Prepare yourself for an incredible tale of entrepreneurship. It features a hardscrabble upbringing, relentless optimism, negotiations with Amazonian tribesmen, and some bold guerrilla (“gorilla”?) marketing stunts.
Barnana has been making organic banana snacks since 2012. The founders call bananas “Mother Nature’s energy bar”—hence, the name.
When they started, they didn’t have much money of their own. So, they had to build a business that appealed to investors.
Today, co-founder Nik Ingersoll reveals exactly how they did that. You don’t get into 20,000 stores (including heavyweights like Whole Foods and Costco) without money. But as Nik explains, it doesn’t have to be YOUR money. In fact, one of the most valuable parts of this episode is Nik’s story of how he used “lean startup” principles to raise Barnana’s first round of funding.
Also, ever wondered how much it actually costs to make that healthy snack you’re munching on? Well, Nik breaks down Barnana’s supply chain and profit margins in detail—from working with distributors/middlemen, to using brokers to get Barnana’s products into stores, to getting certified as “organic.”
And he shares some great ways he’s generated free publicity over the years, including the launch of this farcical new product.
This is one of our best episodes yet. Tell us what you think, and subscribe to the show so you won’t miss an episode.
In This Episode We Cover:Nik's background and how he has been hustling since he was a kidStarting various businesses and founding BarnanaHow he taught himself to codeTaking on a huge undertaking by starting a massive retail businessBarnana's crazy supply chainWorking with organic productsHow he raised capital creativelyFiguring things out one part at a timeChannel strategyBest advice for anyone who wants to get into the food retail businessAnd SO much more!
Links from the ShowBiggerPockets Biz SurveyMyspaceForbes 30 Under 30BiggerPockets Business Podcast 09: The Secret to Starting a Risk-Free, Debt-Free Business QUICKLY with Alan DoneganAmazonKraveJerkyRXBarAlibaba
Check the full show notes here: https://www.biggerpockets.com/bizshow19