Ariana Sokolov co-founder trill project interview
Op-ed Overview
The pandemic has been a lonely time for LGBTQ+ youth for those who do not live in supportive households, making the need for inclusive spaces outside of the home even more important. With the pandemic, connecting with people outside of the home has been particularly difficult and we’re seeing youth turn to safe digital spaces as an alternative. I’m reaching out on behalf of Apple to introduce you to Trill Project, an app created by a talented, up-and-coming teenage developer, Ariana Sokolov. The young, LGBTQ+ ally created the app to ensure her best friend, who came out as bisexual, had a safe space online to express herself.
After hearing how hard it was for her friend to come out, Sokolov developed Trill – a combination of the words true and real – as an anonymous social network with no usernames (it uses various colors instead!) where everyone can freely and safely express themselves. Created by teenagers passionate about coding, the app provides a supportive community to make new connections and have authentic conversations.
Timed to April’s Sexual Assault Awareness Month, Ari can draft an op-ed that speaks to:
How the Trill Project creates a safe space for the LGBTQ+ community and why that is so important for this community specifically during April’s Sexual Assault Awareness Month
Her allyship to the LGBTQ+ community and inspiration for creating the Trill Project
How she came to become an advanced coder at such a young age
How her experience at Apple’s Worldwide Developers Conference and Apple’s Entrepreneur Camp built her coding skills
photos: https://drive.google.com/drive/folders/1x-SR7fAL5TWniGQ5NXtI_NnMpXAPTEeo
Can you tell us a bit about your background and what you were doing professionally before launching Trill Project?
I started coding when I accidentally walked into a computer science class at a summer camp when I was eight years old. I loved getting to combine my interest in math and design to create something from scratch, and this is what drew me to app development. Growing up, I used the coding resources Apple provides online to teach Swift classes to myself.
Eventually, I was awarded a student scholarship to the Apple Worldwide Developers Conference (WWDC). And my love for developing apps only grew stronger. Through this, I was able to unlock a community of fellow app developers that loved to create apps that impacted the lives of others. I was privileged to have the support of Apple engineers in labs and attend talks at WWDC that were instrumental in allowing me to become the app developer I am today.
I launched my business when I was 16 years old. Before that, I founded my own app development company and was working on projects for a variety of clients with my work being recognized by Apple, South by Southwest, and the U.S. Congress.
What was the “lightbulb moment” for Trill Project? What inspired you to start your business and pursue this path?
After hearing about my friend’s struggle coming out as a bisexual teen, I rallied together my Girls Who Code Club, and we sent out an anonymous survey to LGBTQ+ teens across Tumblr. We asked users, “What would you say if nobody knew you were saying it?” Through grassroots marketing strategies, we received hundreds and then thousands of responses to this survey. Responses trickled in around stories of feeling unheard, isolated, and alone.
We were stunned to see that many LGBTQ+ teens felt this way, especially in toxic digital spaces, so we decided to address the mental health issues affecting the LGBTQ+ community. After interviewing LGBTQ+ teens in our high school and learning from our friends how difficult their coming out experiences were, these early connections in customer discovery, who believed in my team and me enough to share their stories with us, became our first beta testers. Trill was designed collaboratively with 10,000 beta testers, and our users have trusted us from day one to listen without judgment and build this community for them, with them.
After working on Trill for a bit, we were accepted into Apple Entrepreneurship Camp. Here we were able to get tremendous feedback on the design and structure of our app to make it more meaningful to our users. We also learned how to integrate Machine Learning technology that would direct users to relevant crisis resources. These improvements that we made over the course of the program were very important to improving Trill.
An entrepreneurial career path is so special because it allows you to identify real problems in your life, like my friend’s struggles with her identity, and take action. I didn’t set out to be a founder necessarily, but I did seek out to solve a problem for my friend. And now I’m able to create technology that is used every day by my classmates, the online communities I belong to, and my generation as a whole.
Did you write a business plan? If so, was it helpful, and if not, what did you use to guide your business instead? Why did you take that approach?
My team and I participated in the Technovation Challenge, a global competition encouraging female-identifying high schoolers to build an app to solve a social problem. Through this, we were able to write our first business plan.
In the words of Former President Dwight D. Eisenhower, “Plans are useless, but planning is indispensable.” With regard to Trill, we actually have pivoted and evolved our business tons since participating in Technovation. That said, the process and exercise of taking time in the early days of our launch to consider moderation at scale, paid marketing campaigns, revenue strategies, and company culture was incredibly useful. If anything, writing a business plan gave us an opportunity to start thinking about some of the tough questions around building a business like how you make money and how you will grow community. Even if we didn't have all the answers when we first made our business plan, it gave us a solid foundation.
The primary guiding force we’ve always used when building our business (more than any business plan) is real-time user feedback. We are strong advocates for practicing collaborative and inclusive design processes that are user-centric. We’ve maintained a robust beta tester community with regular surveying, interviews, and focus groups to make sure we are building a product that users actually need, want, and are finding value in.
How did you come up with the name Trill Project, and what are some of the things you considered during the naming process?
Trill is a combination of the words true and real. And Trill Project is an anonymous social network for mental health peer support.
While it may seem counterintuitive, our experiences with Trill have given us the unique empathy and insight that anonymity and stepping away from whatever identities constrain you in the real world can actually allow you to more fully discover your true and real self. On Trill, we turn social media on its head. We replace followers with friends, emojis with True feelings, and selfies with Real people.
We allow users to unlock their most authentic selves in a digital world, and it doesn’t happen overnight. The movement to make the internet a safer and more kind space for people from all walks of life is an ongoing process and project. It’s Trill Project.
What were the immediate things you had to take care of to set up the business?
Immediately after coming up with the idea for Trill, my first action item was to build out a team. My team and I believe in capitalizing on our strengths and hiring for our weaknesses. Personally, I am a technically minded individual and enjoy software development, graphic design, and product management. So I brought on a co-founder who was more inclined towards the world of operations and could handle marketing, external relations, and sales down the line.
We worked right away to build team culture, setting expectations around responsibilities, commitments, and values. We did this by establishing workflow tools (GSuite, Trello, and Slack), setting up anonymous surveys for internal feedback, and identifying goals or OKRs for a given work sprint. We also collaboratively wrote community guidelines and strategized together on brand identity and company vision documents. With regard to logistics, we also had to set up our website, our social media channels, officially incorporate, and bring on an accountant and lawyer to advise us.
What research did you do for the business beforehand?
We were lucky to participate in an accelerator program in the early days of Trill. This gave us an excellent community right away to tap into for answers to questions around our business. We would recommend accelerators and incubators for first-time founders because it provides a valuable sense of structure, accountability, and routine. Additionally, you will be able to connect with other founders who can empathize in your journey and mentors and experts who are motivated to work with you.
How did you fund Trill Project? What were the challenges and what would you change? Would you recommend your funding route to other entrepreneurs today?
We have been bootstrapped and only raised capital from equity-free sources such as pitch competitions and incubator programs. For us, this was the right decision and we wouldn't have changed anything around our fundraising journey. Given that we weren’t ready to work full-time on Trill and wanted to finish our college degrees, bootstrapping gave us the flexibility to run the business on our own terms and not feel pressured to grow in ways that weren’t authentic to our mission.
I would recommend that founders take a critical look at what their ultimate goal is for their business. Do you want to grow very quickly? Is this a side hustle? Are you mission-oriented? Do you need capital to hit these goals? And then make educated decisions around fundraising from there.
Do you pay yourself, and if so, how did you know what to pay yourself?
At this time, no one on Trill’s team takes a salary as we are all also still full-time students.
How big is your team now, and what has the hiring process been like? Did you have any hiring experience before this venture? If not, how did you learn and what have you learned about it along the way?
Our team is now over 30 high school and college students from around the world all working as volunteers at Trill. Neither of us had any formal hiring experience since we started this venture so young, and for us the hiring process is something we put a lot of thought and care into.
We recruit for our “trillternship” every new semester in the school year and during the summer. To do this we tap into women in tech groups we are a part of, personal connections, and outreach on campuses. We have a written component and interview process for all interested candidates. We evaluate possible hires not only based on their skill set but also their knowledge of Trill, support of our mission, and fit within our company culture and values.
We’ve learned that it is critical to interview not just for skills but also for this mission alignment. Trill is a remote-first team, and most of us have never even met in person. Everyone is a volunteer. And so it’s important that we all like each other and the work that we’re doing. We conduct regular team satisfaction surveys and host a variety of team bonding socials such as movie nights, game nights, and showcases of our work. Our team is like a family, and we all support each other not only with our endeavors with Trill but also with our other academic and professional commitments and our own mental health and wellbeing.
We are proud that our team is Gen-Z powered, BIPOC-owned, and majority female engineers.
Did you hire an accountant? Who helped you with the financial decisions and setup?
We do have a bookkeeper who we are so grateful for! We would recommend finding and investing in a bookkeeper early on to keep all your expenses, taxes, etc. organized and in order.
What has been the biggest learning curve during the process of establishing your business?
Learning how to manage running a business with also being a full-time student can be a challenge. We’ve discovered the importance of prioritization and sacrifice. As long as you and your team are on the same page around time commitments, goals, and accountability structures, then it is totally possible to be both a student and a business owner. In fact, college can actually be a great opportunity to take courses that make you a better entrepreneur, tap into professors as potential mentors, and network with classmates who may be future co-founders, hires, advisors, customers, or investors.
How did you promote your company? How did you get people to know who you are and create buzz?
We first launched through a grassroots marketing campaign on Tumblr. From there, we have been growing our community organically mostly through socials. We have an active presence on all major platforms, and we work with influencers through our Trill Talks interview series who in turn promote our community to their audiences. We also have been able to achieve some wonderful press through various incubators and programs we’ve participated in, and we partner with other organizations as well for collaborative campaigns to mutually drive traction for each other’s products and missions.
Do you have a business coach or mentor, and would you recommend one?
Yes, we have a vibrant advisory board, and we definitely recommend building one out. Our business mentors give us tangible advice around our paid marketing campaigns, analytics tracking, moderation curriculum, and more. Additionally, our business mentors also offer less tangible advice sometimes, which can be just as useful. Such advice includes strategic input on time management, company vision, growth, and more.
What is one thing you didn’t do during the setup process that ended up being crucial to the business and would advise others to do asap?
We only recently have started formally setting and sticking to company-wide OKRs. We would recommend that all business owners get into an early habit of goal setting collaboratively with team members. This allows for transparency around milestones, organization around prioritization and delegation, and accountability to hit your business goals.
What is your number one piece of financial advice for any new business owner and why?
Protect your cap table with care. You will put so much time, energy, and love into your business, and you deserve to be an owner of the results of those efforts. Make sure you are building alongside teammates and investors who have been vetted and who share in your vision.
Anything else to add?
Download Trill Project, and follow us on socials. Trill has a full schedule of upcoming Pride Month events, including social mixers, panels, and moderator orientations specific to LGBTQ+ issues. We're collaborating on these events with a variety of mental health and emotional wellness experts, including Blue Fever, a pocket-sized support group app centered around anonymous, judgment-free journaling for every chapter of life. Interested individuals can RSVP for our fireside chat on Mental Health for the LGBTQ+ Community here and for our “Ask Me Anything” Panel here.
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The Upsides of Self-Funding Your Biz, From Eadem Co-Founders Alice Lin Glover and Marie Kouadio Amouzame
For Eadem co-founders Alice Lin Glover and Marie Kouadio Amouzame, the path to getting their inclusive, clean skin-care brand off the ground started with their own pocket books. The duo, who met while working in marketing at Google, had discovered a blank space in the market for clean skin care formulated with melanin-rich skin in mind. It was a gap in the industry they knew intimately as women of color (Amouzame is West African and French, and Glover is Taiwanese-American) and years of searching for products that never quite suited their unique needs. Soon after, the idea for Eadem was born. Then came the daunting task of securing cash flow.
The pair decided early on that venture capitalists were off the table. “I’m not sure the venture community was ready for us and interested in our vision,” says Glover, who together with Amouzame, launched Eadem in 2021 with a dark-spot serum designed with its proprietary “Smart Melanin Beauty” formulas made by women of color, for women of color. “We didn’t want to compromise what we were trying to build.”
Venture Capital, otherwise known as VC funding, is a private equity investor that provides capital for startups or small businesses in exchange for an equity stake in the company. The biggest benefit is undoubtedly having the financial anchor to boost your business, but it doesn’t come without compromise. In other words, there’s another cook in the kitchen when making business decisions that impact revenue. The reality is that less than one percent of startups raise venture capital, reports financial resource platform Fundera.
Most entrepreneurs end up financing through good old-fashioned bootstrapping. Nearly 70 percent of small businesses rely on personal savings to finance their business, according to a recent survey by the MetLife and U.S. Chamber Small Business Index.
“I know VC funding is so sexy and everyone wants that headline and it’s so important to them, but how much of your company, or yourself, are you selling in exchange for that?” asks Glover. Self-funding grants you the opportunity to have more flexibility, control, focus on long-term growth, and more authenticity in your decisions. Since launch, Eadem has skyrocketed to success and is now on the shelves of Sephora.
However, bootstrapping does come with its own unique challenges (including not always seeing a paycheck right away). “It’s both a curse and a blessing,” admits Azouame. “You see all these other brands that launch the same day, if not the same week as you, and they have $2–$3 million, and can do all these things like get employees and run ads, and everything looks so beautiful. Then on our end, it’s just the two of us doing everything.”
While it can be stressful, Azouame attests that self-funding forces you to be creative with your money, who you’re going to work with, how to convince people to take a chance on you, and in so many other ways.
“I think that [bootstrapping] is one of the best ways to learn, even after having worked in tech,” she says. “We learned so much in the first two years by being self-funded.”
The pair acknowledges that self-funding may not be for everyone, but attest that sometimes it’s just about taking that blind leap of faith.
Tune into the latest episode of WorkParty to uncover how the founders launched their business to success, what the beauty industry can do to be more inclusive, and why brand storytelling is so important.
https://open.spotify.com/episode/2nyZrvLa1PyNYRkVEgfis6?si=6Q9cMOHATH6TB6Xvine1yw
RESOURCES
To connect with Alice Lin Glover click here
To connect with Marie Kouadio Amouzame click here
To connect with Jaclyn Johnson click here
To follow along with Create & Cultivate click here
To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)
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Lindsey Carter On The Challenges Of Building Your Own Business After Pivoting From Corporate America
Lindsey Carter is a prime example of finding happiness when you follow your passion, but it wasn't an easy journey getting to that point. As do many people working in roles that don't make them feel fulfilled, Carter struggled going to work everyday. "Keep in mind I could not keep a job for more than eight months. I wasn't getting fired, I would just quit every time. I didn't like people telling me what to do. I was like 'this is not working for me,'" she says. So what did she do, she quit her path, pivoting from corporate America. "For me, what made me take the leap was that I was so miserable at my job."
She learned that it's easier said than done though. First she needed to find help as this would put her in a position of knowing nothing on how to start a business. Then she needed a great idea to build a business, which then led to growing the business itself. Through each step she learned the challenges of how to get to the next point, and she shares that insight below. Take a listen on how Carter ultimately found success, and above all happiness.
LISTEN TO THE FULL EPISODE
RESOURCES
To connect with Lindsey Carter click HERE
To connect with Jaclyn Johnson click HERE
To follow along with Create & Cultivate click HERE
To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)https://www.instagram.com/lindseycarter/?hl=en
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5 Numbers to Consider When Launching a Coaching Business
Set yourself up for success.
Photo: ColorJoy Stock
The coaching industry is one of the fastest-growing sectors with the market size predicted to surpass $20 billion by 2022. (Calendar check, it’s already August.) And while this has left many frustrated and floundering in an overcrowded market, it has also jump-started thousands of budding entrepreneurs’ coaching careers.
And as with any new career trend, along with all the commotion, there is a lot of information (and misinformation) floating around the internet. While click-bait Facebook ads often depict building a coaching business to look like a walk in the park and endless traveling, the reality can often look a bit different.
Rather than sitting on a beach, spicy margarita in hand, glancing down at your phone while yet another effortless sale hits your bank account, new coaches and coaching side-hustlers are often found drowning amongst a sea of other coaching connoisseurs, endless freebies, masterclasses, and promo threads.
