I Quit My Job to Launch a Start-Up in One of the World's Toughest Markets and I Have No Regrets
Stefan Di Benedetto's family and friends thought he was crazy when he made a life-changing gamble. The Melbourne project manager was working for one of Australia’s largest construction companies when he put everything on the line to launch alcohol start-up Solbevi in August 2023. Despite having no industry experience, he soon struck a distribution deal with retail giant Dan Murphy's to stock Australia's first limoncello spritz in a can in nine stores. Mr Di Benedetto quit his high-paying job and poured his entire savings into the business.
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Hard years, long hours and the price of chasing a dream
He did construction night shifts and worked at his local pub on Sundays for almost two years while spending up to 90 hours a week expanding the business, which came with major sacrifices and challenges. Mr Di Benedetto came up with the idea of making Australia's first limoncello in a can during Covid lockdown and spent the next few years working out how to produce it on a commercial scale and develop the brand.
Setbacks, cash crunch and a painful break-in
The business ran out of money twice, amid constant rejection from hospitality operators, and an early-morning warehouse break-in several months ago took a financial and emotional toll. 'The last two years have been exhausting,' Mr Di Benedetto said. 'We\'ve run out of money twice, which impacted cash flow.' 'Capital raising fell through three times when it came to signing on the dotted line, which almost killed me.' 'We lost $20,000 worth of equipment and stock in the break-in - a setback we hadn't accounted for.' 'I burned through personal savings during extensive overseas travels to pitch with no guaranteed outcomes.'
Rise and expansion: from nine stores to thousands
Dan Murphy's was the first retailer to stock Solbevi in nine stores. The brand is now sold in more than 2,500 stores. Following a successful international launch in New Zealand, Solbevi has set its sights on South-East Asia with a recent expansion to Malaysia and Singapore. Solbevi was sold at the F1 Australian Grand Prix in Melbourne earlier this year, along with several AFLW games and multiple festivals. The company supplies onboard beverages for airlines Qantas and Scoot and has been awarded best liqueur in the world by US Spirits Ratings. 'We still hadn't raised the entire amount of capital until four months ago. But our growth has allowed us to thrive.' 'My vision is to make Solbevi a brand that can be enjoyed all year round and sit alongside Aperol and Campari in venues worldwide,' Mr Di Benedetto said. 'Introducing limoncello in an already saturated market where the category is unfamiliar meant that we had to educate people from day one,' Mr Di Benedetto said. 'We also had to take into consideration that people aren\'t drinking as much alcohol as they used to.' 'Product-based businesses are really expensive, so ensure you have a means of getting money,' he said. 'But use all your own money first, you will guard it with your life, which means you will make smarter and more thought-through decisions. It helps reduce costly mistakes.' 'And, be prepared for a whole new world of hard work. If you want a normal life and to run a start-up, think twice. Your start-up will be your life. So you need to love it.'
Lessons and a clear-eyed plan for the future
All the lessons he's learned have been on the job. 'We started the business with zero industry background in marketing, sales, and distribution,' Mr Di Benedetto said. 'Everything had to be learned from scratch. The best way was to learn on the job and from the bad decisions we made.' 'Everyone, including my parents, thought we were crazy. But I didn't listen to them.' 'I have no regrets. The only thing I wish we did was to get onto TikTok earlier, which can change a business overnight.' The drinks market is one of the toughest industries in the world, facing a perfect storm of challenges, including declining consumption and changes in consumer behaviour on top of rising business costs. The next goal is to expand the brand further internationally.
