Tag Archive for: entrepreneurship

Factory45 Success Story: VETTA, the Ultimate Capsule Collection

Factory45 Success Story

Over the past two months, a certain Factory45 entrepreneur has taken our community by storm.

“How did they move so fast?!”

“Their campaign was incredible!”

“I can’t believe how gorgeous their photography was!”

This community has blown me away with their support and kind words for the latest success story to come out of Factory45.

Yes, I’m talking about VETTA, the five-piece capsule collection that can make up a month’s worth of outfits. All sustainably sourced and ethically made in New York City.

So… how did they do it?

That’s what I want to share today with the hope that you’ll see inspiration and motivation in what VETTA created and take away some wisdom to apply to your own startup.

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I first met Cara Bartlett, one of VETTA’s co-founders, at a coffee shop in South Boston over a year ago.

At the time, I was in the middle of my second Factory45 cohort and Cara had recently left RueLaLa to go full time with her ethical fashion blog, Bien Faire.

We chatted about the fashion scene in Boston, she gave me some recommendations for ethically-made wedding dresses, and we parted ways with plans to host some sort of future event together.

Several months later, when I opened applications for the Factory45 Fall program, I was so surprised to see that Cara had applied for her company, “TBD.”

While she and her co-founder, Vanessa, had been brewing up dreams of starting their own line together, they needed help finding sustainable fabrics, choosing a manufacturer and coming up with creative ways to market the brand for a Kickstarter launch.

I guess you can say the rest is history. I accepted Cara into Factory45 and from day one, she hit the ground running at full speed ahead.

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Here’s what I’ve observed, after working with Cara for the past six months, that can be attributed to VETTA’s success:

>> Cara was working on VETTA full time. My philosophy and the mantra that my Factory45’ers hear over and over is: You have to take the entrepreneurial journey that’s right for you. Is it possible to launch a brand in six months? Yes. Is it possible for everyone? No.

Many of us have obligations, work, children, partner’s and other life “requirements” that take priority over our businesses. If you’re serious about launching a brand on the timeline you’ve laid out, though, then something has to give.

You either have to accept the fact that your brand will take 1-2 years to launch or you have to commit to dedicating everything you’ve got to the 6-8 month timeline you’ve laid out for yourself.

In the past, Cara has driven from Boston to New York City five weekends in a row. She’s flown to South Africa to meet with her co-founder in person. She’s traveled to Los Angeles for a whirlwind few days to shoot her lookbook and video.

When planning your launch timeline you have to figure out what’s right for you. Cara and Vanessa knew they wanted to launch a March 1st Kickstarter from the day they submitted their Factory45 application on September 21st. They kept their eye on the prize and didn’t miss their mark.

>> They built an audience before they launched. VETTA is unapologetically not for everyone. Cara and Vanessa identified a niche and an ideal target customer and invested six months into building a very specific and dedicated audience.

They grew their email list, Instagram following and Facebook page and with the help of beautiful photography, they strategically “teased” out their upcoming launch. They were able to get their target market excited about what they had to offer so that “early adopters” were ready and excited to purchase the VETTA collection as soon as it was available for pre-sale.

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>> They leveraged their network. During and after their campaign, VETTA caught the attention of some impressive press. While some of that was organic, for example The Boston Globe, Cara has told me they unabashedly called upon friends of friends of friends for help.

They networked their way into a meeting with VOGUE to start developing a relationship with the magazine. They tapped into the Factory45 network of suppliers and manufacturers to set up their supply chain. And as a result, they’re working with the same factory in NYC who creates many of Rag & Bone’s garments.

If you are creating something beautiful, intentional and good for the world, people will want to be apart of it. Don’t let fear get in the way of making the “ask.”

>> They had a “share-worthy” story. VETTA could have gone one of two ways. 1.) A collection of sustainably-and-ethically-made womenswear, 2.) 5 versatile pieces that mix + match to create a month’s worth of outfits.

Which version is more compelling? The difference in those two soundbites drastically affects your chance of becoming a “share-worthy” story. When it’s interesting, different and easy to communicate you’re much more likely to tell a friend about it.

I’ve written before about launching a Kickstarter campaign for my first company, {r}evolution apparel, and I can’t emphasize enough how important it is to leverage a concise message and story to represent your brand.

VETTA did just that and gained the attention of WHO WHAT WEAR, Brit + Co., Darling Magazine, BostInno, VentureFizz, The Wall Street Journal and other well-known press.

More than that, though, they gained the attention of 527 new customers.

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This is all to say that VETTA reached its $30,000 goal in five days and was featured by the Kickstarter Staff as a “Project We Love.”

