Tim Riegel : Tim Riegel excels in welding and business management. He went on a fun holiday thanks to his side business, Mozark Fire Pit Studio. His strength was tested when his profit margins decreased and he faced unexpected challenges like inflation. But this craftsman turned a problem into an opportunity by finding clever ways to price his goods and create new products to ensure his business thrived.
In Lamar, Missouri, Riegel made 275-pound steel fire pits. After that, he sold them on Etsy to people across the US. Despite being online for just five months, the website made an astonishing $50,000 from sales.
As inflation hit, prices of goods and services, such as recycled steel, gasoline, and items in cardboard boxes, increased. It was tough for Riegel to earn any money in this messed-up place.
Riegel wanted to continue doing what he enjoyed and retain his customers, so he analyzed the market and adjusted his pricing strategy in a risky manner. He maintained customer trust and justified price increases through gradual price adjustments and by enhancing product appeal with vibrant colors and customization options.
In fall 2022, Riegel will raise fire pit prices from $650 to $950. Mozark’s $169,000 in sales last year highlights Riegel’s hard work and business acumen.
Riegel believes monthly price research is beneficial based on his life experiences. He believes customers will continue coming to the store if prices remain stable.
In a candid conversation, Riegel discusses the factors behind his success, the skills required for starting a side business, and maintaining a healthy work-life balance.
Despite the unstable economy, Riegel’s ideas remain relevant in business. Riegel’s Mozark Fire Pit Studio demonstrates the importance of hard work and market research for success despite problems.