77: Massive Markups For Mega Profits, with Jonathan Schuit

What opportunities lend themselves to massive markups and mega profits?

They’re out there, and today’s guest Jonathan Schuit reveals many of them. His personal specialty is popcorn, and he’s been doing it as a side hustle business for years. He makes a comfortable living at it working just one day a week.

This episode is less about popcorn and more about learning from Jonathan, some of the elements you need to consider when embarking on a new side hustle business.

His kernels of wisdom include,

· the advantages of farmers markets

· how simply being observant led to a big jump in revenues,

· how another small change pumped up revenues an additional 50%

· the importance of crunching (and understanding) the numbers

· lessons from the “snow cone” experience

Whether you're eyeing the popcorn market or considering a completely different side hustle, Jonathan's journey reveals a goldmine of wisdom for anyone looking to maximize margins and profits.

Let me know what you think!

What You’ll Hear:

02:10 Early lesson in entrepreneurial “pivoting”
03:47 Popcorn business was used to fund university
07:24 Motivation was to make money
08:11 A quick lesson: honey bees vs. other bees
08:42 Being observant, leads to changes and a huge increase in markup
11:04 Increased price, and began offering a deal for 2
11:48 You can stock popcorn a whole lot longer than perishables!
13:26 Main business is construction, popcorn is 1 day a week
13:53 Thinking of franchising
15:17 It’s a “super-easy” business
16:45 Why there’s not much of a price difference between a “small” and “large”
17:36 Jonathan doesn’t have prices listed at the popcorn stand - here’s why
18:20 Prices are now $10/bag and 2 for $15 (do the math and you’ll discover why this episode is called “massive markups for mega profits”)
18:00 Benefits of selling at the markets
20:47 Other farmer’s markets “success stories”
22:00 It’s a long day, but so worth it
23:22 “You can make a very comfortable living just the popcorn business working 1 day a week”
23:50 Mistakes made by people who don’t make it at the markets (do this instead)
27:41 “Lemonade stand” can also be very profitable
28:36 Here’s a homework assignment for you!
28:53 Huge markup in “snowcones”
30:35 You don’t need to come up with a new idea to make money
30:53 Jonathan’s best tip
Post Interview Convo
32:27 The “snow cone” experience - crunching the numbers