By the end of their 30-day campaign, they had nearly tripled their goal to raise $88,954. Shortly after, Cara and Vanessa competed in the Sak’s Emerging Designer Showcase and won. Their second capsule collection will be available in Sak’s Fifth Avenue stores in the near future.

It goes without saying that I’m so proud of what VETTA has been able to accomplish and I want to emphasize that this kind of success is not out of reach for the aspiring entrepreneurs who may be reading.

It’s not going to be easy — but as Cara and Vanessa can attest, it will be worth it.

 

 

 

Photos courtesy of VETTA and Sak’s Fifth Avenue

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The Most Important Marketing Tool for Fashion Brands & How to Use It

Important Marketing Tool

So, I’m in yoga the other day and after the final “Namaste,” my teacher starts to make her daily announcements.

Instructor training begins again on Friday… Four beginner yoga classes are being offered on Saturdays… And then this:

“I also just want to let everyone know that I’m starting an email list.”

And as I’m putting my socks back on, I’m thinking, “Yes, go girl, start that email list.”

(It’s one of the first steps towards entrepreneurship, after all.)

But what begins to unfold has me cringing on my mat:

“So, um yeah, the clipboard is at the back of the room if you want to sign up… I’ll only send out, like, two emails a year…. I probably won’t send out the first email for a few months… You don’t have to sign up if you don’t want to, but I’ll just use it to stay in touch with you…”

And on it went as people started rolling up their mats.

I hung back and waited for a bit until I was one of the last people to leave the studio. As I walked past the clipboard that was sitting by the door, I looked over to see that not one person had signed up.

I wasn’t surprised. And it got me thinking about the startup brands I see online, desperately trying to build an audience, but failing to make an effective “ask.”

I should start by clarifying that your email list is your most important marketing tool — by far. It’s more important than Instagram, more important than Facebook, more important than Pinterest, more important than any other online marketing tool you can leverage.

Your email list is the fastest and most direct way to connect with your potential customers, and it’s yours. Unlike Facebook and Instagram, that now make you pay to connect with your followers, your email list belongs to you.

In the case of my yoga teacher, she was making a verbal “ask” to her studio of aspiring yogis. In the case of your online business, your “ask” is your opt-in incentive and call-to-action (CTA).

(If these terms are starting to sound like crazy-speak, consider joining Factory45 in May. We go into extensive detail about email marketing throughout the program.)

I know this isn’t very “zen” of me, but I want to analyze what my teacher did wrong so that it can help you grow your email list more effectively.

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>> She lacked confidence. If you don’t believe in what you’re offering it will show, and she seemed nervous to come across as too “salesy.” While marketing may not be a natural skill for a yoga teacher, it must become a natural skill for you if you plan to sell your collection, designs or products online.

If you’re not confident in making the “ask” and it shows through your copy, then you might as well not have an email opt-in at all.

(And don’t even think about doing that…)

>> She didn’t incentivize. So often I see email opt-ins that are as incentivizing as an annual flu shot. If your opt-in rate is low, it might be because your call-to-action is lackluster.

“Sign up to our mailing list” is not a call-to-action! That type of language doesn’t do anything to inspire people to want to hear from you. They need to know what they’re going to get and why they should care.

You can try discount codes, free shipping, and style guides to incentivize sign-ups, but the options are endless. The bottom line is that you have to provide real value to entice people to sign up.

>> She didn’t provide an expectation. She said, “I’ll just use it to stay in touch with you.”

What does that even mean?

She doesn’t know all of her students by name and if she did, “staying in touch” is a very allusive expression.

What will I receive emails about? Will I be interested in the topic? What kind of updates will be sent out?

Again, if you’re asking someone to opt into your list, instead of the email list of a competing brand, then you have to have a damn good reason why. “Staying in touch” doesn’t mean anything.

>> She didn’t sound consistent. There is a big difference between what online marketers call a “healthy list” and an “unhealthy list.”

A healthy list is engaged. You have an open rate above 25%, you have a consistent click-through rate, and your “unsubscribes” are generally low. A healthy list comes from consistency — weekly to bi-weekly emails that provide value, interest and intrigue to your following.

If you’re only going to send out two emails a year and you’re going to wait several months to send out the first one, then why bother?

By the time she sends out her first email, anyone who opted into her list will have already forgotten. And do you know what happens when people forget that they signed up?

They unsubscribe and mark the email as spam.

If you have something of value to offer to your target audience, then you need the confidence to market it. As a new business owner, you’re likely running the show on your own, so you have to be equal parts “the creative” and “the marketer.”

Building your email list is the most effective way to grow your brand, sell more products and make your mark in the industry.

But it doesn’t come easy.

It takes experimentation, rewriting your offers, asking for feedback and figuring out what value you can provide.

