Latest / Glovisor Podcast / He Made One Costly Mistake, Then Built a Product Business - Boltster [Ep 96]
Transcript
- Joe Abreu - GLOVISOR.com: Discover how to turn a costly problem into a successful product business. Welcome to the Glovisor Podcast, where we explore business growth, communication, and personal development through real conversations with people who make an impact. Our guest turned a real world problem into Boltster an innovative organizer for small parts now used across industries. Ranging from aviation to automotive and available for home use. Glovisor welcomes Nathaniel Armstrong. Nathaniel Armstrong: Thank you so much for having me, Joe. I'm excited to get into it. Joe Abreu - GLOVISOR.com: Yeah, me too. All right, so Nathaniel, this let's start it off. tell us a little bit more about what you do and who do you service. Nathaniel Armstrong: Yeah, absolutely. Well, my name is Nathaniel Armstrong. I'm the original founder of Boltster Inc. And we specialize in fastener retention and hardware organization systems. We also do bit retention systems and we do some FOD prevention for military and a aerospace. Joe Abreu - GLOVISOR.com: Well can you get us on the same page? What does FOD stand for? Nathaniel Armstrong: Yeah, yeah, absolutely. So FOD is foreign object debris. And so it basically we're trying to prevent any type of foreign object damage within aviation. Joe Abreu - GLOVISOR.com: How did it all start? Nathaniel Armstrong: Yeah, yeah, absolutely. how far back do you want to go here, Joe? Joe Abreu - GLOVISOR.com: I want to go to that moment where you're like, huh, I think I have an idea here. Nathaniel Armstrong: Okay. Okay. That sounds great. I think that works. So I come from an automotive background. I grew up on a farm and worked with my hands on everything, just a lot of mechanical type trades. And after college, believe it or not, I I actually started my own automotive shop instead of using my degree. And so in that automotive shop, I was working on an antique Dodge truck and I was using a cardboard template to replace a water pump and I ended up putting a long bolt in where a short bolt should have went and I was in in a in a haste and a hurry and I ran it up with an impact and I ended up going through the water pump, through the timing cover, sheared the camshaft drive gear, busted a hole in the timing cover, and made it a a mess out of it. You know, a a you two hour project ended up being an all weekend affair. And so, that was the aha moment. I think I can create a better simple solution, you know, to an everyday problem. And so it it just progressed from there. Joe Abreu - GLOVISOR.com: So could you explain to us what bolster is? Nathaniel Armstrong: Yeah, yeah. So Boltster primarily manufactures silicone tool trays and fastener retention systems. And so our original products were designed for keeping bolts in specific orders during teardown. And so why that's important is because bolts come in all shapes, sizes, and thread pitches. And so it two bolts are not necessarily alike, even if they look the same, because there can be multiple different thread pitches. And so they all have to go back where they came out, if that makes sense. And and that's what we specialize in. It's very important for some industries. Joe Abreu - GLOVISOR.com: you had that issue, then you had that aha moment. Now what? Nathaniel Armstrong: Yeah, so I actually have some patents and some other spaces that and and created new products in the past. So I was familiar with the process. And so I took that knowledge and I and I and I applied it towards, well, let's just figure out how to create a better solution for fastener organization. And so the original bolster was the result of that. And Once we launched the original bolster, we had distribution requests within two weeks of creating that product. And I was completely unprepared for that type of initial growth on something that I just, you know, essentially brought out of thin air, if that makes sense. Joe Abreu - GLOVISOR.com: how did that happen? Here you are, you you come up with the aha moment, right? And so now you have the patent and then you start to get these orders. Now what do you do? Did did you start to produce them at home? Did you send them out to a factory? How did that work? Nathaniel Armstrong: No, that's a great question, Joe. and so In very simple terms, Boltster tries to run as lean as possible. And so we outsource like 90% of all of our manufacturing. So we use outside partners to do our manufacturing processes, and we use a lot of freelancers to do the work for us on many different applications. And so we use partners that do the manufacturing for us. And initially it was very difficult to keep up with the demand, even on this original product. I mean, we we were running out of stock multiple times a year. but there were lots of inherent challenges with that original model. Our our blend of silicone wasn't quite right and our mold technology wasn't quite right. And so we actually had to physically trim all of these parts that were coming in from our production facilities. And so there were thousands and thousands of hours of of manual trimming that we had to do, you know, here domestically in order to get a good clean product out. Joe Abreu - GLOVISOR.com: Yeah, these are the growing pains, huh? Wow. Nathaniel