If you’ve ever stood in line at a bar or a drinks cart, you’ve probably felt frustrated. This is exactly what gave the idea of For MyBeverageoriginally known as PourMyBeer.
The company uses innovative technology to solve this near universal problem. Learn about their system and the company’s journey in this week’s Small Business Spotlight.
What the company does
Offers beverage pouring systems.
Founder and CEO Josh Goodman told Small Business Trends, “We’ve invented a way for patrons in bars, restaurants, hotels, stadiums and golf courses to access and pay for drinks as they go. measure. This method of dispensing is 400% more efficient than any other beverage vending method and requires 50-70% less staff than traditional beverage vending methods.
Provide reliable and durable solutions.
Goodman says, “Our systems have never been replaced, while we have replaced approximately 20% of our competitors’ systems that they have sold. This is due to better designed hardware and software, combined with a commitment to not let our customers down. »
How the company started
After a negative experience in a traditional bar.
Goodman explains: “One evening in a bar in Baltimore, it took me 20 minutes to get a drink and the idea occurred to me: ‘I have the right to pump my own gasoline, why can’t I not serve me my own beer? I obsessed over this for a few weeks and wrote a business plan, then built my own prototype and learned how to write code to allow customers to pour their own beers.
Close deals and grow over time.
Goodman says, “Initially, it was about closing the first deals to allow the company to survive even its first year. Later I would say it was our first $500,000 month and we could hire more people to keep up with the growth. The most recent major victory should be the conclusion of the agreement with Coca Cola partners EuroPacific to buy 25% of our company. This partnership has opened many more doors that would not have been opened otherwise.
The greatest risk
Make a big investment with a new partner.
Goodman adds, “In November 2014, with few options, I took out one of those payday loans that you have to pay back daily, I cashed in all my remaining 401k + Dunkin shares to place a $100 deposit. $000 from the Austrian engineering company to manufacture our own proprietary Self-Pour technology. I had never sent so much money anywhere, let alone overseas. I trusted them and needed a product by April 2015. I figured if it didn’t work, at least I would come out in a blaze of glory. Fortunately, he did.
Find trusted partners.
Goodman explains: “From 2010 to 2013, I worked with shady business partners in Ireland. They never had my best interests in mind, but I was blinded by my enthusiasm to continue down this path. Although I have learned a lot during this time, dealing with people whose morals and values are not aligned is never worth it.
How they would spend an extra $100,000
Taking their mobile concept.
Goodman says: “I would build 2 self-pouring trailers for the events so we can prove how much more effective this is than expecting concertgoers to line up for 20 minutes for a drink. .
Their specialty is not beer.
Goodman says, “Although we started our business as PourMyBeer, the number one selling product in the country every month through our system isn’t beer, it’s margaritas on tap. Our best location sells over $60,000/month in margaritas on tap. »
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Image: For MyBeer
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