If you are coaching curious, a coaching side-hustler, or looking to launch (or re-launch) a new coaching business, here are five numbers to consider to ensure that you’re setting yourself up for success, and profit, from the get-go (so that dream of sitting on the beach is a much closer reality.)
Number 1: Your Net Income
How much do you want to make per year?
Have you ever taken the time to really think through the income that would sustain and fund your ideal lifestyle? If not, now’s the time!
This number will largely differ based on where in the world you live, and what constitutes a dream lifestyle for you. For some, it encompasses travel. For others, it’s as simple as being able to afford childcare. Either way, the first number to get clear on, is how much money you need in your bank account in order to thrive.
Example: I need $75,000 a year in my personal bank account to live my dream lifestyle.
Quick definition from Investopedia: Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses.
Number 2: Your Total Cost of Doing Business
What will your expenses and taxes look like?
How much does it cost to run your business? If you have no idea what these numbers are, it’s time to PAUSE and do a little research. For business expenses, outline one-off costs, such as building a website build, and reoccurring costs like accounting software.
For taxes, it’s going to largely depend on the type of business you file and what state you live in. However, for example, expect around 30% of your profits to go to the government. So, multiply your desired net income by .30 to get this number.
Once you know your one-off costs, your recurring expenses, and your estimated tax payouts, you can add them together to get to an estimated “total cost of doing business.”
Example:
One-off costs: $4,000
Recurring monthly costs: $2,000 ($24,000 annually)
30% of 75,000 (net income): $22,500 (taxes)
Total cost of business annually: $50,500
Number 3: Gross Annual Sales
How much does your business need to make?
Now that you have your goal net income, and your estimated total cost of doing business annually, we can add them together to determine what your business needs to generate in gross sales annually in order to support your net income.
Example:
Total Cost of Business ($50,500) + Net Income ( $75,000) = $125,500 = Gross Sales
Quick Definition from Investopedia: Gross sales is a metric for the total sales of a company, unadjusted for the costs related to generating those sales. The gross sales formula is calculated by totaling all sale invoices or related revenue transactions. However, gross sales do not include the operating expenses, tax expenses, or other charges—all of these are deducted to calculate net sales.
Number 4: Gross Monthly Sales
How much do you need to gross per month?
If you were to work for a company, there are generally 52 pay periods in a given year. When you own your own company, you can either payroll yourself OR pay yourself out via owner’s draws. For “Number 4,” you can either divide your total annual gross sales by 12 months OR by 52 pay periods.
When you’re starting out, let’s say as an LLC or sole proprietor, it’s more common to look at your expenses and sales monthly, thus we’re going to use 12 for this example. You want to know how much your company needs to gross monthly in order to deliver you your desired net income. So, simply divide your gross annual sales by 12 to learn what you need to gross monthly.
Example:
Gross Annual Sales Needed = $125,500.00 / 12 = $10,458.33
$10,458.33 = Gross Monthly Sales Needed
Number 5 (Option 1): Total Client Load
How many clients do you need to take on to hit your income goal?
There are two different numbers you can choose to act as your key fifth number (a.k.a. Number 5). The first is your total client load. In this scenario, ask yourself, how many clients do you want to work with at any one given moment? Do you want to only work with three clients annually? Or do you want to work with 30 new clients a month via a group program? You might not immediately know, but pick a number to start out.
From here, you will be able to determine how much you need to charge per client per. For example, if you identified you only want to work with three clients annually, then that means those three clients need to produce $10,458.33 of gross monthly sales for you. That means each client needs to be on a $3,486.11 monthly retainer.
On the flip side, if you have identified you want to go after a volume model, and you’ve identified you want to work with 30 clients a month every month, each client will need to pay $348.61 monthly in order to hit your gross monthly sales goal ($10,458.33 / 30 clients a month = $348.61). However, also consider that this means you need to sign a total of 360 clients annually (30 clients monthly x 12 months).
Number 5 (Option 2): Pricing First
How much should you charge for your services?
If you already know that you’re looking to create a very specific product at a pre-identified price point, then you can back your way into knowing exactly how many clients you need in order to hit your gross sales goals. For example, if you want to sell a $100 online course, then take your total needed gross sales and divide that by $100. This will indicate that you need to sell 104.16 (round it up to 105) courses a month to hit your sales goals.
The Bottom Line
Ultimately, these five numbers are what you need to know in order to identify your ideal business model. Numbers 1-4 inform us of what we need in order to “play around with” Number 5. If you’re feeling stuck between high volume or high ticket, consider asking yourself this, which business model and workload is most conducive to your dream lifestyle? If you need a little more help breaking this down, check out our free masterclass here.
We’ll leave you with this, “living your dream life shouldn’t be just a dream.”
About the authors: Lexie Smith (pictured left), named “Brilliant PR Expert” and “Trailblazer Women Leaders in 2021,” is a PR coach, host of the “Pitchin’ and Sippin’ Podcast,” co-founder of Ready Set Coach, and the founder of THEPRBAR inc., an online coaching brand that empowers entrepreneurs to increase their influence, impact, and revenue through relationship-driven marketing and PR.
Emily Merrell (pictured right), as featured in Refinery29, Girlboss, Forbes, and Huffington Post, is the founder and community curator of Six Degrees Society, a professional speaker, host of the “Sixth Degree Podcast” business coach, and co-founder of Ready Set Coach.
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The Entire Beauty World Is Watching This Zero-Waste Haircare Brand Started by Two Industry Veterans
And these co-founders are just getting started.
We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our series From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.
Photo: Courtesy of Everist
As alums of major beauty brands including Revlon and L’Oreal, Jessica Stevenson and Jayme Jenkins saw from the inside that the beauty industry has a major plastic waste problem. “Before we even had a business plan or a product idea, we were committed to finding an innovative way to solve that problem,” Jenkins tells Create & Cultivate. “We had multiple aha moments or pivots along the way including, Why are we shipping large, heavy beauty products full of water and excess packaging around the world? Why do we need water in haircare when we’re already showering in water? We just knew there had to be a better way.”
And, as the co-founders of Everist, a zero-waste haircare brand, it’s safe to say Stevenson and Jenkins have indeed found a better way. The brand’s inaugural products, a Waterless Shampoo Concentrate and a Waterless Conditioner Concentrate, boast silicone-, sulfate-, and preservative-free formulas made without any water and 99.7% pure aluminum recyclable packaging. The brand also uses recycled packaging for shipping, opting out of any plastic packaging and shipping materials, and has partnered with Climate Neutral to offset carbon emissions.
Ahead, the co-founders tell Create & Cultivate how they launched an industry-disrupting haircare brand, including the mistakes they’ve learned from along the way.
Can you tell us a bit about your background and what you were doing professionally before launching Everist?
JESSICA & JAYME: We’ve both spent over a decade in the beauty industry in various roles and categories, most recently as a general manager (Jessica) and a VP of marketing (Jayme) for the beauty brands Nude by Nature and The Body Shop, respectively. Prior to that we both led marketing for some of the top brands from L’Oreal to Revlon and learned from some of the brightest minds in their fields.
Did you write a business plan? If so, was it helpful, and if not, what did you use to guide your business instead and why did you take that approach?
JESSICA: We did eventually when we had narrowed down the idea, but in the beginning, we cycled through dozens of different concepts and did an exploration to see if they made sense. Was it profitable? Scalable? Was it even possible to bring to market? Was it a product or service that we would personally use? It took us a while to zero in on the right idea. Once we had our winning concept we did write a thorough business plan to give our early investors confidence in our idea and approach. It served as a great starting point, but things are constantly changing in startup-land and you need to stay flexible throughout the whole process. We view our models as live working tools to strategize vs a one-time exercise.
Photo: Courtesy of Everist
How did you come up with the name Everist? What are some of the things you considered during the naming process?
JAYME: We wanted a brand that would be named after our customers; they are the Everist. They are the ones making small eco-conscious choices in their daily lives that together add up to a big impact. We exist to help them by making eco easier and without compromise. We also wanted a name that didn’t sound too “crunchy” but had the connotation of mindful consumption; an Everist thinks about their forever impact on their two homes: their body and our planet.
What were the immediate things you had to take care of to set up the business?
JESSICA: We had to have a chemist and a manufacturing partner to help us create the product first (which ended up being a very long process since we had such a “blue-sky” brief). We also needed to find a sustainable packaging partner. Once we made some headway on that, we got started on our incorporation, trademark, domains, social handles, and in our case, patent process.
What research did you do for the brand beforehand, and would you recommend it to other founders?
JESSICA: Coming from the industry, we did bring with us a great deal of knowledge to set a solid foundation. Although not essential, starting in a space where you already have some expertise, will give you a good head start. From there we did do a thorough competitive analysis and whitespace mapping, followed by continuous formula experimentation and business model profitability analysis to ensure our idea was viable to scale. In the end, the most important advice we can give is to always start with a large enough customer need and quickly test a bunch of solutions to find the one that best meets that need for market fit versus developing a product and trying to force-fit it to a customer.
How did you find and identify the manufacturers that you work with? What was important to you during this process, and are there any mistakes you made and learned from along the way?
JAYME: We wanted a manufacturer that was local for environmental reasons and also so we could be very involved in the process. We wanted a partner that believed in our ideas and was committed for the long run to help us bring them to life. It’s not always easy, but a strong partnership can help you move mountains.
How did you fund Everist? What were the challenges and what would you change? Would you recommend your route to other entrepreneurs?
JESSICA: We started self-funded, like many entrepreneurs, as we were solidifying our idea, but we soon realized we would need more investment for inventory, brand building and to scale quickly. We attended events and casually met as many people as we could to learn and develop relationships. During one of those events, we were lucky enough to find the right strategic partner to lead our pre-seed raise and bring on other like-minded investors who could add value and believed in our long-term vision. To us, the right strategic fit was everything, especially early on as you need to have people on board who believe in you and support all the twists and turns that will inevitably come.
Do you pay yourself, and if so, how did you know what to pay yourself?
JESSICA: We don’t currently pay ourselves, but we plan to after launch. This is a personal decision based on both the founders’ and the company’s financial position and equity growth prospects. Cash flow is the company’s lifeline, so we will definitely not be taking our past corporate salaries, but enough to cover some living expenses. However, as the company grows, we do believe in founders taking a reasonable salary for their position.
How big is your team now, and what has the hiring process been like?
JESSICA: We are currently a small team of two who have embraced the gig economy and have brought on amazing freelance and vendor partners to help us scale while remaining flexible at this early stage. Most of our partners have been brought on through research and referrals. That said, we are both seasoned people managers coming from big beauty and believe in developing diverse talent for long-term success. Therefore, we look forward to growing our team soon!
Did you hire an accountant? Who helped you with the financial decisions and setup, and are there any tools or programs you recommend for bookkeeping?
JESSICA: Since we are both business grads, we had a baseline of knowledge to build our own financial models and were able to handle our own expense reporting through QuickBooks pre-revenue. However, as we were preparing to launch, we knew we needed to bring on experts to set up a solid foundation for growth. Therefore, we hired an outsourced accounting firm that specializes in bookkeeping and controller services that scale with the needs of the business. Other systems we explored were FreshBooks, as well as inventory management through a system such as SOS Inventory or QuickBooks Commerce. Once you have sufficient scale, a fully integrated ERP platform such as Oracle NetSuite could be useful.
Photo: Courtesy of Everist
What has been the biggest learning curve during the process of establishing your business?
JAYME: Everything? That’s really what’s made this experience so exciting (and at times overwhelming). We have been hands-on in every area of the business where previously we were more specialized or leading a team of specialists. Learning clean chemistry, web platforms, fundraising terms, IP law. It’s been a wild ride.
How did you promote your company? How did you get people to know who you are and create buzz?
JAYME: Our first marketing investment was bringing on a great PR team. We knew that part of our uniqueness was that we had an innovative product with a great story to tell and we wanted to make sure we had help getting it out there. We’re also believers in creating a strong social community, encouraging reviews, partnering with like-minded influencers and brands, developing valuable educational content, and A/B testing digital media campaigns.
Do you have a business coach or mentor, and if so, would you recommend one to fellow entrepreneurs?
JESSICA: We don’t have a formal coach or mentor but have been fortunate to be surrounded by great industry experts, inspiring entrepreneurs, and investors who have also become valuable advisors. It is definitely helpful to have a strong support network around you for your entrepreneurial journey. If that doesn’t happen organically then there are many organizations or accelerators that you can join to connect you with a relevant mentor. However, it can take several tries to find the right mentor-mentee fit, but when you do it can add tremendous value.
What is one thing you didn’t do during the setup process that ended up being crucial to the business and would advise others to do asap?
JESSICA: Register your business name and international trademark early. It’s not necessarily one we didn’t do, but it’s something we hear as a stumbling block all the time. Especially for brands, you don’t want to be forced to change your name after you’ve built up awareness once you find out there is someone else already using the same name in your local market or another important international market.
For those who haven’t started a business (or are about to), what advice do you have?
JAYME: There are a million problems and to-do’s vying for your attention every day, so be laser-focused on what your priorities are and keep moving forward.
What is your number one piece of financial advice for any new business owner and why?
JESSICA: Managing your cash flow is critical. In a past side hustle, I’ve been in the situation that I had to personally finance a retailer PO when I was already deep in student debt. It quickly teaches you how real a cash flow problem can be versus numbers on a financial statement in business school. Make sure you know your burn rate and have a plan A, B, and C to extend whether through self-funding, an equity raise, or a loan. It can also be a good idea to have a working capital line of credit ready as a safety net to cover inventory costs before revenues can be collected.
If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why?
JESSICA: It will take longer than you expected, so enjoy the process. When a problem arises, get the right people in a room (or virtual room) and keep asking clarifying questions to uncover the root of the problem that needs to be fixed. Then, focus all your attention on the solution as people can be very creative when they are open to new possibilities and stay positive. The end result might look different, but often better if you’re open to it.
Anything else to add?
JESSICA: There are always going to be reasons and risks that can feel like now’s not the right time, but if you’re passionate about your idea—you just have to jump in. Best to ensure you have a solid support system around you and then be as flexible as possible to learn and pivot as you go.
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5 Marketing Mistakes Too Many Small Businesses Make (and How to Avoid Them)
Mistake #2: You ignore your competitors.
Photo: ColorJoy Stock
If you are a small business owner, you are likely juggling numerous tasks to keep the business afloat. Although the goal of many owners is to sell more products or services, very few know how to effectively do so through marketing (on top of everything else).
According to Investopedia, one of the most common reasons businesses fail can be attributed to poor marketing and internet presence. It is no longer enough to have a website or social media page. You must ensure your marketing reaches the right people at the right time with the right message.
While there is no marketing rule book that will guarantee virality or increase customer retention, there are, however, many marketing mistakes that can hinder your chances of growth. Here are the five common mistakes I have seen during my 10 years working as a marketing strategist, and how to avoid them.
Mistake #1: You don’t know your ideal customer.
The first step in any effective marketing campaign is knowing your ideal customer. While many new business owners think of their ideal customer demographically (i.e., age and gender), many do not have a deep understanding of who their customer is psychologically (i.e., interests and desires). Thus, making it challenging to find and target them through marketing.
How to Fix It
Form a detailed description of your target customer; this is also known as a buyer persona. A buyer persona is a fictional person who embodies the characteristics of your ideal customer. To help build a strong buyer person, conduct market research from your customer base through surveys and interviews.
The goal of this market research is to deeply understand how and why your customers make certain buying decisions. These findings will help you create detailed content and messaging that appeals to your target audience.
Mistake #2: You ignore your competitors.
No business can operate in a complete bubble. However, many business owners prefer not to look at their competitors in fear of losing focus or becoming a copycat.
How to Fix It
Running a competitor analysis can help you understand your competition’s strengths and weaknesses in relation to your own. Tools such as Facebook Ad Library and SpyFu allow you to view your competitors' marketing campaigns.
Analyzing your competition will help you better understand your market and how your customers are responding to it. You can use these findings to run more effective marketing campaigns online.
Mistake #3: You focus too little on brand awareness.
According to Small Business Trends, making money is listed as the top concern for many business owners. However, if your ideal customer does not know who you are, how can you make more sales? Many business owners spend too much time focusing on bottom-funnel marketing activities (i.e., purchases), that they forget to establish trust and credibility through brand awareness.
