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These entrepreneurs know a thing or two about career success
Thinking of creating your own company? It can be daunting, no matter how experienced you are. Thankfully there's a plethora of female entrepreneurs who've been through the highs and lows of business and are armed with advice to help make the process as pain-free as possible.
So forget a motivational quote on Instagram—these women know what it's really like to launch, and grow, a brand. Take note as they share their top tips on how to make it happen, from building the initial idea to going global.
1. Bootstrap your business
While it may be tempting to seek investment from the get-go, it's a helpful learning curve to do as much as you can with what money you have. Just ask Jennifer and Natalie, co-founders of recruitment app Placed, who embarked on a crowdfunding campaign only after they'd proven their concept (and been through every penny in their bank account).
"Raising money without truly needing it will not only make you look less attractive to potential investors and dilute your shareholding unnecessarily, but also decrease your own engagement and drive to succeed," the duo explain. "There really is no feeling like going from the lowest point to the top". And who doesn't want that?
Jennifer and Natalie, co-founders of Placed
2. Create strict office hours
It's easy to work 24/7 when you first launch a business so try creating boundaries early on. Katherine Ormerod, founder of anti-perfectionism platform WorkWorkWork.co, sets herself specific working hours—and sticks to them.
"Even if you decide to work 8am to 8pm, you need to be strict," she says. "While it's true the more you put in the more you get out, you can give too much of yourself and that will be at the detriment of both your health and your business. If you don't, very soon you'll find that sleep and relaxation become impossible. Your nervous system will get overwhelmed and you'll become ineffective. That level of fatigue is so counterproductive to any kind of success".
Katherine Ormerod, founder of WorkWorkWork
3. Find a supportive mentor
Nothing can prepare you for the rollercoaster ride of starting a business, which is why mentoring is invaluable for providing support and guidance. Rhea Papanicolaou-Frangista, CEO of Prettly, credits finding an advisor as the best thing she did when setting up her mobile beauty service."We wrote a wishlist of women we admire in tech and e-commerce and started cold contacting them on Linkedin. Some ignored us, others took a meeting but weren't interested, and finally one believed in us," says Rhea. "She has been critical to our progress and has introduced us to other great mentors too. So seek out the best for your business and don't be shy! Go for those cold calls, because it works."
4. Collaborate with brand advocates
"Bloggers and social influencers are fantastic for exposure if they resonate with your brand," says Pampelone founder Holly Scarsella. "A blogger may have a million followers, but that doesn't mean an endorsement will convert to sales."
Holly, a former fashion publicist, launched her resort wear brand in July 2015 after spotting a gap in the market and her effortless pieces have been worn by the likes of Olivia Palermo and Pandora Sykes."My tip is to analyse and evaluate potential brand advocates. I live on Google Analytics and when an influencer posts an image on Instagram or writes a blog post, I track the click-throughs to our website as well as how many new followers we receive. If we see engagement from their audience, then we choose to work with them on a longer term basis, which leads to loyal customers for our brand."
Holly Scarsella, founder of Pampelone
5. Ignore the nay-sayers
One of the simplest lessons to learn is persistence. Divine Chocolate has come a long way since its launch in the late '90s and now has a turnover of £12m a year, but Group CEO Sophi Tranchell experienced her fair share of doubters.
Sophi Tranchell, Group CEO of Divine Chocolate
Divine Chocolate
"When we started, people said it would never work commercially," explains Sophi. "It only made me more determined to make the brand a success and prove it is possible to create a business where people are valued just as much as profits, delivering real impact for the farmers who grow the ingredients".
Divine went from strength to strength and is now the UK's only Fairtrade chocolate co-owned by farmers. "It's important to not just have a great story, you must have a great product too. Be confident in your idea and persevere even when you're feeling disheartened".
6. Don't be afraid to say no
Speaking of collaborations, it's likely that partnerships with other businesses will start popping up, so who to choose? "It can be flattering, but it's important not to let the excitement cloud your judgement," says Kirsten Hazell, CEO and Founder of London Grace. "I don't believe in delivering anything halfheartedly, so if the timing isn't right, we aren't afraid to say no, even if it's a brand we'd absolutely love to work with".
Since launching in 2015, Kirsten has seen her beauty brand triple in size with nail bar-meets-coffee shops opening in Leicester Square, Clapham and Putney. "As long as you continue to build your relationships, opportunities will continue to arise and often come back around".
Kirsten Hazell, CEO and Founder of London Grace
7. Learn to delegate
It's a recurring theme that business owners take on too much rather than assessing their own limitations and sharing the workload. As co-founder and CEO of Clue, the world's fastest growing female health app, Ida Tin has learned to let go and trust others to take over key tasks. "It's not as easy as it sounds when you are so invested in your brand, although it is something that people in all positions should think about in order to make themselves more productive," she says. "It becomes easier to let go as the team grows, and there are many talented people around me who honestly are better skilled to take care of certain things."
Ida Tin, co-founder and CEO of Clue
8. Be prepared to expand
Travel club Mr & Mrs Smith has become a household name since launching in 2003 and now has offices around the world, but it hasn't been all plain sailing for founder Tamara Lohan. "One hard lesson learnt was figuring out what it takes to make a company global," explains Tamara. "I'm really glad we've done it but in hindsight, I feel we started on that journey a little too early."
After opening an office in Australia, emails and calls flooded in 24 hours a day and the business wasn't prepared for such sudden demand. "It was a big learning curve, so my tip would be to never underestimate the challenges of opening offices in different time zones and what it truly means to be a global company."
9. Acknowledge your triumphs
As your business flourishes, it's okay—essential even—to take time to reflect and give yourself a pat on the back. When Steph Douglas launched Don't Buy Her Flowers two years ago, she was so focused on what was coming next that she forgot to appreciate what she'd already achieved.
"One of the hardest challenges of running a business is there is always more to do and it can be exhausting," says Steph. "It was only when a coach recommended stopping once a week to reflect on a piece of coverage, an important meeting or a record day of sales that I realised how comforting and motivational it can be. My husband loves a graph and regularly presents me with a chart that shows the upward curve of sales we've had since launch, which really helps in those panicky moments."
Culled from www.harpersbazaar.com
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