By: Joshua Finley

Australia is one of the desirable tourist destinations in the world, it’s a country that has it all. Wonderful beaches, sun-filled days and scenery that would make a wombat gasp in wonder are part of the package. It’s also home to some incredible fusion food and some divisive local specialties like Vegemite. Vegemite is a yeast spread that is treasured by Australia’s native inhabitants but treated with abundant caution by visitors. To say it’s not to everyone’s taste is an understatement.

However, when it comes to foods that unite tourists and locals alike, the donut immediately springs to mind. Australians and visitors consume vast quantities of donuts, according to some sources around 200 million a year, so competition for market share is fierce.

For a donut startup, the road to success is paved with intense competitive pressure, you have to have a product that stands out from the crowd, a fiercely entrepreneurial mindset and a generous helping of perseverance.

One woman who is passionate about the entrepreneurial journey and has weathered the storms that are part and parcel of the entrepreneurial landscape is Rita Kim, founder of Mochi Donuts Australia, and she has some advice for those who want to dip their toes into the waters of entrepreneurship.

The Hole Story

Rita Kim was raised in a household overshadowed by domestic violence, where both parents exhibited abusive behavior. This tumultuous environment profoundly affected her mental health and self-esteem. Despite the relentless emotional turmoil that eroded her confidence and sense of self-worth, Rita’s unwavering determination to succeed propelled her toward achieving her goals.

Initially, Rita took a traditional route by enrolling in an accounting program at an Australian university after immigrating at 18. However, feeling unfulfilled by her degree’s practical applications, she decided to leave school and gain real-world experience. Over the next decade, Rita taught herself essential accounting software and built a successful career in Sydney’s nightlife industry, proving that a degree wasn’t necessary for success.

When COVID-19 lockdowns hit the leisure and entertainment industry hard, Rita found herself restless and eager for new entrepreneurial opportunities. She drew inspiration from a memorable trip to Japan, where she enjoyed the Asian version of a popular American treat, which inspired her to launch Mochi Donuts. The brand’s launch brought six months filled with stress, late nights and early mornings.

This was to be the start of a three-year journey towards Mochi Donuts becoming one of Australia’s fastest-growing franchises, but it was not without its challenges.

Photo Courtesy: Rita Kim

Putting the ‘Do’ in Donut

Rita learned that the journey toward entrepreneurial success can be a bumpy one, no matter if you are in the franchise business, or are launching another consumer-facing product.

“The road towards taking Mochi Donuts from a single operation to a string of franchises taught me a lot. The entrepreneurial learning curve is steep, especially if you’re up against competition from big names like Dunkin Donuts and Krispy Kreme.”

Rita is eager to share the importance of high-level coaches and mentors who have significantly accelerated her company’s growth. She emphasizes that the startup community is incredibly welcoming, and filled with experienced entrepreneurs. By building and leveraging a network, you can tap into invaluable resources and insights that can help you succeed.

“The startup community is incredibly close-knit, and people who have made a success of their businesses from the bottom up are eager to share their experiences and learnings. For new entrepreneurs, leveraging a network of people who have been there and done that can be the secret to success,” says Kim. 

Kim left her academic studies to follow a dream of being self-employed, and she has firm opinions on the value of academic qualifications.

“I left university because I was becoming frustrated at the outdated skillsets that were the focus of my business and accounting degree. Much of the learning was on subjects like a balance sheet and profit and loss statements. I’m not saying these weren’t valuable, but an entrepreneur can find a professional to help with bookkeeping or preparing financial projections for a business plan. What you really need is real-world experience.

“I learned the hard way that evaluating partnership, tax responsibilities and rental agreements is far more important than double-entry bookkeeping. That said, it’s dependent on what business you’re involved in, but I learned at the coalface, and when you’re under enormous pressure,  mentoring is important.”

According to Kim, if you have a vision of evolving from a single location to a chain of franchises you’re going to need two things, partners and passion. 

“The right partner can be the ticket to success, the wrong partner can put you under incredible amounts of stress. Something you don’t need when you’re operating on limited amounts of sleep and the knowledge that you have a limited time frame to get things right.”  

Rita believes in the value of partnerships and maintains that nowhere is this more important than when raising capital. She advises budding entrepreneurs to create a solid business plan and seek out the right investors. 

“Make sure your facts and analysis are robust, and refine your pitch. It’s also crucial to thoroughly vet potential funders—while it’s tempting to focus solely on the money, remember that a funding relationship is a long-term commitment.”

Through her journey, Kim has learned to embrace challenges as opportunities for growth and to celebrate successes along the way. Her resilience and willingness to adapt have been instrumental in navigating the ups and downs of entrepreneurship.

By sharing her experiences and insights, Rita Kim aims to inspire and guide others on their own paths to success. Her story serves as a testament to the power of determination, adaptability, and strategic partnerships in achieving entrepreneurial goals.

Learn more about how Rita Kim has reinvented herself and revolutionized the donut franchise sector at her personal website, or find out more about Mochi Donuts (and franchise opportunities) on the company website.

Published by: Holy Minoza