Latest / The SmallBizChat with Melinda Emerson / Getting Started in the CBD Industry with Kayla Fioravanti

Transcript

Getting Started in the CBD Industry with Kayla Fioravanti · The SmallBizChat with Melinda Emerson

• 0:00
  I think what really, really works with us is everybody has a seat on the bus, and they stay
• 0:05
  in their seats.
• 0:07
  You know, I Yeah.
• 0:07
  I don't try and go do Haley's job, and Haley doesn't come try and formulate.
• 0:14
  And We don't boss each other around.
• 0:16
  It's here's here's what you're good at.
• 0:18
  You're you're marketing.
• 0:19
  You're the visual and doing all that.
• 0:22
  That's what Haley does.
• 0:23
  Keegan runs the whole overall business of it all.
• 0:26
  My youngest daughter does a lot of manufacturing with me.
• 0:29
  Middle daughter does a lot of the filling, and everybody just kinda grows in their positions,
• 0:35
  but we really stay in our seats and don't go trying to boss the other people around, and it
• 0:41
  really works.
• 0:48
  Repcalf.
• 0:50
  Ending small business failure.
• 0:53
  Welcome to the Small Biz Chat podcast with a number 1 small business expert Melinda Emerson.
• 0:59
  Melinda's goal is to end small business failure, and she'll give you the information
• 1:03
  you need to succeed and live the life you dream of.
• 1:07
  Now here's the small Biz lady herself.
• 1:10
  Melinda Everson.
• 1:13
  Hi, everybody.
• 1:14
  I'm Melinda Emerson, the small biz lady, America's number one small business expert, and
• 1:19
  I would like to welcome you to tonight's episode of the small biz chat podcasts.
• 1:25
  Today's show has something for any curious business owner.
• 1:29
  My guest tonight have some amazing insight to share The small biz chat podcast has appeared a
• 1:34
  peer interview show that gives small business owners a way to get invaluable business advice.
• 1:39
  From top experts in the country.
• 1:42
  The mission of small business chat is to end small business failure.
• 1:46
  The goal of the small business chat podcast is to give our small business audience the
• 1:51
  opportunity to hear Sage advice to take their business to the next level.
• 1:56
  So now it's time for me to introduce my guess.
• 2:00
  Kayla, I always mess up your last name.
• 2:02
  Please forgive me.
• 2:04
  Yeah.
• 2:04
  It's like Floravanti.
• 2:06
  Right?
• 2:07
  Did I did I get it right?
• 2:08
  It's all kinds of versions.
• 2:10
  I answer to a lot of things, but it's Fieravanti.
• 2:13
  Fieravanti.
• 2:13
  I was calling.
• 2:17
  Kayla Furvanti has been a leading expert in the natural cosmetics industry as a cosmetic
• 2:23
  formulated for over 22 years.
• 2:25
  She's always had a deep passion for aroma therapy and natural natural personal care
• 2:30
  products in 1998.
• 2:32
  She co founded essential wholesale one of the first all natural cosmetic ingredients
• 2:37
  companies, which was listed on the ink 5000 of the fastest growing companies in America.
• 2:42
  A central hostel started out of her kitchen and grew into a multimillion dollar business,
• 2:47
  formulating for large cosmetic brands and small businesses.
• 2:51
  Now they have a Cbd Brand Ology Essentials, and she's here to talk to us about what going on in
• 2:59
  the CPG Industry, Kayla?
• 3:01
  It's so good to see you.
• 3:04
  You too.
• 3:04
  It's great to see you and be part
• 3:06
  of this.
• 3:07
  Awesome.
• 3:07
  Awesome.
• 3:08
  Alright.
• 3:08
  So you have been an entrepreneur for over 20 years.
• 3:13
  How did you get started in the Nashville now tural cosmetics industry.
• 3:17
  I basically kind of stumbled into it.
• 3:20
  I'm an accidental aroma therapist, and I found that tea tree cured my son's ringworm after
• 3:26
  everything else failed.
• 3:28
  And that got me fascinated because I'm allergic to fragrances.
• 3:31
  So it was something that smelled, and it didn't make me sick.