Armstrong: Absolutely. The the the physical gl growing planes too. Carpal tunnel, I'm telling you. Joe Abreu - GLOVISOR.com: Yeah. how did you get the name Boltster? Nathaniel Armstrong: that's a good question too. and I wish that I could take credit for it. So the the terminology comes from bolt and holster, right? It's just a simple play on words. And I did not create it. One of my friends Zach Eckert was sitting around, we were kind of brainstorming when I was creating the original product, and he said it and immediately I knew that was the the right name for it for Joe Abreu - GLOVISOR.com: Yeah. Nathaniel Armstrong: it. And and we get a A a lot of people that that like the name. I originally wanted to put Bolt organizer together. I think it was gonna be Boltonizer. It was not it was not as Joe Abreu - GLOVISOR.com: Yeah. Nathaniel Armstrong: good. It didn't flow as well. Joe Abreu - GLOVISOR.com: Now you started to sell these in sold out a few times. How did you Nathaniel Armstrong: Yes. Joe Abreu - GLOVISOR.com: get into the government side of it? Nathaniel Armstrong: Yeah, yeah, absolutely. So It's funny, you know, how this works. If if you have your website established properly and you have your SEO and you in your index properly, and you're solving a problem that is an you know an a real industry issue, people will come to you. And so we actually had actually our first request was through the US Navy. Now we did not make a solution for the US Navy. but that being said, within a a few months after that, we had a direct request from the United States Air Force Global Strike Command, and they had a specific problem that they needed to solve and we were, the solution to that issue, right? And so they found it from a a simple Google search or for you know fastener retention or you know bolt retention systems. And so we were ranked properly for that. Joe Abreu - GLOVISOR.com: From the moment you had that aha moment to the prototype, how long did that take? And then how long did it take to your first sale? Nathaniel Armstrong: Yeah. So the once again the the prototype was fairly rudimentary and it was probably about a three month span to from hey, let's take this product, let's create the CAD 3D modeling, and then let's get you know, build the moles and get the finished product. So it was in in today's terms, it's it's a very quick process. Nowadays it takes a lot longer because we have all of our products are made from customer feedback and there's lot more that goes into it with testing. But early on it was, hey, this should work, right? And we skipped a lot of You know what we consider now to be necessary steps. So probably three months we had prototypes, samples, and and they worked very efficiently for the range of fasteners they were designed for, right? So less than six months we had production run and we were so up and selling from concept to full scale, wide open for that original product pretty quick. Joe Abreu - GLOVISOR.com: In just six months. Nathaniel Armstrong: Yeah, just six months, but we skipped a lot of necessary components at that time. Joe Abreu - GLOVISOR.com: So then you had to go back a little bit later and, you know, make some adjustments. Nathaniel Armstrong: yes. yes. Expensive adjustments. Joe Abreu - GLOVISOR.com: what happened to the auto shop? Nathaniel Armstrong: Yeah, so I no longer operate that. So as of two years ago, we closed it down. I got just too busy with this business here, which is a blessing. I I love automotive industry and not to go out on too much of a tangent. It's it is very taxing on your body though. You know, just working, you know, ph physically all the time is is is tough. So this is a lot less physically demanding as you can imagine. Joe Abreu - GLOVISOR.com: You have this product that you patent. Once you've worked with it, once you've sold it to different organizations, you're getting a lot of feedback. Are you working on the new iteration of it? Nathaniel Armstrong: Yeah, absolutely, Joe. So the basic layout. So we you know, we we have this concept that is is fairly simple, but we're we're applying this to a broad spectrum. So we start with the original boltster and then everything after that was directly from customer feedback or industrial request, right? So the the premises we use are blend of silicone. for fastener retention and organization. And then we just applied different patterns and different designs to accomplish different solutions, right? So now we work with, you know, bit retention systems and a lot of hardware stores within a lot of ACE hardwares. And then we have some additional large retailer opportunities there. we work with a lot of paintless dent repair customers for specific solutions for them. And then you know, we always have three or four products in the pipeline that are solving, you know, different industry issues. And as long as fasteners are kind of that, you know, stud based fasteners, right, we we should remain relevant. Right. So we're just gonna, you know, eventually hopefully we have thousands of products around this general concept, if that makes sense. Joe Abreu - GLOVISOR.com: If one of our listeners is working on their own product and they're thinking, I have that aha moment, but I don't know how to develop my my product. And since now you have the advantage of hindsight that you can