Sunday, December 4, 2022
HomeBusinessMy company was sold for seven figures six months after it was...

My company was sold for seven figures six months after it was launched. Here is the strategy that I used to sell my company.

Sally Wynter launched MUHU 2019 Sally Wynter

  • Sally Wynter founded her CBD-infused Gin company with $1500.
  • Six months after the company was launched, she sold it to a US investor.
  • Amber Sunner explains how her networking helped to grow the business.

This is an as-told to essay based on a conversation with Sally Wynter (a 27-year old founder from London) about selling and starting a CBD-infused-gin business. This essay has been edited to improve clarity and length. Insider verified Wynter’s sale using documentation.

At age 16, I worked at McDonald’s. I knew that I did not want to work beyond retirement. While I was still at university, I started freelancing in film and TV production. I earned PS15 an hr.

Freelancing was a way for me to come up with new business ideas that would help me escape the corporate bubble.

While I was still in college, I saw a gap on the market for gin. Gins weren’t targeting a younger audience. Flavored gins were not an option for me as I am a big believer in health and fitness.

My initial idea was to create a sugar-free Gin, but I had other ideas. At the age of 23, I had an idea: a CBD-infused Gin. I spent the next nine months developing MUHU on weekends and evenings.

My startup costs were PS1,200. It was hard. This was my savings so I had to be careful. Freelancing helped me save as much as possible. I learned about trademark law online and applied for registration by myself.

I visited 10 distillers. I was quoted PS10,000 by many of them for product testing and creation. One of them was willing to test and create products for me at no cost if I persuaded him.

This was achieved by being open about my vision and stating that I was ambitious.

They were open to my brand idea and friendly. Through perseverance, I was able to get product testing and creation free of charge. It took a long time to convince the distiller of the importance of MUHU. I knew that the worst thing they could have said was no.

They took a chance with me, and I was able to be successful.

For a brand designer to design the label, I was quoted PS25,000. Because I didn’t have the funds to pay this, I hired an online designer from 99designs.co.uk. Because the worker was remote, it cost me PS500.

Advertising was not without its challenges. Google Ads and Facebook were tightening their grip on terms like CBD. To get around this problem, I used LinkedIn to reach more people and expand my network. A few LinkedIn posts went viral which helped to build brand recognition.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments