If you’ve ever waited in a long line at a bar or at a drinks cart, you’ve probably experienced some frustration. That’s exactly what prompted the idea of pour my drinkoriginally known as PourMyBeer.
The company uses innovative technology to solve this almost universal problem. Read about their system and company journey in this week’s Small Business Spotlight.
what the business does
Offers beverage pouring systems.
Founder and CEO Josh Goodman told Small Business Trends: “We invented a way for customers in bars, restaurants, hotels, stadiums and golf courses to access and pay for drinks as they are served. This dispensing method is 400% more efficient than any other beverage vending method and requires 50% to 70% fewer staff than traditional beverage vending methods.”
Providing reliable and lasting solutions.
Says Goodman, “We have never replaced our systems, whereas we have replaced about 20% of the systems our competitors have sold. This is due to better designed 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.
Explains Goodman: “One night in a bar in Baltimore, it took me 20 minutes to get a drink and the idea came to me: ‘I’m allowed to pump my own fuel, why can’t I pour my own beer?’ I obsessed over it for a few weeks and wrote a business plan, then built my own prototype and learned how to write code to allow guests to pour their own beers.”
Close deals and grow over time.
Says Goodman, “Initially, I was closing the first few deals to allow the business to survive even its first year. Later I would say it was having our first $500k month and being able to hire more people to keep up with the growth. The most recent big win would have to be closing the deal with Coca Cola EuroPacific partners to buy 25% of our company. That partnership has opened many more doors that might not have been opened otherwise.”
Make a big investment with a new partner.
Adds Goodman: “In November 2014, without much choice, I took out one of those payday loans you have to pay every day, cashed in all of my remaining 401k + Dunkin stock to put a $100,000 deposit with the stock company. Austrian engineering to make our own patented Self-Pour technology. He had never sent so much money anywhere, let alone the sea. I trusted them and needed a product by April 2015. I told myself if this doesn’t work, at least I’ll be out in a blaze of glory. Fortunately he 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 enthusiasm to go down this path. While I learned a lot during this period, being in business with people whose morals and values weren’t aligned is never worth it.”
How they would spend an additional $100,000
Taking your mobile concept.
Says Goodman, “I would build 2 self-serve event trailers so we can demonstrate how much more effective that is than expecting concert goers to wait in 20-minute lines for a drink.”
Their specialty is not beer.
Says Goodman, “While we built our company as PourMyBeer, the #1 selling product in the country each month through our system isn’t beer, it’s margaritas on tap. Our best location sells $60,000+/month in Margaritas on tap.”
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Image: Pour my beer
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