Beau Schmitt, a new member as of January 2019 co-founded one of the fastest growing companies in our chapter. So we took a moment to speak with Beau about his high-growth CBD company Sunday Scaries.
Tell us a bit about yourself, your role at the company, etc
I graduated from the University of San Diego in 2008 with a Bachelors in Finance & Accounting. After college, I moved to Chicago and worked at a boutique hedge fund shop, Custom House. I moved back to San Diego in 2010 where I analyzed hedge funds for Deutsche Bank. In 2012, Deutsche Bank closed their San Diego office, which is when I took his severance package & opened 2 restaurants over the following 3 years. My Co-Founder, Mike, and I launched Sunday Scaries in mid-2017. As of October, 2019 both restaurants were sold. In January 2019, Beau joined Entrepreneur’s Organization, which is an exclusive global organization of business leaders concentrated on personal & professional growth.
My role in Sunday Scaries is Visionary, which includes focusing on growth opportunities, big ideas, big relationships and capitalization.
What is the elevator pitch on your business?
Sunday Scaries is a San Diego-based online monthly subscription service that sends its subscribers a personalized box of CBD and wellness products. The products include CBD gummies, vegan CBD sour drops, CBD oil, CBD bath bombs, CBD candy, CBD energy shots and even CBD dog treats (cleverly known as FOMO Bones). As of October 2019, Sunday Scaries has over 4,200 monthly subscriptions.
Tell me about your growth over the last 3 or so years? How much growth? What has it been like?
We launched in mid-2017, did $2m in rev in 2018 and are on pace to do $6m in 2019 (99% online). Mike and I launched Sunday Scaries, and we've since grown into a team of 10. Growing fast has been fun and challenging. Managing a $1m vs $6m business brings on a lot of organizational and managerial responsibilities that can easily distract from growth. But we've found that the key to continuously growing is accepting losses, allowing mistakes and pivoting quickly to ensure we can find our next internal "win".
What are some of the top learnings you’ve had based on your fast growth? What recommendations, resources or things do you have regarding things that helped you grow so quickly?
We should've raised more capital sooner and it's okay to be unprofitable. As a B2C, scaling consumer brand, we spend every $.01 that comes in on new customer acquisition. We have also really began to understand User Experience and Customer Nurturing. Some lessons below.