In a candid conversation on "20 VC" with host Harry Stebbings, Nick Jones, founder and CEO of Soho House, reflects on transforming a single café into a global private members club brand. Jones, who credits his dyslexia for his preference for simplicity in storytelling and business, discusses the challenges of expansion, the importance of persistence, and the balance between work and family life. He emphasizes the significance of passion, care, and a strong work ethic as the cornerstones of high performance, while also advocating for honesty in hiring and leadership. Despite the pressures of running a public company, Jones remains focused on member satisfaction and the growth of Soho House as an inclusive community for those with a creative spirit.
"Today we meet the man who turned a single location above his restaurant cafe bomb in 195 into a global brand, a movement, and as of last year, 25 years since the opening of his first location, Nick took Soho House public."
This quote introduces Nick Jones, the founder of Soho House, and summarizes his achievement of turning a single establishment into a global brand and eventually taking the company public.
"In an increasingly competitive venture capital landscape, it's more important than ever to have the right data to keep your edge."
This quote emphasizes the significance of having access to good data for venture capitalists to stay competitive.
"The reason why I went into catering is twofold. A, my options were small because my exam results were nonexistent and I was very dyslexic."
Nick Jones explains his entry into the catering industry was influenced by his limited career options due to his academic challenges.
"First of all, I did have three restaurants before opening Cafe Burn, which were called over the top, and they didn't work. So I really got to know what it felt like running a business when it didn't work."
This quote reflects on the failures Nick Jones experienced before Soho House and how these experiences taught him valuable business lessons.
"And when we opened Cafe Bohem, or I opened Cafe Bohem in 1992, I sort of did everything in exact reverse to what over the top was the at."
Nick Jones discusses the opening of Cafe Bohem and how doing the opposite of what he did with 'Over the Top' contributed to its success, setting the stage for Soho House's future.## Cafe Bohem's Transformation and Longevity
"I completely swapped it around and changed it around. And thankfully, Cafe Bohem, which is still thriving in an old Compton street today, 30 years on, worked."
This quote indicates the successful overhaul of Cafe Bohem by Nick Jones, leading to its enduring success over three decades.
"Well, there's a good question now, because I think in 92, when I opened Cafe Bomb, it was one of the first places in London which opened at 08:00 in the morning and closed at 03:00 a.m. In the following morning."
Nick Jones reflects on how Cafe Bohem was ahead of its time by offering extended hours and a range of services to its customers.
"First of all, the customer is always incredibly smart. They know what's good, they know what's bad. You can never ever fool any customer."
Nick Jones emphasizes the intelligence of customers and the importance of maintaining high standards, regardless of social media influence.
"I don't really like the word brand. I like to think that what we're doing at so a house, and ultimately, the MCG, is just a way of living, really."
Nick Jones expresses his distaste for the term "brand" and describes his business as a way of living that resonates globally.
"The way that I answer that is what our member loves is more houses."
Nick Jones discusses the strategy behind scaling his business, focusing on the value added to members through expansion.
"Because it was incredibly challenging, because I had to raise money to do it. It was at the time when banks weren't lending money."
Nick Jones recounts the difficulties faced when opening a new location in New York, highlighting the financial obstacles during a tough economic climate.
"Great storytelling is simplicity. And I think anything in life, and I think that's one advantage I have from being dyslexic is the fact that I have to simplify everything."
Nick Jones shares his perspective on storytelling and its importance in business, crediting his dyslexia for his ability to simplify complex concepts.
"I learn every day. I keep learning. I think that's one of the exciting things of running a company."
Nick Jones speaks to the ongoing process of learning within leadership, emphasizing the dynamic nature of running a business.
"As we got bigger now, I'm blessed by the fact that we have a fantastic leadership team who are incredibly talented and a lot more able than I am in all these areas."
Nick Jones reflects on the evolution of his leadership style, from managing every detail to trusting a skilled team to handle various business functions.## Leadership Style Evolution
"I think my leadership style is constantly evolving. Back in 1992, I was very different from now. I've learned hard to work, how to be the most influential I can be in the position of the company."
This quote highlights Harry's belief that effective leadership requires continuous growth and adaptation, with an emphasis on influence and hard work.
"High performance to me is people with passion who care, who care about people, who care about the product."
Harry connects high performance to passion and a caring attitude, suggesting that these qualities are foundational to achieving success in business.
"I think it's a mixture of promoting within and then bringing in people from the outside and just being honest with people."
This quote reflects Harry's belief in a balanced hiring approach that values transparency and honesty with potential hires.
"If you end up having to go to the outside to bring in rather than promote within, it means that the person isn't right, but it doesn't mean they're not always right."
Harry implies that sometimes hiring externally is necessary, but it should be handled with clear communication to those within the company who were considered for the role.
"I think you can get to a to b much quicker by just being a bit upfront and a bit honest rather than not saying a word."
This quote encapsulates Harry's approach to difficult conversations, valuing directness and honesty to foster respect and efficiency.
"I think what you have to be when you're hiring people is very, very clear."
Harry underscores the need for clarity in the hiring process to manage expectations and reduce the likelihood of hiring mistakes.
"I often don't get it right, Harry. Often make mistakes."
Harry's candid admission of his own fallibility highlights a leadership approach that values honesty and the ability to pivot when necessary.
"But it's always work in progress."
This quote suggests that creating a safe and accepting work environment is an ongoing effort that requires consistent attention and reinforcement.
"I think from my children's point of view is learn to be decent and kind and get on with people and learn to go out and work."
Harry conveys his belief in instilling fundamental values in his children and balancing his demanding work life with his role as a father.
"Balance is always a tricky thing, especially when you're a workaholic entrepreneur."
The quote highlights the ongoing challenge of achieving a healthy work-life balance, particularly for dedicated entrepreneurs.## Work-Life Balance
"Surely you should be getting a bit more balance in your life, because that's a lot more healthy."
This quote reinforces the idea that while hard work is often commended, striving for a healthy balance in life is essential for overall well-being.
"It's really important for me to put that in context and not get upset."
The relevance of this quote lies in the speaker's approach to feedback, emphasizing the importance of not letting emotions cloud the reception of constructive criticism.
"Keeping the team motivated and happy and thinking that they've got a really successful future."
This quote highlights the speaker's perspective on the importance of team motivation and maintaining a positive outlook for the team's future.
"You're a lot more exposed. Your team are under more pressure."
This quote describes the changes and challenges faced when transitioning from a private company CEO to a public market CEO, emphasizing the increased scrutiny and pressure involved.
"I would love everyone to realize that it's such a brilliant industry to go into."
This quote expresses the speaker's desire to change the common perception of the hospitality industry and to highlight the valuable skills it provides.
"Could choose kindness, decency and a decent ethic of work."
The quote lists the three traits the speaker believes are most important for children to adopt, reflecting the speaker's personal values.
"I want it to be a place, an inclusive place where anyone with a creative soul can come and flourish."
This quote outlines the speaker's aspirations for Soho House's growth and impact over the next decade, focusing on inclusivity and support for creative individuals.
"Well, thank you very much for having me on. I was honoured with the invite. So thank you, Harry."
The quote captures the speaker's appreciation for being part of the interview, indicating a positive interaction between the host and the guest.