Episode #214: 10 Things You Need to Know When Starting a Business with Our Host Ashley Alderson

Hey. Hey. It's time for episode number 214 with just me today. Just Me. And we're going to be Talking about the 10 things that you need to know as you're starting your business to maximize it in year number one. So get ready. These are ten golden nuggets. Let's talk about your business strategy and the juicy details of what actually works, from mainstream fashion to fashion on Main street and the entire ecosystem behind it. How do we scale your company and do it with the balance and the happiness that we all seek? Let's hear from those insiders, experts, and strategists that actually make it happen. I'm your host, Ashley Alderson from the Boutique Hub, and I can't wait to chat. Hey, guys. It's just yours truly joining you today for a solo episode, and I'm really excited to do a few more of these because you guys have been sending me great questions over on Instagram, J. Alderson. And I want to make sure that I have more opportunities to get you some answers to keep you and your business moving forward. So one question that we get, that I get personally and I know our Boutique Hub business account gets quite often is from those of you who are newer to the boutique industry or those of you maybe who've been thinking about starting a boutique and you've been dabbling, but you really want to get it going, get it off the ground, and get it taken to the next level if you're just a couple of months in. So today I want to take some time to just answer a couple of your questions and give you 10 key takeaways that I think are most important for anyone who is wanting to start and grow a business in this industry. And they're things that I think even if you've been in business for a while, I still encourage you to listen. Because sometimes going back to the basics and covering the fundamentals can bring up the things that we forgot when we got started, right? Because I think a telltale sign, and I see this in Bootcamp all the time, is someone who's successful in business most often jumps in with both feet. They take off running, and they figure things out as they go. Right? That means that when we get started, sometimes we don't have the foresight to think about the things that we should have at the very beginning stages of our business. We just make the best decision with the information we have and we keep running. Right? Because business is not just a sprint sometimes. But honestly, if we're going to win at business It's a marathon. So we have to have a strategy that keeps us running and not the things that become roadblocks and hold us back and paralyze us in fear and anxiety, and then we just don't get them done at the end of the day. Now, I might go up on a soapbox on a couple of these items, but hear me out. I think all these items are so crucial for us to revisit in the business or make sure we get right from the start in the business. You dig you down. Let's do this. All right, let's talk about 10 ways for you to maximize your boutique from the get go. All right, guys, number one, and that is to get legal. So I will be the first one to tell you and admit I have made so many mistakes in this department from the get go, because I think it's get into the business because you have an idea or you get into the business because you want to serve someone and you've got this idea and you run with it, but you don't realize, oh, my gosh, all these things Uncle Sam needs us to do along the way, for us to be in compliance, we don't even know they exist until sometimes we make a mistake and then we uncover them. Right. So I want to talk about a couple of ways to make sure your business is legal. And the first is making sure that you, of course, have filed any and all sales tax permits that are required by your state. Because, of course, if you're in business to make money, Uncle Sam is in business to make money. And thank God, right? Thank God for small businesses who pay taxes and make the world go round because we wouldn't have police and fire departments and roads to drive on and all of the things that are important for us to survive as a society, someone has to pay those bills. And so I am totally cool with doing my part with Uncle Sam. So make sure you're legal from the get go. And if you're selling across multiple states, make sure you're familiar, especially today with the Wayfair versus South Dakota ruling that if you're selling over a certain threshold, I want to say it's 100 or $200,000. I can't remember off the top of my head in different states that you understand where you're going to be required to pay sales tax. So hence, if you don't have an accountant, make sure you find someone who is an accountant you can simply sit down and ask them questions to and that you can look at them as a mentor. That's going to guide you along the way. The next way to get legal is making sure you've got your proper tax IDs filed with the IRS. Right? So Uncle Sam wants to know that, yes, you're going to pay taxes, not only your state sales tax, but also your federal income tax. So you can consider at the end of the year for a ballpark estimate that roughly 30% of whatever your take home pay is going to be your net profit that you put in your pocket. At the end of the year, you're likely going to be paying tax on that. The government's going to take their cut and you're going to get your cut. So you're going to want to make sure you've got a tax ID so that you're legal and you don't have to use your Social Security number, which puts you at risk for your own privacy, right, and identity theft. That tax ID number allows you to not have to use that Social Security number, but it's also going to signal to them that, yes, you're going to be filing a tax return at the end of the year and keep your business on the upside and up the next thing. Third thing I want to talk about in terms of being legal, and some states are different on this, some states require you to do a name registration as well. Now, a couple of ways to look at this, and I want to talk about the importance of names in just a couple of minutes. But in order for your name to be legal, I want to make sure that before you decide what that name is going to be, that you've done your homework and you've started to look at what other businesses have this name or a similar name, and that you're steering clear because you don't want to be infringing on someone else's trademark, right? So the first place I would go to look when you're deciding your name and you're going to register your name is that you've searched all social media handles and you've also went to the government's trademark office page, which you can Google that and you can do a trademark search for anything with a similar name so that you know you're creating something 100% unique and you can't create any brand confusion with an existing business or trademark. Now, if your state requires you to register, so be it. If they don't. Once your business is operational, I think you should definitely consider getting your own name trademarked so that someone else doesn't infringe upon your business and your Name down the road. Now, we've done ours a couple of ways. We own a number of trademarks at the Boutique Hub. Things like the Boutique Hub Boutique Boot Camp, the Boutique Summit Boutique Boss, the Boutique