• 3:34
  I read everything that was to read them on aroma therapy, became certified.
• 3:39
  And then I was like, well, what do I put these essential oils into?
• 3:42
  Because I was also allergic to the cosmetics that were on the in the industry at the time,
• 3:46
  personal care products, things like that I couldn't use.
• 3:49
  So I went to the library, read all the patents on chemical formulas, and then kind of went
• 3:55
  back and started experimenting and talking to labs at finding out what I could do, they said
• 4:01
  it can't be done.
• 4:02
  So I was like, alright.
• 4:03
  Well, watch me.
• 4:04
  And I was in the right place at the right time.
• 4:07
  The world was looking for natural cosmetics, and, I started providing bulk natural cosmetics
• 4:14
  just at the right time.
• 4:16
  Yeah.
• 4:16
  And I how I first heard about you and and heard you first speak was at the indie business
• 4:22
  cruise conference.
• 4:23
  And you really talked about the CBD industry in in in getting started in it.
• 4:29
  So I was really grateful to have you come on here today to talk to us about it.
• 4:34
  So talk to us about Cbd because I think there's a big question mark.
• 4:39
  I think people think Cbd is cannabis.
• 4:42
  And I was wondering if you could, like, kinda clear that up for everyone so that they
• 4:46
  understand what is the substance that, you know, is still illegal in some places in
• 4:52
  America.
• 4:53
  And what is the substance that Cbd is made
• 4:56
  out of?
• 4:57
  Both the cannabis plant produces both marijuana, which is the illegal product and
• 5:04
  hemp.
• 5:05
  And so they both come from the same family, but they're different genes.
• 5:09
  And so they have different, makeups.
• 5:12
  The Hep marijuana plant has a really high level of THC, which is illegal in in many states, and
• 5:19
  a really low level of CBD.
• 5:21
  Whereas the hemp plant, its cousin, has a really high level of Cbd, and a really low
• 5:27
  level of THC.
• 5:29
  So you could smoke, you know, an entire plant of hemp and you couldn't get high because the
• 5:35
  level of c of THC is so low.
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  And Cbd is the part where people are getting the pain relief and, you know, less stress, all
• 5:45
  that kind of stuff that they get from from the cannabis family without getting high.
• 5:51
  Got it.
• 5:52
  Got it.
• 5:52
  Alright.
• 5:53
  So how did you switch gears from sort of, like, aroma therapy personal care products to now
• 6:00
  doing it with Cbd because you're gonna slow you're still developing personal care products.
• 6:06
  Right?
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  But it's like with the Cbd ingredient in it.
• 6:10
  Right.
• 6:10
  Right.
• 6:10
  So I sold essential wholesale in 2011, And when I sold, I had a noncompete that kept me out of
• 6:18
  the industry for 6 years and seemed like no, like, when I find it, it seemed like nothing,
• 6:24
  but 6 years is a really long time when you love something.
• 6:28
  So I was planning on getting back in the industry a a realm of therapy school that I was
• 6:32
  going to be launching, and I did.
• 6:35
  And I was just gonna be formulating for people.
• 6:37
  And my son just kept being like, you gotta try Cbd.
• 6:40
  You gotta try You got a spicy video.
• 6:42
  I was like, I have seen every natural ingredient under the sun.
• 6:46
  It can't be that great.
• 6:48
  And I was wrong.
• 6:50
  And he was persistent.
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  I had been having a medical issue that I had finally given up and was about to have surgery
• 6:58
  for it.
• 6:59
  And I had tried everything natural.
• 7:00
  Every medicine had to offer and finally was just going to go have a hysterectomy.
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  Because nothing else could resolve it.
• 7:07
  And so I got the Cbd thinking it would do nothing for that.
• 7:11
  Like, I didn't even imagine it would after 3 days of taking it, all the symptoms I had been
• 7:16
  struggling with for years were gone.
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  So I called my son, and I was like, what are we doing?
• 7:21
  What's our business gonna be?
• 7:22
  You know, I'm like, we're getting into this industry.
• 7:24
  This is a life changing thing.
• 7:27
  So So we basically took my original plan of formulating and and decided we put out a brand,
• 7:34
  and include Cbd in in what we were doing.
