Podcast Summary
Combining Digital and Traditional Marketing: Successful businesses often need a mix of digital marketing and traditional methods. Understand local markets and evaluate financial metrics to determine viability.
Building a successful business often requires a combination of both digital marketing efforts and traditional methods, such as local advertising and networking. Tony Lamb, the founder of Kona Ice, shared his experience of starting with a shaved ice truck and turning it into a franchise model, which now has over 1,800 trucks across the United States. He emphasized the importance of tenacity and not discounting the value of old-school marketing techniques. For entrepreneurs looking to expand their businesses, Dylan Richter from The Sweet Spot in Hillsborough, Illinois, called in with a question about metrics and milestones to determine the viability of their candy retail shop concept across the country. The discussion touched upon the importance of understanding the local market size and demographics, as well as evaluating financial metrics like revenue growth, customer acquisition costs, and customer retention rates.
Personal experiences and small businesses: Personal experiences can inspire entrepreneurship and create successful small businesses that bring joy and make a big impact in their communities
Personal experiences and the value of time can inspire entrepreneurship, even in unexpected industries like a candy store. Dylan and his family moved from Chicago to Hillsboro to help care for a family member and, after going through a difficult experience, decided to open a candy store as a way to give back to the community and have more control over their time. The store, located on Main Street, became a beloved destination for families and kids, and they are now expanding with plans to franchise the concept. The success of the business is rooted in creating joy and bringing people together in a small town setting. Tony, with experience in franchising Kona Ice, sees potential in the concept and suggests hiring a beloved local to run the franchise locations. The story highlights the importance of personal experiences and the potential for small businesses to make a big impact in their communities.
Finding joy in business: Focus on creating a unique experience and building a solid foundation before expanding, as proven by Dylan's successful $400,000 candy store in a small town
Starting a business, such as a candy store or a franchise like Kona Ice, is not always about trying to conquer the world but rather finding the sweet spot where you can make a good living and enjoy the process. Dylan's experience of losing his father-in-law and wanting to be happy and enjoy life is a reminder that success is not only about revenue but also about creating unique experiences for customers and building a proof of concept. Dylan's first-year revenue of $400,000 in a small town is a testament to this concept, and he plans to experiment with his second store to create more joy and excitement for customers. The key is to focus on creating a unique experience and building a solid foundation before expanding.
Modern Families, Scams: Explore inspiring stories of modern families challenging societal norms through podcasts like 'this is actually happening' and beware of scams impacting individuals and communities as uncovered in 'Scamfluencers' while entrepreneurs should focus on unique products and markets, like Just Fucks needle felting kits.
Families come in various forms and shapes beyond the traditional nuclear family, and there are inspiring stories of those who challenge societal norms and redefine love and family. The "82%" series on the "this is actually happening" podcast on Wondery explores these modern family stories, from an asexual educator raising a child with multiple co-parents to a gay man in the clergy who chose celibacy and created a unique family unit with his straight best friend. Another takeaway is that scams continue to impact individuals and communities, with infamous cases like Teresa Giudice of Real Housewives and a shark tank entrepreneur leaving a trail of financial damage and heartache. The "Scamfluencers" podcast on Wondery uncovers these stories and their aftermath. For entrepreneurs, a lesson from Zach Dietz of Just Fucks, a needle felting kit business, is the importance of identifying a unique product and tapping into a potentially large market, even if it's an unconventional hobby. By sharing the joy and creativity of needle felting with others, Dietz is bringing this niche craft to a wider audience.
Needle felting business: Starting a needle felting business requires building a strong organic following through craft shows, engaging online communities, and creating engaging time-lapse videos.
Starting a business in a niche market like needle felting requires a hands-on approach and building a strong organic following. Friends who have tried needle felting find it less intimidating than crocheting and describe it as a simple yet satisfying process of condensing wool with a needle. However, growing the market and developing customer base is a significant challenge. Tony, who has explored the wormhole of needle felting, shares his experience of encountering it in Asian communities, particularly in Taiwan and England, but not widely in the US. He suggests starting at craft shows and engaging with online communities to introduce the product and gain traction. Although not every hobby translates into a career, Tony is committed to growing his business and sees potential in in-person demonstrations at markets and trade shows. For building a social media following, he recommends creating engaging time-lapse videos of the needle felting process and exploring peripheral topics to grab relevant search terms.
Small business marketing: Experimenting with video content on personal channels or creating a new channel can be cost-effective ways for small businesses to begin marketing. As businesses grow, developing a unique concept and utilizing paid ads, micro influencer campaigns, and design skills can help set the brand apart.
Starting a business on a small scale doesn't mean you have to skip out on marketing entirely. Instead, experimenting with various video content on your personal channels or creating a new channel can be a cost-effective way to begin. As you grow, consider developing a unique concept that sets your brand apart, even if it's challenging. Jennifer from Braid and Wood Design Studio faced similar budget constraints but managed to grow her e-commerce sales and brand awareness through paid ads on Facebook, micro influencer campaigns, and her own design skills. Her story demonstrates that with creativity and persistence, building a successful brand without big marketing dollars is possible.
Strategic partnerships, content marketing: Bradenwood can increase brand awareness and reach a larger audience by forming strategic partnerships with local businesses and influencers, and through content marketing via a blog. Their unique designs and premium pricing position them well to establish themselves as a premium home decor brand, and considering collaborations with larger retailers could lead to significant growth.
Bradenwood, an e-commerce home decor brand specializing in unique air plant hangers and shelves, can increase brand awareness and reach a larger audience beyond digital advertising by forming strategic partnerships with local businesses and influencers. Additionally, content marketing through a blog can attract potential customers and provide valuable information about their products. The brand's unique designs and higher price point position them well to establish themselves as a premium home decor brand, and considering collaborations with larger retailers in the future could lead to significant growth. While the ultimate goal is to become a self-sustaining, well-known brand, taking calculated risks and making "big swings" can lead to valuable opportunities.
Content platform benefits: Creating and maintaining a content platform can lead to reaching a dedicated audience, building a community, and significant business growth.
Creating and maintaining a content platform, such as a newsletter or a blog, can be time-consuming and may raise the question of whether it's worth the effort. However, the potential benefits, such as reaching a dedicated audience and building a community, can have a significant impact on business growth. Additionally, it's important to consider the balance between income and the added responsibilities and complexities that come with scaling a business. Some people may find happiness and fulfillment in running a small business that allows them to make a good living and have a good work-life balance. It's essential to evaluate individual goals and circumstances to determine the best path forward.
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If you're enjoying this podcast and would like to listen ad-free or get access to episodes early, you can consider becoming a member of Wondery Plus. This subscription is available through the Wondery app or on Apple Podcasts. Additionally, Amazon Prime members can enjoy ad-free listening on Amazon Music. As a token of appreciation for your listening experience, Wondery encourages its audience to fill out a short survey at Wondery.com/survey to share some information about themselves. This not only helps the team understand their audience better but also allows them to tailor their content to meet your preferences. So, by taking this small step, you're not only enhancing your listening experience but also contributing to the growth and improvement of the podcast.