 

 

 

Download the "Free Spec Sheet Template for New Designers"

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5 Ways to Get Ahead When You’re a New Entrepreneur

new entrepreneurs

How do you ensure success? Who stands out from the crowd? What separates the pros from the amateurs?

There aren’t any definitive answers. And I’m not even going to begin to try and analyze them. What I will say, is that over the years, I’ve been observing. Working with startups and new entrepreneurs on a regular basis has provided rare insight into what makes one person get ahead of the rest.

Here are five way to set yourself up for success that go beyond conventional wisdom:

1.) Make it easy to help you.

Most people are excited and willing to help out new entrepreneurs. But the likelihood of connecting with someone who is more seasoned in the industry is largely dependent on how you make the “ask.”

The first and most obvious way to sabotage yourself is by writing an inquiry email that scrolls on for block paragraph after endless block paragraph. In most cases if you’re looking for advice, the person you’re seeking out is busy.

I implore you, keep your email to no more than two to three short paragraphs. Your chances of getting a response are incrementally higher and I promise you’ll come across as more professional — and more effective.

Bonus tip: ask a specific question. Avoid using phrases like, “Can I pick your brain?” Instead, ask the exact questions you want to know the answers to. Once you have your foot in the door and get a response, you can follow up from there.

2.) Write thank you notes.

They don’t have to be handwritten and shipped via snail mail, but if someone takes the time to jump on a call on your behalf, follow up with them. I’m always surprised when I block out a free 30 minute call to answer someone’s questions and I never hear from them again.

Regardless if the advice was good or not, it’s common courtesy to express gratitude to someone who gave their time to you.

This is especially applicable when a contact goes out on a limb to introduce you to someone. It makes that person and yourself look bad if you don’t take the time to follow up afterwards.

Good things come from gratitude. And the most successful entrepreneurs show how much they value the people who helped them along the way.

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3.) Start before you’re ready.

Should I launch now? Should I get more real world experience first? Should I go back to school? Only you know the answer that’s right for you, but my recommendation to most aspiring entrepreneurs is to start before you’re ready.

Building a business requires a long runway. It’s not only about the amount of hours in the day that you spend on your business, but the months and years that you take building up to it. As I tell my entrepreneurs (on repeat), launching a successful company is a marathon not a sprint.

The sooner you can start fleshing out your ideas, seeking out mentorship, connecting with industry peers and educating yourself, the better off you are in the long run. The old cliche usually holds true: Tomorrow you’ll wish you had started today.

>> Tess, that one was for you : )

4.) Be consistent.

The entrepreneurs who get ahead are calm and collected. They’re methodical, they’re strategic and they don’t get easily frazzled.

Can’t figure out how to link up your domain to your server? “No problem, I’m sure tech support can help me.”

First sample came in two sizes too big? “No worries, I’ll speak with my factory and have them fix it.”

Kickstarter video is low quality? “No big deal, we’ll reshoot.”

When you’re first starting out, your attitude and the way you handle challenges are going to dictate how you respond in the months or years of your business to come. The entrepreneurs that get ahead know there is a solution for everything. And sometimes the solution falls under the guise of a better option.

Building a business is not an overnight endeavor. It requires consistency of action, which means not giving up if something doesn’t work the first time.

5.) Ask for help.

I’m going to let you in on a secret. Nobody builds a successful business by doing it on their own. That’s right, nobody.

The entrepreneurs and mentors you see online or in fashion magazines are all getting help, seeking out mentors of their own, building advisory boards and seeking out further education.

In the past six months, I’ve taken three online courses, countless webinars, hired a consultant and sought out a mentor myself. This is in addition to the five part-time employees that help me build my business.

Solopreneurship is a farce. If you want to get ahead, then you have to seek out help from others and continue to invest in yourself.

That’s what separates the amateurs from the pros.

 


 
 
 

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Do You Let Others Dictate Your Success?

dictate your success

I have a friend in the sustainable fashion industry who is amazing.

Out of college, she interned for an international eco-fashion brand, she’s worked for big designers in NYC, she’s helped to run a fashion-tech startup on the west coast, and she’s constantly debuting her own creative projects.

One of her most recent endeavors is a podcast with people in the sustainable fashion industry and to announce it, she sent out an email to her network.

When a big-name womenswear designer replied back my friend was awestruck.

“I can’t believe she is interested!” she said to me.

To which I replied, “Um, of course she’s interested. You’re, like, amazing. And everything you do is amazing.”

“Do you think I should ask if I can interview her?” Insert grimace of trepidation.

Me: “Uh, YES! I’m sure she would be honored! Do it!”

It took less than a week for my friend to hear back from the designer and get an interview on the books.

As an outsider looking in on the situation, it was so clear to me why this person would immediately say “yes” to my friend’s request.

