Margins, Capital, Time & Purpose with Jared Kligerman of The Think Tank
There is much to consider when launching a product in the retail space. Joining us today to discuss the tribulations he faced through the process of launching (and subsequently closing) Wander Nut Butters, is The Think Tank’s president, Jared Kligerman. Jared’s mission with The Think Tank is to aid small businesses in standing out from the crowd and engaging customers.
In this episode, we find out how his experience of running his own small business made him a better advisor, and what he learned through the process. He shares his marketing approach and touches on the four cornerstones of a successful startup, namely margins, capital, time, and purpose. Tune in to find out why it’s essential to be flexible in the startup space and to never stray from the black and white when it comes to financial decision-making.
Key Points From This Episode:
The Think Tank’s succinct elevator pitch.
Learn about the impetus behind Jared Kligerman’s former company, Wander Nut Butters.
Jared’s approach to marketing.
How his experience with Wander Nut Butters aids his mission at The Think Tank.
Wander Nut Butters’ early wins and subsequent challenges.
The complexity of retail in Canada versus the US.
Insight into the nuances of altering pricing to raise margins.
The importance of thoroughly researching your category before launching a product.
An overview of the arduous process of shutting down a business.
The importance of being committed (but not attached) when it comes to business.
Requirements for a successful business: margins, capital, time, and purpose.
Key lessons Jared learned about himself through launching a brand.
The importance of knowing your strengths before striking out as an entrepreneur.
Why it’s essential to be flexible in the startup space.
How Jared got involved with The Think Tank, what they do, and what his role entails.
The expense of certain certifications.
Unpacking the danger of assumptions.
Tweetables:
“Now that I understand that smaller brand space so much better, I can better tweak what we do at the agency to try and fit more brands and we’re now at the stage where I can do it.” — @Jklig [0:09:24]
“I thought I knew how expensive it was to get onto a shelf and I was wrong. I was off by a considerable amount. It was way more expensive to get to shelf than I thought.” — @Jklig [0:17:16]
“More founders need to do more research before they hit play and jump in full tilt.” — @Jklig [0:26:12]
“The bigger you get, the longer it takes to wind it all down.” — @Jklig [0:31:14]
“Stay black and white in your decision-making when it comes to finances.” — @Jklig [0:33:39]
