The *Most* Important Lesson I Learned in Five Years of Business

Last month, on a whim, I decided to start a YouTube channel.

I know, I sound like a 17-year-old beauty blogger.

The reasons for creating videos were obvious (which I won’t get into right now) but beyond filming the actual content, I had no idea where to start.

So, I bought an online course that teaches YouTube for entrepreneurs.

While I thought I could probably figure it out on my own, I didn’t want to.

I knew there was so much more that went into the strategy behind YouTube, and I wanted someone to tell me exactly what to do step by step.

So, I got to work.

And as I started going through the course, researching content ideas, writing scripts, sifting through Google Keywords, I started to wonder:

What did I get myself into?

Because, to be honest, the whole process not only felt unnatural to me, but very uncomfortable.

I’ve spent thousands of dollars creating the highest-quality video content for the Factory45 program and now I was supposed to sit in front of my laptop webcam and not try to make it look perfect?

Every ounce of my being wanted to shoot and reshoot and have multiple camera angles and great lighting and a professional set.

But guess what? When you have zero YouTube subscribers and haven’t made one video yet, you don’t get a professional set.

You start where you are — with what you have.

As I filmed the first four videos, I had to remind myself over and over: Progress over perfection, progress over perfection, progress over perfection.

I could come up with every excuse to procrastinate:

“I shouldn’t shoot today because the ring light hasn’t arrived.”

“I shouldn’t shoot today because there’s construction noise outside.”

“I shouldn’t shoot today because I’m getting a haircut on Friday…”

Instead, I told myself: Just get the first four videos out there, see if they help your people and then see if they help other people discover Factory45.

Because here’s the thing:

If I spend months creating videos and never grow my viewership past my mom and my mother-in-law, then at least I’ll know it was a “failed” experiment that isn’t worth pursuing.

That’s the only way to know if an idea is truly worthwhile — by putting it out into the world and testing it.

The timing is never going to be perfect, you’re never going to feel ready and yes, it’s going to feel vulnerable and scary as hell.

But what’s the alternative?

The alternative is playing small, never taking a risk and being too afraid to put yourself out there.

So, secret #5 is this: To build a successful business, you have to be willing to start before you’re ready.

Whether it’s launching a first-time fashion business, a brand new collection or a YouTube channel of all things, there is never going to be a better time than now.

Because whether you wait another month, or another year or another five years, you’re going to wish you had started today.

There is always a small step you can take now to set you up for bigger steps tomorrow — especially since everything takes longer than you think it will,

So, the most important thing I’ve learned in the past five years is this: Success comes from experimenting with new ideas and not being afraid to feel uncomfortable.

When you push the limits and stop waiting for perfection or permission, then that’s when incredible things happen.

 


 
 

This is a multi-part series, celebrating the five-year business anniversary of Factory45. If you missed it, the other four posts are here:

Secret #1 on starting niche is here.

Secret #2 on dealing with competition is here.

Secret #3 on the myth of “following your passion” is here.

Secret #4 on spending money is here.

 

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How to Know If You’re Ready to Invest in Your Fashion Brand

So, here’s an unpopular (secretly popular) topic:

Money.

More specifically, how to start a business when you don’t have a lot of money.

If you scour the internet, you can find enough stories of multi-millionaires who started from zero, eating chickpeas out of the can while sleeping on their friend’s futon.

But there’s a less extreme version of this, and it’s far more common.

It’s the story of the woman craving a creative outlet. She’s managed to save a small “safety net” of cash and even has some disposable income at the end of the month.

She sees acquaintances on Facebook breaking out on their own.

And she wonders to herself, how did they do it?

What do they know that I don’t?

So she starts to research.

“How to start a clothing line,” she types into Google.

From Marie Claire to WikiHow to “Startup Bros,” she faces 938,000,000 search results.

Overwhelm begins to set in, but she makes one conscious choice:

To take the first step.

This was my reality in 2010.

I was just starting out, trying to launch a sustainable fashion brand, and I had no idea what was what or who was who.

The entire industry was a mystery to me with limited access.

Nevertheless, I committed to putting $5,000 into a business bank account as an investment in a company I didn’t yet have.

I’ll never forget transferring that hard-earned cash as one lump sum, knowing that it was all of my savings and probably money that I would never see again.

It was a calculated risk, and there were no guarantees.

When I look back on that first bank transfer I remember it as the first of many times I took a risk for my business without knowing how it would turn out.

Nine years later, I now know it’s the name of the entrepreneurial game.

Whether it was investing money into a Kickstarter campaign I wasn’t sure would be successful or hiring a business coach or buying the numerous online courses I’ve enrolled in, what I’ve learned is this:

You have to be willing to invest in your business before you know it’s a sure thing.

I don’t mean that you should take out a second mortgage or drain your 401K, but you have to be willing to spend money to start or grow a business.

There is no way around it.

So, how do you do this without succumbing to the fear of bankruptcy and homelessness?

Create a “worst case scenario” plan.

Over the years, I’ve always told myself that if I lost all of my savings I could jump behind a bar and start pouring drinks again. As much as I hoped my bartending days were over, I knew that I could make cash quickly if I had to.

For you, it might be nannying or waitressing or admin or cleaning houses or freelancing.

Depending on how dire your “worst case scenario” plan is, having one can do two things:

  1. Be an indication that you’re not ready to take action on your business.
  2. Or liberate you.

It’s the litmus test you need to make a big financial decision.

So, secret #4 is this: To start a successful business, you must be willing to invest in uncertainty.

Because there is not an entrepreneur I know who got their company off the ground for free.

 


 
 

This is a multi-part series, celebrating the five-year business anniversary of Factory45. If you missed “secret #1” you can read it here, if you missed “secret #2” it’s here and “secret #3” is here.

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This is Why “Follow Your Passion” is a Myth

There is a lie being told in the entrepreneurial world.

It’s a false narrative that’s being targeted at people who are unhappy with their current work life and are looking for a change.

Maybe you’re one of those people.

The lie is this:

Follow your passion.
Quit your job and chase your dreams.
Do work you love and you’ll never work a day in your life.

We see it every day: the Facebook and Instagram ads promising your “dream life” by people who look like they’re living their dream life.

It’s all palm trees and perfectly-foamed lattes and bright, white lighting. It’s breakfast trays in bed and bouquets of peonies and red painted lips.

But do you know what’s behind those beautiful photos and “dream lives?”

Many, many, many months (probably years) of it not looking that way.

Because the truth is, to become the picture of success — while creating a business that lasts — it requires this:

Doing work you don’t want to do.

In fact, when you’re first starting out, you can expect to do more work that you don’t want to do than work you actually enjoy.

And usually, it requires running your business as a side hustle while *still* going to your “real job.”

We all know there’s no such thing as overnight success.

But what I don’t think we always remember is that there’s so much more to the story than what we see on social media.

Chances are:

The fashion brand with the perfectly curated Instagram feed started with an iPhone and a Dropbox folder of stock photos.

The designer working in a beautifully-lit studio started in a converted home office that barely fit a desk.

The CEO flying first class to a paid speaking gig spent years sitting in the back of the plane to speak for free.

If you’re ready to start your own business, you should absolutely do it. It’s one of the most rewarding journeys you can take.

But there should be no illusions.

It will require “grunt work” — the things you think everyone else is outsourcing to interns — are the things you need to do yourself when you’re first starting out.

Packing and fulfilling orders, writing and scheduling your own social media posts, creating your emails and blog posts, going to networking events, dealing with tech issues that make you want to pull your hair out.

Those “annoying” tasks that tempt you to procrastinate or abandon them all together are the things you’ll look back on with genuine appreciation.

They’re the things that will make you grow, build new skills and realize that you’re capable of more than you think.

Because every successful entrepreneur I know has a similar story of doing work they didn’t want to do.

That’s what it takes.

So secret #3 is this: Successful entrepreneurs do things they’re not passionate about because they know that it’s not about passion.

It’s about purpose.

 


 
 
 

If you’re ready to put in the work to start your dream business, let’s do it together. Applications to Factory45 open in May 2020!

This is a multi-part series, celebrating the five-year business anniversary of Factory45. If you missed “secret #1” you can read it here, if you missed “secret #2” it’s here.

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How Successful Fashion Businesses Deal with Competition

I felt like I was going to throw up.

My stomach churned and my heart raced as I stared at my computer in disbelief.

It had only been six months since I stayed at her apartment, attended a documentary screening together and went out for ice cream with her sister and husband.

I thought we were friends.

And now, as I stared at her newly-launched website, it hit me hard.

“Sustainable Fashion Business Incubator,” it said in big, bold typeface.

My friend — someone who I trusted and supported and grown close to — had launched a competing (almost identical) program to Factory45.

As I scrolled down her site, the similarities between the two programs were nauseating. There were even entire paragraphs taken from my website and plagiarized.

When I got on the phone to ask her why she would launch such a similar program — one that I had already been running for two years — she insisted her course was different.

Five minutes into the conversation, there wasn’t anything left to say

There is nothing that can quite prepare you for discovering your first real competitor.

I’ve gotten more than one late-night email from Factory45 grads along the lines of:

“Shannon, do you know about this brand? It’s so similar to mine! What do I do?”

The first time it happens, you’re allowed to freak out.

It’s normal to enter a state of panic.

As long as you don’t quit.

Because that’s likely going to be your first instinct.

“Well!” *throws hands up in the air* “If she’s doing it, then there’s no point in me doing it! Guess that dream is OVER.”

As soon as those words come into your mind, here’s what I want you to do:

Walk away.

But only for a day.

Go to yoga, play with your kids, have dinner with your partner, call a friend you haven’t talked to in a while.

The next day, come back.

Because you’re going to find that the initial disappointment of discovering a competitor will have diminished — at least slightly.

Gradually, you’re going to feel reinvigorated by your idea and your business and you’re going to be glad you didn’t give up on it. For all of these reasons.

And as your business progresses and your customer-base grows, the concern about competition is going to fade.  

You’re going to become more certain about your place in the industry and more confident that you’re the person to pull it off.

You’re going to realize that there really is room for all of us.

Let me repeat that, there is room for all of us.

Having been through that experience with my friend and seeing even more competitors come into the space since then, I’ve been able to get a grip on how competition makes me feel.

While I’m aware of it, I generally don’t worry about it anymore. Not because I don’t still have fears, but because I know it doesn’t serve me in any positive way.

So, this is Secret #2: Successful businesses aren’t derailed by competition. They don’t slow down, they stay the course and they don’t get distracted.

Most of all, they keep showing up.

 

P.S. If you’re wondering what happened to my friend’s competing program, she went out of business after a year. While I did come to terms with there being enough room for both of us, I also saw firsthand how hard it is to stay in business if it’s a direct replicate of someone else’s idea. Needless to say, I learned a lot of lessons.

This is a multi-part series, celebrating the five-year business anniversary of Factory45. If you missed “secret #1” you can read it here.

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5 Secrets to 5 Years of Business

Five years ago, I had no idea what in the world I was doing.

I was saying goodbye to my first company and although I knew it was the right decision, I couldn’t help feeling lost.

For the first time in years, I didn’t have direction.

I tried freelance consulting, writing a book, wardrobe clean-outs, working for a self-help author, all the while bartending in between.

After a year of falling haphazardly from one thing to the other, I finally bit the bullet and hired a business coach (that I could just barely afford).

And I finally started to feel reinvigorated by entrepreneurship.

I realized that yes, I definitely wanted to start another business  — but it took several months to get clear on two major things:

  1. What I wanted that business to look like.
  2. What my “Why” was.

Once I could identify those, and get really specific, everything else seemed to crystallize.

Just five months later, I launched Factory45 for the first time — completely terrified.

Would anyone enroll?

Would the program work?

What if everyone asked for a refund?

In the worst of times, the fear was completely paralyzing. In the best of times, the fear sat in a pit at the bottom of my stomach waiting for something to set it off.

But somehow, I was able to push past the negative self-talk.

And it paid off.

This April I’ll celebrate my FIVE year business anniversary.

*cue solo dance party AND an oat milk latte*

Just a few weeks ago, I wrote about the importance of celebrating your wins.

So, that’s what we’re going to do.

While I would prefer to have everyone over for a champagne toast, we’ll have to keep the party on the internet.

For the entire month of April, I’m going to share my five secrets to staying in business for five years.

They were definitely secrets to me when I was first starting out.

I promise, these won’t be “teamwork makes the dreamwork” cliches.

I’m talking about real, tactical advice with the personal stories and proof behind them.

I’m excited to share them with you.

Next week I’ll share the first one, so keep an eye out : )

 

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Which “Entrepreneur Type” Are You?

There are three types of entrepreneurs…

I’d love to know, which one are you? (There’s a chance to tell me at the end!)

Behind door #1, we have Taylor.

Taylor is an enthusiast. She can come up with a new business idea every week and her excitement is contagious. She loves dreaming and scheming, making vision boards, setting big goals and envisioning what her business will look like 10 years from now. She is vision-oriented.

Entrepreneur Type

Behind door #2, we have Sydney.

Sydney is a doer. She is known for sitting down to work, not getting up for eight hours straight and forgetting to eat. She is detail-oriented, thrives under pressure and is often labeled by her friends as a “workaholic.” She loves to-do lists, labeled folders and is a self-described “perfectionist.” She is action-oriented.

Entrepreneur Type

Behind door #3, we have Jaime.

Jaime is an enthusiastic doer. She sets lofty goals and the specific action steps to reach them. She loves imagining what could be, but she focuses her energy on what needs to be done to get there. Jaime knows that progress is better than perfection and that finished is better than perfect.

Entrepreneur Type

Most of us want to be Jaime.

The problem is, whichever door you fit into is already a part of your ingrained personality. It’s in your psyche, work ethic and overall human make-up which means that if you’re a Taylor or a Sydney, then it’s really hard to change.

The good news is, if you’re not already a Jaime you don’t necessarily need to change.

You just need to figure out how to make your “entrepreneur type” work for you.

How exactly?

If you’re an enthusiast (Taylor), then it’s pretty simple. You either need to find a doer (Sydney) as a business partner. Or you need to have the budget to outsource specific tasks to a team. While true Taylors are really great at seeing the big picture and coming up with fresh ideas, they have a hard time implementing on those ideas and taking action.

If you’re a Sydney, then you don’t necessarily need a business partner, but it would probably benefit you to outsource some of the tasks that aren’t “worth” your time: things like formatting your email newsletters or publishing your blog posts or scheduling your social media posts. They are time-consuming tasks that could be outsourced to a great assistant and free you up to focus on some of the bigger picture items.

If you’re a Jaime, then you’re in a good spot. But let’s be honest, most of us aren’t. And even Jaime needs a little help — she can’t do everything, especially as her business grows.

Disclaimer: This is purely for fun and obviously open to men, too — I used female pronouns but gender-neutral names : )

 

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One Thing You Can Do Today to Increase Your Long-Term Success

“That’s huge!” I say in my most celebratory voice.

“Yeah… but I still have to print my hangtags and my button supplier isn’t calling me back,” she tells me with a tone of defeat.

I pause for a second.

“Okay, sure, but you’ve finalized a CUSTOM sustainable fabric that you’ve been working on for MONTHS. That is a HUGE win!”

“Yeah… I guess you’re right…” she says, only slightly waning to my enthusiasm.

Why do we do this?

As entrepreneurs, why are we the last people to celebrate our own wins?

Even worse, why do we focus on all of the things that aren’t working rather than taking a moment to recognize how far we’ve come?

I’m as guilty as the next person when it comes to celebrating my own progress.

I’ll remember to send my web designer a bottle of champagne on launch day, but I won’t pour a glass for myself.

What gives?

The most obvious excuse is that there’s just too much to do.

As small business owners, we don’t have time to focus on the things that are going well because there’s always something else to be working on.

But I’m not suggesting you go on a Carnival Cruise every time your fabric order arrives on time.

What I am suggesting is that you take a beat to reflect.

To appreciate.

To sigh a breath of relief.

To recognize that in at least one way, you are doing great.

So, here’s your call to action for this week:

Come up with one small thing you can do to celebrate your wins.

Maybe it’s a five-minute office dance party to your all-time favorite song.

