of sessions to sharpen your business, fix your model, and grow what you’ve built. Get your tickets here