Executive Summary
Shopify Masters episode in which the host talks with Bill Bachand, founder of Renu Therapy, a company that makes cold plunge tanks. Bill says that after a back injury and surgery around 2016 he turned to cold water, could not find a good product, and decided to make his own, in a design he would be happy to see in his yard. He says a week of cold dips on a ski trip in early 2019 convinced him there was a business, and that his wife supported the change after he closed a business he had run for about 27 years. He says earlier ventures included an emergency kit company and energy efficient remodeling. His advice is to do the work: research the market, understand your financials and read a balance sheet and profit and loss. Shopify, which produces the show, is the sponsor named in the description. PARTIAL COVERAGE: the captions cover roughly the first 14 minutes of the 35 minute episode, so later topics such as product development and endorsements are not summarized. All claims are Bill's own and are not independently checked. Nothing here is medical, health, wellness, financial or legal advice, and Bill's descriptions of cold water effects are his personal experience only.
Key Takeaways
A product he could not find
Bill says there was only one janky option online, so he decided he could just make his own.
Design mattered
He says he is big on aesthetics and would not put a bathtub with a chiller in his yard.
A ski trip as a test
He says he tried cold water on a ski trip in early 2019 and felt the difference, though he calls himself a skeptic.
From one to many
He says on the drive home he thought if he was going to make one he should make more and build a business.
Leaving a long career
He says he was closing a business he had been in for about 27 years and disliked.
Support from his wife
He says he had 100 percent support from his wife, which he says matters if you are married.
Do the work
He says to research the market and prices and understand your financials, such as a balance sheet and profit and loss.
The Conversation Breakdown
A product he could not find
⏱ Untimed topicBill says there was only one janky option online, so he decided he could just make his own.
Design mattered
⏱ Untimed topicHe says he is big on aesthetics and would not put a bathtub with a chiller in his yard.
A ski trip as a test
⏱ Untimed topicHe says he tried cold water on a ski trip in early 2019 and felt the difference, though he calls himself a skeptic.
From one to many
⏱ Untimed topicHe says on the drive home he thought if he was going to make one he should make more and build a business.
Leaving a long career
⏱ Untimed topicHe says he was closing a business he had been in for about 27 years and disliked.
Support from his wife
⏱ Untimed topicHe says he had 100 percent support from his wife, which he says matters if you are married.
Do the work
⏱ Untimed topicHe says to research the market and prices and understand your financials, such as a balance sheet and profit and loss.
Core Frameworks & Ideas
Build one for yourself first - Bill's origin
Start with a need you have and see if it scales.
Know your numbers - Bill's advice
Read a balance sheet and profit and loss before big decisions.
Do the work - Bill's pre-launch rule
Research the marketplace, advertising and margins first.
Actionable Next Steps
- ✓Write down a product you could not find and sketch your own version.
- ✓Learn to read your balance sheet and profit and loss.
- ✓Research competitors' prices and margins before launching.
- ✓Treat Bill's cold water experience as his own, not health advice.
Notable Quotes
“I could just make my own”
“I'm not going to just put some bathtub out there with the chiller next to it”
“I'm a bit of a skeptic”
The One Thing to Remember
Bill Bachand says he started Renu Therapy because he could not find a cold plunge product he liked, so he decided to make one himself and then more, and advises doing the research and knowing your numbers.