Maybe you take 10 minutes at night to luxuriate with a bubble bath and face mask.

Or maybe you splurge for the $5 oat milk latte instead of the $2 drip coffee.

Whatever you decide, it’s not so much the act of treating yourself as it is taking the time to acknowledge what you’ve accomplished.

And most of us need a physical trigger to remind us to do that.

Why is this important? Why do we need to celebrate our wins, you ask?

Studies have shown that when we take time to celebrate small victories, we become better at goal setting and more importantly, reaching those goals.

And I don’t know about you, but if I’m going to set a goal then I’m willing to do whatever it takes to increase the odds of accomplishing it.

So, the next time you’re busting moves to Whitney Houston’s “I Wanna Dance With Somebody,” know that you aren’t just indulging in a dance break…

What you’re really doing is increasing your odds of long term success.

And that’s something to celebrate.

 

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How to Be More Productive as a New Entrepreneur

I looked up from my computer and thought to myself,

“Man, I should really be working.”

I glanced at the clock. Two hours had passed since I last looked at it.

It took me a second to process that in that time, I had written copy for the Market45 website (coming soon), drafted the agenda for an upcoming webinar and written captions for several days worth of Instagrams.

“Oh, so I was working.”

Has that ever happened to you?

You get so caught up in your work that you look up and realize your work didn’t actually feel like work?

It doesn’t happen every day. Sometimes it doesn’t even happen every week. But when it does happen, there’s something so satisfying about it.

It’s what productivity experts call the “flow state.”

(You may also know it as “being in the zone.”)

Psychologists describe the flow state as the most productive and creative state of mind in which to work.

Some even say it’s the secret to happiness.

Our goal as entrepreneurs, then, is to enter that flow state as often as possible so that we can create, design and build our businesses in a way that is not only efficient but also brings us joy.

I know, no pressure.

There are tips all over the internet from work performance experts who will tell you how to enter a flow state.

But most of that advice assumes you’re a top performance athlete or a top-level executive.

What if you’re hustling to build your fashion brand as a side job with limited hours in the day?

What do you do then?

Here are the four steps to being “in flow” when you’re a new entrepreneur.

(And because I think acronyms are funny, I’ve put one together so you can remember it: PACE)

1. Prioritize

When you first sit down to work — whether it’s on your computer or in the studio — focus on one task, and one task only. As you practice, you’ll be able to jump to other tasks without leaving the flow state but in the beginning, it’s important to prioritize.

In choosing your task, it should be something “long form.” In other words, it feels like an investment to sit down and complete it. Tasks that are long form are things like: writing the campaign page for your Kickstarter, or mapping out financial projections or designing next season’s collection.

When you complete the task it should feel like a significant accomplishment and take between 1.5-3 hours.

2. Ambience

For me, ambience is everything. You can’t enter a flow state with the TV on in the background or sitting in the parking lot waiting for your kids. You need to know you’ll have two hours of uninterrupted time in a space that feels good to be in.

Turn on music if you like, pour yourself a cup of coffee or tea, light a candle, put on your “writing sweater” — pick some sort of cue that tells your brain it’s time to get down to business.

3. Challenge

Challenge + Skill Set = Flow State. I didn’t come up with this — researchers say that the optimal way to enter a flow state is to present yourself with a challenging task that matches a capable skill set.

In other words, if you’re not tech savvy you’re probably not going to find your flow while trying to set up a Mailchimp account. If you’re not math-minded, then you’re not going to enter a flow state figuring out your production costs.

When you’re first experimenting with this you’ll want to purposely choose tasks that are the appropriate level of challenging.

4. Energy

Do not try to reach a flow state when you’re exhausted, grumpy, having a bad day, etc. The essence of being in flow requires positive energy — they go hand in hand. Don’t underestimate how important it is to get your energy levels up before you sit down.

Hey, look at that — I just wrote 700 words! I didn’t even realize it until now.

I must have found the PACE to just… flow…

; )

Your turn.

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3 Tips for Dealing with Information Overload

information overload

A few weeks ago, while I was talking with new designers at TexWorld, someone said something that stuck with me:

“I’m feeling overwhelmed by information overload. I’ve been doing research for months and months, but at what point is it enough? At what point do I stop researching and start ‘doing’?”

