Advice Line with Chieh Huang of Boxed

Key takeaways

Building a business involves navigating and embracing highs and lows; resilience and enjoying the journey are crucial.
Scaling products requires strategic manufacturing partnerships and thorough testing of formulations for different distribution channels.
Innovative distribution, like retail partnerships and office coffee channels, can significantly expand market reach.
Understanding cost structures, working capital, and logistics is essential when entering new markets or channels.
Entrepreneurs should be open to raising outside capital if it enables growth, but should do so conservatively with trusted investors.
Niche markets can be highly profitable and more defensible, especially if you focus on quality and innovation.
Staying true to your core brand story while adapting formats or product offerings is key to long-term success.

Summary

Introduction and Context Setting

The episode begins with Guy Raz hosting the Advice Line, inviting callers to seek advice on their entrepreneurial challenges. Che Wang, co-founder of Boxed, joins as a guest to share insights on his entrepreneurial journey, the rise and fall of Boxed, and his new ventures. The show emphasizes learning from both successes and failures, highlighting the human side of entrepreneurship and resilience.

The Story of Boxed and Entrepreneurial Lessons

Che Wang reflects on his decade-long experience with Boxed, a bulk online retailer, including its growth, public offering in 2021, and subsequent bankruptcy in 2023. He shares lessons learned about decision-making, macroeconomic impacts, timing, and the importance of knowing when to pivot or sell parts of a business. Che discusses the emotional and personal toll of these experiences while emphasizing the value of the journey and continual learning.

Callers' Entrepreneurs and Their Challenges

Three entrepreneurs seek advice on different stages of their businesses. Alec is exploring whether to outsource production of his beef tallow skincare product. Jessica is debating whether expanding into pet product retail channels like Chewy or vet stores would be beneficial for her horse care brand. Eli is questioning how to optimize his anti-inflammatory coffee blend for bulk brewing and scaling, balancing product integrity with production challenges. Each caller receives tailored advice focused on scaling, manufacturing, marketing, and strategic positioning.

Expert Insights and Recommendations

The episode provides actionable insights for small and growing businesses. Che and Guy advise on the importance of manufacturing partnerships, especially for scaling products, and recommend testing formulations for different brewing formats. They emphasize the need to leverage niche markets and innovative distribution channels, such as office coffee services, for broader reach. The discussion highlights the importance of staying true to brand identity while exploring new product formats and partnerships, and considers the logistics and financial implications of distribution strategies.

Reflections on Entrepreneurship and Advice to New Entrepreneurs

Che Wang shares thoughtful advice about the entrepreneurial journey, stressing that it's a life chosen with ups and downs, but ultimately rewarding. He encourages entrepreneurs to enjoy the process, learn from challenges, and remain resilient. The episode ends with a call for entrepreneurs to reach out with their questions, fostering a community of shared growth and learning.

Show notes

Today’s callers: Alec from California wonders if it’s time to bring production for his beef tallow skincare brand out of his kitchen to a co-manufacturer. Then, Jessica from California has a hit horse care product on her hands: is a major pet distributor a dream partnership or a brand-killer? And Eli in Minnesota is curious if he should tweak his signature anti-inflammatory coffee blend for bulk brewing or protect the original taste?
Plus, Chieh reflects on his exit from Boxed and how his latest venture, Pelgo, helps people through similarly significant career transitions.
Thank you to the founders of Surfing Cow, Tail Cinch, and Makor Coffee for being a part of our show.
If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.
And be sure to listen to the founding story of Boxed as told by Chieh on the show in 2021.
This episode was produced by Rommel Wood with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Robert Rodriguez.
You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com and on Substack.

Learn more about your ad choices. Visit podcastchoices.com/adchoices