How to Fix It
Focus on building brand awareness through public relations, influencer partnerships, and social media advertisements. Use this opportunity to establish your brand voice, build relationships, and inform your target customer that you are a credible solution to their needs.
Mistake #4: You are not focused on retaining customers.
On average, it costs six times more to acquire a new customer than to retain an existing one. According to a McKinsey study, repeat e-commerce customers spend more than double what new customers spend. So, why are business owners unable to focus on customer satisfaction and retention?
How to Fix It
Ensuring customers stick with you throughout your business life cycle will not only increase profits but yield higher positive word-of-mouth referrals (hello, free marketing!).
To achieve customer loyalty, prove your customers are important to you through rewards, social media shoutouts, and personalized communication. Customers that trust companies they do business with are more likely to purchase again in the future and recommend to others.
Mistake #5: You don’t look at your analytics.
Marketing analytics helps you understand how well your marketing campaigns are working and assists you in recognizing what adjustments need to be made in order to achieve success. However, many business owners complete their marketing campaigns without ever analyzing the data.
How to Fix It
Develop key performance indicators (KPIs) before running any marketing campaign. KPIs are specific, numerical marketing metrics that businesses track to measure progress toward a defined goal. Example KPIs can be digital marketing ROI, conversion rates, and traffic. Set aside time every week to track the results of your marketing. Take note of what is working versus what is not, and use that information to inform your next marketing initiative.
“Many business owners spend too much time focusing on bottom-funnel marketing activities (i.e., purchases), that they forget to establish trust and credibility through brand awareness.”
—Allyssa Munro, Founder of Meg & Munro
About the author: Allyssa Munro is a marketer and published writer with a decade of experience building strong brands for top retailers, organizations, and business leaders, including Lord & Taylor, Dolce & Gabbana, Buxom Cosmetics, and Bare Minerals. Allyssa holds an MBA from Baruch College, Zicklin School of Business, and is certified in marketing research by The Wharton School, University of Pennsylvania. Allyssa founded Meg & Munro, a digital-first marketing and communications agency for beauty and lifestyle brands and the creators who lead them. The agency specializes in public relations, social media, and content creation. Learn more at www.megandmunro.com or follow @megandmunro.
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This Former Scuba Diving Instructor Is Reducing Single-Use Plastic Waste, One Beeswax Wrap at a Time
And inspiring us all to live more sustainable lives.
You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.
Photo: Pink Palm Media; Courtesy of Evan Guiton
Before Evan Guiton started Bee Kind, she was on a very different career path. “I was working as a scuba diving instructor on the Great Barrier Reef in Australia, and all I wanted was to spend as much time as possible hanging out with humpback whales,” she tells Create & Cultivate. But she couldn’t ignore the devastating effects of plastic pollution on the ocean. “As someone who was spending significant time underneath the water, I had a front-row seat to the suffering and destruction ocean plastic pollution was causing,” she explains. “Every single dive I went on I would encounter a fish or marine animal who was having some sort of interaction with a piece of plastic.”
After a while, it became hard for her to reconcile enjoying the ocean without being a part of the solution, which is how the idea to launch a business that reduces single-use plastic, came about. “I wanted to educate people about the seriousness of the problem and empower my community to become more sustainable in their everyday lives,” says Guiton. “By creating trendy, accessible, and affordable products that could replace everyday plastics, I knew I could bring zero-waste into the mainstream,” she explains of the concept behind Bee Kind. “Shortly after this revelation, I quit my job as a dive instructor and flew home to Canada to begin working on my first beeswax wrap prototype.”
Here, Guiton explains why she decided to bootstrap her business, shares the money mistakes she’s made along the way, and offers her best advice for entrepreneurs.
How did you fund Bee Kind? What were the challenges and what would you change? Would you recommend your route to other entrepreneurs?
I bootstrapped Bee Kind from the ground up, which means I never took any funding or investment. In the beginning, I spent a few thousand of my own dollars fleshing out a website, a logo, production supplies, and raw materials. I was lucky enough that I was able to make a profit almost instantly through local craft markets which encouraged slow but steady momentum forwards without digging much further into my own wallet.
While I am grateful I did it this way (as now I am happy to say I still own 100% of the business), it was a financial balancing act for many years. Without funding, I had to completely rely on company profits to slowly grow, in addition to being hyper-specific when it came to forecasting the purchase of raw materials. When you make these bulk purchases, your money is tied up in these raw materials for approximately four months before you begin to turn it around in sales of finished products. Knowing this, I had to be incredibly accurate when forecasting our growth.
What was your first big expense as a business owner and how should small business owners prepare for that now?
The first time I purchased our custom printed fabric I was horrified to learn about MOQs and the amount of customized product I would have to commit to upfront. I had very limited dollars to play with at the beginning, so I had to make compromises in what we could afford while still ensuring we created a really special product.
I recommend that business owners do A LOT of digging into any big purchases they are about to make. Is there a better deal out there? Are you absolutely sure that you need to spend money on this? Is there a better (or just different) way to achieve the same result? The more you can think outside the box in growing your business, the more you can help your bottom line. There are a million ways to achieve the same result, so don’t feel like you are cornered into throwing money at a problem.
Photo: Courtesy of Bee Kind
What are your top three largest expenses every month?
Payroll, raw materials, and our photographer on retainer /social media content creators.
Do you pay yourself, and if so, how did you know what to pay yourself?
I’m four years into the business, and to this day I prefer to pay myself just enough to cover my bills and necessities. Putting as much money as I can back into the business so it can grow is my best investment. In all honesty, there came a point in time where all I wanted was a new production warehouse, and that meant infinitely more to me than having extra personal pocket money. The decision was that simple.
Would you recommend that other small business owners pay themselves? Why or why not?
I think business owners need to cover their bills and be comfortable so that they can mentally and creatively show up for their business every day. However, when they choose to start properly paying themselves completely depends on their personal situation. I think they also need to realize that putting money back into the company, in the beginning, could create much higher returns later on, and that might be worth it to them in the long run.
How did you know you were ready to hire and what advice can you share on preparing for this stage of your business?
For many small businesses, the founder is the accountant, the maker, the marketing specialist, the delivery person, and everything in between. While this was a stressful way to go about running a business, it was the only option financially for me for the first couple of years. I hired someone to help me make the beeswax wraps when I physically could not keep up anymore. Once I realized that hiring help was in fact not a financial burden, and instead, a fast track to growing the business, I was much more relaxed in adding more people to the team.
I knew that I had a lot on my plate as a business owner and that I absolutely did not want to add “becoming a manager to a team of people” to my to-do list. From the beginning, I clearly defined my employees’ roles as independent, self-starting, and with “choose their own schedules.” To this day, I have never written out a staff schedule and my team is there on any given day because they want to be, not because they have to. I wouldn’t have it any other way!
Photo: Courtesy of Bee Kind
Did you hire an accountant? Who helped you with the financial decisions and setup?
If I had one piece of advice to small business owners it would be this: hire a bookkeeper from the beginning. You don’t need anything fancy, but where it comes to your books, you want a professional keeping them straight. When you get bigger, you can look at getting a CPA, but at the start, a budget bookkeeper is all you need. For too long, I thought I could do it myself on Quickbooks online, and it was a giant learning experience.
What tools or programs are you using to manage your business finances? What’s worked and what hasn’t?
Quickbooks online and a great filing cabinet system are what I swear by. What hasn’t worked? Going at it alone without an accountant.
Do you think women should talk about money and business more? Why or why not?
Absolutely! As someone in charge of hiring new employees, I have often been in a position where I didn’t know what I should be offering in terms of compensation simply because no one likes to talk about what they get paid. If wages were talked about more casually, I think everyone would also become more ambitious in achieving salary milestones.
What money mistakes have you made and learned from along the way?
Every opportunity that involved us providing free (or almost free) product in exchange for “exposure” has been a hefty disappointment. In my humble opinion, the majority of companies that promise you exposure so that they can make money off you or your product should be approached with a great deal of caution. Put your time and efforts into organic engagement and creating genuine connections with your followers.
What is your best piece of financial advice for new entrepreneurs?
If you have a good idea and a blossoming business, you will get approached ALL the time for investment opportunities. If you’re thriving, people will want a piece. While this is incredibly flattering and exciting (especially at the beginning), the people you want on your team are not the ones asking for a piece of the pie during their first conversation with you.
Also, save money for a rainy day. Opportunities will come that you want to take advantage of which you need money for RIGHT NOW. Keeping a nest egg is an incredibly wise decision as it allows you to make big moves.
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How to Triple Your Revenue in 2021
Simple, proven strategies for hitting that bottom line.
Photo: Smith House Photo
Let’s talk about revenue.
Building a business means setting aside time to map out revenue goals and growth strategies. Which can be a daunting task if you’re a dreamer with big financial goals for your business this year.
For those of you looking at your current balance sheet and wondering how in the world you’ll get there by the end of the year, I’m breaking down a few simple, proven strategies you can implement to see massive growth in hitting that bottom (or top) line.
1. Raise your prices.
Want to know the #1 way to increase revenue without adding additional work? RAISE YOUR PRICES.
Spend an afternoon doing a little internal audit of your services, products & pricing. Determine how many clients you need to book or products you need to sell this year to reach your stretch revenue goals. If it’s a lot...as in, that amount of work will leave you completely burnt out, it’s time to start charging more.
For example, if this year’s annual revenue goal for your design agency is $100,000 and your average service costs $2k, you will need to book 50 client projects this year to reach your goal. However, if you start charging $10k for that same package, you only need 10 clients. And if you book 50 clients, you’ll make $500,000 in revenue. Simple. But hugely profitable.
If you’re wondering if it’s time to raise your prices, here are a few things to consider…
What is the value of your product or service?
The first thing to look at when deciding to raise your prices is the value your service or product holds for your customers. Will your offerings allow them to raise their prices? Sell more of their products? Book more clients? Reach new audiences? Gain new opportunities? Automate their processes? The list goes on.
For example, we have seen our clients double their revenue and quadruple their client roster after working with us. We've seen them go from being a brand nobody has heard of to an iconic leader in their field. The websites we build for our clients have the potential to bring in hundreds of thousands of dollars in sales. We've helped our clients organize and effectively present information that's saved them time and money answering emails or hopping on long sales calls.
Your prices should reflect the value and ROI your product or service brings.
Are you presenting your brand in a way that LOOKS as valuable as it is?
How you present & position your offerings is EVERYTHING. Presentation adds perceived value. There is a reason why beautiful things cost more - they look more valuable.
Your potential clients and customers probably don't know how good your product or service is yet. All they have to go off of is the way it looks.
So ask yourself...
If I knew nothing about my brand, would I pay top dollar for what I'm selling?
Do my offerings look as high value as they are?
Do I stand out and compete with other brands in my industry?
If you answered "no" to any of those questions, it might be time to consider investing in a rebrand. You are probably leaving a lot of money on the table, purely because you don't look like the high-value brand or expert that you are.
What does the experience feel like for your customers?
What happens after the customer buys? Will their experience after purchasing reinforce their decision to buy from you? Was the experience one that will make them want to buy again? Will they tell their friends or colleagues about you?
The customer experience after purchase is just as important. For service-based businesses, this comes through in your client process, the way you communicate, how well the client feels taken care of and how your service is ultimately delivered. For product-based businesses, this is your unboxing experience, the culture you're creating, on-going customer exclusives and how you're building brand loyalty.
Oftentimes, the customers you already have are your best customers. How are you taking care of them and making them feel valued after they’ve purchased?
2. Invest in education.
New skills can help you reach more people, uplevel your current offerings and better establish yourself in your industry. If you want to increase revenue, you should continually be learning and developing your skills.
Start by identifying areas of your business that you wish you knew more about. Or think about services that would complement what you currently offer to offer clients and customers even more support.
Here are a couple of great needle-moving skills to invest in learning…
Marketing & Sales
Facebook Ad Management
Brand Strategy
Copywriting
Basic Graphic Design
3. Outsource and invest in support.
If you see growth in your immediate future, you will need to invest in additional support. As your business scales, so should your team. And as scary as it feels, you need to hire help before the growth comes so you’re ready when it does.
Start making decisions as your next-level self. This will allow you to grow faster, become more efficient, and handle even more growth in the coming year.
4. Develop content & products for a new audience.
Spend 20 minutes this week scrolling through your social media followers. Get to know them. Are your products or services for them? If 20% or more of your followers aren’t your ideal customer, you are leaving money on the table.
Take some time to think about a new product that you could offer. These people are clearly interested in something you currently do. But you haven’t given them an opportunity to convert.
Never underestimate the power of simply listening to what your audience is asking for. It’s probably something completely different than what you think you should offer. Or servicing a new audience entirely. But it will be the most aligned thing you ever do for your business.
Increasing your revenue means trying new things, taking new risks, and learning more than you ever have had before. Step into your next-level self and create a scalable path to revenue growth.
“New skills can help you reach more people, uplevel your current offerings and better establish yourself in your industry.”
—Ariel Garcia, Graphic Designer and Founder of ByAriel
Photo: Clarin J Photo
About the author: Ariel Garcia is a self-taught graphic designer and founder of the creative agency, ByAriel. She is committed to pushing the boundaries of creative innovation and carries that into each project, campaign, or brand she’s a part of. She also mentors graphic designers on developing their own unique style and artistry. Ariel’s typical day consists of several cups of coffee, logo designing, collaborating with clients, styling products, and planning her next adventure.
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How Samara Walker Launched Auda.B While Working Full-Time as a Senior Financial Analyst at Amazon
Now, her brand is available at Nordstrom.
You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.
Photo: Courtesy of Samara Walker
"Balancing a full-time job and a start-up is extremely demanding and requires a different level of patience, organization, and ability to challenge yourself," Samara Walker, the founder and CEO of the luxury vegan nail lacquer brand Àuda.B, tells Create & Cultivate. “Time is of the essence because every minute counts when you have to delegate between your 9-5 and your startup,” she explains. But Walker was more than up to the task of managing her minutes and balancing her full-time role as a senior financial analyst at Amazon with building her beauty start-up. And for good reason.
Walker launched Àuda.B because women of color aren’t often represented within luxury beauty. “Oftentimes, luxury beauty brands omit the celebration for women of color,” she explains. “I was truly inspired to launch Àuda.B to create a brand that reflected women of color from A-Z. Through product curation, branding, and marketing, I knew that I wanted to build an inclusive brand that kept women of color top of mind,” she adds. And major retailers have taken notice. Earlier this year, Àuda.B launched on Nordstrom, becoming the first Black-owned polish brand to be sold by the retailer.
Ahead, Walker shares when she knew it was time to quit her job at Amazon and go all-in on Àuda.B, what the biggest challenges in scaling her business have been so far, and how she’s pushing the beauty industry forward and making a difference.
You started Àuda.B while you were working full-time as a senior financial analyst at Amazon. Would you recommend starting a business while working a full-time job?
As I reflect back, I would recommend starting a business while working full time because this allows you to put your passion and work ethic into perspective. Having a stable income allowed me to invest in my business by relying on my paycheck and helped me bootstrap my company to the next phase. Working a full-time job while starting a business put my life into perspective and really encouraged me to go after my dreams!
How did you know when it was time to quit your job at Amazon and go all-in on Àuda.B? What was your strategy for making the transition and what, if anything, do you wish you’d done differently?
The day I signed my partnership agreement with Nordstrom, I knew I had to prepare myself to leave Amazon. As a small start-up, I had to manage and develop the supply chain strategy for the business and onboard new systems to become compliant with the retailer, which is no small undertaking. The demand for Àuda.B became overwhelming (in the best way!) between the influx in orders and the partnership with Nordstrom. I was tasked with the decision of pouring my energy into Àuda.B or Amazon, and the decision was not difficult at all. I had worked tirelessly for this day to come, and I was prepared to put all of my efforts into it!
As a founder, I positioned myself from the very beginning to save aggressively because I knew that bootstrapping would allow me to have total control while building my company until we eventually secured an investor. I made strategic moves such as setting up direct deposit from my Amazon paycheck to the Àuda.B business account each pay period to build our business account for expenses and to budget for part-time contractor payments.
It's important to build out a real plan between personal and business expenses in order to set realistic expectations of what your savings should reflect to allow you to step away from your full-time job. Founders need financial security in order to operate from a healthy mindset—shelter and food shouldn't be optional. I wish I had the ability to establish this plan earlier on in my career, but I am thankful that I finally had the courage to fully step out and embrace the abundance of Àuda.B.
