Making Something From Nothing: Daniel Stone of Bandolier Media On How To Go From Idea To Launch
An Interview With Doug Noll
It’s okay to fail. After some time, I eventually understood that if I wasn’t taking risks and making mistakes, then it meant that I was not being imaginative. When tackling the Roasty Buds business plan, I thought my re-ordering strategy for raw materials and product packaging would make the cut. But during our most bustling season of the year, we found ourselves lacking in supplies due to an improper sales forecast. This taught me a crucial lesson: always be prepared with alternative strategies no matter what comes your way!
As a part of our series called “Making Something From Nothing”, we had the pleasure of interviewing Daniel Stone.
Daniel Stone is the Owner of Bandolier Media, which he co-founded with his partner in 2015. Since its founding, Daniel has helped the company grow exponentially, adding clients like Roto-Rooter, TikTok, Stanley and Tito’s Handmade Vodka. He has also been instrumental in creating and running Bandolier Media’s successful media properties including Unemployed Wine Guy, Classic Dad Moves and Casserole Queen. In 2022, after seeing an open space in the coffee industry, Daniel and the two other co-owners of Bandolier Media created the world’s first spicy coffee brand, Roasty Buds, which is sold nationwide and now includes seven flavors.
Thank you so much for doing this with us! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a bit about your “childhood backstory”?
I was born in Winnipeg, Canada but raised in Texas. My mother played the cello, and my father worked as an Executive Director. Music was a big part of my upbringing. I started singing in choirs at the age of 9.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
“A Good Plan, Violently Executed Now, Is Better Than a Perfect Plan Next Week.” George Patton
When I first heard this quote, it really struck a chord with me as a young adult. All of us are familiar with the tendency to procrastinate and make excuses for why we haven’t started something yet or as I like say ‘ Getting Ready to Get Ready.’ Even when you don’t feel totally prepared, sometimes you just have to work with what resources you already have and take action.
Is there a particular book, podcast, or film that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
Reading Atul Gawande’s “The Checklist Manifesto” was an eye-opening experience for me. It offered a profound insight that resonated with my own views on efficiency and productivity. Above all, it highlights that even the most qualified professionals still make mistakes — an important reminder for us all! I’ve personally found myself using checklists in almost every part of my life — be that grocery lists, what to pack for a trip or how to schedule my work day.
“I’m Okay, You’re Okay” by Thomas Anthony Harris is an indispensable self-help book that has had a profound influence on my life. It’s enabled me to interact with people more effectively in all facets of life such as business, marriage and fatherhood.
Ok super. Let’s now shift to the main part of our discussion. There is no shortage of good ideas out there. Many people have good ideas all the time. But people seem to struggle in taking a good idea and translating it into an actual business. Can you share a few ideas from your experience about how to overcome this challenge?
For me, writing everything down has been very helpful in getting projects off the ground. I also talk to as many experts and people as I can about my idea and how to accomplish them. I use a tool called Lucid Chart that helps me mind map out the idea.
Often when people think of a new idea, they dismiss it saying someone else must have thought of it before. How would you recommend that someone go about researching whether or not their idea has already been created?
To get your research started, utilize search engines, social media, and the United States Trademark Office. For a more in-depth approach to researching trademarks, I recommend enlisting the assistance of an attorney, who can really dive deeper into the space and get you a solid answer on whether or not your idea already exists, and, if it does, in what capacity.
For the benefit of our readers, can you outline the steps one has to go through, from when they think of the idea, until it finally lands in a customer’s hands? In particular, we’d love to hear about how to file a patent, how to source a good manufacturer, and how to find a retailer to distribute it.
To begin, I write down my ideas, thoughts and plans in a bullet point format. My plan of action is generally broken up into three simple phases: pre-launch, launch and post-launch — the last one being an often-neglected step that deserves more attention.
If one of my goals involves a large task, like acquiring patent protection or locating a new co-packer, I turn to an industry expert who can provide me with the necessary steps. Score.org is an excellent resource that has been invaluable to me and continues to be so today; it provides mentors in any field you may need assistance with — all for free! In fact, I cannot recommend it highly enough.
What are your “5 Things I Wish Someone Told Me When I First Started Leading My Company” and why? (Please share a story or example for each.)
1. It’s okay to fail.
After some time, I eventually understood that if I wasn’t taking risks and making mistakes, then it meant that I was not being imaginative. When tackling the Roasty Buds business plan, I thought my re-ordering strategy for raw materials and product packaging would make the cut. But during our most bustling season of the year, we found ourselves lacking in supplies due to an improper sales forecast. This taught me a crucial lesson: always be prepared with alternative strategies no matter what comes your way!
2. Learn to manage cash flow.
A major lesson to learn here is the art of bargaining beneficial terms with clients and vendors. More often than not, you can convert 60-day payment plans into 30 days.