You’ve probably heard the statistic — it’s something along the lines of how the average person in 2018 consumes more information in a day than a person in the 1800s consumed in their whole life.

We are bombarded with advice, opinions, facts, stats, experts, gurus, advertisements and the like.

It’s enough to cause decision paralysis for even the most confident, decisive and organized of people.

Then there are the rest of us, grasping at which direction to take, which advice to listen to and which research to follow.

And I’m here to tell you,

You can probably stop.

Stop researching. And start implementing.

Because doing is the best research you’re ever going to get.

That’s when you’re going to find what works for you and your brand — instead of what works for someone else.

Is it important to use the guidance of the people who have been there before?

Of course. (I teach a whole fashion program based on that sole concept.)

But for as many articles you read, podcasts you listen to, courses you take and networking events you go to, you have to make sure you’re taking action at the same time.

So, what do you do?

  1. Pick one teacher to start. Maybe it’s Jane from Fashion Brain Academy. Maybe it’s Nicole from Startup Fashion. Maybe it’s Syama from Scaling Retail. Or maybe it’s me. But you don’t need all the experts. Pick someone you trust, someone’s style that jives with how you like to learn, and a personality you connect with.
  2. Implement while you learn. Again, make sure you’re taking action on the new information you’re absorbing. Binders and folders and colored coordinated labels are fun, but those aren’t moving the needle. Choose one thing every day that will move your business forward or get you closer to launch.
  3. Notice if you’re using “research” as a way to procrastinate. If you think you’ve done too much Googling, then you probably have. Step away from the search bar.

And above all, remember, you’re not going to get it all right. You’re going to make mistakes, you’re going to follow the wrong advice, you’re going to feel paralyzed by all of the decisions you have to make.

But that’s okay.

Because the best entrepreneurs know that when one road dead-ends, you can always reroute.

For better or for worse, there will always be another road to follow.

 


 
 
 

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What’s Your Relationship to Failure?

relationship to failure

The other night I was watching an interview with comedian and screenwriter Tina Fey.

She was talking about the highs and lows of her career, the missteps and the slip-ups and then she said started telling a story about her early days in stand-up comedy.

She was recalling the multiple times that she performed a set, only to leave the stage in complete misery.

No laughs, no engagement from the crowd — hardly any giggles of pity.

And then she said this:

“Everyone should experience the feeling of bombing.”

I sat with that for a minute, and I started to think about my own experiences of failure.

Like the time I spoke at Eco Fashion Week in 2013 and could barely get the words out of my mouth.

Or the time I tried working for someone else and got fired three months in.

Or the myriad other times I didn’t land the internship or the fellowship or get into my dream school.

Everyone should experience the feeling of bombing.

Because the highs will never feel as high as the lows feel low.

Tina Fey is a New York Times bestselling author, she has a net worth of $45 million, she’s won 9 Emmy Awards, 3 Golden Globe Awards, 5 SAG Awards and the list goes on.

Do you know how she got there?

By failing time and time again… and not letting it stop her.

It’s a cliche story, right?

Everyone loves the hero’s journey and I’m sure you can recount a dozen other failure to success, rags to riches stories of celebrities and athletes.

But what about your own?

As an entrepreneur, regardless of whether you’re established or aspiring, what is your relationship to failure?

Because I can tell you this:

To thrive in this industry and for your business to survive, you have to be okay with mistakes, mishaps, discomfort, frustration and yes, failure.

The only other alternative is fear.

And do you know what fear of failure does?

  1. It stifles creativity.
  2. It promotes procrastination.
  3. It feeds into victim mentality.
  4. And it holds you back from your true potential.

And I don’t think that’s a world that any of us want to live in.

So, the next time you’re tempted to hit the panic button before you can experience the feeling of bombing, I want you to pick one of these Tina Fey originals and hold onto it:

“It will never be perfect, but perfect is overrated. Perfect is boring.”

“Do your thing and don’t care if they like it.”

Or, my personal favorite:

“Confidence is 10% hard work and 90% delusion.”

 

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