Podcast Summary
Monetizing what you already have: Airbnb and business growth: Renting out a spare room on Airbnb can be an effective side hustle. Planning for future growth and acquisition is essential for entrepreneurs.
Monetizing what you already have, such as renting out a spare room on Airbnb, can be an easy and effective side hustle. The speaker shares her personal experience of writing in remote cabins but hating the idea of leaving her house empty, leading her to become an Airbnb host. She emphasizes that Airbnb makes it easy for anyone to get started and that your home might be worth more than you think. Another key point from the discussion is the importance of planning for the future, even for entrepreneurs. Megan Asha, a former founder and current CEO of Founder Made, explains how her company helps up-and-coming companies connect with major retailers. She shares her experience of selling her company and encourages listeners to consider various paths for their businesses, including growth and acquisition. Overall, the conversation highlights the potential of leveraging what you have and planning ahead to create opportunities for personal and financial growth.
From dinner series to D2C trade show business: Identifying audience needs and staying true to goals led a dinner series to evolve into a successful D2C trade show business during the pandemic
Adaptability and pivoting in business, especially during challenging times, can lead to success. The speaker started a dinner series as a side project, but it evolved into a trade show business in the consumer packaged goods (CPG) industry, even during the pandemic. Despite initial doubts and lack of experience, the speaker transformed the business into a direct-to-consumer (D2C) platform, making it stand out in the industry. This pivot not only saved the business but also made people care about trade shows online. The speaker's honesty and passion for connecting people led to the initial idea, and the ability to identify the needs of their audience helped them turn it into a profitable business. The speaker's story is a reminder that even when faced with significant challenges, being open to change and staying true to your goals can lead to unexpected opportunities.
Importance of support system and learning from experienced investors: Raising capital requires a strong network and determination. Bringing on a long-term thinker like a CFO can help entrepreneurs focus on the future. Authenticity and honesty are essential in sharing the entrepreneurial journey.
Starting a business requires support from a strong network and the willingness to learn from those who have gone before you. The speaker shared her experience of raising seed capital from angel investors, some of whom were impressed by her energy and determination. She emphasized the importance of having a support system, especially in the early stages of entrepreneurship. As the business grew, the speaker brought on a CFO who helped her think about the long-term goal of selling the company. This experience taught her the value of looking beyond the present and being open to new possibilities. The speaker also emphasized the importance of authenticity and honesty in sharing the entrepreneurial journey, rather than presenting a glamorous or idealized version of the experience.
Importance of having the right team during uncertain times: Be open to inbound offers, do diligence work internally, and have a strong internal team to prepare for a successful sale during uncertain times.
Having the right people in operations and finance is crucial for scaling a business, especially during uncertain times. The speaker shares an unexpected experience of selling their company during the pandemic, which was initiated by a chance encounter at a coffee meeting. They emphasized that being open to inbound offers and doing the diligence work internally can save on fees paid to external advisors. The speaker's company was able to pivot and demonstrate growth during the pandemic, leading to a successful sale. Ultimately, the decision to sell depends on personal goals, and being prepared with a strong internal team can lead to a better outcome.
Scaling a business with industry partnerships: Entrepreneurs can benefit from industry partnerships, such as acquisitions by experienced companies, for resources and growth. Stay involved, meet KPIs, and earn out payments can be part of the deal.
For entrepreneurs looking to scale their business and derisk it during uncertain times, considering an acquisition by a seasoned industry partner can be a wise decision. The speaker, who went through this process during the pandemic, emphasized the benefits of partnering with a company like Tarsus Group, which has 30 years of experience and a global footprint. This acquisition not only provided the necessary resources for growth but also allowed the entrepreneur to stay involved in the business and be incentivized to meet specific performance indicators (KPIs) over a certain period. An earn out is a common arrangement in such deals, where the seller receives payments based on the business's performance over a specified time. It's essential to note that this is just one aspect of mergers and acquisitions, and more representation and visibility of successful minority women entrepreneurs in this field can help challenge the stereotype that it's a man's game.
Reach out to retailers directly and send samples: Directly contact retailers, send samples to increase chances of successful partnerships and expand customer base
Building relationships with big retailers can significantly help new brands get their products noticed. Meggen, a marketing expert, suggests reaching out to these companies directly and sending them samples to consider for stocking. This approach allows potential buyers to experience the product firsthand, increasing the chances of a successful partnership. By following this advice, new brands can take a proactive step towards expanding their customer base and growing their business. So, if you're creating a product, don't just tell retailers about it – show them. The proof is in the product itself. Remember, getting your product in front of the right people can make all the difference.
![Superdry Founder Julian Dunkerton (Net Worth £441m) [Business, mindset, entrepreneur, disruptors]](https://www.podcastworld.io/podcast-images/disruptors-kt0uj0xy.webp)