My best guess is that the designer was equally thrilled and honored to be asked.

But to my friend, making the ask was scary and nerve-racking. She was the one having to make herself vulnerable to rejection and in doing so, the stakes were automatically heightened.

We all put people on pedestals (I’ve written about imposter syndrome before here). Most of us can think of at least one person we feel inadequate to. We get it in our heads that because of our [age / experience / station in life / upbringing / background / etc.] we’re not worthy of the people around us.

I can’t tell you how many times I’ve heard this from one of my entrepreneurs in Factory45:

“I reached out to this patternmaker… she wrote me back once and then I never heard from her again. It really knocked my confidence.”

Fact: As entrepreneurs, we cannot let our perception of others dictate the decisions we make and how we navigate forward.

As soon as we do, we’re letting other people determine our success.

For all we know, we’re letting an unanswered email that could’ve ended up in a spam folder, hinder us from moving forward.

And yes, we all do it. Sure, there is the occasional ego-less robot whose confidence doesn’t waver, but for the rest of us mortals we can’t help but question our place among others.

Where do I belong? Am I understood? These are questions humans have been asking themselves since the beginning of time — back when we were using rocks as dishware.

But I’d argue that as entrepreneurs, those questions take on an even deeper meaning. Do my ideas matter? Am I making the world a better place?

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We tend to look for outside opinions to validate those answers.

Recently, I was connected with an entrepreneur in the venture capital and development space, who has been a coach to entrepreneurs for several decades.

Originally, we were supposed to jump on call to talk through a pre-interview so I could be on his podcast, but after our call, he told me he wanted to do more.

“Shannon,” he said. “How can I support you beyond a 30-minute podcast? I really believe in what you’re doing and you’re one of the only people out there doing it. How can I help you?”

When we got back on the phone he expressed interest in mentoring me and immediately my thoughts jumped to:

“Why would he be interested in me?”

“How can I fairly compensate him?”

“I don’t want to waste his time…”

When we got on our third call it was clear how much he believed in Factory45. No strings attached. He wanted to do what he could to help me succeed.

So, why did I question my worth? Because of his LinkedIn profile? Or his bio? Or his successful company and connections to other entrepreneurs I admire?

Why do those external factors dictate our internal dialogue?

Because they shouldn’t.

If we’re all going to succeed as entrepreneurs (and yes, there is enough success for all of us), then we can’t hold back, waiting to see how others will respond.

We have to take the favor from the exec we met at a networking event. We have to click “send” on the cold pitch to Vogue. We have to accept the meeting with the intimidating industry veteran. We have to believe we’re worthy of the help we are offered.

It’s safe to say there isn’t anyone giving us gold stars or A+’s anymore. It’s our job as highly-capable, driven entrepreneurs to give them to ourselves.

The future of our businesses depend on it.

 

 

 

*This post was published with permission from Kestrel.

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Why Appealing to Less People Will Help You Make More Sales

When I was a sophomore in high school my best friend’s mom told me:

“Shannon, you’re not for everyone. People either love you or they don’t.”

In retrospect, maybe it wasn’t the best thing to say to an insecure 16 year old but in her defense, I was a pain in the ass.

When I was younger I was opinionated, bossy and vocal. There were multiple times when I was asked to leave my world history class for arguing a point too emphatically (Ms. Gillard, I owe you a drink).

Much of my formative years were spent relishing in my “individuality” and how people responded to it. I prided myself on being polarizing because no one had to guess where I stood.

Over the years I’ve chilled out and matured, but this idea of “not being for everyone” has stayed with me — and it’s taught me something about entrepreneurship.

The fastest way to sabotage your business is by trying to be everything to everyone.

Have you heard the expression: If you’re trying to appeal to everyone, then you’re actually appealing to no one?

This is one of the most valuable pieces of marketing advice you can remember.

I’m not suggesting that you start pissing people off, arguing with your customers and forcing your opinions on others. We’re not teenagers anymore.

What I am suggesting is that you get very clear on who your company is meant to serve, so that you don’t waste time trying to market to people who don’t fit that mold.

Not only will this cut down on the risk of competition (which I’ve written about before here and here), but it will ensure that the right people find you.

Market studies have proven that the better you are at establishing a niche, the faster your customers will come out to support you.

Here’s an example: Factory45 alumni VETTA is a five-piece capsule collection that can be mixed and matched to create a month’s worth of outfits.

Founder Cara Bartlett did an excellent job of designing, positioning and marketing her first collection to appeal to a particular niche of women.

While yes, it would be nice if every woman in the world pre-ordered from their Kickstarter campaign, VETTA doesn’t try to appeal to every woman in the world.