Photo: Courtesy of Àuda.B
Earlier this year, Àuda.B launched on Nordstrom, becoming the first Black-owned polish brand to be sold by the retailer. What has been the biggest challenge in scaling your business and what lessons have you learned along the way? What advice can you share on how to scale a business sustainably?
The biggest challenge in scaling has been producing enough inventory to keep on-hand, as well as implementing systems to scale with limited cash. I've since learned how to prepare your business for the next phase and have strategies and plans in place to anticipate the arrival of growth. My advice would be to plan your business for the next phase before the growth actually impacts your company. Research potential partnerships to help scale, whether that's a 3PL or EDI system to manage your growth and scale effectively.
How did you fund your business? What were the challenges and what would you change? Would you recommend your route to other entrepreneurs?
I bootstrapped my business by funding through my full-time salary and personal savings. Some of the challenges I faced were not having enough cash on hand or the ability to order new inventory to keep up with customer demand. Managing expectations is important. Having a well-balanced inventory is essential to keep up with customers’ needs and demands.
At first, we didn't have the ability to expand our color selection or significantly increase inventory without the guarantee of customer’s purchasing. I would change the way I handled inventory by ordering more to create a surplus for an unexpected increase in sales. I would highly recommend bootstrapping your business until funding is secured via an investor if that's the route you decide to take. Bootstrapping gives you the grace of building at your own pace and learning all aspects of your business from the ground up.
What was your first big expense as a business owner and how should small business owners prepare for that now?
Our first big expense was hiring a lawyer in order to apply for our trademark. Small business owners should create a list and prepare for start-up costs that can be accomplished over time but are necessary for the business’s growth. Putting aside a few dollars that are dedicated solely to start-up costs will help prepare business owners for anticipated expenses.
What are your top three largest expenses every month?
Part-time contractors
Monthly business systems: EDI and catalog systems for retailers
Influencer agency
Do you pay yourself, and if so, how did you know what to pay yourself?
I don't pay myself as of yet.
Would you recommend other small business owners pay themselves?
Depending on revenue and personal finances business owners should pay themselves. It's important that founders sustain themselves while building a business.
How did you know you were ready to hire and what advice can you share on preparing for this stage of your business?
I knew that we were ready to hire when I couldn't meet due dates for deliverables and there was an increase in revenue which allowed us to dedicate additional income to part-time contractors. I didn't have the bandwidth to complete deliverables on time, which is a clear sign that additional help is necessary in order to scale.
What apps or software are you using for finances? Are there any tools or programs you recommend for bookkeeping?
I personally use QuickBooks to manage our finances, which I would highly recommend. It also has a feature that allows you to manage and pay contract workers, so that way all of the information is synced and saved in one place.
Photo: Courtesy of Àuda.B
What are some of the tools you use to stay on top of your business financials? What do you recommend for small business owners on a budget?
I set time aside both weekly and monthly to review our expenses and revenue. The weekly meetings are used to review expenses and log receipts. Monthly meetings are focused on reviewing P&L statements and detailing expenses for the month. I recommend that small business owners review their expenses and create a quarterly budget in order to efficiently manage cash flow.
Where do you think is the most important area for a business owner to focus their financial energy on and why?
Decreasing expenses upfront and being “lean”. It’s important to focus on increasing revenue without having to increase expenses.
Do you think women should talk about money and business more?
Absolutely, I believe women should talk about money and business more. Only 2.4% of venture capital funding goes to women, according to CrunchBase. There is clearly a gap within the industry due to the lack of support and knowledge for women business owners. It’s vital that we share information with one another to encourage women despite the many hurdles we may face.
What money mistakes have you made and learned from along the way?
Paying for expensive tradeshows without building a strategy and being under the impression that sales would cover expenses. Tradeshows are very expensive, and it’s not just the booth rent. There are a lot of hidden costs on the logistics side for both the business and the tradeshow. I've learned that market research and case studies can come in handy when evaluating new business opportunities.
What is your best piece of financial advice for new entrepreneurs?
Build personal savings before starting your business, if possible. Create a budget from the beginning and start using personal funds to save for the desired budgets if your revenue doesn’t cover expenses. Keep all logistics in-house until your business has scaled!
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After Climbing Mount Kilimanjaro, This Entrepreneur Found the Confidence to Take on the Fashion Industry
"Coming down from the summit, I realized what I was capable of."
We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.
Photo: BKM Photography, Courtesy of Shobha Philips
Shobha Philips can remember feeling frustrated by the lack of nude bras available in her skin tone for as long as she’s been wearing one. But it wasn’t until she climbed Mount Kilimanjaro that she discovered the confidence to start her own lingerie line and address this glaring lack of inclusivity in the fashion industry. “It was a nine-day journey, and it was the most physically and mentally challenging thing I had ever done,” the founder tells Create & Cultivate of the climb. “Coming down from the summit, I realized what I was capable of, and suddenly starting a business seemed less intimidating.”
After summiting the tallest free-standing mountain in the world and experiencing this perspective-altering epiphany, she started Proclaim, an inclusive lingerie line. And true to her vision, there is an intention behind every element of the brand, from the name and mission to the ethical production of each garment. The brand’s pieces are made from earth-conscious fabrics (think wood pulp and recycled plastic bottles) and cut and sewn by skilled workers in Los Angeles who are paid fair hourly wages rather than per piece (a practice that often promotes wage exploitation and unsafe work conditions).
Ahead, Philips tells C&C how she brought Proclaim to life, from how she found the right manufacturing partners to why she used her own savings to fund the business.
Can you tell us a bit about your background and what you were doing professionally before launching Proclaim?
I studied marketing in school and had a few corporate roles in supply chain before starting Proclaim. I always knew in the back of my mind I wanted to start my own business—it just took a while to figure what that business would be.
Did you write a business plan? If so, was it helpful, and if not, what did you use to guide your business instead and why did you take that approach?
I started several versions of a business plan, but what I ended up with before launching Proclaim was more of an outline than a full-on business plan. I ended up pivoting and adapting throughout the development process and the first year so much that it felt like my business plan would have been invalid almost instantly. I do think it is important to think through each of the components of a business plan, but perfecting a business plan document was not something I focused on.
How did you come up with the name Proclaim, and what are some of the things you considered during the naming process?
I had a long-running list of possible names on a spreadsheet that I shared with friends and family to get their feedback. I wanted a name that spoke to the bold and disruptive vision and I had for this business, and in the end, Proclaim was the one that just felt right and resonated with people the most.
What were the immediate things you had to take care of to set up the business?
Setting up separate business accounts for checking and credit cards was important to keep track of business expenses and to keep them separate from personal expenses. I also made sure the domain name and social media handles were all available with the business name.
What research did you do for the brand beforehand?
I did not have a design background so I spent almost a year and a half researching the fashion industry in general and really trying to learn everything I could about bra construction and manufacturing. I purchased a ton of bras and took them apart to see how they were made. I also just had a lot of conversations with friends about their bras; what they loved, what they didn’t. I spent that year consuming all the information I could about this industry I was jumping into.
How did you find and identify the manufacturers that you work with? What was important to you during this process and are there any mistakes you made and learned from along the way?
Making connections for sourcing material and manufacturing took a while. It was a lot of Google research, cold calls, and dead ends trying to find the right partners who aligned with the brand values of being a sustainable and ethically made brand. I would recommend taking your time with this step. It takes a while to find the right manufacturing partners. I remember feeling like I was not moving fast enough and was anxious to get my collection made, but I think it’s such a crucial component to your success that it’s worth taking your time.
Photo: Marissa Alves, Courtesy of Shobha Philips
How did you fund Proclaim? What were the challenges and what would you change? Would you recommend your route to other entrepreneurs?
I used my own savings to fund Proclaim. As a values-driven brand, I wanted to be able to bring my vision to life without compromising for investors and outside stakeholders. As far as what I’d recommend to other entrepreneurs, I think it depends on the industry and what success looks like for you. For me, success was bringing a product to life that I felt needed to exist. If your goal is to be like the next Amazon, you’ll probably need outside capital.
Did you hire an accountant? Who helped you with the financial decisions and setup?
I have an accountant for taxes and I do all of the bookkeeping with Quickbooks. I recommend keeping up with it weekly because it does become daunting if you keep putting it off.
How did you promote your company? How did you get people to know who you are and create buzz?
Proclaim has grown mostly through Instagram. I’ve been lucky that I’ve had a lot of success on the app reaching like-minded people organically who believe in our mission. I started the account six months before launching so by the time we launched, there were already a few thousand followers who supported the vision.
Do you have a business coach or mentor? If so, how has this person helped you, and would you recommend one to other entrepreneurs?
I’ve met so many amazing women on this journey of running a business. There are a handful of women who are fellow designers and fashion entrepreneurs with whom I am in constant contact during the week. We help each other with everything from sourcing issues to marketing strategies and everything in between. My business would not be where it is today without the support and guidance of these fellow small business owners.
What is one thing you didn’t do during the setup process that ended up being crucial to the business and would advise others to do asap?
I’d say, make sure you’re building your email list from day one. Make it easy for customers who discover you to sign up on your website and social media pages. It is such a powerful and relatively inexpensive tool; I wish I had focused on it earlier.
What is your number one piece of financial advice for any new business owner and why?
Find a good CPA! Even if it seems pricey when you are first starting out, in the long run, it will save you money.
Photo: Marissa Alves, Courtesy of Shobha Philips
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39 Successful Founders Share the Podcasts That Transformed Their Businesses
Listen up.
There’s no denying that podcasts are the hottest medium of the moment. In 2021, people have already spent 15 billion hours (yes, billion with a B) listening to podcasts (insert exploding head emoji here). And, thankfully for all the entrepreneurs out there, there’s no shortage of business podcasts to download for mentorship, guidance, and expertise straight from founders who’ve learned tough lessons the hard way.
For a fresh crop of listens to add to our weekly lineup, we tapped 39 successful founders to find out which business podcasts they subscribe to for advice and inspiration. From a must-listen-to series about the struggles that successful entrepreneurs have overcome to a series of interviews centered around women in tech, these are the podcasts they listen to on repeat. Trust us, you’ll want to have your headphones at the ready.
Chriselle Lim
Co-Founder of bümo
The Podcast: How I Built This
Why You Recommend It: It has helped me to understand the struggles of entrepreneurs which was very comforting during my journey building bümo, but it also has allowed me to dream big of what could be. The conversations are not sugar-coated and show you all the highs and lows from start to finish.
The Best Business Tip: You don't have to have a blueprint to follow when you start a business you just have to do the next best thing, and step by step you will find your own way.
Dianna Cohen
Founder and CEO of Crown Affair
The Podcast: The podcast that transformed my leadership style is any podcast with Adam Grant. Adam Grant is an organizational psychologist who has a thoughtful approach to leadership and teamwork. I first heard him speak on Dax Shepard’s Armchair Expert (another favorite pod) and have continued to follow his work and podcast, WorkLife with Adam Grant, directly.
Why You Recommend It: From Adam’s ability to reframe concepts like imposter syndrome to his scientific approach on feedback, or the thoughtful conversations he has with leaders and innovators like Jane Goodall and Ester Perel, I really enjoy his approach to teamwork and leadership.
The Best Business Tip: His conversation with Brené Brown is one I keep coming back to. Having been trained in work cultures and high-growth startups that didn’t allow space for vulnerability at work—it’s now something I practice with our entire team. I’ve found that the capacity to be vulnerable (while still having a productive, problem-solving attitude) has allowed us to embody our brand mission around care and taking your time, even in a fast-growing startup environment.
Abigail Cook Stone
Co-Founder and CEO of Otherland
The Podcast: The Entreprenista Podcast
Why You Recommend It: I am so inspired by hearing all the founding stories and behind-the-scenes notes of how female founders got their start, as featured on The Entreprenista Podcast. To me, it is all about inspiring other women and creating a supportive community—if I can do it, they can do it, too!
The Best Business Tip: My biggest takeaway from the guests on the podcast is that you should always trust your intuition. As women in business, the podcast reinforces that you are your best asset.
Samara Walker
Founder of Àuda.B
The Podcast: The podcast that transformed my business and mindset as a founder is How I Built This with Guy Raz. This podcast propelled my mindset as an entrepreneur allowing me to navigate building a startup from a different lens without scarcity, self-doubt, and learning to accept failures as wins. I operate from a mindset of abundance and count my failures as opportunities to pivot, iterate and learn. Failures have come within various forms especially monetary losses, but once I've experienced a hardship, I assess the situation and always use the experience as a learning moment to grow and push myself forward. I've become a better founder, leader, and visionary for Àuda.B because of the amazing founders having the opportunity to share their journeys on How I Built This.
Why You Recommend It: From my personal experience, being authentic and vulnerable are two major keys to being a successful entrepreneur. The founders on the podcast share their highs and lows which provide listeners with realistic expectations of what being an entrepreneur comes with. Social media paints a false narrative of entrepreneurship and or building start-up and this podcast really reshapes the true narrative. Founders dish the real from beginning, middle, and now!
The Best Business Tip: Believe in yourself even when no one else does! Understanding your vision and passion will see you through, too often founders hold the vision of the future but the world doesn't latch on until there's a wave of others.
Nichole Powell
Founder of Kinfield
The Podcast: Female Startup Club
Why You Recommend It: One of the best things you can do is learn from other founders, and the interviews on Female Startup Club are perfect for that. Host Doone Roisin has chatted with female founders from skincare brands like Black Girl Sunscreen (and Kinfield!) to food and apparel companies to physical retail, like Chillhouse. It feels like listening to your friends talk about how they built their brands—casual yet informative.
The Best Business Tip: Investor funding is not always the answer. I loved the episode with Farmgirl Flowers founder Christina Stembel talking about her journey with bootstrapping her company Farmgirl Flowers to $60M+ revenue. There are many ways to fund and grow a business, and it’s exciting to hear success stories from founders who chose funding paths that aren’t often reflected in the media.
Emma Bates
Co-Founder and CEO of Diem
The Podcast: Women in Tech Podcast
Why You Recommend It: I love the variety of topics and people host Espree Devora features on the podcast. As a woman in tech, it’s an amazing resource to gain insights from other women across the industry.
The Best Business Tip: My overall takeaway from the podcast is that each one feels actionable. When I’m lacking a little “get up and go” energy, it never fails to motivate me to keep pushing, deploying, and executing! It’s not about anyone else’s journey, it’s about the one you carve for yourself.
Nicole Williams
Head of Creative and Comms at Headquarters
The Podcast: How I Built This
Why You Recommend It: HIBT is probably one of my main go-to’s for hearing from entrepreneurs and learning about their rise, big wins, and fails along the way. I always find it to be compelling to understand the motivations behind any business and hear about the challenges that come with growth and scaling. Whether it's the husband and wife duo behind Lonely Planet talking about their earliest guides, James Dyson spouting wisdom around innovation, or Lisa Price building Carol's Daughter from her home in Brooklyn, the stories of entrepreneurship and taking risks are inspiring.
The Best Business Tip: Surround yourself with talented individuals who are better at what they do than you are. I think this is a recurring theme across many of the HIBT episodes both in the individuals you partner with as an entrepreneur but also in the teams you build.
Ariel Okin
Founder of Ariel Okin Interiors and Fenimore Lane
The Podcast: The Second Life podcast hosted by Hillary Kerr helped me as I was pivoting careers, and I love listening to the inspiring stories of other women who have pivoted too.
Why You Recommend It: Hillary is an excellent interviewer, and really does her homework on every subject. She asks such insightful questions, and draws parallels between stories to create learning lessons for the listener. It's such a great place to get inspiration for anyone who is pivoting careers or afraid to make the jump!
The Best Business Tip: Delegation does not equal weakness—a great tip from Eva Chen's episode. Being able to successfully delegate and know what you aren't good at to free up time for what you are good at is an essential skill for entrepreneurs and business owners.
Chloe Songer
Co-Founder of Thousand Fell
The Podcast: How I Built This
Why You Recommend It: This might not be a well-kept secret—but while I was still working for Gap Inc in my full-time role I would binge How I Built This episodes all day long. HIBT is an honest look into founders’ stories—the risks they took, the uncertainty that they faced, the mindset around the founder role and leadership, etc. It is amazing to hear all of these different voices and stories and picture myself in the same position in the future.
