We had the good fortune of connecting with Tyler Goddard and we’ve shared our conversation below.
Hi Tyler, do you have a budget? how do you think about personal finances?
Budgeting is one of the most important parts of starting and maintaining a successful business. When I started Goddard Beverage, I gave myself enough money to start up, and from there, add revenues that I incur directly from my business. That is the only money I allow myself to spend on business expenses. I do not take out money from personal savings or investments to maintain my business. When it comes to personal finance, I always say, 30% of your monthly income is the maximum you can spend on rent. 10% of your monthly income on a car payment and insurance. 8-10% of your income on food. The rest of your income can be spent on other bills, savings, and treating yourself. However, if you can lower these basic percentages and don’t waste your income, you can set yourself up for a much better financial future.
Something I always make myself think about before buying something frivolous is, “am I buying this for myself, or am I buying this to impress other people.” Trust me, no one cares what kind of car you drive or what clothes you wear. And if they do, you do not want to be around them. Now that I do this, I find it easier to spend money on experiences and things that will better myself such as traveling, food, new skills, educational material, etcetera!
What should our readers know about your business?
Goddard Beverage primarily focuses on business development and consulting for restaurants. However, it has taken on clients in other industries. For restaurants, we focus on marketing, training, cocktail menu consulting, budgeting, and event planning. Goddard Beverage works with our clients to bring them what THEY want. We want to join our customers on their journey to success no matter what that entails!
The journey to become a business owner is not easy by any means. First, in order to gain the knowledge and experience to be able to consult, for over two years I was working 60+ hours a week. I went to culinary school where my classes were from 6am until 11am five days a week and I would head to work at 2pm until around 10-11pm every night (5 days a week). My sleep schedule was a total mess.
What really helped me get through this was going to the gym after work no matter how tired I was, eating healthy, not drinking alcohol, and staying focused.
While I was in school, my goal was not to have my own business! I had not even really thought about it. What happened is after I was done with school, the initial Covid shutdowns hit in 2020. During that time, I decided to go back to school and finish a bachelor’s degree. However, taking online classes was super easy for me and I had some extra time on my hands so I started running through different ideas of what I could do. That is where I realized that consulting might be the way to go. I figured that maybe I could help businesses that were struggling to stay alive during covid.
Fast forward to March of 2021, I launched my website and began marketing. I had help from people who I met in the past to get the word out and I was able to bring in my first few clients in around April-May of 2021. Over the summer of 2021 is where I started to see revenues coming in. Since then, things have been running smoothly and I see a bright future in the midst for Goddard Beverage.
There have been many hurdles get over. One of which is my age. A lot of people saw me and thought that I was too young to know anything. Another hurdle was being in school, working a full-time job, and trying to start a business at the same time. I had to squeeze everything into an extremely tight schedule.
I had many ideas that just did not work out. Getting over these hurdles just took a lot of will-power and knowing when to cut my losses and move on. If you over-fixate on a failure you had, you will not become successful in running your own business.
My key takeaways from running my business are there will be failures, it will never be easy, your physical health is important to your business’ success, learn to adapt and change constantly, and do not give up.
What I want you to know about Goddard Beverage is that we understand how hard you had to work to start your business and we will treat your business as our own in order to make sure you succeed!
Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
In Denver, Colorado my favorite place to hang out is on Larimer Square. There is so much variety in food from French, Mediterranean, Mexican, to Chinese! I also love going out to Boulder Colorado for their food! On Pearl Street you will not be disappointed by anything! Activity wise, I love Golden Colorado. I find it to be beautiful especially in the summertime! During the winter, I love heading up to Beaver Creek!
The Shoutout series is all about recognizing that our success and where we are in life is at least somewhat thanks to the efforts, support, mentorship, love and encouragement of others. So is there someone that you want to dedicate your shoutout to?
There are many people who have helped me through my journey, and (hopefully) many more to come.
I always thank my family & parents for teaching me when I was younger to focus on education and for always encouraging me to keep trying new things and always willing to give me honest and logical feedback on my ideas. They have all been an incredibly healthy part of my growth ever since I was a little kid.
I always thank past employers and professors/teachers no matter what my experience with them was because it is always a lesson learned. There however, is one employer (I won’t say names because I have not been given permission by them) who taught me the ins-and-outs of my industry when I was young and dumb. When looking back, if the person who I was then was my employee now, I would have fired him within two days. The owners of this business are incredibly important to me and a huge reason to my current success and they will always hold a place in my tiny grinch heart.
I do still however, have a part time job. The owners and managers here are incredibly supportive and have given me the opportunity to show what I can do, and always give honest feedback which is something I appreciate more than anything. It is obvious to me that they want to see me continue succeeding. They are all incredibly knowledgeable in what they do and if I ever have questions or need feedback on an idea, they are always willing to listen and help! (I prefer not to disclose locations or names because I have not been given permission).
I like to thank new and even past friends who I may not keep in touch with anymore. For no matter what, there is always something I was taught. I have current friends who are also working on their entrepreneurial careers in their own fields, and I love to see them succeed and hope they will always stay close. I thank my friends who keep me accountable for reaching my goals, give me honest feedback, and honestly care about my well-being. There are several people whom I knew in the past who had an impact on me becoming who I am today, and I always hope that they are happy and doing well!
Lastly, of course, I like to thank my current clients for taking me on! I want to see you all succeed and I will always make it my top priority that you do!
Linkedin: Tyler Goddard
Facebook: Goddard Beverage