What We Learned During Our First Year In Business

Quitting a job without a plan is not the goal. In the same breath, staying there even if you are unhappy and your mental health is suffering is all the reason you need to leave. Being laid off from my corporate job was a huge favor. Sometimes I still want to pinch myself in disbelief that I am my own boss. With the loss of my job, I now have the time and mental capacity to grow.

We hit huge milestones. In September, we pitched and landed four local wholesale accounts.

And here is where lesson one comes into play. 

Be Confident in your Pricing.

One store made me self-conscious about pricing even though we never had any pushback from customers. It made me reluctantly lower my price to satisfy an account. With the rising cost of goods, my current prices will not be able to sustain that impact. The bottom line is I should have listened to my gut and kept the prices the same.

Comparison Kills

With so many candle companies in the market, it is easy to compare yourself to them. Succumbing to imposter syndrome is an easy fate. It makes you question if people would choose my candles v. someone else's product.

Advice: Put your blinders on and hold steadfast. It's easy to have imposter syndrome when staring at over 100 different candles every day. I’m not saying don’t research your competitors, but limit how many brands you see regularly. 

Celebrate your Small Wins

Every win was monumental especially knowing I started at zero. Every new order, new customer, new subscriber, new wholesale account, new craft show, and new follower was an opportunity. My biggest win was celebrating our first year in business and then our first magazine feature in House Beautiful. 

Maintain Inventory

An explanation for this isn't needed, but if you are starting a product-based business you need a solid inventory system. I started using Inventora while they were beta testing before my launch, and it has helped me be clear about my pricing, order placement for materials, and auditing practices.

Pride Will Not Help You Only Hinder You 

Don’t be too prideful to ask for help. I learned this lesson during the holidays when I struggled to complete a wholesale order. I’m an I can do it all type of person, and it was hard to delegate tasks to my husband, but now I won’t hesitate to let him know if I need help labeling a product or prepping jars. 

The lessons don’t stop here as we are ever-evolving as business owners. The key is to learn and pivot if necessary. 

← Older Post Newer Post →



Leave a comment