The Best Business Tip: I loved—and still think about daily—the Stonyfield Yoghurt story—Gary Hirshberg went everywhere to find funding for his business and was maniacal about cash flow—he had his cash flow mapped down to the hour! He was also tasked with trying to convince people that organic was important in the early ‘80s, and to me, this journey is so similar to trying to convince and educate people to switch to sustainable and circular products. Other incredible episodes include Dyson, WeWork, and Cisco Systems & Urban Decay.
Lisa Buhler
Founder and CEO of Lisa Says Gah
The Podcast: Business of Fashion
Why You Recommend It: I get a lot of their approaches to retail as a whole, from fashion’s approach to plus-size to combating anti-Asian racism in fashion, they touch on relevant topics that our business is experiencing.
The Best Business Tip: Stella McCartney has some sage advice: value collaboration and mutual learning over competition; “be a fighter” when it comes to securing better incentives for sustainable practices, and always look for new information on how to be better. “You never stop learning when you work sustainably,” she said. And I agree, it’s all about learning, and that’s what our tiny and mighty team is all about. We want to be the best and we know we can’t be perfect but we are marching toward that.
Nicole Gibbons
Founder of Clare
The Podcast: I love Guy Raz’s How I Built This
Why You Recommend It: The entrepreneurship journey is so hard and I really enjoy hearing other founder stories. Hearing successful entrepreneurs share their stories of the ups and downs and how they came out on top is so encouraging and inspiring!
The Best Business Tip: I really loved the episode that featured Peloton founder John Foley. Peloton is now close to a $30 billion-dollar company, but in the early days, he had a really difficult time getting investors to buy into his vision. He pitched around 3,000 investors and faced so much rejection and persisted. And now his company is one of the most successful and most valuable companies in the world. The lesson: Stay the course, be unwavering in your vision, and have enough to keep going, even when people think you’re crazy. The difference between a lot of successful entrepreneurs and the ones that don’t have great outcomes is the lack of grit to keep going.
Nina Mullen
Co-Founder and Co-CEO of Hilma
The Podcast: Unfinished Biz
Why You Recommend It: Unfinished Biz is a podcast hosted by two partners at VMG, a VC firm. They interview successful entrepreneurs on how each business started and chronicle the various bumps they experienced along the way. I especially love this podcast because it is focused on a business (rather than consumer) audience, so the guests are incredibly candid and you really feel like you are getting an inside look at their business. My co-founders and I always listen and share learnings from the episodes!
The Best Business Tip: The episode with the founders of RXBar is one of my favorite episodes because it shows the importance of starting with a clear idea of who your customer is and what a dedicated marketing strategy looks like to target that customer. We all think of RXBar as a mainstream brand today, but when they first started the founders were focused on the niche paleo and CrossFit customer. They were targeted on how they reached those early customers and only scaled from there, after they had that loyal base. Highly recommend!
Kailey Bradt
CEO and Founder of Susteau
The Podcast: Female Startup Club
Why You Recommend It: It gives great perspective into the early stages of starting a business. In most podcasts, you hear from founders who already did it. These are founders who are currently doing it. Doone is a phenomenal host as well and really is on a mission to bring exposure to young female entrepreneurs.
The Best Business Tip: In a recent interview with the skincare brand Topicals, I loved learning about their approach to launching by focusing on education and not on product. It made me rethink how we launch new SKUs and shifted my focus from a traditional marketing strategy to focusing on educating our community first. Topicals also made great use of Twitter, which I am incorporating into our brand marketing now!
Tai Adaya
Founder of Habit
The Podcast: I listen to NPR’s Up First every morning!
Why You Recommend It: It’s important as a business leader to be aware of what is going on in the world so I love this quick but content-rich AM briefing. Our society is a system and everything is linked together. As the leader of a company in a healthcare category, it’s important to me to stay up to date on healthcare access especially. I listen to job numbers to get a feel for consumer sentiment. It’s important to stay aware of M&A and business activity and cultural happenings. Habit uses pop culture to communicate ideas around health. I’m always listening!
Elizabeth Egan
Co-Founder of Dally
The Podcast: How I Built This
Why You Recommend It: You can read all the how-to books or blogs you want, but there’s no better way to learn than to hear the real, unvarnished stories about building companies from founders who did it. A company’s path is never linear and you learn more through failures than successes. The host, Guy Raz, does an excellent job extracting the stories of the more challenging moments from founders—some for the first time ever on public record.
The Best Business Tip: In Brooklinen’s episode, the founders talked about the specific issues they had with customs and immigration on their first order. Well, I was about to make the same mistake they did when I listened, but managed to fix it in time after hearing what the founders did wrong. Make sure to file an import bond application!
Ariel Garcia
CEO and Founder of The Blog Stop
The Podcast: Unstrictly Business by Do Well Dept.
Why You Recommend It: I love how the podcast redefines "success" as a business owner and how to get there. It goes beyond sales and marketing strategies and upholds personal wellness as a key element of success. There is a focus on the care of the individual, which, I think, is hugely overlooked in the business world - in both leadership and company culture.
The Best Business Tip: In building a business, it's easy to feel like we need to be in control of every minute and every moment. That if each minute isn't dedicated to being productive or furthering a goal, it's a minute lost. But in reality, slowing down and taking care of ourselves IS a way to stay in control and, ultimately, be the one to choose what our lives look like. Being a slave to productivity isn't freedom. Freedom is the ability to take a day off, sleep in late if we need it, or give our entire team a Friday off after a busy season.
Lulu Pierre
Founder of Boho Locs
The Podcast: Sales Funnel Mastery
Why You Recommend It: Host Jeremy Reeves offers very practical advice! When I was first starting my business, I just needed a few pieces of key advice to get me going on my journey. Through this podcast, I learned about lead generation and how to best communicate with customers along their sales journey to really build that brand loyalty and affinity. I found it very helpful and there are tips and tricks I learned from the podcast that I still implement in my business to this day.
The Best Business Tip: The main thing I’ve learned is the importance of constantly staying in touch with your customers and meeting their needs wherever they are at.
Meg Young
Founder and CEO of Cailini Coastal
The Podcast: Whiskey & Work with Kelsey Murphy
Why You Recommend It: This is a must-listen-to podcast if you're an aspiring entrepreneur or on the cusp of a big career, especially if you're nervous to make the leap! I started listening to this pod two years before I made my own career change from 13 years in PR to start an e-commerce shop in the home space (which I knew nothing about) and the episodes not only motivated me to make the change but provided education on what steps to take to successfully do so. Kelsey is a business and life coach who offers solo pods—where she discusses everything from imposter syndrome to strategic marketing—and interviews with inspiring and relatable everyday entrepreneurs (as well as some notables!) about their career journeys. It's a feel-good podcast that will leave you inspired and confident to follow your gut and your dreams while making sure you strategically plan for all that being an entrepreneur truly entails.
The Best Business Tip: One of the themes of Kelsey's podcast is trusting and listening to your intuition. I am a very intuitive person, but when fear enters it's easy to ignore. Kelsey's own personally successful career change, as well as that of all her many guests, all had a common theme about knowing when something is NOT right and actively making the change to unlock your real potential and find a career that brings you true fulfillment. Her episode with Marie Forleo is one of my favorites! I personally made the career change, and I now fully understand exactly what she talks about. I am finally not only doing something I am good at but something that truly brings me joy.
Tiffany Staten
Founder of London Grant Co.
The Podcast: Second Life and How I Built This, especially episodes with Drybar Founder Alli Webb and Carol's Daughter Founder Lisa Price.
Why You Recommend It: Before launching London Grant Co., I was consumed with doubt surrounding my ability to pivot into the unknown and vast territory of CEO. Sometimes, all you need is a vulnerable story from another founder who took the same leap. Every story won’t resonate, but I guarantee there will be one that speaks to your soul and serves as the universe sending you a gentle whisper that says do it. Second Life is especially focused on inspiring stories of women who've made a successful career pivot. As a mother transitioning from corporate drop-out to beauty founder, I found my tribe.
The Best Business Tip: Do it… and do it scared. I’ve learned that you’ll never be truly ready, and you’ll never have all the answers. But, the opportunity of a lifetime to invest in yourself awaits. As a mother, and someone who finds comfort in the safest road most traveled, I needed to hear women take small, meaningful steps forward that lead to huge rewards—both personally and in business. I have flashes of Lisa Price and Ali Webb in my head all the time because their stories made me feel that this journey wasn’t actually insurmountable. More than anything, I felt seen, and sometimes that’s all the motivation it takes to move the needle.
Jacqueline Tatelman
CEO and Co-Founder of STATE
The Podcast: When we first started out, I burned through How I Built This. I loved to hear how some of the best brands in the business started, how they grew, how they failed, and how they got back up again. I was fascinated by the range of stories and would covet the tidbits of information I gained from each listen. There were a few episodes that really stuck with me and when we were experiencing a business “low,” I would think back to the stories I heard and remember it’s all par for the course. It helped me keep my head down, my eyes open, and plow through it.
Why You Recommend It: I think everyone knows that How I Built This is a must-listen. Every entrepreneur needs to know that the journey is not easy. I feel the new How I Built Resilience series is now also a must-listen, especially with where the entrepreneurial landscape is right now. It’s amazing to hear from other leaders how there will be light eventually, you must stay passionate and always focused."
The Best Business Tip: It’s incredible how sometimes you hear things at the perfect time and place. I recently listened to the episode with Kenneth Cole. Kenneth Cole was actually my first job out of college and I absolutely loved my time there! I was so proud to work for a brand that revolutionized the idea of mixing business with a profound political/social justice message. I loved how Kenneth created Kenneth Cole productions, his clever spirit, and how the relationship between the brand and the powerful messages it stood for was so natural and organic.
When we were building STATE, I reflected a lot about how easy it was to mirror that energy. Recently, we were contemplating a shift in our messaging to satisfy some outside advisors and when I listened to this episode, it reminded me of where we came from and why our mission is intrinsic to our success and the continuation of the business. I love the thought of that one day when we’re the entrepreneurs on the other end of the microphone on How I Built This, there will be someone out there who will be listening, and it’ll be a message at their perfect time and place.
Kiku Chaudhuri
Co-Founder of Shaz & Kiks
The Podcast: Second Life with Hillary Kerr
Why You Recommend It: I love how honest the conversations are with these women leaders about their career journeys and all of the various twists and turns. The host, Hillary, makes sure to highlight the non-glossy parts of entrepreneurship and really convey the full story, with all of the good and the bad, which I think is really important for aspiring entrepreneurs and fellow founders to hear.
The Best Business Tip: Towards the end of each episode, the host asks the guest about their failures and mistakes. Each one is unique to their story but also you learn the most from that one question. One common thing is that EVERYONE has had failures and challenges, even the most successful people, and to always remember that you learn the most when you fall.
Emma Kemper
Principal Designer at Emma Beryl Interiors
The Podcast: How I Built This
Why You Recommend It: In How I Built This, Guy Raz interviews successful entrepreneurs about how they got to where they are. It's so inspiring to hear the ups and downs of building huge household name businesses. One thing I especially love about it is that the interviews are very honest about the struggles and hurdles entrepreneurs have to face with their companies and that the podcast doesn't paint a rosy picture. I always find myself rooting for the companies by the end of the episodes and having a newfound respect for the people behind the businesses.
The Best Business Tip: Your company only really fails when you quit. There are so many highs and lows in growing a business (and sometimes the lows are devastatingly low) but if you believe in your company you should always stick with it. There are so many huge brands that I've heard discussed on the podcast that have had incredible lows but have persisted and seen huge success on the other side of those roadblocks.
Dr. Lisa Creaven
Co-Founder of Spotlight Oral Care
The Podcast: Second Life
Why You Recommend It: It's truly inspiring and uplifting to hear honest stories about women growing, learning, and going for what they want in their careers. Hillary Kerr's background in journalism shines through on every episode which makes the podcast more personable.
The Best Business Tip: I think just understanding that career pivots are not easy or straightforward for anyone, but they're always worth it is something I've picked up from this podcast in general. That theme seems to ring true in every episode. Before I became full-time at Spotlight Oral Care, I was running my own dental practice. The decision to become full-time at Spotlight Oral Care and stepping away from the practice was a mix of emotions I had to work through. Listening to these career pivots in such a positive and real way gives me insight and reassurance… there's endless opportunity out there!
Cary Lin
Co-Founder of Common Heir
The Podcast: I’m pretty sure How I Built This with Guy Raz is already on most people’s lists, but one of the podcasts I enjoy most is How’s Work with Esther Perel because she explores the emotional side of work and relationships.
Why You Recommend It: I was already a fan of her hit series, Where Should We Begin? Ester does a beautiful job exploring interpersonal dynamics in the workplace, and the emotions we bring to those relationships are similar to those we have in our personal lives. I think her work is all the more essential as we come to terms with a hybrid remote/office environment. I think the early stages of building a company are all about building key relationships—with co-founders, vendors, early partners—and that it’s important to find ways to communicate, listen, and understand other perspectives. The way that Ester guides these therapy sessions helps me remember that being vulnerable, actively listening to others’ needs, and preserving through difficult conversations is essential to being a good founder.
The Best Business Tip: One of my most memorable episodes is The Break-Up, in which two former fighter pilots co-founded a successful business. The conversation unravels the challenges of blending the personal and professional, and their differing attitudes towards success and failure, risk tolerance, and how critical it is to have those conversations early and often and to not sweep things under the run and leave things unspoken. Good communication and expectation management are essential, as is recognizing the burden or role others have taken on that you might not realize because you’re in your own “hero narrative.”
Jean Brownhill
Founder of Sweeten
The Podcast: The Happiness Lab by Yale professor Dr. Laurie Santos
Why You Recommend It: So much of entrepreneurship is a mental game, and you need resilience to survive. Dr. Santos provides a lot of research and insights on how to protect your mental energy.
The Best Business Tip: Running a business takes a lot from you; if you don't protect your own resources, no one else will.
Side Note: There is also an episode of Malcolm Gladwell's Revisionist History called The Lady Vanishes that made a huge impact on me. The episode explores the world of art and politics to examines the strange phenomenon of the “token,” the outsider whose success serves not to alleviate discrimination but perpetuate it.
Terri Rockovich
CEO and Co-Founder of Jinx
The Podcast: Group Chat
Why You Recommend It: Group Chat is a must-listen for entrepreneurs because the hosts are business owners, investors, and most importantly: real people just trying to figure it out. They fold humor into the realities of growing a challenger brand, discuss hot news to keep you in front of world happenings and give real takes on culturally relevant topics.
The Best Business Tip: These guys constantly host and interview entrepreneurs that provide so many pieces of valuable advice, asking provoking questions that help tease out the formula for which each person uncovered success for their given project. The most valuable takeaway for me is "how you pivot is how you prosper." Because the majority of success stories do not happen overnight, but instead are earned over a stretch of many years that require a maniacal focus and a high comfort level with failing and learning.
Vanessa Quigley
Co-Founder of Chatbooks
The Podcast: The Life Coach School
Why You Recommend It: Very early on when starting our business, I had to learn how to not take things so personally. For example, instead of letting a bad app review ruin my day, I needed to view that circumstance through a neutral lens so that I could learn from it. I learned some very helpful cognitive tools from Brooke Castillo of The Life Coach School podcast that helped me develop more self-awareness and expand my potential. She also teaches important concepts related to money, like it’s okay to want money. Money is good. And money will come as we create real value. It also sparked the idea to create my own podcast about something I do have a lot of experience with—motherhood! I have seven children ages 13 to 26 and on The MomForce Podcast, I share what I’ve learned thus far and call on incredible guest experts for help on the stuff I’m still trying to figure out!
The Best Business Tip: I especially loved Episode 161 of Life Coach School, which is all about money beliefs. For so many entrepreneurs, money is a real scarcity. But there is real power in abundant thoughts like “Money is easy,” “Money is fun,” and “I love creating value.” Challenging my beliefs has allowed me to be open to more possibilities and opportunities to create value for everyone!
Cherie Hoeger
CEO and Co-Founder of Saalt
The Podcast: Startup Therapy
Why You Recommend It: From problem-solving operational challenges to creating core values and an advisory board, I love Wil Schroter and Ryan Rutan's no-nonsense approach to tackling the real, everyday struggles of entrepreneurs in the startup phase. There are not many places that you can gain so many practical solutions in such a short amount of time, and they do it with candor and humor that's engaging and entertaining.
