All-In Decisions with Kaitlin Smith of Simple Mills

Scaling a business involves risks. Guy Raz shares an example of taking calculated risks in marketing to fuel growth.

"They took a million dollars... to buy advertising, 18 months of advertising on the Howard Stern show... It was very risky, but... people love Howard Stern... There's something about a person... if you listen to that person and you trust them, and they're talking about something, that could be useful for them, it could have a huge impact."

• Strategic, well-placed risks can boost growth. • Targeted marketing can yield high returns. • Build trust through authentic endorsements.

Leveraging family support can benefit startups. Guy Raz suggests involving family members in the business.

"I've got a job for your son or daughter. Why don't you sic them on the website?... Your 15 or 16-year-old's gonna figure it out faster than you will... sit them on that, say, figure this out, make it easy to order it online, clean up the website, make it a little nicer, just start there."

• Involve family members to contribute skills. • Leverage tech-savvy youth for digital tasks. • Delegating tasks enhances efficiency and engagement.

Product adaptation can be essential for successful manufacturing partnerships. Caitlin Smith advises on aligning with manufacturers' capabilities.

"Finding a manufacturer who's willing to blend together flours is a lot easier than finding a manufacturer who's willing to make a cracker out of an alternative ingredient. And so it's kind of starting at a place that's a little bit easier and then moving to that difficult place."

• Start with products that are easier to produce. • Introduce complex products as relationships build. • Align initial products with existing manufacturing capabilities.

With declining effectiveness of social media ads, alternative strategies are needed. Caitlin Smith discusses adapting to these changes.

"Customer acquisition over social media has really dropped... One of the things we thought about when we had a very tiny marketing budget was really spending those dollars as close to the person who's going to buy it as possible."

• Recognize shifts in acquisition channels' effectiveness. • Focus on initiatives that engage customers at purchase points. • Adapt marketing strategies to current trends.

Founders often feel pressure to have all the answers. Caitlin Smith emphasizes the importance of being open to learning.

"One of the greatest parts about being an entrepreneur and building a growing business is that you get to learn so much and so to lean into that, not feel like you have to have all the answers."

• Embrace the learning journey in entrepreneurship. • Seek education and advice to accelerate growth. • Accept that you don't need to know everything; focus on learning.

Effective marketing doesn't always require a large budget. Caitlin Smith suggests strategies for maximizing impact with limited resources.

"We really invested in more demos in store... when you're walking through Whole Foods, you get to try a little bit of muffin, decide if you want to buy it, and then go to checkout."

• Spend marketing dollars close to the point of purchase. • Use in-store promotions and demos to reach customers directly. • Focus on high-impact, low-cost strategies to maximize ROI.

Deciding when to fully commit to your startup is critical. Caitlin Smith shares her experience on making her business the top priority.

"There was a point in time where I just made the commitment that, okay, this is my number one. It supersedes all else. And so where there is a conflict between this and that, Simple Mills wins."

• Recognize when part-time efforts slow growth. • Prioritize your business to accelerate progress. • A firm commitment can lead to significant momentum.

Scaling production can be challenging, especially with unique products. Caitlin Smith offers advice on finding manufacturing partners.

"I think personally, I would think about, okay, how do we best fit this into the production equipment that these contract manufacturers are already going to have... but really fit them into a form that's going to work in their system because then you'll have a much broader group to work with."

• Adapt your product to fit existing manufacturing processes. • Be flexible to ease collaboration with manufacturers. • Lean into what manufacturers naturally do to reduce barriers.

Identifying and prioritizing products is crucial for finding product-market fit. Caitlin Smith discusses her approach to successful product innovation.

"We really think, first of all, we have to be able to solve a problem for people. So it can't just be something that's nice to have or it really has to solve a real consumer need. And then the second thing that we think about is can we do this with our ingredient tenets, more nutrient-dense ingredients. And then the third thing is, look, it has to taste great."

• Focus on solving real consumer problems. • Ensure the product aligns with your core values. • Maintain high standards to meet consumer expectations.

Fundraising in early stages is grueling. Caitlin Smith highlights the importance of resilience and networking.

"I just talked to so many people that at one point, a woman interested in investing in us was in a Whole Foods store, and a guy next to her turned to her and said, 'What do you think of this brand?' She said, 'Well, I'm thinking of investing in it.' That guy turned out to be our lead investor."

• Network extensively by talking to everyone about your startup. • Persistence and resilience are key in securing funding. • Unexpected connections can lead to major investments.