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Beth Benike

👤 Person
174 total appearances

Appearances Over Time

Podcast Appearances

The Daily
Her Business Was Thriving. Then Came the Tariffs.

And we would have to come up with that in the 30 to 40 days it takes for the product to get to the U.S. ? And I can't get any more loans. I'm fully leveraged. I have my house on the line already. I can't get more loans. I can't come up with that kind of money.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

And we would have to come up with that in the 30 to 40 days it takes for the product to get to the U.S. ? And I can't get any more loans. I'm fully leveraged. I have my house on the line already. I can't get more loans. I can't come up with that kind of money.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Once it hit over $100,000, there was no way we could afford to import our products anymore. And that's when we decided to just abandon it in China until we could figure something out. So the products are currently sitting at my factory. They've graciously offered to store them for us at no cost until we can find a new direction.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Once it hit over $100,000, there was no way we could afford to import our products anymore. And that's when we decided to just abandon it in China until we could figure something out. So the products are currently sitting at my factory. They've graciously offered to store them for us at no cost until we can find a new direction.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Well, here's the thing. I'm not in a face-off with the administration because I'm not a player in the game. I'm a pawn. There's literally nothing I can do. And I was coming up with strategies, but then any strategy I came up with, I'm afraid to execute it because the policy changes every 24 to 36 hours.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Well, here's the thing. I'm not in a face-off with the administration because I'm not a player in the game. I'm a pawn. There's literally nothing I can do. And I was coming up with strategies, but then any strategy I came up with, I'm afraid to execute it because the policy changes every 24 to 36 hours.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

One strategy, which I have now since learned is illegal. But what a lot of people are talking about and are recommending is export your products to a different country. repackage them, and then re-import them to the U.S.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

One strategy, which I have now since learned is illegal. But what a lot of people are talking about and are recommending is export your products to a different country. repackage them, and then re-import them to the U.S.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

But you still have to make a change to it. You have to make a physical change to the product, the packaging. So we were thinking, well, we have some friends, personal friends that live in Australia. We could send it to Australia. We could then have them help coordinate repackaging and then import it from Australia. And with the 90-day pause, we'd only pay 10% tariff.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

But you still have to make a change to it. You have to make a physical change to the product, the packaging. So we were thinking, well, we have some friends, personal friends that live in Australia. We could send it to Australia. We could then have them help coordinate repackaging and then import it from Australia. And with the 90-day pause, we'd only pay 10% tariff.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

But that is country of origin fraud. So instead, I'm pivoting. I'm shifting gears. I'm going to try to find a way to sell it in another country. There are babies all over the planet. I unfortunately cannot sell it to Americans once I run out of what's in my warehouse right now, unless something changes, obviously. So I'm going to start looking for ways to sell it overseas.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

But that is country of origin fraud. So instead, I'm pivoting. I'm shifting gears. I'm going to try to find a way to sell it in another country. There are babies all over the planet. I unfortunately cannot sell it to Americans once I run out of what's in my warehouse right now, unless something changes, obviously. So I'm going to start looking for ways to sell it overseas.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Yep, that's what it's supposed to do. I have gone very deep down the research rabbit holes for my options for producing in the US. We did try to produce in the US initially. Once we got started and had market validation, we did work with a company in Minnesota to try to produce it here. There are some nuances to our type of manufacturing.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Yep, that's what it's supposed to do. I have gone very deep down the research rabbit holes for my options for producing in the US. We did try to produce in the US initially. Once we got started and had market validation, we did work with a company in Minnesota to try to produce it here. There are some nuances to our type of manufacturing.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

We have compression molding, which is a different kind of manufacturing machine than typical. We have the requirement to be a clean facility because our products go in baby's mouth. So it has to be a sterile facility. It can't just be any old factory. So now I have two options. I'm very fortunate that I have a 10,000 square foot commercial space in my building that's available for lease.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

We have compression molding, which is a different kind of manufacturing machine than typical. We have the requirement to be a clean facility because our products go in baby's mouth. So it has to be a sterile facility. It can't just be any old factory. So now I have two options. I'm very fortunate that I have a 10,000 square foot commercial space in my building that's available for lease.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

I could build my own factory in there. Like I own the building. I could build my own factory. So if we just like quickly look at that route, I got pricing for the machines that I need. I need eight different machines to make my products. The total of that, if I bought the machinery from China, would be just under $400,000. Wow.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

I could build my own factory in there. Like I own the building. I could build my own factory. So if we just like quickly look at that route, I got pricing for the machines that I need. I need eight different machines to make my products. The total of that, if I bought the machinery from China, would be just under $400,000. Wow.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Now, do I have to pay 145% tariff on top of that to get the machinery to be able to manufacture? Right now, probably. Yeah. So now we're doubling my cost to even set up manufacturing. But let's just say I don't. Then I have to find somebody with the expertise to set up the manufacturing and to run the manufacturing. But because this type of manufacturing doesn't really exist in the U.S.

The Daily
Her Business Was Thriving. Then Came the Tariffs.

Now, do I have to pay 145% tariff on top of that to get the machinery to be able to manufacture? Right now, probably. Yeah. So now we're doubling my cost to even set up manufacturing. But let's just say I don't. Then I have to find somebody with the expertise to set up the manufacturing and to run the manufacturing. But because this type of manufacturing doesn't really exist in the U.S.