The Best Business Tip: One episode from Wil and Ryan talked about why smart founders stay in customer support. They emphasized customer support as a critical function of leadership, right up to the founder and CEO. Having regular exposure to customers helps keep us accountable and in touch with customer needs to make better strategic decisions.
Amanda Goetz
Founder and CEO of House of Wise
The Podcast: How I Built This with Guy Raz
Why You Recommend It: This podcast is one of the most popular podcasts about business and growth for good reason. Each episode shares stories from real founders, including their highs and their lows. The show never shies away from diving into the tough parts of being a founder. It shares first-hand experiences about success and how every single success story also has its fair share of scary moments throughout its growth. It's honest and real and I love it.
The Best Business Tip: Recently, How I Built This added a new digital franchise to their weekly series that dives into how brands have built resilience into their operations and with their teams throughout this past year. I launched House of Wise in the midst of the COVID-19 pandemic, so resilience is in our DNA, and I think each of these new episodes offers great takeaways for every entrepreneur and employee alike, as all of us navigate this new world and new consumer mindset.
Ona Diaz-Santin
Celebrity Hairstylist and Owner of 5 Salon & Spa
The Podcast: The John Maxwell Leadership Podcast
Why You Recommend It: Leadership skills at their finest!
The Best Business Tip:
What does it take to be a team?
T- For tolerance of each other’s weaknesses because we all have them.
E- Encouragement of each other’s successes because we all have them.
A- Acknowledgement that each of us has something to offer.
M- Mindfulness that we need each other.
Mimi Ausland
Co-Founder and CEO of Free the Ocean
The Podcast: The podcast that continues to transform my relationship with business and money is On Purpose with Jay Shetty.
Why You Recommend It: After reading Jay's best-selling book “Think Like a Monk,” I began listening to his podcast, On Purpose and I'm so glad I did. In the podcast, Jay speaks to finding purpose, living our lives with intention, using our time and energy wisely, the importance of gratitude and giving back, and much more. On Purpose is inspiring and authentic and it's refreshing to hear a top male podcaster speak to these things. If put into practice, the principles Jay and his guests talk about will translate into becoming a more successful entrepreneur with greater impact. For these reasons, this podcast is a must-listen for female founders and aspiring entrepreneurs alike!
The Best Business Tip: My "aha" moment was hearing Jay say, “Nobody is going to create our lives for us.” This seems almost too simple to be game-changing but it has stuck with me since hearing it. Hearing this, I realized not only the importance of intention but also action. Before making a goal in business, we need to consider the investment and the life it requires before making it our goal. Then, we can get clear with our intentions, spring into action, and create the life we want!
A specific episode recommendation is "Arianna Huffington on How Setting Small Micro Habits Can Help Combat Burnout and Exhaustion.” Arianna speaks to her past struggle with finding a work-life balance and the dangers of encouraging constant productivity. She mentions how quality sleep, breathing exercises, and taking breaks to get outside, are key not only to our mental health but also to productivity. I really appreciated hearing this from such an accomplished entrepreneur.
Erin Treloar
Certified Health Coach and Founder of Raw Beauty Co.
The Podcast: Online Marketing Made Easy with Amy Porterfield
Why You Recommend It: Amy’s podcast is the absolute best at delivering actionable marketing tools that drive profitability while going above and beyond to serve your customer. She shares expert interviews, execution plans, and behind-the-scenes secrets that leave you with concrete action items you can implement right away and she does it all with the most encouraging and empowering voice.
The Best Business Tip: Build your product or service for your ideal client by connecting with them and including them in the process. I highly recommend episode #324 “Email List Growth Strategies That Will Transform Your Business.”
Imane Fiocch
Founder and Owner of Neon Lace Company
The Podcast: More Than One Thing
Why You Recommend It: Athena Calderone’s guests come from all different industries and share how they’ve arrived at their current career landing spot. Many of her guests wear multiple entrepreneurial hats which speaks to multi-hyphenates and out-of-the-box thinkers/creators.
It’s also a must-listen for anyone who is looking for advice or support whilst changing careers or embarking on a new creative endeavor. I found her podcast very helpful when I was navigating a career change from the beauty industry. At the time I was worried that my other passions and creative interests wouldn’t be accepted and I would be pigeonholed into one thing people knew me for. Listening to Athena’s personal career path encouraged me to take a leap and launch my own business. Her voice is also incredibly soothing and very easy to listen to!
The Best Business Tip: The biggest lesson I learned through Athena and her guests is summed up in the title of her podcast—More Than One Thing. As humans we are multi-faceted, we often have many interests, and our careers aren’t always linear. Listening to More Than One Thing helped me understand that a non-traditional career path is okay and I’m not the only one!
Katie Wilson
Co-Founder of BelliWelli
The Podcast: Reaching New Heights
Why You Recommend It: Megan Gallagher brings on phenomenal entrepreneurs whose stories are both fascinating and illuminative. She has a unique ability to get to the heart of the matter and help guests share the juiciest details of their journeys.
The Best Business Tip: Megan did a podcast episode with Meaghan Murphy, about growing into a positive person. They stressed that your personal narrative is your own choice. In other words, you are in control of what you tell yourself. This has helped me hugely as an entrepreneur. It's easy to get caught up in what I could have or should have done, but I've made a conscious effort since listening to that podcast to CHOOSE to send myself positive feedback as often as I can. I'm in charge of my narrative.
Niambi Cacchioli
Founder of Pholk Beauty
The Podcast: Beauty Is Your Business
Why You Recommend It: I love it because it’s business owners asking other founders questions—they’re able to ask questions that only a founder would think about. They have multiple hosts from different cultural backgrounds on the show so you’re getting multiple perspectives from guests and hosts. It’s the first podcast I heard that talked about trends in beauty tech, bringing to the light Korean skincare and African descent skincare way before it had hit on a national scale.
The Best Business Tip: My favorite episode was with Charlotte Cho from Soko Glam. She talked about working towards creating an accessible and inviting set of beauty regimens for the North American market and how it needed to go beyond the Korean beauty culture. She had to teach this new market how to use these products for the skin. The focus was on how to translate to customers how these products and ingredients will benefit them and how to use these rituals in their everyday life. And this is why at Pholk we do so much skincare education; it’s not only about cultural values and cultural ties. Making it simple and easy to understand how to use these products.
Alyssa Wasko
Founder of DONNI
The Podcast: Unlocking Us with Brené Brown has been a constant source of inspiration to me in both my personal and professional life. I also look to The Business of Fashion Podcast for fashion news and Second Life with Hilary Kerr, whenever I am lacking creative energy or in need of a confidence boost.
Why You Recommend It: Courage and vulnerability are two things that Brené constantly preaches, and her outlook attributes to my mindset while effectively leading my team through the good and unpredictable times. Her recent episode with Aiko Bethea really touches on this and is worth more than one listen.
Hannah Bomze
Co-Founder and CEO of Casa Blanca
The Podcast: How I Built This
Why You Recommend It: This podcast is full of tangible, relatable stories about what it takes to build a business. Guy Raz is great at facilitating honest and insightful conversations with his guests about the entire process of starting a business: the creation, where things went wrong and how they were fixed, growth and expansion, etc.
The Best Business Tip: The episode with Whitney Wolfe, the creator and founder of Bumble, was especially insightful. She was able to take all of her experiences, frustrations, highs and lows, and focus them towards building and creating something that would have a positive impact on the world around her. Bumble was also designed specifically to empower women, which is also a core principle at Casa Blanca.
Margarita Arriagada
Founder of Valdé Beauty
The Podcast: What Works
Why You Recommend It: Tara McMullin does an incredible job of leading conversations with guests across a breadth of topics related to building a thriving business. She is very thought-provoking. Not formulaic, yet shares principles and examples to consider that are actionable. I love that in every case there is consideration of the business with personal life balance and development.
The Best Business Tip: I took away a lot from the episode “Writing the Second Draft of the book "To Sell With Love" with author Finka Jerkovic.” I was intrigued by this podcast because it was within a series titled: Working the Plan. And also by the title of the book "To Sell with Love." My takeaways were:
What is the process really of writing a book when you've never written one before? This was relevant because I draw parallels on how I narrate my brand's journey and story unfolding like a book. In fact, the packaging of my product simulates a book.
What does “selling with love” look like. I have always thought that I was not good at selling. The traditional wisdom on selling or pushing products, I have never related to. Yet I created a brand to sell products. The actual book and the rationale on how to sell from a place of love, completely resonated with me and validated my conviction on how I want to see the brand thrive.
While the brand may be about you, it's not personal. I did not expect to hear that while a brand or product emanates from your perspective, experiences, and events in your own life, you need to treat the brand like a product and detach from the personal relationship one might associate because it comes from you. If people agree or disagree with your opinions, it does not define who you are because it is not all of who you are. I'd felt I had to prove my worth and that of the brand. This topic provokes a different perspective.
Elyce Arons
CEO and Co-Founder of Frances Valentine
The Podcast: The Strangest Secret by Earl Nightingale
Why You Recommend It: It is so inspirational. I first listened to this before I left for college, and have listened to it over and over again throughout the years. This was recorded sometime in the ’50s, so there is some (unintended) sexism, but the message “you are now, and you do become, what you think about" is still very true. It means everything you become is guided by your own mind. The podcast focuses on success as the progression of a worthy ideal. Follow your dream, pursue your goals, do not conform, but have courage, keep a positive attitude every day, and wake up and decide to be happy.
The Best Business Tip: If you think in positive terms, you will get positive results. Build what you imagine and you can help others in the process.
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How to Hire the Right In-House Legal Counsel (and Save Your Startup Money)
Timing matters (and earlier is better).
Photo: ColorJoy Stock
If you’re looking to hire legal counsel for your company, be careful. Just because you’ve found a lawyer who specializes in startups, doesn’t mean they’re the right legal counsel for you or your startup. Here’s how to evaluate whether a lawyer is right for you.
Experience Is Important
In order to reap the benefits of hiring an in-house counsel early, you need to hire the “right” lawyer. Look for someone who has worked in your industry, and if possible, in the particular type of business your startup is involved in, which will make their existing knowledge and experience transfer easily to the company.
The right lawyer should bring real-world considerations into any legal analysis and be able to assess and articulate risks without making a startup feel that all roads to achieving its business goals are blocked. If a particular course of conduct is deemed to be too risky to pursue, an in-house lawyer should be able to suggest safer alternatives to consider, balancing legal requirements with the needs (and vision) of the business.
Consider Culture Fit
Fit within your company culture is also important. Your in-house legal team should be adept at forming relationships with the other key members of your leadership team, so that they, too, see the lawyers as a helpful source of guidance and strategic input, rather than simply naysayers.
Timing Matters (and Earlier Is Better)
It is much easier for in-house counsel to be viewed by your management team as a “partner” and not a “blocker” when that person is brought into the conversation early and is part of discussions about the vision and path of the company. Bringing a lawyer on board when there are already fires to put out makes it harder hard to view them as the strategic partner they can be.
By bringing on the right in-house counsel early in your startup’s life, you can build a legal department that is not simply a “cost,” but a true strategic partner of the business. This paradigm shift can end up saving you money, angst, and reputational damage, and will ultimately lead you and your company to be more successful.
“By bringing on the right in-house counsel early in your startup’s life, you can build a legal department that is not simply a “cost,” but a true strategic partner of the business.”
—Amy Rowland, Founder of Varia Search
About the Author: Amy Rowland is the founder of Varia Search, a boutique legal recruiting firm that uses a bespoke approach to fill legal department roles. Prior to starting Varia Search, Amy was a recruiter at another legal search firm where she focused on recruiting for in-house legal positions. She has also held in-house roles at two international companies and a large New York City law firm.
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How to Land Your Dream Business Collaboration (and Double Your Revenue)
It’s a win-win.
Photo: ColorJoy Stock
The word collaboration is being thrown around like gifts in Oprah’s Christmas special. From brand-to-influencer collaborations to employee collaboration and collaborative playlists, there are so many contexts in which collaboration is used. However, when it comes to growing a community and a business, collaboration marketing is the strategy you need to know about.
If you’ve ever spotted the likes of Uber x Spotify, Allbirds x Shake Shack, or Rimowa x Supreme, you’ll know how brand collaborations have the power to spark interest and, in some cases, cause a social media frenzy. So, how do you find your own dream collaborator?
Much like networking, collaboration marketing can be likened to dating in more ways than one. You could say that a dream brand collaboration is like a “friends with benefits” for your business, and you’d be right. Collaborating with a complementary brand has benefits, for example, you can use them to:
Double your organic reach
Build buzz and engagement
Attract media attention
Boost a new or existing revenue stream
Grow your community across social media, event audiences, and email lists
Grow your network
In fact, Collabosaurus ran a research study that found collaborations to be up to 25x less expensive than digital advertising. Want to get on the collaboration marketing bandwagon? Here’s what you need to know.
1. Know your value.
Collaboration marketing is all about win/win value exchange, and you likely have a lot more to offer in a collaboration than you think. You don’t have to have an immense social media following, significant cash flow, or the ability to just give away “free things” in order to collaborate. Collaboration is about leveraging what your business already has to benefit another business and vice versa.
Perhaps you have a cool office or event space, content creation skills, excess product, an engaged social media community, or an email list—collaboration is possible for all brands, big or small, it’s about getting creative with value. Start conversations with what you can offer in a collaboration, then ensure that you’re communicating your marketing objectives.
2. Find the right partner and tie your collaboration to a marketing objective.
How do you find your dream collaborator? Start with complementary industry spaces. Look for companies that share values, objectives and have a similar brand aesthetic and target market to your business (so that any cross-promotion is super valuable).
Platforms like Collabosaurus are incredible for finding amazing brand collaborators for all sorts of campaigns in social media, products, or events. They also have a nifty idea and strategy generator that generates creative collaboration ideas for your business.
When it comes to finding a creative idea and executing your collaboration, don’t forget that it’s a marketing activity. Just like any marketing strategy, make sure you have a goal in mind, an objective that you can track against (such as growing your email list, getting content created, or increasing event shares on Instagram).
3. Leverage, leverage, leverage!
You could have secured the coolest collaboration in the world, but if no one knows about it, what’s the point? It’s crucial to have a promotional plan in place, for both yourself and your collaborator, that reflects a mutually beneficial sharing of marketing responsibilities. Identify all of the promotional channels and opportunities available to both yourself and your collaborator. Then, set a schedule so that everyone is on the same page when it comes to who is promoting what and when.
Want to keep things #legit? Consider signing a joint marketing agreement, or MOU document to keep things in writing, and using platforms like Bit.ly or Sked Social to track the impact of your collaboration against your original marketing goal.
4. Use collaborations in your broader marketing strategy.
Don’t be afraid to incorporate collaborations into your strategy frequently. Mix up your collaborators, as well as the types of collaborations (social media, product, event, etc.) you explore to keep your exposure opportunities fresh, and engaging.
The benefits of brand-to-brand collaborations are endless, and if you’re interested in giving it a try for your own business, check out Collabosaurus, a match-making platform for brands to collaborate for win-win marketing collaborations that help businesses grow. It’s free to start, takes less than five minutes, and from over 6000+ collaborators to choose from, including Porsche, ASOS, Olay, and RedBull, your dream brand could be waiting for you.
“You don’t have to have an immense social media following, significant cash flow, or the ability to just give away ‘free things’ in order to collaborate.”
—Jess Ruhfus, Founder of Collabosaurus
About the Author: Jess Ruhfus is the founder of Collabosaurus, a marketing platform that match-makes brands for clever collaborations and partnerships. With a background in fashion publicity and marketing education, Ruhfus was frustrated sourcing cool brand partnerships in events, products, and social media. So, she launched Collabosaurus in 2015, which has now attracted over 6000+ brands including Porsche, ASOS, Olay, Topshop and one of the largest global retailers in the U.S. Jess has also spoken for Apple, Vogue, and The College of Event Management, splitting her time between Sydney, New York, and Los Angeles as Collabosaurus continues to grow.
This story was originally published on August 5, 2019, and has since been updated.
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How to Balance Your Full-Time Job With Launching Your Dream Business
Yes, it is possible.
