Bet Everything On a Late Night Epiphany...
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For 2.5 years, Tim juggled his job and his small business, using his commission checks to fund SquareKeg’s development. But just as he was ready to dive into entrepreneurship full-time, his world was shaken by his wife’s cancer diagnosis. Despite the personal challenges, Tim’s entrepreneurial mindset pushed him forward.
In this episode, Tim Loucks takes us through his journey with SquareKeg, a business that caught the attention of Shark Tank in 2022, securing a deal with Kevin O’Leary and Mark Cuban. With $100K/month spent on marketing, SquareKeg generates an impressive $350K/month in revenue.
Tim shares the three essential steps to starting a business like his, his experiences on Shark Tank, and the significance of securing a patented product. This interview also dives into the mindset necessary to overcome life’s toughest battles as a business owner.
Resources:
https://bit.ly/4c0bNGx - Start or Grow Your Business with UpFlip Academy
https://thesquarekeg.com/ - Find Out More About Tim's Keg Business
Timestamps:
00:00 - START
00:56 - The idea of SquareKeg
02:59 - Press brake demo
04:56 - The “tacking” process
05:47 - First production run
08:41 - Avoiding 3PL
11:57 - Pressure testing demo
14:36- Fan blitz
15:57 - Quitting the 9-5
18:02 - Citric acid dipping
19:05 - Revenue
20:20 - Relationship with a brewery
22:19 - From B2B to B2C
23:07 - Role of mentors
24:48 - Marketing
26:08 - Monthly overhead
26:58 - Bringing in Angel investors
29:21 - Sample of a failed product
30:10 - In-house manufacturing vs Outsourcing
31:28 - Patent protection
33:40 - From idea to reality
34:56 - Email list
35:53 - Losing money
36:37 - Production
38:12 - Advice to fellow entrepreneurs
39:18 - Outro
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Tim Loucks was deep in a sales career when inspiration struck him in the middle of the night. The idea? SquareKeg, a product that would revolutionize the beverage industry.
#business #smallbusiness #startingabusiness
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