Why Dog Electrolytes Are the Next Million Dollar Idea

What some people are thinking right now, well, it's just stupid. Just put salt in other different packaging. Yes. Sometimes it can be that easy. It can literally be that easy. Look at Five Hour Energy. Oh, you're just taking an energy drink and put it on the counter? Yes. It's a look at billion dollar company.

Look at liquid death.

Yeah. A billion dollar marketing. It's framing and marketing. That's it.

Yeah. That's why I like it. Right. That's why the salty dog name is like, oh, yeah, that's genius. I went to Capital Camp this week and, like, the best way to describe Capital Camp is a place for investors and people who are looking to raise funds to meet at the networking event. There's three types of people. There's investors, there's entrepreneurs who are looking to raise money, and then there's entrepreneurs who are just going to network. I went to network. And honestly, it's expensive. It's $10,000 a person.

But wait, what? There's no. It's not.

Yeah, It's. Technically, it's 13,500 per person.

No, it's not.

But they do. They have, like, little.

Are you trolling me? Did you actually pay that?

Did you not know this?

Is this a bit. Is this like you're trying to make people laugh that are listening?

No, no, this is real.

I thought it was $3,000. Are you serious?

Yeah. I remember when you and I were going back and forth, texting each other, and you were like, I can't believe you didn't bring this up to me. This was one of the reasons I didn't bring it up to you. Because it's $13,000.

It's not 13,000.

I swear.

I. Tell me right now, are you trolling?

No, I'm not trolling.

I swear. Oh, my.

$13,000. I got a discount code. I didn't pay 13,000.

What did you pay? 10.

I'm not telling you what I paid.

Oh, my gosh.

I'm not.

I'm so. I revoke everything I said about having fomo. I am so glad I did not go to that. Do you know how many businesses I could start with 10 or $13,000? That's 13 businesses.

Do you know how many hypoallergenic cats my wife could buy, too? Yeah, because she just bought them. It's awesome.

What? She just bought cats.

We just bought two hypoallergenic cats for five apiece. Oh.

Okay.

I couldn't wait to tell you that this was a weird way to introduce this whole conversation.

Anyways, okay.

Anyways, we'll talk about that later. So Capital Camp, there's, like, already an initial filter, right? Can you afford to go to Capital Camp?

How many were there?

There's 350 people there. This is what I wanted to go through this with you. The math, right? I can't help but do some of the back of the envelope math, right? You just start thinking about things. You're like, all right, 350 attendees, average cost, $10,000. $3.5 million in revenue.

Any. Were there any sponsors?

No. Well, I shouldn't say that. Not that I know of. And it wasn't noticeable for there to be sponsors there.

I mean, you better not have sponsors if you're charging that much. Come on.

Well, and the thing I liked about this conference is it was. It was fantastic. It was by far the best conference or event I've ever been to.

Okay, now I have a Logan.

I'll.

I'll go through.

I'll go through these. But, like, the first thing I wanted to do was kind of break down the economics of capital camp. So 350 people, $10,000 a pop, 3.5 million in revenue for four days. Essentially three and a half days, but four days. But then I started going through the costs. I'm like, all right, 350 people, three and a half nights. 350 a night. $450,000 for lodging, cool food. I said a hundred dollars per meal, per person, per day. So three meals a day, three and a half days. $375,000. They had to rent the venues. $250,000.

But why are you including lodging? Do they pay for your lodging?

Yeah, yeah, it was all included once we got there.

Where did you stay?

Everything stayed at this hotel called, like the Stony Brook Inn or something. It was actually funny. There's two super nice hotels that they had people stay at close to the event, and then there's a hotel really far away out in the boondocks. That sucked. And I didn't know it sucked until I. They had a mix and mingle or whatever at one of the hotels.

It's probably random, right? They probably don't place people at certain hotels.

