In our new series, Selfmade U, we’ll tackle the most common questions and pain points that come up for business owners with tips and tricks from Selfmade, a virtual business coaching program, led by Brit + Co founder Brit Morin and sponsored by Office Depot OfficeMax. We’ll hear from Selfmade alum, business coaches, and Brit herself on what it takes to run a successful business and make it as an entrepreneur.
Mistakes are going to happen when you’re just starting out in your business. But one thing that is important to success and avoiding big mistakes is talking to other business owners and sharing experiences. Why reinvent the wheel when so many other entrepreneurs were where you are today?
“When I joined Selfmade, Brit was talking about community and working together with other entrepreneurs,” says Selfmade alum Karly Hiser of Crann Organic, which sells 100% GOTS certified organic cotton play clothes for the 9.6 million American kids who suffer from eczema like Hiser’s son. “Being an entrepreneur can be a super lonely journey, and so having other people there, especially other people who can understand the highs and the lows is really helpful.”
Through Selfmade workshops and one-on-one mentoring, entrepreneurs learn how to navigate startup life with lessons already learned from successful female CEOs and business coaches. Here are common mistakes new business owners make and how you can avoid them on your journey.
Mistake #1: Underestimating Your Worth. “Oftentimes, what is holding your business back is what you’re charging,” said Brit in her Selfmade workshop on Finance and P&Ls. “Pricing is part of your branding and your mindset. Mindset, not the market, determines how much money you make or don’t make.” Here are a few tips to keep in mind when it comes to pricing:
- Customers will pay for the quality of product or service.
- Do not compromise on the quality, and your customers will not negotiate on the price.
- Don’t give your time for free.
- Look at the landscape and decide how you want to compete with your prices.
Mistake #2: Starting Without A Business Plan. The most common business models are commerce (selling a service or product), subscription/membership, commerce + subscription (you buy a product and a service subscription), advertising, SAAS (software as a service), and licensing. Do your research and decide what makes the most sense for your product/service and your customer. Look at your competitors as well to determine how to differentiate yourself. “I approach fashion from a very science-based perspective. That is my strength, having a background in healthcare,” says Karly, a former nurse. “I also have a degree in environmental studies. My approach to healthcare and the toxins and the chemicals that are used [in fashion] is based in science. I think most people in the industry are really looking at what sells from an aesthetic perspective. I want it to sell because it's good for your skin and the earth.”
Mistake #3: Not Wanting To Pay To Outsource. Selfmade coach Emily Merrell, in her Selfmade workshop on How To Delegate To Make Money, suggests these steps in deciding what to delegate: What is time consuming but doesn’t move the needle? What can be done by others? What do you put at the bottom of your list? What is a skill that you struggle with but can be outsourced? “I 100% outsourced the financial part,” says Karly. “That is my number one weakness. I will outsource that forever.” Another challenge for Karly is social media. She is currently looking to fill that role in order to grow her brand.
Mistake #4: Letting Negative Talk Get In Your Way. Every entrepreneur feels a bit of doubt at some point on their journey, but letting it overcome you in a way that prevents you from moving forward will hinder your success. “It's very easy to let your feelings and negative emotions get in the way,” says Karly. “Starting off your day with a little bit of meditation, breathing, yoga, whatever it is, really helps to calm your nervous system so that you can approach your day with a really positive attitude.” Merrell suggests reframing your doubt by uncovering the real issue you’re dealing with. For example, if you’re feeling imposter syndrome that is probably coming from fear (who am I to sell this thing?). Reframe that thought with reality: “This is an important problem that needs to be brought into the world. I’m lucky to have the skillset to share with others.”
Mistake #5: Not Pivoting To Customer Needs. What you love and want doesn’t always reflect what your customers love and want. “My personal aesthetic is quite plain or minimalistic,” says Karly, “but I quickly discovered that children and parents would like a little bit more color. That's when we really pivoted for this spring to make things that were much more interesting and not just feel-good clothing, but also clothing that looked good too.”
Mistake #6: Doing It All Alone. Selfmade coach Bex Moxley says solopreneurs need two things: emotional support and business support from people who understand. “I wish I had connected with other entrepreneurs sooner,” says Karly. “I didn't explore that journey until quite far into it and didn't realize that so many of the problems that I was having other people were having too.”
Through Selfmade, Karly was able to practice her pitch and get direct feedback on her business idea. “[Selfmade Pitch Day] was the first time I had really spoken about it in front of other entrepreneurs on a big scale,” she says. “It was nice to have some exposure and then just get very honest feedback.” After her experience with the pitch competition, Karly used her Office Depot OfficeMax merchandise card to help her accomplish more in her business. “I bought office essentials like a new office chair, printer paper and some ink cartridges,” she says. “I'm currently sitting in my dining room for the moment, but my bottom is much comfier in the new chair,” she laughs.
Karly says she’s excited to launch her new line this spring and having a wider variety of product offerings. “We will have a new Fair Trade-certified manufacturer this year. It was really important for me to be able to verify that we're providing fair wages for workers.”
Illustration by Daniela Jordan-Villaveces
Learn more about starting your own business by signing up for the !
Finding a community that can support you on your entrepreneurial journey is one way to success. Let Office Depot OfficeMax help you stay organized & save timewith a suite of business services to help you accomplish more - from signs, posters & banners to get your business noticed to marketing materials to help bring your brand vision to life. With Office Depot OfficeMax by your side, we know you can be your best.
