Beth Benike
π€ PersonAppearances Over Time
Podcast Appearances
We have a line of products that range from $10 to $30. But the Hero product, the one everybody knows from Shark Tank, that runs $30 retail.
We have a line of products that range from $10 to $30. But the Hero product, the one everybody knows from Shark Tank, that runs $30 retail.
I mean, I think lifetime sales were over $15 million.
I mean, I think lifetime sales were over $15 million.
There's my brother and I full-time, and then we have three other full-time employees. And then we just brought on two part-time employees to help us. I was just named, actually, less than a month ago. The SBA gave me a wonderful award.
There's my brother and I full-time, and then we have three other full-time employees. And then we just brought on two part-time employees to help us. I was just named, actually, less than a month ago. The SBA gave me a wonderful award.
Yep. Small Business Administration awarded me Small Business Person of the Year for Minnesota.
Yep. Small Business Administration awarded me Small Business Person of the Year for Minnesota.
And then this past November, we launched in Walmart for the first time. And then just last month, we launched in Target. For a business our size, that's massive. Huge. It was years of effort to get there.
And then this past November, we launched in Walmart for the first time. And then just last month, we launched in Target. For a business our size, that's massive. Huge. It was years of effort to get there.
So I think what a lot of people don't know isβ You make a contract with the retailers. You agree to a certain price that they're going to pay for your product. And then it's a risk for me. Like, we don't know how it's going to sell. But we know we have this contract and it lasts a year. And we've made the guarantee that we're going to supply them with product for this year.
So I think what a lot of people don't know isβ You make a contract with the retailers. You agree to a certain price that they're going to pay for your product. And then it's a risk for me. Like, we don't know how it's going to sell. But we know we have this contract and it lasts a year. And we've made the guarantee that we're going to supply them with product for this year.
And so I had to take out additional loans to cover that cost. So I have SBA loans through my bank. But because I already had other debt, I had to leverage my personal property as collateral to get the loan.
And so I had to take out additional loans to cover that cost. So I have SBA loans through my bank. But because I already had other debt, I had to leverage my personal property as collateral to get the loan.
Yep. Big deal. Big deal. Big risk. Big risk. And every small business that eventually ends up in one of those retailers, it's the biggest risk.
Yep. Big deal. Big deal. Big risk. Big risk. And every small business that eventually ends up in one of those retailers, it's the biggest risk.
I mean, we expected the tariffs. Up until that point, we haven't ever paid tariffs. Our product falls into a category that hasn't had tariffs. We pay tax and duty, but we haven't had tariffs to date. So we knew that was going to be a new thing for us, and we budgeted expecting reasonable tariffs of 20 to 30 percent.
I mean, we expected the tariffs. Up until that point, we haven't ever paid tariffs. Our product falls into a category that hasn't had tariffs. We pay tax and duty, but we haven't had tariffs to date. So we knew that was going to be a new thing for us, and we budgeted expecting reasonable tariffs of 20 to 30 percent.
Yeah, we knew that was coming. An overwhelming number of people voted Donald Trump into office, and he talked nonstop that that was something that was going to happen. So we expected to have tariffs. Never in a million years would I expect that tariff would be 145%. Never.
Yeah, we knew that was coming. An overwhelming number of people voted Donald Trump into office, and he talked nonstop that that was something that was going to happen. So we expected to have tariffs. Never in a million years would I expect that tariff would be 145%. Never.