I go in the freaking hotel and it's like marble flooring, beautiful wood, mahogany bookcases lining the walls as you enter. Like, it's just very cosmopolitan. Feeling super nice. The Stony Brook Inn. Looks the way it sounds. It's like a nice Motel 8, right? Like, it's dumpy, beat up. Yeah, it is what it is. Anyways, I talked to one of the people who were putting on the camp. And I got some back of the envelope numbers. Basically it was like a thousand dollars per head per day for the staff. Now that includes like the planning, the marketing, the coordinating logistics, all that stuff. And so when I added everything up, the total cost of the event was about $3 million. So you have like total money coming in. 3.5 total cost, event three. So let's just say they made $500,000 on it. Now $500,000 is not a little sum of money.

It's a little margin to most people.

That's what I was going to say like for this, like the point of it was not to make money off of this event. The point of it is to promote permanent equity and for there to be deal flow and like to be the thought leader in the space. So as I'm there, I knew telling you those numbers would make you throw up. So that's why I was so excited.

I have many thoughts, so please proceed.

All right. As I was there, it got me thinking about this thesis that we've had for a while is that events, and premium events in particular are going to become more and more sought after. We're benefiting from two tailwinds. One is Covid. Everybody worked from home. It's been really hard to get people back to the office and remote work has persisted. And because of that companies have larger budgets, they can spend on these types of things. And then we're also benefiting from social media. Like people are all on their phones. So when you go and have real in person experiences, they're, they're fantastic. I, this is my fourth conference this year. I went to, we had a conference, we had a tree trimming boot camp, we had SM bash that we went to Capital camp. And then I'm going to another conference for ConvertKit in a week. It's obvious there's a craving for like networking and community. And as I was there, I'm going to give you some examples. It was the best event I've ever been to because they cared about every little detail. So it was invite only. First of all, you felt special high ticket price. So you're already like, okay, I'm expecting a lot. I check in. They knew my name and they knew a little bit about me. Like it was obvious they had either looked at my LinkedIn or they read my bio. Like somehow they knew some stuff about me. Like they made some comments that, I.

Mean it does cost $13,000 to do a LinkedIn search. So that does make sense?

The girl comes up to me when I first check in. I have my water bottles, this much water left. She's like, would you like me to throw that away and get you a new water? Can I get you a little refresher? I'm like, yeah, absolutely.

I probably took $2,000 over time.

You're gonna do this the whole time, aren't you?

Oh, this is my bit now. Also, can you be very clear that we are not. This is not an advert Capital Camp. They're not paying us.

No, no, no. Okay, okay. No, this is an ad for Capital Camp.

If they're paying you, they are paying me.

The swag. So they had all this swag, right? Like, it said Capital Camp. There were shirts and hats and bags and all this stuff. And when you went in, they said, swag's free. Take however much you want. Now, obviously, you and I look at it and we're like, pay for that swag.

I grew up poor. Do you know what you're doing here? I'm gonna. I'm gonna clothe my family for three years.

But there's, like, this psychological check that happens where it's like, they said, take as much as you want, but most people are going to be like, I don't want to be that guy.

Yeah.

You know what I mean? Like, all they did.

Do you remember how many peanut M&M's I came home with from Main Street? I'm still eating those peanut M&M's. Yes, I literally am.

They had more food there this time than even.

Don't tell me this.

It was amazing. And, like, one of the other small touches was there. You were never sitting by yourself alone unless you want it to be like. So if you had your headphones in, nobody bugged you, but there was a number of times where I sat down because all the tables were full or I didn't know anybody. And one of the camp staff members came up and they just started talking to me. Hey, how's it going? Where are you from? Because they want you to feel included and special and that, like, you're having a good time now. For an introvert like you, obviously it's one of your worst nightmares. But I just thought it was exceptionally well done. I thought it was exceptionally well done, and it's got me on this continuing on this kick of, like, conferences, boot camps, live in person. Events are not the future, but they're going to be very popular over the next few years.

All right, you got to go full. Andrew Wilkinson. When you describe it and be like, it was beautiful. It was. It's a beautiful business purchased at a fair price.

