The great thing about getting outside for a run is that it forces you to turn your mind off and get away from the business. Or in reality, it gives you some time to really think through and talk through - with your willing running partner - some of the problems, challenges, and thoughts you've had about the business. On one recent run my running partner (and business partner) and I talked about the pros and cons of adding a shopping cart to my company's site.
Originally the idea had been that my company would only do wholesale to retailers and let them do the selling directly to the customers. But given that we're about to launch a big PR campaign and wanting to avoid any issues like we had last time (where the retailer got all the leads and didn't pass them on to us), we realized it makes sense to add a shopping cart to our site. Not to mention, as my running partner pointed out, any sales that come through the shopping cart as opposed to from one of my retailers more then doubles my company's profit.
There are cerainly some cons to it - the main one being that retailers may get pissy. But I've checked out other "competitors" and they all seem to be doing it so I'm assuming I'm not doing anything that's totally out of the norm.
The other big con is that it then requires more packaging/shipping on my part. But, low and behold - it looks like the US Postal Service is coming to my rescue! Turns out that USPS has a "flat rate" shipping box that would be big enough to fit what I assume any one individual order would be and it will always cost me $8.95 to ship regardless of how much it weighs. And then it turns out that those flat rate boxes are free and will be dropped off at your house if you simply go online and order them! That makes figuring out shipping much simpler and cuts down on the potential cost of moving into the retail segment. Plus I can print out shipping labels from my home computer (once I get a new printer...desperately needed) and have the mailman pick any packages up on my front step. Seems like a no brainer to me!
So hopefully by the end of the month I'll have an online retail outlet.
Friday, June 8, 2007
Tuesday, June 5, 2007
Connecting with the Outside World
Two thoughts for this post:
1. I saw a discussion this morning (on the Today Show - I keep it on in the background during the morning) with a group called Ladies Who Launch. Apparently the idea is to bring together women entrepreneurs (and wanna-be entreprenuers) to help one another through the process. They have an introductory workshop in cities around the country (for $250) and after that it looks like you can attend monthly meetings, access their network, etc. On the one hand it looks like a great way to connect with local entreprenuers which is something I'm constantly trying to do. On the other though, I'm not sure I necessarily agree with all of what the group says with regards to the fact that women starting up businesses don't necessarily think "business plan" and shouldn't be forced into that mold. Perhaps I'm not reading what they're saying correctly, but I do believe that every business - if you want to make it a real business - does need a business plan and set of financials that are constantly evolving as your business grows (says the gal who desperately needs to update her business plan). But then again perhaps I was just brainwashed by business school. I'm not yet ready to put down $250 for the experience but I'll let you know if I do and what I think of it. If you're interested in checking it our for yourself you can find out more here: http://www.ladieswholaunch.com/
2. I had my first meeting with my new PR team yesterday. In an effort to get the word out about the company/product to a national audience I've hired them to help me with the process. It's a little frightening to put down so much money but I know it's something that will be good for us (assuming it works). The PR team seems to think that my product is an easy placement for a range of print/tv and that perhaps the bigger problem is can I keep up with potential demand since everything is handmade. Hiring staff...that's the next problem to tackle.
1. I saw a discussion this morning (on the Today Show - I keep it on in the background during the morning) with a group called Ladies Who Launch. Apparently the idea is to bring together women entrepreneurs (and wanna-be entreprenuers) to help one another through the process. They have an introductory workshop in cities around the country (for $250) and after that it looks like you can attend monthly meetings, access their network, etc. On the one hand it looks like a great way to connect with local entreprenuers which is something I'm constantly trying to do. On the other though, I'm not sure I necessarily agree with all of what the group says with regards to the fact that women starting up businesses don't necessarily think "business plan" and shouldn't be forced into that mold. Perhaps I'm not reading what they're saying correctly, but I do believe that every business - if you want to make it a real business - does need a business plan and set of financials that are constantly evolving as your business grows (says the gal who desperately needs to update her business plan). But then again perhaps I was just brainwashed by business school. I'm not yet ready to put down $250 for the experience but I'll let you know if I do and what I think of it. If you're interested in checking it our for yourself you can find out more here: http://www.ladieswholaunch.com/
2. I had my first meeting with my new PR team yesterday. In an effort to get the word out about the company/product to a national audience I've hired them to help me with the process. It's a little frightening to put down so much money but I know it's something that will be good for us (assuming it works). The PR team seems to think that my product is an easy placement for a range of print/tv and that perhaps the bigger problem is can I keep up with potential demand since everything is handmade. Hiring staff...that's the next problem to tackle.
Friday, June 1, 2007
Confession
Here's the truth - today is a day when a decent part of me wouldn't mind simply selling the business or shutting it down. It's a day when I dream about what it would be like to sell the business and have all the associated stress be done with.