• 7:38
  Well, I can testify actually as one of your customers that your Cbd full spectrum oil does
• 7:44
  work.
• 7:45
  I was somebody who suffered I fell 2 years ago and tore my meniscus.
• 7:50
  And I did not know before that time that I had Osteoarthritis in my knee.
• 7:56
  It was like, my fall woke up a sleeping giant, and I started having, like, random pain.
• 8:02
  And and I went after I met you a conference.
• 8:05
  I had been interested in CBD, but to be honest with you, I was scared of CBD because there's
• 8:09
  so many fraudsters and people out here selling stuff claiming for it to be, you know, the real
• 8:14
  McCoy, if you will.
• 8:16
  And honestly, it wasn't until I heard your talk, and you told me that you actually
• 8:20
  manufacture your own products.
• 8:22
  That's what made me actually first get on your website and and place an order, which is which
• 8:29
  is what I did.
• 8:30
  And so I think that there's I think they're it's important to to to know there's some
• 8:36
  there's some Charletons in your industry as well as, you know, folks that are doing good
• 8:40
  business and and big business.
• 8:42
  And so I wanted to kinda talk to you about you do, manufacture your own products and you
• 8:48
  wholesale Cbd products for other brands as well.
• 8:51
  Right?
• 8:52
  Yeah.
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  I do.
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  When we private label, white label, for
• 8:55
  a lot of different brands, internationally and throughout the United States.
• 8:59
  So if you're looking to buy CBD products, what are some of the things as a consumer that you
• 9:06
  need to be looking for, particularly in terms of the packaging or or the testing and that
• 9:11
  kind of stuff.
• 9:12
  What did the what do you need to be looking for?
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  I really recommend looking for brands that have a QR code on the package so that when you're in
• 9:20
  the store, you can scan that QR code It'll take you to the website and you wanna look at the
• 9:25
  certificate of analysis that shows you it's very readable how much Cbd is in there how much
• 9:31
  THC, which it by by law, it has to be 0.3% or less and can basically show you that it's not
• 9:38
  full of pesticides.
• 9:40
  It's not full of all these other things that are really common in in poor quality CBD.
• 9:45
  So I really recommend looking for that, you want to look for companies that are just really
• 9:50
  transparent and full disclosure about their products.
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  The product should always be in, colored glass, amber, whatever, something protect to get from
• 10:00
  sun and light, because it does oxidize.
• 10:02
  And so if you buy something in a clear bottle, you're gonna have a pink product later.
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  So you wanna make sure that and and it also is kind of a telling thing that maybe they don't
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  really know the industry and what they're working with if they're not in the proper
• 10:18
  packaging for it.
• 10:19
  So those are the big things you're looking for.
• 10:21
  I don't recommend, you know, if it's really cheap, There's a lot of times a good chance.
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  I mean, the the the Cbd prices have come down significantly, and we reduced our price
• 10:32
  constantly to keep up with those prices coming down, but they're not cheap still.
• 10:37
  And if you're looking if you find things that are cheap, kinda be aware, sometimes people
• 10:41
  just put hemp oil, which comes from the seed, contains no Cbd, no no THC, no nothing.
• 10:48
  And just kind of some good fatty acids in it, and they'll sell that as Cbd.
• 10:53
  You know, so I've I've heard people say, I use Cbd.
• 10:56
  It didn't work.
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  And then they'll bring I'm like, bring me the brand.
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  I'm just curious.
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  I'd love to see.
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  I'm trying to really understand what's happening in the industry, and they'll bring it
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  to me.
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  And I'm like, yeah, there's no Cbd in this.
• 11:06
  Like, That's why it didn't work.
• 11:08
  Right.
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  Right.
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  So now if you're interested in, you know, doing this as a business, though, there's a lot of
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  stuff you need to think about in terms of how to select a manufacturer.
• 11:21
  And I really kinda wanna get into if you're looking to partner with someone to build a line
• 11:27
  of CBD products or something for you, what kinds of things do you need to be looking at?
• 11:31
  You're gonna wanna look for that transparency where the they're happy to show you test
• 11:36
  reports, not trying to hide that.