It was a great business valued at a fair price. It wasn't a cigarette, but it. No, it was. It was. It was a really well put on function.

Good.

Again, it reminded me of the boot camps that we did. Like, we could do more of these boot camps or. There's a lot of opportunity, I think, in the space for live events.

Yeah.

All right, go. I want to hear your feedback.

First of all, I went to Texas Roadhouse last week and the server was helping us, and then the manager comes by and he's like, is everything okay? You guys doing okay? And he left. And I was like. While he was there, I was like, okay. And then he left. And I'm like, oh, I just. I don't want to be talked to. I. I don't want to go to Texas Roadhouse to make friends with a server and a manager and a busboy and a host. I was just triggered when you said.

That Chris checks into Texas Roadhouse and is like, yeah. So here's what's going to make this a good night. Don't look at me, don't talk to me, don't think about me. Don't even fart in my general direction because I will sue this company faster than you can say, what.

Hey, how's everyone doing tonight? Oh, good. 15%. I'm sorry, sir, What? Oh, that's just what your tip dropped to. Oh, I'm sorry. Oh, 10%.

10.

What is that? Could that be a bit. That be a bit.

Let's do it. Write it down.

All right, so first of all, I hear you. I agree with you to an extent. Sounds awesome. And what I'm about to say is biased because I wasn't there. And I have half fomo, half glad I wasn't there. I feel like whenever there's something expensive, the business owner is much more likely to be like, listen, we're just. This is a passion project. We're just. I mean, like, we're lucky to break even on this. You know how many times I've heard that crap? I'm sick of it. I remember when Sam Parr launched Hampton and he did a beta group and he beta, there it is. I literally. I had to wait for it and he emailed me for. With a calendarly link and I never took it, but he's like, hey, this is five grand. And it's. I think it's ten grand now per year. And it's like. But I don't make any money on that. It's just, I'm just trying to learn and I'm like, dude, it's $5,000 to join a club and your cost is a Zoom membership. Dude, just be real with me, dude, we're all capitalists. Just tell me you're making good money or don't tell me anything about it. Just own the price. Like, either own it or own how much money you're making. But none of this, like, I'm just, I do it for the love of the game. We, we're lucky to break even. I just don't like that.

What does that have to do with Capital Camp?

Because that's what they said to you. They're like, yeah, it's $1,000 a day. And so you were able to back end into the math. And they know that other people are going to be doing that. It's called Capital Camp. But it's like, I, I don't believe that they only made 500,000.

You don't think that the staffing costs $1,000 a day?

No, I think you could, like, you could crunch it in a certain way where it would appear as such, but I just, I'm more speaking to the overall principle of that. Just own your prices. Just own it.

Okay, so you think it was like a big money maker. That's the point of them doing it.

They put you in a 13 per night hotel. A hotel that I would have booked. Right. Which, that's a problem. Yeah.

I don't disagree with you. Keep going anyway.

But it is very interesting, the larger point of charging a lot of money for a high touch conference like that, because it speaks to the point that you and I make about having the, the value exceed the cost. Right. Hey, can I refill your water? The cost of that is almost nothing. But the value is like.

But the value.

Yeah. So I, I respect that and I like that.

Are you going to change topics?

Yes.

I just thought it spoke to their company ethos. I thought it was like, very well representative of them as a company. I, I think it's smart of them to try to position themselves as a connector within that world. Again. I think they made money, but I don't think that, like, to me, the purpose of this, if you've got a company that's doing $20 million a year in EBITDA and this event makes you $600,000 or a million dollars, like, you're not putting this event on because it's like, oh, this is the main money driver. Right. There's Other uses of that capital that you could do. To me, it just signals that they're being very smart and strategic long term. They're doing this to position themselves well so they can get more deal flow, so they can be at the center of attention and attraction.

