Back to Business
If you're thinking about starting a business, you're going to want to read this.
It's the beginning of October. Autumn is in full flush, and I am reflecting on the meaning of Autumn — abundance, prosperity and wealth. It seems a perfect time to talk business.
“You should really open a bakery.” These were the words I heard on repeat from the ages of 10 to 33. But I didn’t want to open a bakery. My love of desserts was almost primal: I anticipated visits to bakeries and chocolate shops as I would Christmas, the word TREAT resonated on every level, and I didn’t want my treats to become work.
Baking and candy-making were my salve for the stressors of the world, an unsoiled place of pure joy and comfort. I was flattered by the consistent compliments I received around sweet-making, but the thought of losing my freedom held me back. Every small business owner I knew spoke of long hours, few vacations, and a lot of responsibility. And when people made these suggestions during my 20s it felt outlandish. I really enjoyed my free time, and the thought of being hamstrung to a business just didn’t appeal to me.
But as the years passed, this notion of starting a business became more palatable, even intriguing. Ideas were playing in my mind that started taking form. The “what if’s” became more frequent, and every iteration of my future business involved desserts.
You are the timeline.
After spending almost 10 years working in restaurants, and as I continued to immerse myself in butter and sugar at home, I came to the realization that the food industry really was my true calling, It wasn’t until that fateful morning in early 2004, when I woke and the vision was crystal clear. I saw a luxury chocolate company, based in toffee. It was my AH-HA moment some folks talk about…and in my gut I knew it was right.
Once I latched onto this idea, there was no going back. My personality and talents make me a great fit for business ownership. I LIKE being busy and juggling all the balls. Navigating the creative, fiscal, social and community aspects of running Valerie Confections is second nature to me and all those fears of losing my freedom? Well…
My fears were real, and valid, as it turns out.
It’s a bit of a tug-of-war between sacrifice and success when you have your own business. The lows are lower and the highs are higher than I experienced working for other people. The most fundamental advice I share with anyone looking to start a business is: Does this feel essential to your satisfaction in your life? Why do you want to start a business? It must be a core desire — meaning you will not be settled in your life unless you do this. There’s nothing wrong with having hobbies, or enjoying a craft. But if that’s all it is, it may not benefit you to monetize your passion.
I’m throwing you a lot of bits and pieces in this issue, as I type I’m kicking myself a bit, wishing I had streamlined this newsletter better, HA! So let’s call it a taste test in Entrepreneurship 101, including key tips from business expert and designer Joy Cho, some must-do’s, suggested reading and listening, and a smattering of rough candor.
WHAT TYPE OF BUSINESS ARE YOU?
This begs the question, “What are you, in a legal sense?” Follow this link for all the legal set-up stuff.
BE OPEN TO CHANGE
Say my name, say my name.
Establishing the NAME of your company is pivotal in initiating paperwork and a true identity to your brand. So here’s a weird one for you: Valerie Confections was originally called Isabelle Confections. Who’s Isabelle, you ask? Oh, she was our beloved shih tzu, a spunky rescue dog with a chic name. Isabelle, the name, always felt elegant to me- there was a wistfulness, a romanticism to the name that was consistent with the feeling I wanted around my company. A logo was created, an LLC was formed, packaging prototypes were ordered….then we saw an Asian company named Isabelle that distributed cookies in the US, and wee didn’t want to limit the brand to chocolates and a different company owning the US trademark on cookies was a problem.
That’s when Isabelle became Valerie. In hindsight, this was a fantastic correction that happened by accident. Naming the company after a dog who passed away in 2013 was not a great idea. Imagine the constant queries: “Who’s Isabelle?” “Oh, that’s our dog, who died a decade ago.” Not so romantic or wistful, turns out! All this to say that change is good. Be agile when roadblocks present themselves, look for long-term solutions, and keep the train moving forward with longevity in mind.
MISTAKE #1. OR WAS IT # 2, OR #100??
DON’T RUSH.
I rushed.
When Stan and I started the company out of our Los Angeles apartment, I didn’t do the proper due diligence. I didn’t have our margins clearly mapped for big overhead stuff like waste, human error, and slow seasons. I SPENT WAY TOO MUCH ON FRENCH-MILLED RIBBON. The launch of Valerie Confections was fast and furious, a predictable pace for entrepreneurs, but I do wish we took more time in the beginning, because we would have saved tons of money and established a better growth model from go.
SO, YOU STILL WANT TO START A BUSINESS? LET’S GET STARTED.
Social media has made it easier than ever to start a business. An Instagram handle and profile take two seconds to create; Instagram is an invaluable tool for getting the word out about your business. And the templates on sites like Square, Squarespace, and Wix have made building a website a snap, even for non-designers. Logos, business cards, and other promotional materials can be made pretty easily with the help of sites like Moo and Canva.
Are you also opening a bakery or food business? Farmers’ markets are a great way to get started with very little overhead. Most of them take 10-15% of your sales as payment and a small annual fee. But where else do you see thousands of potential customers in a morning? It also gives you the chance to get real-time feedback from returning customers.