Photo: Smith House Photo
Balance is a word that’s come up more this past year than ever before. Whether it’s finding new ways to juggle the sudden merge of home and work life, trying to find time to squeeze in some self-care moments, or picking real pants over sweatpants, we’re all finding ways to make it all work.
So how does that same balance come into play when you are trying to jump feet first into creating your dream business?
While taking the plunge and diving right in is a thrilling option, it’s not always feasible. Maybe you need to start building your entrepreneurial dream while maintaining your 9-to-5. The ability to continue generating income to help support your new business is the most tangible benefit to working while building your empire, especially as some of the biggest costs come from operational expenses. Admittedly, it’s not the easiest path, but I am willing to bet that’s you didn’t sign up for easy when you decided to become an entrepreneur.
So you ask yourself, how do I do both? Can I do both?
After spending more than a decade in corporate retail, I went through a personal experience that moved me to create something for myself beyond a hobby. With some strategic planning, community engagement, and a bathtub of coffee, I am on the cusp of pursuing my passion full-time. Here are four tips I found worked best for turning an after-hours side hustle into a permanent, bill-paying gig.
Block and Tackle
Time management and time blocking is critical for new entrepreneurs, especially those who still have full-time jobs. Setting aside one specific day per week or actively blocking a few hours each day as designated “dream biz office hours” is essential to keep making progress on building your side hustle.
Whether it’s a color-coded calendar or itemized Google Sheet, make sure to figure out a system that effectively lays out the tasks that need to get completed on a weekly, monthly, and quarterly basis. It’s easy to spin out when you’re starting out because there are a million things to do, so block out time to create a plan and focus on tackling the tasks that make up each project or initiative. It won’t be long before you start to see and feel the progress.
Make Time for Self-Care
Working two jobs is mentally and physically draining so creative burnout is a common reality of entrepreneurship. Because of the sheer amount of work on your plate, it’s easy to fall into the habit of working non-stop without taking breaks. Which isn’t effective when you actually need to function. In order to be the best version of you for yourself, your full-time job and your side hustle (not to mention your friends, family, and the slew of other responsibilities you have), you need to schedule time to rest (see the previous point about time blocking.)
We implemented “slow down Sundays” in our house to find a better work-life balance. It’s a day where we make no plans and allow for pausing and reflecting in the current moment, which helps me go into my week rested, re-energized, and re-focused.
Hire Help
Starting a new business is overwhelming, especially as it’s often a team of one building out every area from operations to marketing. This means you will inevitably find yourself working on tasks that are not your strength, and those weak spots in the foundation can become problematic later on as you try to grow.
Since you are still working full time and able to potentially generate some income to feed your side hustle, think about hiring outside help in areas where you need an expert. Not great with social media creation? Copywriting? Sales management systems? Hire an hourly contract employee to take that task off your hands so you can focus on the part of your business that is most exciting and that plays to your strengths.
Keep Your Eye on the Prize
Even on your worst days, always remember why you started. Ask yourself, why did I want to launch this dream business? Stick Post-Its around your home with your mission on them. Start your day journaling on the dream, and keep focus on the progress you’re making toward that dream.
And take time to celebrate the small wins! Did you launch your website? Take a walk to reflect on that moment and let it all sink in. Upload your first social media post? You deserve a happy dance, or two, even if you didn’t block out time for it.
“Even on your worst days, always remember why you started.”
—Kelly Kussman, Founder of Cayla Gray
About the Author: Kelly Kussman is the founder of Cayla Gray, a luxury line of clean fragrances. Kelly launched her dream business while working full-time as a senior director of a large corporation.
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Why This Founder Wants You to Adopt a "Profit First" Mentality
"As the daughter of immigrants, I was taught that to get ahead, you must work hard, spend frugally, and save money."
Photo: Courtesy of Caroll Lee
Being a small business owner means always being flexible, able to pivot quickly, and willing to veer from the plan as needed. The COVID-19 pandemic certainly put those skills to the test this year, and my team at Provenance Meals was able to step up to the task and propel us forward.
Before founding Provenance Meals, I was a certified holistic health coach in Brooklyn. I encouraged my clients to follow a simple elimination diet replacing processed and packaged foods with wholesome ingredients, and their overall health, vitality, and energy levels dramatically improved. But finding the ongoing time, motivation, and know-how to cook healthy meals at home—and sustain these life-changing benefits—was a challenge for most everyone I worked with, and I knew I could help. After finding this clear gap in the market, I launched Provenance Meals in 2012, making it easy for time-pressed humans to achieve their wellness goals, nourish their bodies, and replenish their spirits with 100% gluten-free, dairy-free, and refined sugar-free meals designed by wellness experts, and made from scratch with thoughtfully sourced, local ingredients.
Launching Provenance Meals was not my first entrepreneurial venture—I invested my heart, soul, and just about all of my savings into a small gourmet market in 2016 that sold semi-prepared, organic meals to busy New Yorkers. Shortly after opening, my business partner decided that to back out of our business deal and sue for all of the money she had invested. It was an incredibly stressful time, and I went into a great deal of debt to buy her out, but I appreciate that the experience taught me valuable lessons that would help propel me to launch Provenance Meals.
The biggest lesson I learned was to maintain a healthy cash reserve to stay afloat through unforeseen challenges. Since then, I have followed the “profit first” mentality, setting aside money for a small profit and taxes from our sales, and only then allowing myself to spend what was leftover to operate. I didn’t know anything about raising money or wooing investors when I opened my first business. As the daughter of immigrants, I was taught that to get ahead, you must work hard, spend frugally, and save money. Now I also know that you need to start with a business model and unit economics that work from the get-go, and you will be that much more prepared for emergencies in the future.
This system is how I’ve been able to bootstrap Provenance Meals without relying on investor life support. We have been profitable since launch, with $0 raised until this year's community-driven campaign on Republic, our first-ever fundraising effort (at 742% of the minimum goal), which allows for angel investors and Provenance Meals' longtime community members to buy a stake in the company. Since our nationwide launch this spring, we’ve seen revenue increase 78% month over month.
For small businesses looking to expand their brands during a time of uncertainty, here are some additional pieces of advice that have served me well over the years:
React quickly and assertively in the short term.
But be aware of longer-term consequences. Right when COVID-19 hit New York City in the spring of 2020, we realized quickly we needed to pivot to meet our community’s changing needs (as many New Yorkers fled to second homes). We expanded our local courier zones in New York to include Connecticut, Westchester, and Long Island in order to follow our clients, and have seen demand soar in these regions. This led us to begin shipping nationwide and expand our offering to include new products. Because we’re now in a position to reach a larger audience and garner higher total revenue, we’re able to lower prices to make our products more accessible—our Daily Essentials program now starts at $52/day (originally $68).
Double down on your values.
Don’t be wishy-washy when it comes to why you do what you do. Your mission statement, your company’s core values, and your voice are your “North stars” in making business decisions. The more authentic you are about why you’re doing what you’re doing, the more you’ll love your business and the more you’ll attract customers. I see so many starting founders comparing themselves with other entrepreneurs. Truthfully, we’re all figuring it out as we go along! Stick to what makes your business uniquely your own and you’ll find success in your field.
Celebrate your strengths.
A perfect company, strategy, or plan doesn’t exist, but what does exist is my own confidence in the future, which I pass on to my team. I like to think my perpetual optimism helps show everyone how bright the future can be and inspires my team to share the dream with me. That’s one of my strengths as a leader. What are yours? Celebrate your strengths and use them to your and your team’s advantage.
Balance is key.
As the founder, in many ways, you are the business. When you take care of yourself, you’re also taking care of your business. Having two young children when I first started Provenance, I had no choice but to prioritize my family. The process was a stressful juggling act at the time, but in retrospect, forced me to be fully present in my home life and separate my work life. Over the years, I’ve learned strategies to cope with the stress and holding the responsibility of my business and my staff’s livelihoods on my shoulders, with practicing presence and meditation at the top of the list.
Give back where you can.
The coronavirus pandemic has exposed a lot of problems that already existed in the food industry, including the tremendous amount of food waste, the working conditions of farm and factory workers, the tenuous nature of the hospitality industry, how the way we grow and eat food affects global climate change, how representation matters, and the amount of food insecurity that exists in the United States. As Provenance Meals grew, we knew that we wanted to prioritize giving back to our community. We forged a nonprofit partnership with Kiss the Ground, underscoring our mission to support independent farmers and further provide widespread access to nutrient-dense ingredients.
Founding and running my own business is a dream come true. I have so much pride in what my team and I have built, and feel like we’re only just getting started. Especially in challenging times such as these, I rely on our spirit and determination to further our mission to improve the health and lives of others through the power of (delicious) food as medicine.
About the Author: Caroll Lee launched Provenance Meals to make it easy for modern, time-pressed people to achieve their wellness goals, nourish their bodies, and replenish their spirits. Caroll believes nutrition is the bedrock for feeling good, performing well, and living a longer, happier life. She launched the meal program in 2012, and in eight successful years, Provenance Meals has amassed a dedicated community, including noteworthy fans like Naomi Watts, Taryn Toomey, and Rachel Brosnahan. The nourishing, anti-inflammatory food offerings are all 100% gluten-free, dairy-free, refined sugar-free, and composed of organic, local ingredients.
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How I Empower My Team and Create a Culture of Systematic Trust (Yes, It Is Possible)
“It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” — Steve Jobs.
Photo: Create & Cultivate
The proof is in the stats. Millennials value company culture more than any other generation that’s come before them. In fact, according to Forbes, on average, millennials would be willing to give up $7,600 in salary every year to work at a job that provided a better environment for them. At We Are Rosie, our culture is built around systemic trust. We have a core belief that people have the best chance of success when they are treated with dignity and respect, and that comes along with trust. We want a team that can confidently demonstrate self-motivation, personal responsibility, and confidence.
My goal as a founder was to create a more human-centric approach to work and to build a community that reflects the company’s core values. My diverse childhood experiences as the child of a refugee have made me truly aware of what it is like to be overlooked, underestimated, and marginalized. This inspired me to want to cultivate a professional experience for my team where they are seen and appreciated as whole human beings.
Trust can be tricky for all leaders but particularly challenging for founders. I’ve used the analogy more than once that We Are Rosie is my third child. As a leader, it’s important to find the balance between seeing your vision through to fruition (helping your baby become a productive member of society) and identifying the friction points where you (and your baby) are better served by allowing others to take the reigns.
Ever heard the phrase by Steve Jobs that says, “It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” This is the crux of trust and it’s one of the many reasons we are so tedious in our hiring process for both our core employees and the incredible freelance consultants we deploy into large organizations. I actually believe that trust can, many times, be more important than experience when making a new hire. When you establish trust during an employee screening process, you are better able to create an environment for this person to thrive within your organization. You are also creating an opportunity for you to be the best leader you can be by avoiding the pitfalls that come along with mistrust.
As we move into an era where distributed and remote teams are the new norm, trust, or lack thereof, can make or break your team’s ability to achieve. When employees feel heard and respected, they will deliver their best work. I want people to be seen. I want people to know how much we appreciate the unique treasures they bring to our business. I want them to take ownership of their work and time. I want to support individuals as they recognize that there is a better way for work to happen.
Through my experience starting and growing a business, I’ve found six concrete action items that create a culture of systematic trust.
1. Embrace the Model You Serve
In addition to helping our clients discover better talent solutions, we also tap into our dynamic community of consultants. We turn our client's needs into possibilities through a fresh perspective and expertise. Our core team is small, but our power, by way of the We Are Rosie community, is mighty.
If you're unwilling to use the product or service you're providing to your clients, you are missing out on truly understanding the pain points that your clients experience and how to speak directly to them with solutions.
2. People First
Within the advertising industry (and many others if we're honest), the focus remains on the product or service, not the people producing the work. We're humanizing the way we do advertising by keeping our people first. Time is precious, and people want to work in a way that makes sense for their lives. The work comes and goes. It will always be constant. The people are what makes it magic.
3. Don't Sweat the Small Stuff
Our work moves fast and quickly. I set the example for my team to let go of the small things, which keeps us focused on building and collaborating together. When problems arise, we address them quickly, learn the lesson, and forget the details.
Most people start businesses so they have more control over their lives. It’s all for nothing if you are miserably trapped within your company. If you aren't having fun, you might want to reconsider your perspective. A small trick I’ve learned is that any time I catch myself saying or thinking “I have to” do something, I reframe it to “I get to” do this thing. That small mental shift takes me from a place of complaining to a place of gratitude.
4. Honesty Is the Best Policy
Embracing difficult conversations fosters an environment of trust. Being truthful about strengths and weaknesses keeps everyone clear on the best way to approach the work. If you're not being honest about your perspective, your energy will reflect that to all of those around you. Show up every day in your truth, and everyone around you will do the same.
5. Communication
It sounds cliché, but communication is vital. We achieve all of our goals through simple, clear, and timely communication, both internally and externally. No jargon allowed. Furthermore, we hold ourselves accountable to our timelines, our words, and our shared values. There is no blame game. We own it, address it, and move forward. It's a powerful, crazy concept that also works in all relationships.
6. Be Candid in the Hiring Process
When hiring great people, you must be honest about expectations. This is especially true with consultants that have other client responsibilities and time commitments outside of your business. This is actually one of the best benefits of working with consultants. There’s no need for the fake mask that tells you, “I can do it all because you’ve asked me to.” There’s no reason for the fluff, so don’t add any. Speak candidly about what’s expected and be open to hearing what’s expected from you. This process builds a tremendous foundation for trust.
When you establish trust during an employee screening process, you are better able to create an environment for this person to thrive within your organization. You are also creating an opportunity for you to be the best leader you can be by avoiding the pitfalls that come along with mistrust.
About the Author: Stephanie Nadi Olson founded We Are Rosie from a genuine realization of what it feels like to “not belong.” As a young mother with a career and also as a daughter of an immigrant parent of color, she knew what it felt like to be overlooked and marginalized. Because of this, she wanted to create a home and opportunity for people who often feel discounted. We Are Rosie is an extension of the work she has done with refugees her entire life and her soul’s calling to create a better way to do business. Stephanie has worked closely with big brands and major tech companies her entire career, so she has a unique 360 view of industry practices and the need for transformation.
This story was originally published on August 8, 2019, and has since been updated.
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The Simple Trick That Helped Me Double My Income in a Month
Own your worth.
Photo: ColorJoy Stock
I’ve always felt chronically underpaid. With a master’s degree in history and a passion for social media marketing, I applied for 347 jobs in a single year before I got my first “real” job (yes, I kept a list)—working four part-time jobs at once during that time—and my first-ever salary clocked in at a whopping $30,000. I thought I’d struck gold, and I foolishly believed that my salary was going to be enough to pay for rent in Nashville, living expenses, insurance, my phone bill, building a savings, and the massive chunk of student debt I had after earning two degrees.
After my dream job turned out to be a nightmare, however, I started to get desperate. I took a part-time paid internship at a publishing company hoping to turn it into a full-time position and—surprisingly—it worked. A month later, the owner of the company pulled me into his office and asked me if I wanted a job taking over as the director of marketing.
Obviously, I said yes. I went from intern to leading a department overnight, and I happily accepted the $35,000 salary—completely unaware that it wasn’t anywhere near the industry standard—and clung to the promise of a raise within six months. Six months later, armed with countless spreadsheets and a report on everything I’d accomplished on behalf of the company, I walked into my boss’ office and asked for my promised raise.
And he laughed at me.
Even though I quit the job soon after, I’ll never forget that moment or the way it impacted my career (and more importantly, my salary growth) from that point on. Even though I knew I should negotiate, I found myself wavering in every conversation about money for years to follow. At my next job, when I discovered that my predecessor had been paid a whopping $25,000 more than I was, I accepted it—telling myself that they’d get me up there eventually—but after two years spent trying to prove myself worthy, I was told to “be grateful” for the amount I was given.
Eventually, I started believing that I would never break past $50,000. It was too much—too high to achieve—and despite ten years of experience, two director-level positions, speaking gigs, and a slew of clients who were obsessed with my work, that belief turned out to be a self-fulfilling prophecy. No matter what I did, no matter how many books or courses or life coaching sessions I took, the line didn’t budge. And my self-worth tanked.