The VETTA customer is an aspiring minimalist, conscious consumer and wants to do more with less. The majority of women in the world don’t think about their fashion choices that way, but this positioning has ensured that the right people find out about VETTA and the right press writes about them.

If it was just another run-of-the-mill women’s clothing line on Kickstarter, then I guarantee they wouldn’t have seen the success they’ve had.

That’s all to say, VETTA reached its $30,000 goal in five days and was featured by Who What Wear and Darling Magazine. It then went on to raise a whopping $89,000 in pre-sales. 

VETTA - 5 Pieces

So, how do you make sure that you’re not for everyone?

First, you have to figure out who your customer is by digging deep — in Factory45, I ask my entrepreneurs to answer over 30 questions about their ideal customer.

Where does he/she live? What kind of books does she read? Where does she hang out online? Where does she shop? Is she religious? What political affiliation does she gravitate towards?

You can’t begin to effectively market to your customers until you know who she is, how she feels and what she believes. Everything you message and market is riding on the fact that you know your customer inside and out.

As another example, we can look at my own business. Factory45 is positioned, messaged and marketed in a way that appeals to a certain type of person:

  • I don’t believe in making more clothing for the sake of making more clothing, so I market to entrepreneurs who want to solve problems for people.
  • Environmental responsibility is important to me so I only accept entrepreneurs who care about sustainability, too.

Factory45 isn’t the only fashion accelerator out there, but it is the only one of its kind. My business model is unique, my philosophies are different, and what I teach can’t be found elsewhere in the fashion education landscape.

This helps to ensure that the right people apply to Factory45 and the wrong people join a different fashion accelerator.

It’s that simple. And it can be that simple for your business, too.

So, the next time you find yourself writing a product description or an “about” page or a sales page that is boring and generic, just think of teenage Shannon…

What would she do? ; )

Photo credit (second photo): VETTA

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6 Fashion Brands Weigh in on “What I Wish I Had Known Sooner”

fashion brands

One of the reasons people become “serial entrepreneurs” is because of how much you learn through the process of starting your first, or second, or even third company.

It’s easier to say what you should have known or what you wish you had known when you’re looking back.

I started Factory45 with this in mind — after going through the process of starting a sustainable clothing company with my co-founder, I realized afterwards that there were so many things I wish I had known sooner. I wanted to impart those lessons learned on other aspiring entrepreneurs so they wouldn’t have to make the same mistakes I did.

On that note, I’ve asked six designers running established fashion brands to share what they wish they had known as a young fashion startup:

 

katie-rock“I wish I’d known that, no matter how much you love the product, you absolutely have to ensure that: (a) you can get it produced fairly simply/easily (to avoid loss of time/sleep and potential burnout); and (b) the margins are healthy enough that you can not just sustain, but actually grow, the business (or you at least see a clear path to get the margins to that place).  

I also wish I had understood that startups often take time! We thought we’d be an overnight hit, and we took it hard at times when we realized it would take longer than expected. Definitely be hopeful and excited and all of that good stuff, but also be realistic.”

— Katie Rock, co-founder of Activyst

 

tara-st-james“I wish I had known that fashion is about breaking the rules, not following them. That theory is applied to design all the time, but the business of fashion should also be about challenging the status quo, not following the calendar, not following what everyone else does and not doing as we’re told. That’s the only way change will happen in this industry and I wish I had known that sooner.”

— Tara St. James, founder of Study NY

 

colette-chretien“I wish I had known which parts of the sampling and manufacturing process would be good for me to figure out on my own and which steps are vital to have carried out by an experienced professional. There were some things I realized I should have done myself, and a few things that would have saved me time and money in the long run had I outsourced.

I also wish I knew that everything takes so much longer than you think it will. Both in terms of developing a product, and establishing a brand. Patience is important, but complacency is dangerous.”

— Colette Chretien, founder of La Fille Colette

 

taylor-gamine“I wish I had known how much clarity I had starting off—that I felt content and confident knowing what I was setting out to do and who I was trying to speak to. Had I taken stock of this intuition at that early stage, it would have been much easier as my audience grew to know when I’m being true to myself and the narrative I am trying to tell. Even now, as I slowly start to roll out new work, I realize that the hardest thing I have to do in this (post) post modern, socially nomadic world we live in is to just fiercely be myself.”

— Taylor Johnston, founder of Gamine

 

BrassClothing_©HOGGER&Co._web_013“I wish I had known just how important it is to have an audience to launch to. If you want a product-based business, first start by generating a following. This could be through a blog, via Instagram or Twitter. Build up a community of people that is in-line with your future product. When you’re ready to launch you’ll have an invested group of people you can turn into customers.”