Let me start this post out with saying that ironically the business has never been going better. We've gotten an incredible amount of opportunity literally land at our feet due to the BIG PR piece a few weeks ago that is bringing in new customers, new potential customers, and interesting marketing opportunities (we'll most likely be given away at the Primetime Emmys). So honestly things have never been better and when I compare it to this time last year I'm overwhelmed at the progress we've made both in terms of building the brand and finances.
But today I'm tired (didn't help that I was up at 5am to drop fiance off for a flight to Vegas for his bachelor party). And I'm tired of dealing with the stress associated with the fact that I now find myself in a position that I may need to hire part-time workers to help with production. Hiring folks makes me nervous because like any true entreprenuer - I'm obsessive compulsive and a control freak. So the thought of having other people help create "my product" makes me have to take a few deep breaths to slow down my speeding heart (all the while fully realizing that the only way to truly grow is to expand production).
I'm also tired of dealing with all the red tape associated with hiring folks - even part-timers - and am working with the accountant to get that little mess sorted out before I can even start to figure out if I can afford to hire part-time workers once unemployement taxes and such are taken into account.
And I'm worried about the fact that we're about to drop a substantial amount of money into a nationwide PR campaign. It's the largest amount of money we've put into anything up to this point and I'm terrified it won't work. And then at the same time I'm terrified that it will and we'll end up on Oprah and there I'll be all by myself (having chickened out from hiring anyone) desperately trying to keep up with production.
And the fact that I'm still not bringing in any money and am essentially just a drain on my fiance weighs heavily on me. I dream of when I can actually bring home a paycheck - even a small one - to help out with the variety of things we seem to be spending money on right now (lesson learned - weddings and honeymoons are not cheap). I hate not being able to help out whereas I could have taken a corporate job and be making enough to support us while simply socking his salary & bonus away for a rainy day.
Like I said before, ironically the business is going really really well and we are already at 40% of our annual goal which is stupendous given that first and second quarter should be incredibly slow for us. In fact, I've readjusted our year end financial goal given how well things are going. And when I look at the big picture - the building of a brand and a company that means something to me and is focused on some way or another in giving back to the community I'm incredibly excited and passionate about what we're doing. But today I'm bogged down in the little details and it's making it hard to breath.
Maybe it's because it's such a nice day outside that I want nothing more then to head out with a book and some sunglasses. But then again, if I wasn't doing this then I would be stuck in an office with flourescent lighting working hard for someone else with no opportunity to enjoy the sunshine. At the very least I can take a two hour lunch today and read. That's gotta be equivelent to a $100K salary, right?
Let me start this post out with saying that ironically the business has never been going better. We've gotten an incredible amount of opportunity literally land at our feet due to the BIG PR piece a few weeks ago that is bringing in new customers, new potential customers, and interesting marketing opportunities (we'll most likely be given away at the Primetime Emmys). So honestly things have never been better and when I compare it to this time last year I'm overwhelmed at the progress we've made both in terms of building the brand and finances.
But today I'm tired (didn't help that I was up at 5am to drop fiance off for a flight to Vegas for his bachelor party). And I'm tired of dealing with the stress associated with the fact that I now find myself in a position that I may need to hire part-time workers to help with production. Hiring folks makes me nervous because like any true entreprenuer - I'm obsessive compulsive and a control freak. So the thought of having other people help create "my product" makes me have to take a few deep breaths to slow down my speeding heart (all the while fully realizing that the only way to truly grow is to expand production).
I'm also tired of dealing with all the red tape associated with hiring folks - even part-timers - and am working with the accountant to get that little mess sorted out before I can even start to figure out if I can afford to hire part-time workers once unemployement taxes and such are taken into account.
And I'm worried about the fact that we're about to drop a substantial amount of money into a nationwide PR campaign. It's the largest amount of money we've put into anything up to this point and I'm terrified it won't work. And then at the same time I'm terrified that it will and we'll end up on Oprah and there I'll be all by myself (having chickened out from hiring anyone) desperately trying to keep up with production.
And the fact that I'm still not bringing in any money and am essentially just a drain on my fiance weighs heavily on me. I dream of when I can actually bring home a paycheck - even a small one - to help out with the variety of things we seem to be spending money on right now (lesson learned - weddings and honeymoons are not cheap). I hate not being able to help out whereas I could have taken a corporate job and be making enough to support us while simply socking his salary & bonus away for a rainy day.
Like I said before, ironically the business is going really really well and we are already at 40% of our annual goal which is stupendous given that first and second quarter should be incredibly slow for us. In fact, I've readjusted our year end financial goal given how well things are going. And when I look at the big picture - the building of a brand and a company that means something to me and is focused on some way or another in giving back to the community I'm incredibly excited and passionate about what we're doing. But today I'm bogged down in the little details and it's making it hard to breath.
Maybe it's because it's such a nice day outside that I want nothing more then to head out with a book and some sunglasses. But then again, if I wasn't doing this then I would be stuck in an office with flourescent lighting working hard for someone else with no opportunity to enjoy the sunshine. At the very least I can take a two hour lunch today and read. That's gotta be equivelent to a $100K salary, right?
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