How to Build a Successful Business From a Kickstarter Campaign
Box subscriptions. Are you one of the 16 million households that receives a monthly gift box? Today, you’ll learn about starting a subscription box service, the inner workings of venture capital businesses versus bootstrapping or start-up businesses, insider info on two-sided marketplaces, and how a Kickstarter campaign could change your business.
I’m talking with the creator of my family’s favorite subscription box service – Michael Salguero, CEO & founder of ButcherBox; the first service dedicated to the ethical treatment of animals, delivery of “clean” meat & exceptional customer service.
A subscription service is a monthly box shipment containing the best of a particular item you subscribe to, chosen by a person (or company) of expertise that you trust to put the box together for you. It’s a relatively new and very competitive industry, and it’s difficult to make it, unless you’ve got a way to stand out.
Monthly gift boxes often contain things like makeup, snacks, or skincare, but in this case, we’re talking about the delivery of grass fed, grass finished, hormone free, free range, organic, heritage breed, ethically raised meat. After learning the difference in quality and the effect on our health, it’s what my family eats as well as many members of the 131 Method.
In This Episode on Box Subscriptions, Venture Capital & Bootstrapping, You’ll Learn:
- Michael’s secrets for growing ButcherBox to a 30 million dollar business in 2 years.
- How he started his first venture backed business, why it didn’t work, and why he walked away to start ButcherBox. (3:05)
- What a two sided marketplace is and how these types of business models quickly became popular and profitable. (8:41)
- The downfalls of starting a venture capital business. (9:38)
- Why Michael decided to start ButcherBox as a bootstrap or startup business versus using venture capitalism. (11:40)
- 2 entrepreneurial mindsets that are a trap and will leave you stuck when starting a business. (14:52)
- How Michael got the confidence to start a business in an area he knew nothing about and how you can, too. (16:25)
- How it’s possible to start a crazy successful business with a Kickstarter campaign. (17:38)
- Michael’s biggest setback and greatest lesson learned when starting ButcherBox, and how you can apply it to your own business. (20:33)
- If “bootstrapping” your business (versus taking on investors in your business) means slower growth. (24:45)
- If you really need an MBA to be successful in business. (26:48)
- The CEO of ButcherBox’s biggest tip for entrepreneurs. (29:31)
- What employee to hire first in a new and growing business. (32:00)
- How ButcherBox found their initial customers without using advertising. (36:10)
Given that ButcherBox is all about providing its customers with the highest quality meat, Michael also touches on interesting information about the importance of understanding food labels. There’s a major difference between factory farmed meat and humanely raised, hormone free, antibiotic free, free range, grass fed, grass finished, organic meat.
For more information on animal protein, how you might be consuming more than you really need, and the details on grass fed beef and food labels, check out the other interview I did with Michael on The Chalene Show: The Meat Controversy and the Grass Fed Beef Label.
This interview was fascinating on so many levels. I hope you enjoy it as much as I did! I’d love to hear your thoughts below! Leave me a comment at the bottom of this page, or record a quick message!
Important Links from this Show on Venture Capitalism vs Start Up Businesses:
Want to try ButcherBox? Use this link for $20 off + free bacon!
I’ve said it before, and I’ll say it again, if you’re even considering starting a business, you need to think about your health, especially your brain health. And that starts in your gut. That’s why I created the 131 Method.
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