— Jay Adams, co-founder of Brass

 

Delta+Leather+Tote+Bag“I wish I had known that finding great US manufacturing is kind of like speed dating. If it doesn’t seem like it’s going to work out, make a polite exit, but move on. Their existing operations shouldn’t have to adjust much at all to achieve the product to be produced. It should be a very close fit from the very beginning.

I’ve realized over the years that in spite of a manufacturer’s best effort and enthusiasm, sometimes it wasn’t enough to get a good product at the right price point in the end. Their capabilities sometimes just didn’t match what I was trying to achieve. And as a designer I had to learn how to recognize the pitfalls early in the game to avoid a lot of wasted money time and effort.”

— Matt Mahler, founder of Skye Bags

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Know someone who would benefit from reading these six lessons? Use the social buttons on the left of your screen to share on the platform of your choice.

 

 

 

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The Single Most Important Quality of an Entrepreneur

When I tell people about Factory45 their first curiosity is about the companies I work with:

“What products are you most excited about?”

“Which company is your favorite?”

“What startups have been the most successful?”

Outsiders will assume there’s a unicorn in the group that I love above the rest, so sometimes they’re surprised by my answer:

“The entrepreneurs I love working with are the ones who… ‘get it.’”

It’s not that they know the most about starting a business, or have the best product idea, or have the most money in the bank.

Instead, they “get” that the most important quality of being an entrepreneur is the ability to take action.

That’s it.

They understand that when it comes to success, aspiration holds very little clout next to perspiration.

They don’t hold back from calling fabric suppliers, they dive into the scary-technical-internet stuff, they don’t worry about their social media marketing being perfect the first time.

They live with this mantra in mind:

Entrepreneurship is so much more about following a series of daily habits, than it is about creating big goals.

If you know the end vision but you’re not able to take the small steps to get there, then a big goal really doesn’t matter.

It’s like wanting to have clear, glowing skin but instead of drinking your green smoothie every morning, you continue eating chocolate donuts.

Whether you’re a startup or a serial entrepreneur, you’re going to have times when it will be so much easier to do nothing than to do something.

I know this firsthand.

Over the past few months, I’ve been wanting to learn more about Facebook advertising so I signed up for an online course that would teach me how to do it effectively.

I completed the program at the beginning of January, and I gave myself a week to start implementing it.

It’s now January 27th and that task is still sitting on my to-do list waiting to get checked off.

Procrastination is a beast, and it’s mostly because it stems from fear.

I fear wasting money on the wrong ads. I fear appearing too “sales-y.” I fear not accomplishing the goal I’ve set for the strategy.

The thing is, if I don’t try, then I’ll never know what good could have come out of it.

I’ll never know all of the awesome people I could have introduced to Factory45. I’ll never know the potential new companies I could have helped get started.

I know enough about entrepreneurship to say, it’s just one big experiment. You have to be willing to be both an artist and a scientist.

Which means you have to be willing to scrap the Kickstarter video, reshoot and strive for better.

You have to be willing to spend days writing a guest post without knowing if it will get published.

You have to be willing to sit on the phone for hours with GoDaddy tech support to get your website up and running.

It’s not glamorous and there are no guarantees. But your chances of success are increased if you’re methodical about the daily and weekly habits you follow.

“The biggest danger to success isn’t failure, it’s doubt.” (I saw that on the door of a coffee shop the other day.)

Don’t let fear and doubt leave you paralyzed from the thought of trying. Because there really is only one certainty in entrepreneurship —

Without action, an idea is nothing.

 

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Are You Making One of These Fashion Startup Mistakes?

Over the past two years, I’ve worked with over a hundred fashion startups at various stages of business development.

While there are many, many things I’ve observed and learned in that time, there are four big ‘things’ I want to go over today that have the potential to directly affect the success — or downfall — of your company.

Whether you’re already selling product or only have an idea down on paper, keep these big four tucked somewhere in the back of your brain:

Mistake #1: Focusing on sustainability as a marketing tactic instead of making it an inherent part of your business model.

We all love to think the “do-gooder” angle sells, but studies are showing that’s not the case. The product — meaning the usability, functionality, and design — must always sell first. Not only that, but it must sell at a price point your target market will respond to. Supporting roles like branding, social responsibility, and packaging are important, but they’ll never have the same effect on a potential buyer as a really great product.

Taking that a step further, sustainability and ethics should be embedded into your business model as a non-negotiable, not a strategy for saying: “Aren’t we so great?”

I can’t wait for the day when all companies big and small can say, “Well yeah, of course our company manufacturers ethically and transparently” — but even now, that can’t be your main selling point.

Mistake #2: Giving away a percentage of your revenue to charities and non-profits in the first three years of being in business.

This argument isn’t going to win me any popularity points, but hear me out.

