At Nektar, an intimate bar in New Hope, Pennsylvania, a server can help you select the perfect wine, whiskey, or beer to go with their delicious small plates, which the chef makes using foods from local farms. Nick Gialias started Nektar after he spent seven years working at a local inn, eventually becoming a managing partner and transforming the inn’s reputation and online rankings.
At Nektar, both locals and tourists enjoy an upscale dining experience in the heart of New Hope, with easy access to other sites like the waterfront and the Bucks County Playhouse.
After Gialias’s careful planning, Nektar’s first-year revenue is nearly double Gialias’s pre-launch projections -- and his costs are lower. Due to this growth, Nektar also has twice as many employees as originally planned – and all this success has come after starting on a shoestring budget.
Gialias says “I believe the key to our success was deeply investigating our project, thinking every element through, which allowed us to focus on executing our plan from day one instead of figuring it out along the way.”
Gialias sought met SCORE mentor Gene Murtha at a SCORE event that Gialias hosted. At the time, Gialias was deep in multitasking -- he was simultaneously purchasing real estate, working on the building’s design, and developing the concept for the restaurant, among other things. Murtha helped Gialias approach these many tasks and brought in other mentors as necessary, including Ray Valukoni, who helped Gialias with financial planning.
Gialias attributes much of his success to advanced planning. He says “All the SCORE mentors, but especially Gene & Ray served key roles in both probing deeper on specific issues that needed a more thorough understanding and thinking more broadly about overall goals and expectations.”