Know your ‘Why’. Why do you exist? Why do we need another brand in this category? How will you make it different? How will you make it special? How will you make it unique? And one of the reasons that I love working with founders specifically is because they’ve created something generally out of their needs. They’ve had eczema, they have alopecia. They can’t find anything for their hair, they can’t find a red lipstick that works for them.
I have found that it’s exciting because it’s created out of need. And so it is what is your why, why do you exist? Why do people need you? What is your unique value proposition? Is it an ingredient? Are you sourcing something from somewhere? Why are you uniquely positioned to run this business? Also, know your numbers– what is your goal? What’s your outcome?
Surround yourself with a brain trust of people who will know more than you in other categories. As the business owner you still have to understand ‘What are my numbers? What is my burn rate, what does profitability look like?’ Have people around who will help you with that, and have the right team with the right resources.
One of the things that someone told me was don’t leave to start a business until you can pay your salary and someone else’s. So really thinking about whether this is a viable business I want to grow and scale to an exit. There are plenty of brands that haven’t sold and are creating for themselves by themselves. And it’s a different business. But once you know what you want you want your outcome to be, then it will help you understand where you can go, how you can excel, and how you can truly build a profitable sustainable brand.