It's smart, it's smart, it's smart. As I was just thinking of hypotheticals as you were talking, so I actually wasn't listening that closely. But I'm just thinking like you go back in a year and you it's in Columbia, right where the University of Missouri is. And you're like, oh, we're going to take you on a tour of the campus and show you something. And you see that the library is like named after you because of your $13,000 contribution. It's like the most money Columbia, Missouri has ever seen in their lifetime, ever. I will caveat that I know Brent Be sure is a good guy and he's honest. I don't doubt that he's doing the right thing. And I think it's very smart of them to have another event six months later that costs a small fraction of that. Right.

Agreed.

All right, well, I got some ideas. Some of these are stupid. They're stupid in a way that the pet rock is stupid in that it could make you a lot of money. And everyone's going to think you're an idiot for starting a business like this. But then you'll get the last laugh. I got this idea today. I went on a 50 mile bike ride and yes, I am flexing and I didn't have to say the distance, but I can go the distance. So I came up from this bike ride covered in sweat and my dog comes up to me and he just starts licking me. And he always does that. And it's like, oh, yeah, okay, you need some electrolytes. You need some. That's what he needs. He just wants the salt. Right.

Dog electrolytes. Okay, I like that.

Exactly. And so let me get there though. Let me. I. I gotta walk you there. Okay. I love my dog, but I'm not like a dog person. Right. You know me, right? Like, yeah, it's kind of like kids. I love my kids a lot, other people's.

But you're not a kid person.

Whatever. Right. Well, I actually can't am. But anyway, dogs are just fine. They're fine.

Legally, you're not allowed to be within 600ft of a school.

Well, edit that out.

That's all I meant.

Don't actually edit that out. By the way. He's so Confused right now. Anyway, so he starts licking me, and I'm like, okay, if I were like, a dog person, and I had that same thought. I'm going to be thinking, oh, you poor thing. We need to get you some more salt. Oh, does your dog food not have enough salt? That's how dog people are.

That's what you would think.

Yes.

You would just think, oh, you're a dog. You lick everything.

No, I'm saying if I were a dog person, like a dog empath.

Okay.

And then I had the same realization that maybe he's licking me because he needs electrolytes. Okay.

All right. Yeah.

Then I might make the connection. Oh, I feel so bad for you, because you don't have enough electrolytes, therefore I'm not doing a good enough job as your dog owner.

Got it.

You with it? Okay.

Yep, I'm with her.

And so it's like, dog electrolytes. Salty Dog. That's what I'm calling it. Okay. And here's what it is.

It's a very good name.

It's a very. And my wife thought of it.

It's a very good name.

So we're in the car, and I brought this up to her, and I'm like, all right, give me. I need a business name for dog electrolytes, where you incorporate, like, dog into the word electrolyte some. And she's just like, salty dog. And I'm like, you are. You're.

You're freaking Rain man over there.

Can we go home real quick? Anyway.

Here'S.

Here's what you could do. You could literally get. You know what light salt is? No, it's 50 salt, 50 potassium, which is like two thirds of electrolytes. Then you need throw some magnesium in there. That's basically electrolytes, salt, potassium, and magnesium. You can literally just take that and put it in a. Like a salt shaker. And they do sell these. I googled it, but it. There weren't a lot of search results. And they have, like, dog chews for electrolytes, and there was, like, one or two products is all.

Okay.

I think there's a world where you could literally just put powdered electrolytes, salt, potassium, magnesium, in a shaker and just have people shake it on the dog food when they shake it.

Like a salt shaker.

Exactly. What do you think, Salty dog? What?

So this is going to be just. Because I'm not in this world at all. Like, we as humans, don't we try to watch our sodium intake? We try to watch our salt intake. Like, are there any, I don't know, secondary health impacts to the dog? Are they going to get like heart disease? Are they going to. Oh, dude. We send a car. We're going to burn with burning dogs. We send a card with the potassium for burning dogs that say, hey, look, when your dog dies, don't be salty. Call burning dogs. It's vertical integration.

It is.

I think it's a great idea.

