« Side Hustle School

#719 - Wall Street Banker Places “Buy” Order on Organic Superfoods

2018-12-20

A journey from Wall Street to a healthy snack alternative—and then to a brand new career. 

Side Hustle School features a new story EVERY DAY of someone who started a hustle without quitting their job. You’ll learn how they got the idea, how they overcame challenges along the way, and what the results are.  Share: #SideHustleSchoolShow notes: SideHustleSchool.comTwitter: @chrisguillebeau

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Hey. What's up everyone, its critical about recital score: special announcement: asthma! Kick off today's episode, I'm happy to tell if the official site us all school Alexa, Flash briefing is now up in beta if you have an Amazon, echo device. You can now here a quick one minute highlight from one of our most popular episodes from the catalogue, along with a quick temper lesson: and you can get that every single day. It is completely free, just like a regular episodes here on attached, so to add that to your flash briefing, just search recital school in your election, app settings, and if you have not tried a flash breathing yet you're, not sure how it works, I get it. It can be a little confusing just come to satisfy school dot com, slash, Alexa, a l e ex egg, and we put some info up there to show you exactly how it works all right, I'm with a show in today story a Wall Street banker places by order on organic super foods. I mentioned
data. We have raised the bar for any story that has to do with Etsy, just because we ve had so many to make sure they were always bringing you real value, while he paleo friendly snack category of cyclical school is starting to be like that. You have to do something special to be featured I'll, paleo snack stories from here on our need to be next level or have some kind of major Tipp or lesson the shop and again, the Good NEWS for listeners is. That means we are levelling up. In fact, your number three, which is coming soon just a little bit over ten days, is all about levelling up so more to come about this, but first a quick China to sponsor and I'll tell you about this Wall Street banker places a by order on organic super foods. Support for this podcast comes from octave. What's your mother's maiden name the name of your first pet. We have another question: why are security solution still asking the same verification questions its twenty twenty? It's time you business, which is to a security solution that not only is bill for this decade, but can guide you into the next one with an identity, centric approach to Security ACT,
Naples organizations to choose any technology integrated rapidly and deliver a security solutions that provides a seamless experience without making it harder for your employees, often not, and pushes you security forward, but it pushes your business. It is well so we Ask you one last question: what's your favorite security solution learn more about how you can improve your security PA share with the leader and identity, german security at Oxford, DOT, com, slash the answer: that's ok, tee a dot com, slash the answer. Cindy poise, wasn't it banker in the energy sector on Wall Street the demanding job consisting of twelve plus our dates. Rarely having enough Just Nega meal outside the office, she ate lunch at her desk almost every day, but sometimes she'd also want to snapped Miss, prove difficult to because of her dietary restrictions. You see Cindy adhered to.
Strict, paleo diet, no dairy, no grains, nothing refined or processed snacks at work just warded. And none of the nearby coffee shops in vending machines provided her with anything close. So she began experience. What different combinations enriching eventual She found one she liked. It was the perfect asset allocation of seats, nuts in spices. She named this creation supernova and began, bringing it The work like James Brown Song, I feel good, her paleo firmly snacks were a hit which is bidding because that's exactly how're snacks made people feel good. Wasn't long before colleagues suggested. Start selling supernova at farmers markets. She could at least tried out see what response was, so she did in her first I was in the amount of thirty dollars. She framed a twenty, ten dollar bills to celebrate in his kept them to this day ass, she said: small beginnings can lead to bigger thinks after those small ones, at the farmers market, Cindy moved back home to health care for her father. While she was there, she decided to follow her passion with supernova. She put a plan in place,
The money saved from her job on Wall Street looking back at home, allowed her to save even more money and reduced her expenses, but she had Oliver In family, serving as a support for it. She already knew she had a great product wanting to kick things up. A notch Cindy began researching off. To move operation out of her kitchen and into a place with a larger production capacity. She said the research was exhausting, but worth it for total start up, costs were around twenty thousand dollars. This included finding a nearby facility shipping receiving in packaging, as well as testing ingredients in passing health inspections. To make sure her facility was up to coat. Selling it farmers markets was one thing, but moving to a facility, worse manufactured at scale, was entirely new to her. She took a few things the consideration when deciding how much to charge for back she thought about the cost of goods, retarget, profit margin and the suggested retail price for doing some math. She landed on fifteen dollars, a back which he quickly realized wooden generate much profit, but she also knew she couldn't sought for much more.
In what became a critical decision. She ended up, reducing the size of the bag, to a single, serve on the go size and lower the price to three dollars. That's why it was a big hit that allowed her to sell the products in airports, gems and other on the go locations which turned out to be critic In terms of marketing, Cindy rely primarily on grass roots campaigns to raise awareness. She attended every meet up, sampling event expo in conference. She could find nobody it superfluous in front of his many vendors as possible to even reached out to food writers and enthusiasts to build relationships. We ask her what didn't work. She said everything except grassroots. She tried all sorts of things. She tackled the sports nutrition space, she marketed toward coaches athletes and sports teams. But with all these efforts, she found it bigger brands with bigger budgets like gator aid were taught to compete against, suffer now she sticking to the pillow space and that organic grass roots Ok, it's been just two years since she started and Supernova has come a long way in your number one. She sold four thousand units this year. To date, she sold over three hundred thousand one of
Many freedom city is found in this. Business is having more control over the taxes that are taken out of a paycheck snow surprise. She loves deductions. After all, she did used to work on Wall Street and she now hopes to expand the supernova brand across the country that ran in the throes of a bull market, with no market crash in sight congratulations to Cindy. I'm gonna be on the lookout. Supernova, maybe you wanna check it out to now. I often talk about the importance of knowing your idea customer. So for a situation like this any thing, that's targeting somebody with a specific diet. You can get really really tight and specific onto that person is
and something I dont think we talked about very much is asking yourself, as you kind of understand, that imaginary customer that ideal person, not there ask yourself: where is your audio customer, making purchasing decisions, because in the food business in a lot of people, think about the radio customer making decisions at the grocery store, for example, but there's all kinds of other places where people by fruit and thats? Why? I think in the key here with this story, one of the critical factors, as mentioned briefly, was the switch from the big bag price: fifteen dollars Judy single serving sales at three dollars, because it's a totally different market of people who are buying stuff at the jam or on the go at the airport than it is for people who are going to the grocery store to buy there, it doesn't mean in the long term. She can't target both of them. In fact, maybe that's what she's having to do with her expansion round being able to be more store, shouts, etc. But I do think it's a really significant switch to go from the big bag to the single serving. It seems. That's one of the things that is allowed her to be so six along with, of course, having a legit high quality food product. So think about that, ask yourself
is your ideal customer, and where does that person make their purchasing decisions? It might be you to make a different decision of your own. Perhaps it might just get you thinking, which is also get the shots for today. Episode are satisfied. School dotcom, slash, seven, one nine and is. Seven hundred and nineteen, as I said, going got? The Amazon elects a flash breathing. Let me out If you are an echo device owner I'll, tell you more about that in the days to come as well ready for your number three happy holidays. Take care of yourself out there once again, they miss about this is site also school.
Transcript generated on 2020-04-27.