There should absolutely be a social impact component of your business, but when you’re first getting started, you need every penny to keep growing. If low-impact materials, domestic job creation, above-average wages and ethical sourcing practices are embedded into your supply chain, then the best thing you can do is invest every cent back into your business so that it doesn’t fail.

I remember when TOM’s first launched in 2006 and everyone was going bonkers over the one-to-one model. Consumers and the media were heralding its social impact without considering where the shoes were actually being made. Meanwhile, the materials were so cheap that the shoes were falling apart after a few wears. (And that was just one of its many problems.)

You ultimately have to decide on the values of your business, but if you’re bleeding cash and can’t continue to give your sewers work, then that doesn’t benefit anyone. Instate a “give-back” component when your company is stable and there is money in the bank.

Which brings me to…

Mistake #3: Not paying attention to cash flow.

You have to have your financial ducks in a row in order to run a successful business that will continue to grow.

My advice is to price your products as high as your target market will tolerate, so that your margin is wide enough to cover expenses — and more. Similar to saving for your personal bank account, you never know when a crisis is going to come up. It’s smart to start building a buffer of cash as soon as possible.

That’s all to say, one of the best things I ever did for my business was hire an accountant. Find someone who offers tiered pricing that correlates with your annual revenue, so it’s not a huge upfront expense. (Shout out to Jerod.)

Mistake #4: Not listening to your customer.

Your customer is more valuable than any other component of your business.

If you ask and listen, then they will tell you what you need to succeed. Don’t be so in love with your original idea that you’re blinded by ways to improve it. Your customer will tell you what they really want, but you need to be smart enough to ask and listen.

I’ll leave you with an example. As some of you already know, my fiancè Ross runs an e-commerce company called Project Repat.

When he was first getting started in 2011 he was traveling to Kenya and working with the second-hand sellers who sell the old t-shirts we donate to GoodWill (yep, that’s where most of our donations end up).

Ross’ idea was to buy those shirts in bulk, upcycle them into “cooler” shirts and tote bags and “repatriate” them by selling them back to “hipster” customers in the States.

Bear with me here.

As he started selling the t-shirts and gaining some attention, he kept hearing the same thing over and over:

“This is cool and all, but what can you do with my shirts?”

Hearing this enough times, Ross and his business partner started listening. They flipped their business model entirely.

Four years later, they now run a 4 million dollar company that takes people’s memorable t-shirts and turns them into t-shirt quilts.

All of their production happens in the U.S. where their sewers are paid a fair and living wage. If Ross had been so in love with the idea of traveling to Kenya and creating international impact, he wouldn’t have heard the needs of his customers.

He likely wouldn’t have created a successful business.

The best thing you can build with you customer is a two-way conversation.

 

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Why Competition is a Good Thing (even when it gives you a panic attack)

“That’s, like, pretty much what I’m doing.”

“She’s selling the same thing I am.”

“I just found out X person is also making X product, so what’s the point in me even trying?”

As someone who works with and mentors new entrepreneurs on a regular basis, I’m no stranger to panicked emails popping up in my inbox about the discovery of a competitor.

“And she’s so much farther along!”

“And they already have 3,000 followers on Instagram!”

“They’re using organic cotton and making it in the USA, too!”

As soon as we discover potential competition, our cortisol levels shoot through the roof and we imagine the worst case scenario.

EVERYONE is going to buy from HER instead of ME.

So I might as well quit.

And while yes, quitting is the easiest route to take (in any situation) there are many more reasons to keep going:

  • An idea is just an idea. Everyone has them. What sets you apart is your ability to execute. 99% of ideas never see the light of day, so if you’re able to get your product to market, then you’re already that much farther ahead than everyone else. So much of entrepreneurship is simply a matter of keeping your head down and doing the work. It’s not glamorous, but there’s really no alternative.
  • The “me versus them” mentality is the fastest way to sabotage yourself. As soon as you start thinking the world is against you and the universe is set up for you to fail, then it’s over. I’ve never met a successful entrepreneur who didn’t operate with an “abundance mentality.” Repeat after me: there are enough customers for me and there are enough customers for them.
  • Competition breeds creativity. Having competitors in the market forces you to innovate, think outside the box and pushes you to do better than you would have done if you had a monopoly. While it may give you anxiety at first, you have the ability to reframe how it makes you feel. It can either deflate you or empower you — and you have the power to choose.
  • Competition shows you there is a need in the marketplace. Having other players in the game means there is a big enough pool of people who want what you’re selling. The market share is there and it’s your job to find a way to take a piece of the pie.
  • The great news about being in the clothing business is that, unless you’re selling to nudists, everyone needs it. Fashion is a $1.5 trillion dollar industry. That’s a lot of people buying clothing. And the average American buys 62 pieces of clothing a year. As fast fashion continues to gross more people out, you’re there to provide an alternative ethical option. How cool is that?
  • And this. This is the best reason of all: Despite how many people are selling (or plan to sell) something similar to you, no one is ever going to do it the same way you are. That’s just fact. There is no one else on this planet that is even remotely close to the same person as you and thus, the way you create is going to be different from everyone else. 

