In this episode of The Roadmap with Ted Jenkins, we dive into the inspiring journey of Craig Riddle, who pivoted from a successful career in golf management to building a flourishing golf cart business. Join Ted as he uncovers the strategic moves and valuable insights Riddle has garnered along the way. Discover how passion, experience, and innovation can turn a niche market into a booming enterprise.
Key Takeaways
1. Riddle shares his transition from managing a golf course to launching a golf cart business, emphasizing the importance of understanding business operations before making the leap. He highlights how his experience managing Club Corp properties provided him with valuable skills and insights, which were crucial when starting his own business.
2. Additionally, Riddle underscores the significance of choosing a business that aligns with one’s passions. His enthusiasm for the golf cart industry and the broader business landscape fueled his decision to enter this market. He advises prospective entrepreneurs to pursue ventures they are genuinely passionate about to ensure sustained motivation and success.
3. The interview covers the shift from traditional gas and lead-acid battery golf carts to modern lithium battery models. Riddle explains the benefits of lithium batteries, such as longer lifespan and lower maintenance requirements, drawing a parallel to the advancements seen in electric vehicles like Teslas.
4. Moreover, Riddle discusses the burgeoning rental market for golf carts, driven by increased demand from vacationers and affluent neighborhoods. He reveals the business model behind golf cart rentals, including the logistics of purchasing, maintaining, and pricing the rental fleet, as well as the emerging trend of mobile repair services.
5. Overall, he shares insights on managing business partnerships and capital. He discusses the importance of clearly defined partnership roles and the balance between reinvesting in the business and managing personal finances. Riddle leverages credit lines and real estate investments to support business growth.
Direct Quote- "I think it’s crucial to find something you’re passionate about and that you love. For me, it’s business in general. The golf cart industry was a perfect fit because it combined my love for golf with a growing market opportunity." – Craig Riddle