Moreover, there are numerous credit cards specifically designed for small companies that could come in handy when necessary; most of them offer cashback rewards over point redemption — always aim for this kind if possible.
3. Listen to your team.
If your business is struggling, trust that someone from your team has a great solution to the problem. After all, you hired them for their intelligence and expertise — so why not rely on it? The best ideas don’t always come from the top. Whenever possible, involve your whole team because you never know what someone who may be considered more junior has to say. Their thoughts and opinions could really change the game for your business. No matter if it’s product fulfillment issues or selling/marketing troubles like customer retention or client retention struggles, involve your team from the top down
4. Learn from your clients.
Whenever I’m interacting with customers, a fun question to ask them is what they would do if they were in my shoes. The responses can be quite imaginative! For instance, one of our clients insists that we should look into manufacturing catnip — I still don’t know whether he’s serious or not!
5. Revenue ( sales) solves many problems.
It’s easy to mistake an unsuccessful product offering with lacking a process of selling it. I was once guilty of that, failing to focus on the sales aspect and ending up with a weak sales pipeline. But as I soon came to realize, the issue wasn’t my products — rather, it was due to me not having dedicated enough time towards promoting them.
Let’s imagine that a reader reading this interview has an idea for a product that they would like to invent. What are the first few steps that you would recommend that they take?
The first step is to put together financial documents like profit and loss, break-even analysis, and start-up costs needed. I once put together an idea for a licensed-style figurine. After putting together financial documents, I determined I would never make more than a 2% profit margin. Needless to say, I did not move forward on that endeavor.
There are many invention development consultants. Would you recommend that a person with a new idea hire such a consultant, or should they try to strike out on their own?
Depending on the situation, consultants can be a tremendous asset and expedite the process dramatically.
What are your thoughts about bootstrapping vs looking for venture capital? What is the best way to decide if you should do either one?
Weighing your options to either bootstrap or use venture capital funding can be a difficult decision, as both have their own unique advantages and disadvantages. However, securing VC money brings the potential for more than just fiscal resources; it can open up doors of opportunity you never knew existed.
VC can not only offer you capital but can help you with company processes, sales pipeline opportunities, recruitment, etc… Money and access to more money are helpful, but knowledge and expertise are crucial.
Ok. We are nearly done. Here are our final questions. How have you used your success to make the world a better place?
I take it upon myself to donate to a beneficial cause. A food bank is usually what comes to mind first; although I have never had the experience of starvation, it’s an unfortunate and grim reality that many grapple with each day. Making this donation helps me feel as if my hard work has made the world just a little bit brighter.
I’m also on the board of the Tony Foundation which helps families pay bills when a family member has been diagnosed with cancer. I take the lessons learned from running and marketing a business to this organization.
You are an inspiration to a great many people. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.
I am especially determined to incite a movement against global hunger. I’m incredibly moved by Feed America’s commitment, as they have been able to provide ten meals for simply $1 — something that can truly make a difference in the lives of countless people around the world. Every small contribution is an opportunity we must take advantage of!
We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US, with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.
I’ve always been captivated by Mike Judge’s outlook on life. From Office Space to Silicon Valley, his comedic vision is one that resonates with me endlessly. If I were ever lucky enough to have breakfast with him, it would be the opportunity of a lifetime — not only for some great conversation but also for an impromptu session of King Of The Hill voice impressions!
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
About the Interviewer: Douglas E. Noll, JD, MA was born nearly blind, crippled with club feet, partially deaf, and left-handed. He overcame all of these obstacles to become a successful civil trial lawyer. In 2000, he abandoned his law practice to become a peacemaker. His calling is to serve humanity, and he executes his calling at many levels. He is an award-winning author, teacher, and trainer. He is a highly experienced mediator. Doug’s work carries him from international work to helping people resolve deep interpersonal and ideological conflicts. Doug teaches his innovative de-escalation skill that calms any angry person in 90 seconds or less. With Laurel Kaufer, Doug founded Prison of Peace in 2009. The Prison of Peace project trains life and long terms incarcerated people to be powerful peacemakers and mediators. He has been deeply moved by inmates who have learned and applied deep, empathic listening skills, leadership skills, and problem-solving skills to reduce violence in their prison communities. Their dedication to learning, improving, and serving their communities motivates him to expand the principles of Prison of Peace so that every human wanting to learn the skills of peace may do so. Doug’s awards include California Lawyer Magazine Lawyer of the Year, Best Lawyers in America Lawyer of the Year, Purpose Prize Fellow, International Academy of Mediators Syd Leezak Award of Excellence, National Academy of Distinguished Neutrals Neutral of the Year. His four books have won a number of awards and commendations. Doug’s podcast, Listen With Leaders, is now accepting guests. Click on this link to learn more and apply.