look back and and know where those landmines are, what would you recommend to them? Nathaniel Armstrong: yeah. No, that that's a great question, Joe. So initially, you know it was it was really tough kind of navigating the space intellectual property and product creation. I was unfamiliar with 3D modeling software at the time, you know. but here's the thing. I mean the the internet is such a a a a vast space and you can utilize freelancers for pretty much anything. And so I mean you you can you can hire out most of these services on Upwork or Fiverr or any other freelancer site to accomplish what you need relatively efficiently. And you know, 10, 20 years ago when these sites weren't around, you were There was almost too much barrier to entry for an individual to create a product, right? So you you might spend fifty thousand dollars applying for you know a patent, and you might spend you know ten thousand dollars applying for a trademark. And and those barriers are significantly reduced now. And and people don't realize that, right? That's kind of a you know, the preconceived notion is false, if that makes sense. Joe Abreu - GLOVISOR.com: One of the things that I hear very often is everything's already been invented. What can I make? W what do you say to that from your standpoint? Nathaniel Armstrong: Yeah. That's a funny question and to me, obviously, you know, I'm a little bit biased because, you know, I am an inventor and I am a product creator and and so obviously that's not the case. And and I can see where people think that. But you know, if you have the right mindset, the these thoughts and these inventions and these, you know, processes will will come to you naturally. and so I mean, you know, they call them shower thoughts for a reason. There are things that'll just hit you and say, That's a good idea. And it may not be a product, but it could be a service and it could be an app or or something that solves you know, an existing product in the market. market. And then that being said, additionally, the market is ever changing. The world is ever changing. There's new products and there's new issues that arise as you know software and and and things progress. And so yes, maybe today, you know, you might say everything's been invented, but tomorrow it's a different landscape, right? And so there are more opportunities that open each day, if Joe Abreu - GLOVISOR.com: Now I know you're busy with bolster, but are you in the shower and all of a sudden another idea pops into your head? Nathaniel Armstrong: All the time. Yeah, unfortunately all the time. I I actually have to keep a a list on my phone of, you know, just different vent business ventures and ideas that I may want to actively pursue in the future. and so I mean there's hundreds of them on there. So Joe Abreu - GLOVISOR.com: where you are today with bolster, who do you want to connect with? Nathaniel Armstrong: Yeah, no, that's a great question. So Boltster has been very fortunate to have a lot of growth domestically. And now that we're getting more established here in the United States, we're finally able to get to a point where we can you know, broaden our horizons and and and reach out internationally. And so a key point in that is, you know, we have our largest distributor now is based out of Japan. So Kichi Tools is our large distributor at this point in time, and they're not even in the United States. Isn't that remarkable, right? And so you know, we're we're getting, you know, to where we want to make this not just a a domestic brand, but an international brand, and then hopefully change. the global concept on how to organize faster. So yes, people internationally and you know that'll help progress this concept that we're working on. That's that's really who we're wanting to get in touch with if that makes sense. Joe Abreu - GLOVISOR.com: Are these mostly distributors that you want to connect with? Nathaniel Armstrong: yeah, distributors, you know, anybody potentially that can help grow this concept. So that could be distributors, that could be retailers or buyers that are in, you know, larger positions or retail chains, stuff like that. Joe Abreu - GLOVISOR.com: can you explain to us a little bit more about that distributor manufacturing relationship? Nathaniel Armstrong: Yeah, yeah, absolutely. So this is something that was very difficult to navigate early on. And so I I hope I don't get you know too lengthy with this, but you have to have the proper margins in order to set up a distributor relationship. And there are several tiers to that. but without going into too much detail, every single product has to be viable for several times markup because of multi-step distribution, if that makes sense. So when you're creating a product, you need to make sure that the product is at an MSRP that'll sell, but also establishes enough profit margin for everybody that's in that line. And additionally, you know when when moving internationally you have things like VAT and and different import taxes and tariffs and duties and you have to build those in as well. So it can get very challenging whenever you go into this, you know, international distribution type Joe Abreu - GLOVISOR.com: Do distributors invest in the business at any point or do they just get one of the orders, they hold on to it and distribute it along and then