Run With It - Business Ideas from Successful Entrepreneurs

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Summary

During the 2020 global pandemic, Craft Spirit Distilleries have scored surprise wins by pivoting to produce hand sanitizer. Listen to James Henderson describe a business idea that capitalizes on this fact.

Show Notes

Nuggets:

  • The value of the product goes beyond its functionality; for two equal quality products, the one that makes consumers feel better about themselves will win
  • The snob effect is a documented phenomenon wherein a higher price point can actually increase the demand for a product or service.
  • During a tumultuous time people who want to be perceived as doing okay may be a market for your products
  • Some Craft Distillers are making bank by producing hand sanitizer instead of spirits
  • Networking to develop one business can lead to other opportunities

Action Steps:

  1. Build a list of distillers who are currently making hand sanitizer.
  2. Contact your list and see who would list a product online and allocate stock to you.
  3. Act as an affiliate and drop ship the product.
  4. Hire a designer on Fiverr to create branded mockups for post-pandemic sanitizer packaging and marketing so you can help distilleries make this work.
  5. Market through the existing channels of the distilleries, through bars and restaurants.
  6. You might donate a portion of your proceeds to support a relevant cause.

Follow through on these action steps and email us your results at update@runwithit.fm. You'll get exclusive access to a private Facebook group of action takers and one listener will earn a free mentorship call with our guest, and potentially, a business partnership.

Links:

Australian Podcast Awards Finalist, Economist and Accidental Festival Owner, James Henderson develops audio brands with his businesses, Aych Media and CBD Entertainment in the Media and Music industries, respectively. His holding company commits to a broad philosophy to 'elevate universal consciousness'.

What is Run With It - Business Ideas from Successful Entrepreneurs?

Successful CEOs have plenty of new business ideas. Aspiring entrepreneurs are in need of them. Run With It bridges this gap, bringing you business ideas and action steps from established entrepreneurs. Follow through and you can earn a free mentoring session with our guest, and potentially, a new business partnership.