If you’ve ever waited in a long line at a bar or drinks cart for an event, you’ve probably experienced some frustration. That is exactly what inspired the idea PourMyBeverageoriginally known as PourMyBeer.
The company uses innovative technology to solve this near-universal problem. Read more 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 have developed a way for customers in bars, restaurants, hotels, stadiums and golf courses to access and pay for drinks as they are served. This way of dispensing is 400% more efficient than any other way of selling drinks and requires 50-70% less staff than traditional methods of selling drinks.”
Providing reliable, durable solutions.
Goodman says, “We have never had our systems replaced, while we have replaced about 20% of the systems our competitors have sold. This is due to more mature hardware and software combined with a commitment not to let our customers down.”
How the business started
After a negative experience in a traditional bar.
Goodman explains, “One night at a bar in Baltimore, it was 20 minutes before I got a drink and the idea came to me, ‘I’m allowed to pump my own gas, why can’t I pour my own beer.’ I got myself.” spent a few weeks writing a business plan, then I built my own prototype and taught myself to code so guests could pour their own beers.”
Make deals and grow over time.
Goodman says, “In the beginning it was all about closing the first deals so the company could survive the first year. Later I would say we had our first $500,000 month and were able to hire more people to keep up with the growth. The recent big win would be closing the deal with partners from Coca Cola EuroPacific to buy 25% of our business. This partnership has opened many more doors that otherwise would not have been opened.”
Make a big investment with a new partner.
Goodman adds, “In November 2014, with no many options, I took out one of those payday loans that you have to pay back daily, cashed in all of my remaining 401,000+ Dunkin shares to put a $100,000 down payment with the Austrian engineering company to make our own.” proprietary self-pour technology. I had never sent so much money anywhere, let alone over sea. I trusted them and needed a product by April 2015. I’d told myself if that didn’t work, at least I’d walk out of the house looking radiant. Luckily it did.”
Find partners you can trust.
Goodman explains: “From 2010 to 2013 I worked with some shady business partners in Ireland. They never had my best interest in mind, but I was blinded by my excitement to embark on this journey. While I’ve learned a lot during that time, it’s never worth doing business with people whose morals and values don’t match.”
How they would spend an extra $100,000
Under their concept mobile.
Goodman says, “I would build 2 pour-it-yourself trailers for events so we can prove how much more effective that is than expecting concert-goers to wait in 20-minute queues to get a drink.”
Their specialty isn’t beer.
Goodman says, “Even though we started our business as PourMyBeer, the top-selling product in the country in our system each month isn’t beer, it’s margaritas on tap. Our top location sells $60,000+/month in margaritas on tap.”
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