Rich Dad Radio Show Summary
Episode Title: The Risks I Took to Grow My Business (Including Smuggling!)
Release Date: April 14, 2025
Host: Tyler Jorgensen
Network: The Rich Dad Media Network
Introduction
In this compelling episode of The Rich Dad Radio Show, host Tyler Jorgensen delves into the tumultuous journey of scaling a business, highlighting the unforeseen challenges and the unconventional risks he took to ensure growth. Titled "The Risks I Took to Grow My Business (Including Smuggling!)," Tyler shares an honest account of entrepreneurial struggles, creative problem-solving, and the invaluable lessons learned along the way.
Unexpected Success in Canada
Tyler begins by recounting the unexpected surge in his business’s performance in Canada. Initially surprised by the rapid expansion outside the United States, he explains how this success opened new avenues and presented unique challenges.
"One of the first things that happened was the business started to take off in Canada. I wouldn't have guessed that that was going to happen. But here's the thing with entrepreneurship, you don't know what's going to happen." [02:15]
The increase in Canadian buyers was largely due to their willingness to purchase products that were not readily available from other suppliers. This demand provided Tyler's business an advantageous position in the Canadian market.
Navigating Cross-Border Challenges
With success came the complexities of international shipping, duties, and taxes. Tyler details the hurdles his business faced in maintaining seamless operations across borders.
"When we started sending larger quantities, all of a sudden the border wasn't loving, wasn't as forgiving as they had been in just shipping across." [08:30]
Despite having legitimate products, the regulations imposed by Health Canada introduced substantial obstacles. The initial solution involved leveraging a friend in Canada to handle bulk shipments, allowing the business to claim duty-free shipping from within Canada. This strategy temporarily alleviated some regulatory pressures and positioned the business as a preferred choice for Canadian consumers.
Creative Problem-Solving: The Smuggling Solution
As purchase orders grew, so did the complications with cross-border shipments. Tyler shares a particularly daring solution the team employed to meet urgent demands.
"We realized that we could ship to near the border and then we just hire someone to go get it and drive it across and hopefully it'd be okay that time." [12:45]
This approach involved hiring a local driver from Craigslist to transport large quantities of product directly across the border. Initially successful, this method soon encountered legal issues when the driver had past legal challenges, exacerbating the shipping problems.
Transition to Local Manufacturing
Recognizing the unsustainable nature of cross-border shipping challenges, the team pivoted towards local manufacturing within Canada. This strategic shift not only mitigated shipping complications but also streamlined compliance with Health Canada’s regulations.
"We ended up manufacturing the product in Canada, and by the end of all of this, we ended up holding multiple Health Canada natural product numbers (NPNs) and having probably over a dozen SKUs in this retailer and across other retailers being sold to multiple distribution partners." [19:50]
This transition was pivotal in solidifying the business’s presence in the Canadian market and fostering robust relationships with retailers and distribution partners.
Embracing Mistakes and Learning
Tyler emphasizes the importance of embracing mistakes as integral to the entrepreneurial journey. He candidly discusses the missteps made during the scaling process and the critical lessons derived from them.
"You should do things the right way. You should do them the right way the first time. But again, sometimes you're learning as you go." [24:10]
He underscores that business growth inherently brings more complex problems, urging aspiring entrepreneurs to adopt a proactive, solution-oriented mindset rather than being paralyzed by potential challenges.
Key Takeaways and Encouragement
Concluding the episode, Tyler offers motivational insights for listeners contemplating entrepreneurship. He advocates for taking the plunge despite fears of making mistakes, highlighting that real growth often stems from overcoming adversity.
"Stop trying to think you have to have it all figured out before you take the first step. You're gonna make mistakes. Embrace it. It's part of the process." [28:35]
Tyler encourages listeners to initiate their business ventures, assuring them that while challenges are inevitable, the rewards of perseverance and adaptability far outweigh the initial setbacks.
Looking Ahead
As the episode wraps up, Tyler hints at future discussions focusing on designing a business around one's life, promising deeper insights into achieving both financial and personal freedom through strategic entrepreneurship.
"In the next episode, ... I'm going to break down for you exactly how I designed my business around my life, instead of the other way around." [30:00]
Conclusion
In "The Risks I Took to Grow My Business (Including Smuggling!)," Tyler Jorgensen offers a raw and insightful narrative into the complexities of scaling a business internationally. Through candid storytelling, he illustrates the necessity of resilience, creative problem-solving, and the willingness to learn from mistakes. This episode serves as both a cautionary tale and a source of inspiration for entrepreneurs aiming to navigate the unpredictable landscape of business growth.