Thank you. Thank you. I'm gonna get ahead of what some people are thinking right now. Well, it's just stupid. Just put salt in other different packaging. Yes. Sometimes it can be that easy. It can literally be that easy. Look at five hour energy. Oh, you're just taking an energy drink and put it on the counter. Yes. It's a look at billion dollar company.

Liquid. Liquid death.

Yeah. A billion dollar marketing and marketing. It's just framing and marketing. That's it.

Yeah. That's why I like it. Right. That's why the salty dog name is like, oh, yeah, that's genius. It's an easy product to sell. People will get it right away. And it's. Yeah, I like it. I think it's great.

Thank you.

Yeah, it's clean.

I've got a list of ideas that got away. Right. I don't regret not starting a lot of things because I start so many things. There's only so much time. But one thing that I should have started was like dog seasoning. I had this idea, like.

No, this is the background music for you to tell this idea.

I don't know. You're putting me in a bad mood. Dog seasoning. Okay.

And it's like, it's like this. Okay. Okay. Is that not right? I thought that's what you're getting.

Oh, my gosh. I didn't know where you were going with that. To feed the dog on top of his food. Right. Because they eat the same thing every day. And once again, I'm not a dog empath, but if I were, I'd feel bad for them to have having to eat the same thing every day because.

We'Re imputing our own emotions onto them.

Yes. They don't get a job. You know, I buy that cheap dog food. You already know. I do. And so I had, I had this idea like a decade ago and it didn't exist. And now it's a thing, my friend. It is a thing. And it's. It's pretty much too late for that.

You, dude, you've always been early. Honestly, you've always been early with these ideas.

There you go.

And like your wife says, you always don't. I won't say it's like the idea. Do you remember, I remember calling you in 2010 when I was at USC and I was like, chris, Chris, Chris, Chris, Chris. What would you think if on your wrist, instead of it being a watch, it was like a smartphone that sent you notifications, you could wear it on your wrist?

I vaguely remember that.

And it would have your email and your text and it would show up and you're like, that's stupid. No one would ever know. That's dumb. Nobody wants that. No one would ever wear it. Sometimes we're too early. We're too early.

That's right. We're smart guys. I freaking love that.

What else?

What else you got so you could do. If we're talking about too early for dog seasoning, you could penetrate that market with salty dog, get in a bunch of households and say, hey, second product line seasoning. You could go about it that way. Maybe we're not too.

You know what you would call the seasoning, right?

Yeah, I know, but I want. I have a great name for it, but I want to hear yours because it's probably dumb doggy style. Okay? This is a kid friendly podcast. This is a kid friendly.

Tell me that wouldn't be a good name. Tell me it wouldn't be a good name. It's a.

It would be the best.

It's memorable.

It'd be.

It'd be incredible name. It'd be an incredible name.

It would be my Dude.

Think about the commercial. Oh, my gosh. Think about the commercial. Your dog's name is Frank. Frank loves doggy style.

Okay.

Frank's favorite doggy style.

This is a kids podcast. This is kid friendly.

Do you remember. Do you remember that Kmart commercial where it was like free shipping?

Ship your pants.

I can ship my pants. Yeah, I can ship your pants right now. I just shipped my drawers.

Yes. That was Kmart's hail Mary into staying relevant.

It was such a good ad, though. It was such a good ad.

It fell at the four yard line.

We need to find whoever did that ad and do that ad for doggy style. Okay, I'm ready.

Be right back.

The reason I like, like, for real, though, the reason I like this space is because people's empathy towards their pets and the importance of pets and people's families is growing like crazy. People having less kids, they had. They got more pets during COVID and they're treating these pets like their family members. They have more disposable income. They can buy them different types of foods. They can get them, you know, salty drinks because their electrolytes are low. There's a reason why vet clinics are booming. There's pet insurance for health care. Obviously, you've got cremation. Yeah, pet cremation now, because people want to take care of their dogs after they pass, respectfully, like it a real thing. So I love thinking about ideas that are riding tailwinds. You're not inventing a market. You're looking at a market that's taking off and saying, what could I do in this market that's already taking off?