• 11:37
  For some reason, not in some companies, but just don't like to show that.
• 11:42
  You want them to be willing to show you their test reports, willing to send your product out
• 11:47
  to be tested.
• 11:48
  Generally, you're gonna have to pay for that because it's expensive, but I highly recommend
• 11:53
  people who are just willing to do that testing for you, send it out, not trying to hide
• 11:57
  anything.
• 11:58
  We'll often put everything in the company's customer's name so that all the results go
• 12:03
  directly to them.
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  And, you know, they can know that what they're getting is what they say they're getting, and
• 12:09
  then they should be sharing that with our consumers as well.
• 12:12
  So any really want people who are encouraging you on that kind of pointing out whether your
• 12:18
  insurance, you need a different level of insurance, because Cbd isn't covered by regular
• 12:22
  cosmetic industry, insurance or supplements.
• 12:26
  It has to be special Cbd and insurance.
• 12:29
  And so you wanna make sure is is what you're doing going to go under their plan, or do you
• 12:35
  need another plan and why and kinda you wanna understand that upfront.
• 12:40
  That's one of the big things the big obstacles are insurance, banking, and social media.
• 12:47
  And so
• 12:48
  So let's talk about that.
• 12:49
  Since you opened that door, let's walk through it.
• 12:52
  So tell me about what are the challenges with banking if you're gonna have a CBD business?
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  Most banks are starting to let you go in now, but they were not.
• 13:03
  You so you need to talk to people ahead of time.
• 13:05
  I'm gonna sell Cbd.
• 13:07
  Can I bank here?
• 13:08
  Cause you don't wanna be shut down midway.
• 13:10
  You need to know whether your carrier, like your PayPal or Square, who's gonna cover your
• 13:17
  transactions PayPal at this point will not put Square will, but you have to have set up a Cbd
• 13:24
  policy with, you know, plan with them.
• 13:26
  Those those are big things up front.
• 13:28
  Your insurance needs to be specifically for Cbd, not for food, not for cosmetics, but for
• 13:35
  Cbd.
• 13:36
  Mhmm.
• 13:37
  And then you said social media was the 3rd one.
• 13:40
  So how is social media and obstacles?
• 13:42
  Seems like you could sell anything with social media.
• 13:44
  No.
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  She cannot.
• 13:45
  You can't sell, mind altering things.
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  And so Cbd still is considered mind altering even though not mind altering.
• 13:53
  So because of our cousin, marijuana, we still get categorized with the marijuana industry in
• 14:00
  certain aspects So we can get shadow banned if we talk about Cbd, and we cannot advertise.
• 14:07
  They do not allow it.
• 14:08
  And we just have to be really creative in what we say in our imagery because we will get
• 14:14
  shadow banned and and have posts shut down.
• 14:18
  Oh, wow.
• 14:18
  Interesting.
• 14:19
  So do you find yourself then you guys try to boost blog posts and stuff instead of actually
• 14:24
  doing direct ads?
• 14:25
  We don't do any ads at all.
• 14:28
  We haven't ever because you've never you're not allowed to.
• 14:31
  We've just been really lucky.
• 14:32
  I have a good reputation in the industry.
• 14:34
  So We haven't really had a need for advertising when it comes to the private label white label
• 14:39
  side of things because we just keep growing.
• 14:43
  So we've been lucky on that side.
• 14:45
  We could.
• 14:45
  Like, if we wanted to do our we manufacture CBD products and non CBD products.
• 14:51
  And if we wanted to advertise that side, we really could.
• 14:53
  And if we ever get to that point where we need to, then that's what we would focus on.
• 14:58
  Love it.
• 14:58
  Love it.
• 14:59
  Alright.
• 15:00
  Well, I'm gonna take a break right now, but when we come back, we're gonna talk more about
• 15:05
  the do's and don'ts and pitfalls of going into the Cbd industry.
• 15:10
  I'm Melinda Emerson small biz lady, and we'll be right back.
• 15:19
  People always ask me, how can I become my own boss?
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  With multiple features in the New York Times Forbes on ABC News, as America's number one
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  small business expert, I know a thing or 2 about how to do it.
• 15:32
  Hi.