they cut the profit when it's needed? Nathaniel Armstrong: Yeah, so it's it's not it's not likely for a distributor to actually physically invest within the business. But most of the time you'll work off, you know, one of one or two models, which is one would be if they're hesitant, you can work on what they call a consignment model. So you can send them stock to see how things will sell. And they just kind of it's generally a smaller order to test things. and then The other model is of course that they're paying a significantly discounted rate that's gonna allow them to have profit when they sell their the product. Joe Abreu - GLOVISOR.com: first model where you send them to stock just to test the market, how Nathaniel Armstrong: Yeah. Joe Abreu - GLOVISOR.com: how many products have to sell for you to confirm that that's a good market? Nathaniel Armstrong: Yeah, and and it's generally not too much. As long as we sell through the stock in a relatively short period of time within a few months, it's it's generally not an issue. It it just really just establishes that there's some amount of demand there that's worth capt capturing. Joe Abreu - GLOVISOR.com: Got it. Do you see more demand in one state than another? Nathaniel Armstrong: Yeah, yeah, absolutely. we ship a lot of stuff to California and Texas and maybe it's consistent with you know just the general population, right? So yes, we we do see some demand and and some you know some states more than others, but we also see some demand in some countries more than others as well. So we have a significant amount of orders that go into Australia, even you know, shipping from here domestically. And they have a lot of automotive influencers in that area and people that are kind of engaged you know in the hardware space. And so I think that the the demographic is just right for our product, right? So we see those not just statewise but also country wise, right? There's differences. Mm-hmm. Joe Abreu - GLOVISOR.com: Definitely correlation there, of course. any final thoughts that you want to share with our audience? Nathaniel Armstrong: Yeah, yeah. the probably two different things. And of course I I rehearsed several things before we went on this, but you know, if if if I had final thoughts, I would say, you know, not to be cliche, but you know, y persistence is key. And I have this saying, I don't know if I coined it, but I like to use it. And I use it probably every week. And it's if you beat your head against the wall long enough, you're bound to break through. Joe Abreu - GLOVISOR.com: Yeah. Nathaniel Armstrong: And so that's the the mentality that we went through with early stages of the business. We were we were stumbling around, but we knew where we wanted to land in the long run. And so we we were just very persistent with what we're doing. And then the second key thought that I would like to share is that the the right people will make your business and the wrong people will break your business. And you know, we've we've we've had both sides to that spectrum, right? And so it's very, very important to have the right people and surround yourself with people that want to build up and grow with the company. because otherwise they're they're not allowing you to progress and they'll be, you know, setting you back in the long run. Joe Abreu - GLOVISOR.com: I like the first saying. I I I I think I'm gonna have to start using that one. Nathaniel Armstrong: So you you're more than welcome to. I I like I said, I do not know if I coined that term. I may be recycling it. You you're more than welcome to reuse it though. So Joe Abreu - GLOVISOR.com: Well, I'll give you credit for the first few times and Nathaniel Armstrong: Okay. And then it's and then it was Joe's line. Joe Abreu - GLOVISOR.com: you know, I always say this. Nathaniel Armstrong: Yeah. Yeah, that's probably what I did too. It's probably a movie quib. Joe Abreu - GLOVISOR.com: So where can people visit and and find out more about boltster? Nathaniel Armstrong: Yeah, so the the the best place is boltster.com and and don't misspell it, it's B O L T S T E R, bolster dot com. And you know, you can find our social medias on there as well, you know, on our Instagram, TikTok, Facebook, you know, all the major social medias. And so if or if they wanted to reach out directly for any type of request, support at bolster dot com. So Joe Abreu - GLOVISOR.com: Nathaniel, thank you so much for joining us. love how much you Nathaniel Armstrong: No, I it's my pleasure. Joe Abreu - GLOVISOR.com: shared with us today. Nathaniel Armstrong: Yeah, absolutely, Joe. And I'd I'd love to stay in touch and if you ever want to have me back or anything or any of our acquaintances, just please let me know. I'd be happy to oblige. Joe Abreu - GLOVISOR.com: that's awesome. I'm looking forward to it because I want to find out more where you go, especially when you start to move to other countries. I want to find out more. Nathaniel Armstrong: Yeah, yeah, absolutely. No, we maybe we can, schedule another call in a year or so and we'll see where things are. Hopefully it's all good. Joe Abreu - GLOVISOR.com: Sounds great. Nathaniel Armstrong: All right. Thanks, Joe. I I appreciate your time. Joe Abreu - GLOVISOR.com: you're welcome. Thanks everyone for listening. 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