I’d always believed that something was better than nothing, so I found myself accepting every opportunity that came my way. A freelance writing gig that barely paid above minimum wage? I’ll take it. A $3,000 class that promised to teach me how to build a successful online business? I’ll buy it. An unpaid speaking gig? I’ll do it. I wrote and published my first novel. I launched a podcast. I created digital products. I sold an online course. I hustled and created and pushed myself to do more, but no matter how much of myself I gave away I felt like I couldn’t get anything in return.
I barely made $10,000 during my first year of self-employment.
Eventually, I knew something had to give. Work felt like I was attempting to lift a 500-pound weight, and—even though it wasn’t budging—I was constantly exhausted from the effort. Instead of letting myself continue to feel like a failure while half-heartedly juggling everything I’d built over the past several years, I made the difficult decision to let everything drop. I was grateful and privileged enough to have a partner who kept most of our finances afloat, so I maintained my core clients and said goodbye to maintaining my podcast, my writing, my social media platforms, my course, and more. I needed time to decide whether or not I even wanted to pick those things up again, or if I was ready to admit defeat.
Barely able to function, I remember telling my therapist that I was ready to give in, but that I wasn’t sure how I could survive a desk job. Over the last three years, I’d learned to love my independence and my ability to set my own schedule, and I was terrified that the only way I could be “successful” and hit that $50k mark was if I threw myself into a 60-80 hour a week corporate job that obliterated my free time...and my happiness.
“Forget the $50k thing, that’s a separate issue,” my therapist said. “What is your time worth? Not just the time you’re working, what is your free time worth?”
“Like, hourly?” I asked.
She nodded.
If I was honest, I didn’t spend a lot of time thinking about my hourly rate. I accepted whatever was offered because I was grateful for the work, and the idea of my free time having a dollar amount next to it didn’t sit well. Why would it have an hourly rate attached to it? It’s just the time I wasn’t working. It doesn’t have worth.
Except it did. If my time had value—and even my free time had value—then that could change everything I did, and not just in my career. Later that day, I told my partner about the question and he asked if I had an answer. I laughed awkwardly and joked, “I don’t know. Seventy-five dollars an hour.”
It was more than double the amount that I was making as a freelancer, but it was a joke—it wasn’t real—so it felt safe to dream. It was just a post-therapy conversation, after all, not a quote for a potential client, so it didn’t mean anything...until I found myself watching a movie on Netflix that I didn’t even enjoy and wondered, “Is this worth $75 and hour?”
It shocked me when the answer was no.
Slowly but surely, I found myself asking that question more often than not. It shaped my decisions of how I spent my time, and I realized just how much time I was wasting on things that didn’t even bring me joy. It was like I was Marie Kondo-ing my free time, and—while sometimes the answer was a resounding yes, like when I took a much-needed break to play three hours of Animal Crossing on my Nintendo Switch—it changed the hobbies I engaged in, the people I talked to, and even my business.
I started saying no to low-paying work. I ditched the mentality that something was better than nothing and started looking for clients who could afford to pay me more. I quoted higher than I ever had, and within a month I doubled my income. Eventually, I realized that I was earning the same amount of money working part-time that I made at my first full-time job. I was ecstatic, and I even started turning away work that no longer fit my goals. Because my time had value, because I had value, the decisions I was making as an individual and as an entrepreneur started to change.
Slowly but surely, I stopped undercutting myself at every turn. Over the next few months, my business exploded. I doubled a massive proposal to a new client at the last minute—fully expecting them to negotiate for a lower rate—and was stunned when they accepted it as is. I hired an assistant, plucked up the courage to fire a client who was mistreating me, and even walked away from my lowest paying gig.
In the end, I realized that feeling underpaid was just that: a feeling. I didn’t have a $50,000 upper limit. I was my upper limit. I was the one holding myself back, I was the one consistently accepting less, and I was the one who let my imposter syndrome talk me out of tens of thousands of dollars. It was only once I decided what I was worth—and owned it—that other people could see it too.
“I ditched the mentality that something was better than nothing and started looking for clients who could afford to pay me more.”
—Jandra Sutton, Founder of The Wildest Co
About the Author: Jandra Sutton is a writer, entrepreneur, and founder of The Wildest Co, a creative agency specializing in content creation, branding, and marketing for busy entrepreneurs and small business owners. She's also the host of The Wildest Podcast, a weekly personal development podcast in 10 minutes or less. You can follow her on Instagram @jandralee.
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3 Tips to Pitch (and Win!) Business Virtually
Business as unusual.
Photo: ColorJoy Stock
At this point in the pandemic, we’ve all learned how to set up flattering lighting and stage a professional background for video calls, making the most of our WFH attire and makeshift home offices. But pitching (and, more importantly, winning!) new business virtually is a brave new world requiring a completely different set of skills. Here are three tips to help you level up your virtual pitch game and close the deal from behind any screen.
#1 Make time for a tech-check. (And then re-check!)
I know it’s tedious, but a thorough tech run-through and rehearsal are critical to the success of any pitch, let alone a virtual one.
While Zoom has become synonymous with virtual conferencing, plenty of potential clients, customers and partners use other platforms. Be prepared to learn and adapt to their preferred system—whether that’s Microsoft Teams, Google Meets, Cisco WebEx, etc.
And don’t wait until the last minute. Make sure everyone on the team has the latest software version installed (buy the premium subscription if necessary) and rehearse on that platform for every meeting leading up to the pitch. Get familiar with the interface, know how to optimize presentation mode for video and sound, and make sure you plan for hard-wired internet when necessary.
Remember to turn off notifications (that Slack ding will kill the vibe), charge all devices, double-check headphones, and do several tech rehearsals to work out any kinks well in advance.
#2 Read the virtual room.
Once you have the tech situation nailed down, plan for the chemistry and flow parts of the meeting. Remember that social cues like first impressions, handshakes, eye contact, and body language are trickier to read, so you’ll have to adjust.
Avoid awkward moments like long pauses or people talking over each other as much as possible. Establish meeting ground rules and communicate them to the group during the introduction. For instance, if you prefer your client or prospect not to interrupt throughout the presentation, ask that everyone please mute their computers until the dedicated Q&A session at the end.
Since you won’t have the usual verbal or visual cues to signal that things are going well, just assume they are! Jokes won’t always be met with laughs, but pretend they landed and keep rolling. Say people’s names, improvise, and find ways to connect—like referencing something one of the clients has said in the past. Remember that this is a pitch, not a TED Talk.
#3 Plan for everything so nothing throws you off.
Create a murder board of scenarios to mentally prepare yourself and/or your team that anything that could happen. What if the primary decision-maker is late—will you start without them or get going? What if sirens go by while you’re speaking? What sort of small talk can you prepare to avoid those awkward first five minutes where everyone is still joining the meeting? What if someone submits a text comment or question that the presenter misses?
During the pitch, create a “second screen environment” where the team can communicate off video—phones with an open group text or Slack channel underneath raised laptops is an easy set-up. Designate a secret “cruise director” to help you navigate the meeting—someone from your pitch team who has a smaller speaking part so they can keep an eye on the potential clients’ reactions while others are presenting. They can send texts or Slack messages like, “Client X seemed to be really into that, lots of head nodding, go into that further.” This person should also have universal host privileges to be able to mute a participant who is accidentally causing background noise.
If you have smart plans for the usual (and unusual) interruptions, clients will appreciate that you’ve made the meeting feel more seamless and comfortable.
Ultimately, once you adjust for logistics, virtual pitching is a lot like in-person pitching. You need to be prepared, think on your feet, and connect with your audience. Now you just need to make sure your kid doesn’t scream or your dog doesn’t bark while you do it.
“If you have smart plans for the usual (and unusual) interruptions, clients will appreciate that you’ve made the meeting feel more seamless and comfortable.”
—Genna Franconi, Co-Founder and Managing Director at Trade School
About the Author: Genna Franconi is co-founder and managing director at Trade School.
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9 Things No One Tells You When You're Starting a Business
In this case, ignorance is not bliss.
Photo: Smith House Photo
The one common thread that ties all entrepreneurs and founders together is that there is no rule book, especially if your company is developing an entirely new category or business model. There is no path to follow or leadership style to mimic. It can be a daunting experience but if you’re up for the challenge, it will be one that undoubtedly changes your life, for the better.
But if you’re a new founder or about to start a company and reading this in despair, then don’t stress, because there are a few things everyone should do when starting a business. Think you can cut it on your own but wondering how to start a business? Here are nine things to consider before you take that leap of faith and start your own business.
1. Begin with revenue.
It’s nice that you have a dream, but the reality is that you will need to make money. Whether you are planning on pitching to investors or building a customer-funded business, you will need cash flow. Cash flow is the heartbeat of your business. Author and entrepreneur Seth Godin says, “It pays to have big dreams but low overhead.” Overhead are things such as rent, payroll, and other monthly expenses. Make a plan and write specific goals for how you are going to make money.
2. Protect your IP.
IP stands for intellectual property. Trademark your work and spend time on your privacy policies from the beginning. Talk to a trademark lawyer and make sure you are covering all your bases in the legal sense. Have a designated spot for organizing all paperwork, legal documents, and trademarks. Trust me, you will get a lot of paperwork mailed to you and you want to make sure you don’t throw away something important because you thought it was spam.
3. Market yourself.
Free marketing on social media is the key to growing your start-up with low overhead. Research social media marketing ideas, and do your homework. Study businesses that are doing what you do. Know your target audience and study CRM (customer relationship management) within your company. Where is your ideal customer currently spending their money if not on you? Connect with like-minded small business owners, and learn from each other. I am currently in a mastermind group with seven female, small business leaders in Nashville. We get together every other week to discuss various aspects of running a small business. Be proactive and curious. Ask questions.
4. Know your “why.”
If cash flow is the heartbeat of your business, then why is the actual heart. If you can’t write down the internal, external, or philosophical problem your company is working to solve, your business won’t have a backbone. As Frederick Nietzsche said, “He who has a why can endure any how.”
5. Understand yourself so that you can make great hires.
“Organizations are never limited by their opportunity. They are limited by their leader,” according to Dave Ramsey. You are the leader. You need passion, integrity, humility, courage, and self-discipline. Know your strengths, weaknesses, and leadership capabilities so that when the time comes to make a hire or seek support, you know where you are lacking. Become self-aware and discern in what areas you need to improve.
Start by taking personality tests that give you insight into your tendencies. My go-to test for myself and my team members is the DISC profile. Every interviewee that we are seriously considering hiring takes this test before we offer a position. Your interview process should be extensive. Turnover can kill a start-up.
6. You are NOT the boss.
Your customers are the boss. Your customers are the hero. It’s ALL about your customers. The story about how and why you started your company isn’t as important as how and why your customers need your product. Learn how to serve your customers, but know that once in a while your customer might be wrong. Remember that you have the freedom to occasionally “fire” a customer. Embrace the concept that your product is not for everyone.
7. Build structure and find balance.
Professionals show up and do the work when they don’t feel like it. Become obsessed with time management or you will begin drowning in chaos. Build a structure for your business so that you can find a healthy work-life balance. Read time management books and find a routine.
8. Build a tax savings account and an emergency savings fund.
Finances and managing cash flow are two of the biggest distractions for any business. If you don’t have a CFO from the start, hire an accountant and/or bookkeeper, and build your savings. An emergency fund for your business can be anywhere from three months to a year of overhead expenses you have saved in the case of sudden disaster. Move money into your tax savings account every month and don’t touch it. Every quarter, while millions of business owners are scrambling to move around money for taxes, you’ll be able to stay hyper-focused on developing your business.
9. Embrace change and challenges.
“Entrepreneurs are simply those who understand that there is little difference between the obstacle and opportunity and are able to turn both into their advantage,” notes Seth Godin. You will face many obstacles, ups, and downs. I could spend all day telling you about all of the bumps I’ve experienced in the last three years, but then I would be talking the problem—not the solution. Godin says, “You’re going to do your best work, and it’s not going to work. Taking it personally will cripple you.” It’s ok to be unprepared when you start. There are many variables you cannot control no matter how organized you feel. You will be much more stress-free if you learn to embrace change and don’t grip your business by the throat.
About the Author: Emily Howard, founder, creative director, and CEO of Consider the Wldflwrs, a jewelry company based out of Nashville, Tennessee. An original version of this article appeared on Darling.
This post was originally published on May 3, 2019, and has since been updated.
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Together Forever? How to Choose the Right Business Partner
It's like a marriage, for your brains.
Photo: Smith House Photo
It’s said that two heads are better than one. Albeit usually true, sometimes it depends on which two heads. Having the right partner is the foundation for a successful business. However, finding that partner may be the hardest part of starting your business.
There’s no better teacher than time and personal experience. There are, however, certain lessons we can learn from others who have lived through similar experiences. And so I offer the following.
Have Common Goals
In the most literal sense, this means you should both understand the goals of the business and what milestones the entity is trying to reach and at what points. On a deeper level, it is important to understand the bigger picture behind reaching those goals and what expectations each partner has for the future.
One partner may want fortune while the other wants fame, one may want to help the world, while the other wants notoriety. While having goals that are aligned makes it easier, it is also acceptable to have different goals so long as they complement each other. For example say one partner is not interested in the money only in helping the community, while the other feels that making a fortune is the ultimate goal, in making certain decisions regarding the direction of the business: prices, events to attend, clientele to cater to, and so forth, this may cause an issue.
This shouldn’t be a deal-breaker, however, if your goals are not aligned then the business itself cannot achieve those goals simultaneously. This should be a conversation prior to the commencement of the business.
Have Respect for One Another
Respect is not only fundamental for how you treat each other but also for the success of your business. You should respect the person as a human and also as a professional.
Respect achieves three main things: First, it makes your working environment pleasant and efficient. Next, if you truly respect your partner you likely also trust him or her. Lastly, your clients will trust and respect them as well.
The day you lose respect for your partner, the partnership and likely the business, will crumble. The respect should be mutual; your partner should appreciate what you bring to the team as well. Having mutual respect will go a long way when days get tough.
“For better or worse partnerships are tested in the real world in ways that no amount of preparation can guarantee survival.”
Find Someone Who Complements Your Strengths and Weaknesses
More often than not finding a partner seems like it’s about the other person. However, the best way to find the perfect match is to do some introspection. Analyzing your strengths is usually the easier of the two tasks, and while important to know and value what you contribute to the team, it is equally, if not more important to know your weaknesses.
Finding someone who not only complements your weaknesses with their strengths but also knows how to properly handle your shortcomings is fundamental to a long-term partnership. Recognize your flaws and appreciate someone who can handle them.
Know What You Value Most
Some value charisma, others honesty, and others willingness to take risks. Whatever, qualities you feel are going to contribute most to the success of your business and achieving your goals those are the qualities you should find in your partner. While ideally we find a partner that has it all, it’s slightly unrealistic, and so having certain priorities when making a decision can facilitate that process.
Personality Matters
Yes, having an attractive, funny, and witty partner is a dream, however, this isn’t about finding a date. It’s about finding the perfect complement to boost your chances at success. And so in general, yes, you should enjoy their company. However, attributes of their personality regarding how they solve problems, how they deal with a crisis, what makes them happy or satisfied, and their attitude towards different situations is what matters when choosing your partner.
While these tips should be used as a guide or thoughts to keep in mind, there truly is no way to ensure that a partnership will succeed. For better or worse partnerships are tested in the real world in ways that no amount of preparation can guarantee survival. But if you’re lucky enough to find that perfect partner, your business is sure to reap the benefits.
“Recognize your flaws and appreciate someone who can handle them.”
—Brenda Schamy, DiSchino & Schamy, PLLC
About the author: Brenda Schamy has a multi-faceted background in criminal defense, immigration, corporate counsel, and entertainment law. Due to her extensive entrepreneurial experience, Brenda is particularly skilled in business management, taking on the role of a forward-thinker who actively anticipates the needs, concerns, and opportunities of our corporate clients. Brenda excels at looking beyond the legal scope of business and works closely with our clients to actualize their goals.
Prior to founding Erickson & Schamy (now DiSchino & Schamy, PLLC), Brenda was a Miami Dade Public Defender. With over sixty trials taken to verdict, she is especially comfortable in a courtroom and is always ready to fight for her clients’ interests. Throughout her legal career, Brenda has also been heavily exposed to immigration, music, and the entertainment industry.
This story was originally published on April 8, 2019, and has since been updated.
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