• 15:32
  I'm Melinda Emerson's small biz lady.
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  And I've been coaching small business owners since 2008.
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  I've been helping small business owners plan for success since the last recession.
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  Over a hundred thousand people in multiple languages around the world have this book.
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• 16:44
  Welcome back.
• 16:45
  I am back with my guest, Kayla Florvanti, who is dropping knowledge on us about getting
• 16:51
  started in the Cbd industry.
• 16:52
  Kayla, I wanna know what are the biggest mistakes you see people making in this
• 16:58
  industry?
• 16:59
  Is there it's still it's still, like, nascent.
• 17:01
  Right?
• 17:01
  I mean, it's not like it's so mature.
• 17:04
  So so what kind of mistake do you see some people getting into?
• 17:07
  I think the biggest mistakes I've seen are people spending way too much money upfront.
• 17:13
  They see it as, like, this huge industry that's gonna be giant, and and it will be over time.
• 17:18
  Like, we're growing.
• 17:20
  But they're spending upfront as if we're already there.
• 17:23
  And then the sales aren't there to, you know, justify that.
• 17:28
  So really looking for small minimums running in in, you know, test the waters, have, you know,
• 17:35
  if you've already got a brand, than, like, put one product out and see how that goes.
• 17:40
  And they kinda grow from there rather than putting I mean, I've seen all kinds of people
• 17:44
  put a $1,000,000 in upfront and they are out of business already.
• 17:48
  I have lots of people who have done that.
• 17:51
  And during the pandemic, we saw some some of the companies go under that I knew of the kind
• 17:57
  of investments and the spending they did up front.
• 18:00
  And, you know, during that slowdown initially was enough to take them down.
• 18:06
  Wow.
• 18:06
  So do you think that, you know, it's a good opportunity?
• 18:10
  Do you think that people should consider the CBD industry?
• 18:14
  Definitely.
• 18:14
  It's a great opportunity, and it's really changing people's lives.
• 18:17
  So there's a lot of word-of-mouth advertising more than any other industry I've ever been in.
• 18:23
  Is the word-of-mouth people use something.
• 18:25
  They tell somebody else, and it just kind of explodes based on word-of-mouth you know, we
• 18:30
  have no advertising ability, but people keep going out there and and talking about how CBD
• 18:35
  is changing their their lives.
• 18:37
  So there there's definitely opportunity And I just that you just can't put all your eggs
• 18:43
  there and all of them at a really high dollar amount.
• 18:47
  Just come in, walk in slowly.
• 18:50
  You don't wanna come in and put all your eggs in one basket and just go under that way.
• 18:55
  But Yeah.
• 18:55
  There's great, great opportunity.
• 18:57
  Just it's gonna take a minute.
• 18:59
  Alright.
• 18:59
  And then what has it been like to run a business with your son and your
• 19:03
  daughter-in-law.
• 19:04
  Like, if you guys are a family business, so how how do you manage all that?
• 19:08
  It's been great, actually.
• 19:11
  My son grew up in my business at essential wholesale.
• 19:14
  Literally, I was homeschooling him when I first started essential wholesale and, like, towards
• 19:19
  the end of homeschooling before I put him in school, part of his homework would be like,
• 19:23
  alright.
• 19:23
  So fill these bottles.
• 19:24
  Count them.
• 19:26
  And, you know, like, coming up with creative ways to turn what we had to get done into
• 19:32
  homework.
• 19:33
  But so he definitely grew up into in the industry and It's been so much fun that we've
• 19:39
  been really blessed.
• 19:40
  We communicate really well.
• 19:41
  There's been no big family drama, which is great.
• 19:45
  My daughter's also worked there as well.
• 19:47
  They're also part owners now, and it's been surprisingly amazing because you do hear a lot
• 19:53
  of people's nightmares, but I think what really, really works with us is everybody has a
• 19:59
  seat on the bus and they stay in their seats.
• 20:02
  You know, I, yeah, I don't try and go do Haley's job, and Haley doesn't come try and
• 20:08
  formulate and we don't boss each other around.
• 20:12
  It's here's here's what you're good at.
• 20:14
  You're you're marketing.
• 20:15
  You're the visual and doing all that.
