Podcast Summary
Business pivots and growth: Focusing on business strengths and consumer needs can lead to successful pivots and growth. Embrace imposter syndrome as a normal part of entrepreneurship.
Focusing on your business's strengths and understanding the needs of your audience can lead to successful pivots and growth. Brett Schulman, co-founder of Kaaba, shared his experience of scaling a restaurant concept from a single sit-down location to a chain of fast-casual restaurants. He emphasized the importance of prioritizing and focusing on where your strengths lie, as well as listening to the market and consumer needs. Our caller, Devon from Call of Fame, asked about dealing with imposter syndrome as an entrepreneur. Brett offered advice on acknowledging and embracing the feeling, reminding us all that everyone experiences it and that it's a normal part of the entrepreneurial journey. Whether you're building a business or just starting out, remember to trust yourself and your abilities, and keep pushing forward.
Entrepreneurial Learning: Setbacks and failures are valuable learning experiences for entrepreneurs, and resilience and determination are key to overcoming challenges.
Setbacks and failures are not defining moments, but rather valuable learning experiences for entrepreneurs. Devin, despite having worked in the restaurant industry for only a short time and having a muffin business that didn't succeed, went on to start a spiked root beer company, Rooted Spirits. He experimented with various flavors and formulations, learned from his mistakes, and eventually found success. However, as his business grew, he faced challenges of inventory management and marketing, which required him to consider raising capital. Imposter syndrome, a feeling of inadequacy or self-doubt, is common among entrepreneurs, but Devin's impressive background as a chef and business owner proved that he was anything but an imposter. With his resilience and determination, he continues to grow his business and overcome challenges.
Entrepreneurial challenges: Having a strong support system and determination can help entrepreneurs overcome unexpected changes and imposter syndrome, leading to business success.
Building a business involves facing numerous challenges and setbacks, but having a strong support system and the determination to persevere can help entrepreneurs overcome adversity and find success. Devin Strahan, the founder of Devin Spiked Root Beer, shared his experiences of dealing with unexpected changes in his business, including losing co-packers, and how having a network of trusted advisors helped him navigate through those difficult times. Imposter syndrome, or feeling uncertain and self-doubting, is a common experience for entrepreneurs, and it's essential to acknowledge those feelings and keep pushing forward. Overconfidence can also be dangerous, leading to poor decisions. Ultimately, businesses become successful by facing and overcoming adversity, and every entrepreneur goes through challenging moments in their journey.
Challenging societal norms: Individuals and businesses can challenge societal norms and create unique paths by pursuing personal passions and missions, leading to meaningful outcomes.
There are individuals and businesses out there challenging societal norms and creating unique paths for themselves, whether it's redefining family structures or starting mission-based businesses. For example, the 82% series on Wondery explores individuals who have challenged societal norms around love and family, while Scamfluencers uncovers infamous scams and their impacts. Sophia Bowden, founder of Little Me Allergy, shares her personal experience and mission to expand her marketing reach and sales channels for her niche business, which creates colorful allergy accessories for kids with severe food allergies. Her story is a reminder of the importance of creativity, determination, and passion in starting a business and advocating for a cause. Little Me Allergy started as a side hustle for Sophia, who designs all the patches and artwork herself, and has grown into a mission-driven business that provides peace of mind for parents and families. These stories demonstrate that challenging norms and pursuing passions, whether in personal relationships or business ventures, can lead to unique and meaningful outcomes. To learn more about these stories and others, tune in to the respective podcasts on Wondery or wherever you get your podcasts.
Marketing Channels for AllergyBites: AllergyBites explores various marketing channels and partnerships, including trade shows and established brands, to expand reach and increase sales in physical retail stores.
AllergyBites, a company that provides allergy-friendly accessories for kids, has seen great feedback since its inception but is still working on increasing sales. The founders aim to expand their reach by exploring various marketing channels and partnerships. They've had success with established brands like Planetbox and are considering targeting gift shops and trade shows as potential outlets. Allergies are a mainstream issue, and there's a potential market in physical retail stores where parents of children with allergies frequently shop. The founders plan to attend trade shows to understand the industry and explore potential distribution opportunities. They also adapt their marketing strategies for children versus adult audiences, being mindful of marketing rules and focusing on appealing to parents rather than the children directly.
Community Building: Building a dedicated community around your brand can lead to valuable partnerships, collaborations, and a unique value proposition that sets you apart in the market.
Building a dedicated community around your brand can help you gain momentum and amplify your reach. Using the example of a food brand catering to allergen-free customers, starting with a small, passionate group of people can lead to valuable partnerships and collaborations. For a coffee brand like Rootless, creating eye-catching packaging design attracted customers and set it apart from competitors. When considering growth funding, it's essential to understand your business's unique value proposition and how it stands out in the market. Both the food and coffee industries show that starting small and focusing on building a loyal community can lead to successful growth.
Sean's coffee business growth: Sean's coffee business has seen significant growth through e-commerce, wholesale, and grocery stores, with wholesale becoming the largest revenue generator. To expand nationally, Sean is focusing on the wholesale channel and considering external investment.
Sean's coffee business has experienced significant growth since its inception in 2020, with revenue coming from various channels including e-commerce, wholesale, grocery stores, and events. Initially, e-commerce was the largest revenue generator, but the wholesale channel has since grown and is now neck and neck with e-commerce. The event channel contributes very little to the revenue. The profitability of these channels is similar, with wholesale being slightly more profitable due to easier fulfillment. Sean's ultimate goal is to expand the business nationally, inspired by the Dutch Brothers model, which combines quality and efficiency. To achieve this growth, Sean is focusing on the wholesale channel and considering external investment to fund expansion. It's important for Sean to determine his pace of growth and how much capital he needs to raise to afford the necessary talent, infrastructure, and capabilities to scale sustainably. A short-term solution could be to hire a consultant for guidance.
Hiring industry professionals: Hire capable individuals for managing retail, wholesale, and e-commerce channels. Consider fractional executives for valuable experience without long-term commitment. Prioritize and focus on what capabilities and people you need at each stage. Write roles as a mantra and focus on fewer things to do them better.
When starting or growing a business, especially in the food and beverage industry, it's essential to find experienced industry professionals who understand your unique values and market. Brett Schulman of Kava emphasized the importance of hiring capable individuals who can manage various channels like retail, wholesale, and e-commerce effectively. He also suggested considering fractional executives, who can bring valuable experience without the long-term commitment. Additionally, prioritization and focus are crucial to growing a business, and it's essential to understand what capabilities and people you need at each stage. Brett also wished he had known the importance of writing roles as a mantra and focusing on fewer things to do them better when he first started Kava.
Wondery Plus benefits: Wondery Plus offers ad-free listening and early access to episodes, available for purchase through the Wondery app or Apple Podcasts, and Prime members can access ad-free content on Amazon Music. Completing a survey on the Wondery website allows for tailored content.
If you want to enjoy ad-free listening or access episodes earlier, consider becoming a member of Wondery Plus. This subscription can be purchased through the Wondery app or Apple Podcasts. Additionally, Prime members can listen ad-free on Amazon Music. Before wrapping up, the hosts invite listeners to share some information about themselves by completing a brief survey on the Wondery website. This will help the team tailor their content to better suit the audience. By engaging in these simple actions, listeners can enhance their overall podcast experience.