Also, I cannot stress this enough: DON’T QUIT YOUR DAY JOB! I worked a second job for the first two years of Valerie Confections, and it took over a year of constant work before I took any money from the company. Unless you are launching with substantial funding, make sure you pad your personal coffers and consider downfalls with your personal finances.
UNDERSTAND THE BASICS
Count the coins! Hiring a bookkeeper is expensive when you are starting your business, thankfully there are many low-cost programs designed for small business owners and individuals. Check these out: Sage, Xero, and Freshbooks.
Tax filings: The IRS does not play. Stay abreast of your filings-those bookkeeping programs are a big help here.
Trademarks: Own your name or names. This step requires a little bit of legal assistance, but a solid trademark protects your vision for growth.
Own your domain: Once again, stake your claim before someone else snatches it up. It’s also a great idea to purchase domain names that might be easily confused with yours.
LEARN FROM THE BEST: JOY CHO
My good friend Joy Cho is a force of nature. Not only did she start the massively successful lifestyle brand and design company Oh Joy!, but she’s now shifted her focus to business and career coaching through her Oh Joy! Academy. I asked her to send me her recommendations of things to consider before starting a business, and her suggestions are, unsurprisingly, brilliant. Here goes:
1. Do Your Research.
Before starting a business, make sure you have researched the market, the potential competition, and the names/websites that you’re interested in using. You want to make sure there aren’t any competitor with products or names that are too similar before you dive in. You can also use this research phase to test out your products or services and get feedback from friends, family, or others in your community.
2. Fuel Your Passion.
If this new product or service is something that keeps nagging at your mind, that you know you’d be great at or your customers would love — do it! It’s scary to try new things but if it’s something you have always wanted to do, there is never a perfect time. So go for it! Follow that drive and trust yourself that you know what’s right or that you at least need to give it a go.
3. Don’t Be Fooled By Freedom and Flexibility.
Flexibility and freedom are often reasons that people decide to start a small business. And, those are two HUGE bonuses of having your own business. You can get flexibility and freedom not only with your time, but with business choices as well. You get to determine what your business will be, how you fit into that, and it allows you to manage the time how you want to. Flexibility and freedom should be a reason you want to do it, but cannot be the main reason. Because honestly, there are often times you will work MORE than the average person with a 9-5 job. Sometimes you’ll often feel less flexible and less free during the building stages of your business or simply when things are booming and busy.
4. It’s Not Always Glamorous.
Everyone sees photoshoots and accolades and social media stats—which are certainly amazing things to get to do and accomplish. They aren’t seeing when you are wearing seven hats, figuring out how to get rid of the rat infestation in the office, having to fire someone, or any of the other less fun stuff. However, if you can manage the less fun stuff, that makes the actual fun stuff even sweeter!
5. You Can Evolve As You Go.
The beauty of doing your own thing and choosing the kind of work you do is that parts of your business will naturally grow with you. Some changes will be an organic evolution with the times, trends, or social media. But you can also choose to evolve and change your business as it makes sense for you and your life. And, to me that’s a really incredible feeling.
ESSENTIAL BUSINESS RESOURCES
There are plenty of books out there that can help you get organized, get inspiration, and stay inspired as you’re building a business. Here are some of my favorites that I think every entrepreneur should read:
GET INSPIRED
Dream First, Details Later by Ellen Marie Bennett
My good friend Ellen’s book is about taking action and pushing doubt to the wayside. In other words, sometimes it’s best to just DO!
The Messy Truth by Alli Webb
Alli Webb, the founder of Drybar, wrote a raw, honest book about how she had to put aside her drive to succeed above all else in order to find happiness.
Girl Code by Cara Alwill
The message in Cara Alwill’s book is pretty simple: Supporting other women is key to success for female entrepreneurs. No hoarding of information or contacts, ladies.
STAY CREATIVE
The Creative Act: A Way of Being by Rick Rubin
Here I am almost 20 years into business-ownership, and find I need creative juice more than ever. Rick Rubin’s book is the most inspiring and equalizing gift. I read bits of this book almost daily, and find endless truth and motivation in his elegant prose on creative energy and actualization.
You Can Find Inspiration in Anything by Paul Smith
I also believe that you can find inspiration anywhere, whether it’s a song or something you spot on the street or from travel. Fashion designer Paul Smith’s brilliant book is a beautiful visual exploration of this theory.
The Creative Habit by Twyla Tharp
Choreographer and artist Twyla Tharp believes that you have to make creativity a regular practice. Her book is full of exercises to put that big brain of yours to use.
PODCASTS
I’d recommend listening to podcasts about business, as well, both for inspiration and to learn about founders’ mistakes and how they handled them. Second Life, hosted by Who What Wear founder Hillary Kerr, profiles women who’ve pivoted and made career changes. NPR’s How I Built This lands heavy hitters in the entrepreneurial space, from industries ranging from tech to fashion to beauty to food. Also check out Goal Digger, the Marie Forleo Podcast, and Girlboss Radio.
FUELING UP IS A NONNEGOTIABLE
My three biggest pieces of advice for a new business owner?
Sleep.
Exercise.
Maintain your personal relationships outside of work. (In other words, have a life.)
Wishing you luck!!
So sorry!
There was a typo try this
VALERIECFNS20
Thank you!!
FYI Discount code didn’t work for the boxed wine.