DeepSummary
The podcast episode features Guy Raz and Pete Maldonado, co-founder of Chomps, taking calls from aspiring entrepreneurs and providing advice on various business challenges. The first caller, Jennifer Ballen, owns a sourdough bagel company called Badass Bagels and seeks guidance on whether to franchise, open more brick-and-mortar locations, or venture into consumer packaged goods.
The second caller, Brandi Shelton, owns Just Add Honey Tea Company and inquires about strategies for getting her loose leaf tea products into big-box retailers while maintaining profitability and her brand's essence. Pete advises her to start with Whole Foods and leverage her unique sourcing story.
The third caller, Jake Meyer, co-owns a commercial salmon fishing business in Alaska and wants to explore direct-to-consumer sales to mitigate price volatility. Pete and Guy recommend aggressive door-to-door sales, leveraging his personal story, and creating engaging content to build a customer base.
Key Episodes Takeaways
- Entrepreneurs should be prepared for the challenges that arise after securing retail shelf space, such as quality control, trade spend management, and retailer fees.
- When considering franchising, it's crucial to partner with dedicated individuals who treat the business as their primary focus.
- Leveraging personal stories and unique sourcing narratives can differentiate a brand and captivate customers.
- Starting with regional retailers like Whole Foods can provide a testing ground and valuable insights before pursuing national distribution.
- Aggressive door-to-door sales, coupled with engaging content creation, can be an effective strategy for building a direct-to-consumer customer base.
- Entrepreneurs should carefully evaluate potential partnerships and distribution channels to align with their long-term vision and personal fulfillment.
- Resilience, perseverance, and an unwavering focus on the end goal are essential for overcoming challenges and achieving entrepreneurial success.
- Incrementality and serving an unmet customer need are key considerations when positioning a brand and competing against established players.
Top Episodes Quotes
- “One of the things that I remember about your appearance on the show is how you really worked to learn how to be a better deal maker. Right. Which is a critical skill for any entrepreneur to learn, for sure.“ by Pete Maldonado
- “Selling to the retailer and getting on the shelf is the easy part. That's when the work starts.“ by Pete Maldonado
- “You've got to start telling your story because that's something that no one else could replicate. No one else could take that from you.“ by Pete Maldonado
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Episode Information
How I Built This with Guy Raz
Guy Raz | Wondery
5/2/24
Former guest Pete Maldonado, co-founder and co-CEO of Chomps, joins Guy for another “Advice Line” edition of HIBT Lab.
In this episode, we’ll meet Jennifer, a sourdough bagel slinger thinking about taking on 'big cream cheese.' Then Brandi, a tea shop owner hoping to bring her blends to big box retailers. And finally, Jake, an Alaska native trying to bring fresh wild salmon to Utah…even if he has to knock on every door north of Salt Lake.
If you’d like to be featured on a future Advice Line episode, leave us a one minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.
And check out how Pete and his partner Rashid scaled the Chomps brand, from his first appearance on the show last year.
This episode was produced by J.C. Howard with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Gilly Moon.
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