• 20:17
  That's what Haley does.
• 20:18
  Keegan runs the whole overall business of it all.
• 20:22
  My youngest daughter does a lot of manufacturing with me.
• 20:25
  Middle daughter does a lot of the filling, and everybody just kinda grows in their positions,
• 20:31
  but we really stay in our seats and don't go trying to boss the other people around, and it
• 20:37
  really works.
• 20:38
  Well, that sounds like good business advice.
• 20:40
  And on that note, what is the best business advice anyone's ever given you?
• 20:45
  Always always have a mentor and use the mentor, whether that's a business coach or a mentor or
• 20:51
  somebody who can bounce things off of.
• 20:54
  And, every mistake I've ever made in business has been when I didn't pass it by my mentor.
• 21:01
  It's when I thought I had a great idea.
• 21:03
  I ran with it, and then I was like, oh, man.
• 21:06
  That was a big mistake.
• 21:08
  And and then kinda had to come back to my coach or mentor and say, what do we do now?
• 21:13
  Exactly.
• 21:14
  I can totally, totally relate.
• 21:16
  You definitely need a confidential sounding board to be successful in business because
• 21:21
  every idea you come up with might not be a good winner.
• 21:25
  Alright.
• 21:26
  Thank you so much, Kayla.
• 21:27
  I really appreciate your valuable insight.
• 21:29
  Kayla, what is your favorite podcast?
• 21:34
  Oh, well, yours.
• 21:35
  Of course.
• 21:37
  I am going to be listening to Joseph though as well.
• 21:40
  I'm like, oh, I wanna listen to more of what he has to say.
• 21:43
  Me too.
• 21:43
  I'm gonna be listening to his podcast too.
• 21:46
  Alright.
• 21:46
  Kayla, what's your favorite business at?
• 21:49
  I'd have to say Facebook.
• 21:50
  Just able to communicate, reach more people there.
• 21:53
  I know my team was the Instagram, but it was already used.
• 21:56
  So
• 21:59
  Listen, I understand social media is the number one channel these days, so I get it.
• 22:03
  It's not inappropriate.
• 22:05
  Alright.
• 22:05
  Kayla, what's your favorite old school marketing tip?
• 22:08
  Give away information.
• 22:10
  Give away your knowledge.
• 22:12
  Share.
• 22:12
  Share.
• 22:13
  Share.
• 22:13
  Share.
• 22:15
  I agree.
• 22:15
  And if you're gonna do that, you gotta give away your best stuff.
• 22:18
  Don't give away mediocre stuff and think somebody's gonna pay you.
• 22:21
  That's not gonna happen.
• 22:23
  What is the best business book you've ever read?
• 22:26
  Oh, gosh.
• 22:27
  I've read so many.
• 22:28
  I love good, great, and just reading what other people, you know, what made other businesses
• 22:35
  succeed?
• 22:36
  I like that book, and I actually like the follow-up book they did to that one too.
• 22:40
  Alright.
• 22:40
  Well, with that, guys, that is it.
• 22:42
  Thank you so much.
• 22:44
  Thank you all for joining me for this episode of the small bitch chat podcast.
• 22:48
  If you're still working on your digital pivot, be sure to grab my brand new book Become your
• 22:53
  own boss in 12 months, revised and expanded.
• 22:56
  It was released just this week, and I've got great stuff in there for selling online.
• 23:01
  How to become a social media ninja 2.0 and develop a sales process, head over to becoming
• 23:06
  your own boss book dot com and grab your copy.
• 23:09
  I've got some great bonuses over there.
• 23:11
  And thank you so much for joining me.
• 23:14
  The mission of small business chat is to end small business failure.
• 23:17
  I'm Mullinda Emerson, the small biz lady, and I will leave you with this.
• 23:21
  You never lose in business.
• 23:23
  Either you win or you learn.
• 23:25
  God bless everybody.
• 23:26
  Tonight.
• 23:29
  Thank you for listening to the small biz chat podcast with Melinda Emerson.
• 23:34
  For more resources and small business success strategies, visit succeed as your own boss.com.
• 23:40
  Subscribe to this podcast wherever you listen to podcasts and join us next Wednesday.