No matter how many new kids lines or womenswear lines or outwear lines debut, they’re all going to be unique to their creator. And that’s why it’s so important to know who your target customer is. It relieves you from having to sell to “everyone” so you can focus on selling to the special group of people it’s made for. There is so much freedom in that.

I know I’ve written about competition before, but it’s the topic that continues to come up because it’s so much scarier when you’re just starting out.

Working with mostly women entrepreneurs has taught me how sensitive most of us are. We want perfection, we want everything to go the right way the first time, and we want to show everyone around us that we can do it.

As soon as we hit a bump in the road, we tend to question our intentions.

Who was I to think I could pull this off?

When really, who are you not to?

 

 

 

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Imposter Syndrome & My Conversation with a Multi-Millionaire

Over the weekend, I boarded a ship in Miami with over 2,000 creatives, tech millionaires, celebrities and startup founders for a three-day, invite-only “conference / festival” called Summit at Sea.

In the company of Martha Stewart, John Legend, Harry Belafonte, Blake Mycoskie and the list goes on, I spent the weekend connecting with some of the leading social impact entrepreneurs in the world.

There were a lot of conversations and experiences that I took away from the weekend, but there was one in particular that I want to share today.

On our last night on board, I walked down to one of the bars on the ship by myself. (The great thing about this event was that you couldn’t go more than 30 seconds without someone saying hello and introducing themselves. For better or worse, you never felt alone.)

“I love your dress,” said a blonde-haired woman in her early forties, standing next to me at the bar.

I told her I bought it second-hand and we started chatting about thrift shopping before getting into other topics, ranging from Burning Man to the challenges that minority entrepreneurs face.

It wasn’t until 30 minutes into the conversation that she told me who she was:

A serial entrepreneur who has sold three companies for over 30 million dollars — each.

Upon realizing that I was having a one-on-one conversation with someone as successful as she was, I found myself starting to shrink.

Who was I to be taking up so much of her time?

What could I possibly say that would be interesting to her?

What was I doing here?

I mean, really, who invited me on this damn boat?

My doubts were creeping in, I was feeling like a fraud and I sensed that in any minute, she would excuse herself from the conversation.

“Do you ever get imposter syndrome?” I asked before I could stop myself.

“Oh my gosh, all of the time,” she said.

“Really? Does that feeling ever go away?”

“You know what, you fake it until you make it — and you never actually feel like you make it. I’ve sold three companies and have more money than I’ll ever need, but I still question the validity of my success.”

Instead of the conversation slipping away like I had imagined, we talked for another 30 minutes.

She opened up and told me what it was like to raise venture capital as a woman. We started talking about how we can collectively build each other up as female founders.

The conversation shifted to a place where I no longer felt inferior — I felt empowered. And it was because we were able to relate on a human level.

I realized over the weekend that this was the biggest takeaway.

As people on the “outside,” we can tend to build others up to be…

Larger than life.

summit-at-sea-speakers

I imagined the founders of companies like Google, Warby Parker, Life is Good and TOM’s to have it all together.

Articulate public speakers. Impeccably dressed. Perfectly-trained socializers.

We see power, money and success and automatically put them on a pedestal that raises them above the rest.

And while, yes, their accomplishments are generally unparalleled, our weekend together humanized everyone around me.

(Except for maybe Martha Stewart.)

The founder of Zappos was humble (and hungover) on stage. The founder of Uber was soft spoken and unassuming. Even John Legend was modest and quiet.

Maybe they weren’t all experiencing imposter syndrome, but I don’t think anyone would deny the experience of feeling uncertainty and unworthiness.

It doesn’t matter how much success you’ve seen, how much money you have, or how great your life appears to be on the outside.

We’re all just a bunch of humans doing the best we can.

Having come off of the mental and emotional high of this weekend, I’m challenging myself to appreciate where I am right now while truly believing that what I’ve done is enough.

Regardless of whether you have started your company, are currently in business or are still waiting for the right time to start, I’d encourage you to join me in this.

You are worthy. You have done enough. And you are exactly where you need to be.

When you start to doubt yourself remember that so much of the success of others was based on one overarching fact:

They didn’t stop moving forward — even when they doubted themselves. Or felt like frauds.

They kept putting one foot in front of the other.

Whether it felt like the foot of an imposter or not.

 

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