In the early 2000s, Mike Edmiston had two stores in their infancy, including the flagship Bstore opened on Rokeby Road in Subiaco in 2001, quickly growing in revenue and demand.
Mike faced all the usual growing pains many entrepreneurs encounter – his systems and culture were tested as the business scaled. “When I started, my business was very small, I found that I was having all sorts of problems. They say every time your revenue doubles, your systems and your culture breaks, and you are tested. For me, that was absolutely true,” he said.
Mike credits the support of the Entrepreneurs Organisation (EO) Perth, a peer-to-peer community supporting entrepreneurs by fostering connections, learning, and mentorship. The organisation has offered invaluable support and advice throughout Mike’s entrepreneurial journey. “The entrepreneurial spirit of the group really blew me away. It was humbling and inspiring because there were so many business owners all doing their absolute best to create world-class businesses,” he said.
EO Perth, a local chapter of a global business network of 18,000 entrepreneurs across 75 countries, has grown from around 20 members when Mike joined two decades ago to almost 100 entrepreneurs in Perth from various industries, including construction, trades, accounting, retail, mining, IT and services.
“When I joined EO, I was put into a forum, which is a small group, we act as each other’s board and work together on each other’s businesses. It’s a trusted environment where we help each other with business and personal challenges, and I started learning so quickly,” he said.
Bstore has now expanded into 11 stores nationally across Perth, Sydney and Melbourne, with three successful e-commerce platforms and 130 employees. To boot Mike has no plans of stopping, with a bold dream to expand to “100 healthy and profitable stores” internationally.
Bstore currently stock a huge range of about 1,000 shoes, including the original trendsetting German Birkenstocks, and newer brands FitFlop, MBT and Frankie4, all designed with cool comfort in mind. “Our purpose is to make feet smile. Everything we sell has a health and wellness benefit.
Mike’s advice to young entrepreneurs is to start early, learn from their mistakes, and seek mentorship along the way. “The sooner you sharpen your teeth on a small business, the faster you learn, you’ll learn from smaller mistakes compared to later when you’re trying to create something bigger.”
Business owners are “all facing the same issues”, including managing cash flow, funding, profit, systems and people, Mike explained. “All businesses have pretty much the same problems, regardless of the product. In EO, we work together helping each other with problems in each other’s business. That’s what really helped me.”
Mike highlights the importance of finding your point of difference in business. “You have to compete to be unique. There must be something in your offering that gives the customer a very strong reason why they should do business with you.”
He also stresses the importance of having a strategic plan. “We use a company called Evolution Partners to help us with our strategic planning. It’s been a gamechanger for us, this was another EO learning” he said. “A strategic plan maps out what sets you apart from your competition and how you’ll execute your vision over the next 3, 5, or 10 years, one year is not enough.”
For new entrepreneurs, Mike encourages them to travel the world, as he did, to find their light bulb moments of inspiration and to think outside the box. Back in the 1990s, Mike started selling a brand of sandals he came across on his travels in Africa at the age of 21, at the Subiaco Railway Markets, before moving onto the Bstore venture.
Mike’s entrepreneurial journey has been shaped by his mother's influence, Maud Edmiston who started the Miss Maud chain in 1971. “My mother has always been my inspiration; we speak every night. She’s incredibly creative and loves solving problems. We spend many hours around the kitchen table exploring business opportunities and ideas,” he said. “For me, it made sense to start my own business. I wanted the freedom to do things my way.”
Mike believes it’s crucial for any entrepreneur to have mentorship. “Having a mentor or a coach is invaluable. In our EO forums, we have each other’s best interests at heart. I know that my forum has got my back 100 per cent and they want the best for me,” he said.
Having the right people in your team is also essential. “The people inside the business are incredibly important. I draw energy and inspiration from inside our group. We feed off each other. Surrounding yourself with a good team is critical.”
EO’s collaborative model enables business owners like Mike to break through personal and professional barriers, helping them thrive and achieve their goals. EO offers the perfect platform for entrepreneurs who want to grow, learn, and be part of a global community of forward-thinking business leaders.
“My biggest challenges have all been ones that I have created myself. They’ve normally been with me being overconfident and believing that I can achieve something with limited resources or in a limited amount of time. With EO, part of it is helping each other understand what is possible and not to make critical mistakes,” he said.
“For me, being a member of EO has been an adventure and a gift. I’m appreciative to be part of the journey with so many great women and men. It really has helped me the best I can be both personally and professionally.”
EO offers members access to a wealth of knowledge, mentorship, and peer support. EO Perth’s forums, monthly meetings, and international retreats provide entrepreneurs with a trusted environment to discuss business challenges and share experiences.
If you are an entrepreneur looking for support and growth, consider joining the exclusive EO network to gain access to world-class resources, events, and mentorship opportunities. For more information on how to join EO Perth, visit the official EO Perth membership page, to help you on your journey towards success.