Awards, Western Runway. There's a number of things that we wanted to make sure we were protected on. So we've done it a few ways. We've done it with our attorney. A couple of different attorneys actually we've used and they've filed for us or we've also gone through Legal Zoom to file that process as well. All right, so you're prepared for sales tax, income tax, you've got your name protected. Now let's talk about if you're going to have any staff on your team. Because legally, if you're going to have staff on your team, you've got to have workman's comp insurance. And I think that's something that people often overlook when it comes to being legal in their business. So make sure you've talked to your accountant and you've talked to your insurance agent and you filed with your state if you're going to be offering payroll for any employees in your business. All right, final way I want to talk about being legal. And it kind of goes back to the trademark conversation. Now, I'm going to use the example of Louis Vuitton because it's such a big topic right now in Boutique World, and that is selling goods that are trademarked by other people, but creating them as your own. Right. If you're a T shirt manufacturer, let's say you would want to make sure that any designs that you're creating and you're selling on your T shirts are original work and they aren't a T shirt that someone else, let's say, gave to you and said, hey, could you make this for me? Usually if someone says the words, can you make this for me? It's red flag. Don't make it for them because it's not your property and you can eventually get sued for something like that. Now, similar with Louis Vuitton, let's say now there's people who sell knockoffs of Louis Vuitton or Coach purses or Gucci bags or whatever it is. If you see that type of thing happening, steer clear. Anything that says inspired on it is usually a knockoff from overseas. And you can get in big time legal hot water for selling something that's not original merchandise. So when you're making plans on buying for your business and you're attending markets, always make sure you're checking out the vendors that you're buying from, making sure that their goods are 100% authentic and they are what they say they are and their original work as well. Because in this industry, man, you guys, we've got to support original designers and makers and band together to stand up for doing ethical business and not trying to profit off of someone else's hard work. Now, you ask, could I get in trouble for selling these things? Absolutely. And we've seen it happen where businesses have been raided, where companies have sued other companies for infringing on a trademark or a copyright. So definitely make sure you get this one right from the start. All right, guys, tip number two. When it comes to growing your business in that first year and making sure you're set up correctly. And that goes back to choosing the right name. I cannot tell you how many times I've come across boutiques that have a name that don't sound like a boutique at all. Or maybe there's a little tinge of cultural appropriation that was missed along the way in naming the right name. Or maybe it's something that doesn't relate to your ideal customer at all. Now, I would make sure, as you think about your name, of course it's unique and you've run all the proper searches to make sure no one else has this name it's not taken, and that you can properly secure all the social media hands that you need so you aren't running a different social media handle on all of the different platforms. You want to have one handle if you possibly can, that's the same across Instagram, Pinterest, Snapchat, Facebook, you name it, you want to make sure that name is also memorable and easy to spell. I've seen a couple of times where boutiques will spell boutique a different way. And I have to tell you, it's a huge no no, because when someone goes to Google you or type in your website address, it's so easy to get lost and to not find the business you were looking for. And then the customer eventually quits looking, right? So make sure the name is memorable, easy to say, easy to spell, and you can protect it and also get the domain and all the social handles that come along with it. Now, some of you are probably thinking, gosh, I created this boutique, you know, a while ago, and maybe my name doesn't really fit me anymore. Should I change it? And the answer is, we see boutiques go through name changes all the time. So if this is something you're thinking about, I wouldn't let the fear of your customers not knowing who you are. Stop you. I would make sure that you really thought about who is my ideal customer, what does my boutique name say to her and is it memorable for her? And then go about updating your name and your branding to make sure you're really hitting the mark with this one. All right, tip number three, and that is knowing your why. Because I think if any of you have been in business for a while already, you know that people don't get into the boutique business for the money, right? You're not in it for the money alone. There has to be a bigger driving factor behind you doing what you're going to do, because you've got purpose and passion because your business is going to ebb and flow, right? It's going to go up and down. You're going to have high times, busy times, Christmas season, let's say. And then you're going to have J months. And not everyone's prepared for the low time, right? They're not prepared for when it gets slow. What do I do? And mentally, it can be draining and exhausting and really, really frustrating when things aren't going the way you think they should be going in business. So when those times hit, you have to start to think about what is it that's going to pull me through those moments? Because if money is the only reason I'm doing this and to pay the bills, it's going to be really hard to stay motivated if the money isn't there. Make sense? So it's a labor of love, truly, that you have to know I've got a bigger purpose and a bigger passion behind what I'm doing. And it has to be burning in your soul to the point of waking you up earlier than you can imagine, helping you stay up later than you can imagine and push through in the times where you're tired and you just need a break. So what is your purpose and your why going to be right? Is it serving other women and helping them feel beautiful? Is it being able to send your proceeds to a charity? Is it the idea of freedom that you get with working with your kids in the house or being able to get off work early to go to your kids sporting events or go on date nights with your husband or whatever it's going to be? Whatever your why is, it has to be important enough not only to you, but also to your family and to your staff and to your customers, to the point where your customers know it and they're going to seek it out. You know, the other day I was having this conversation with a member of the Boutique hub who is a younger boutique owner and has an awesome business. And we were talking about the importance of marketing to the millennial generation. And really what's important to the millennial generation and Gen Z, and that is having fashion with a purpose and a greater why. Right? So younger generations today want to know a couple of things. They want to know that they're impacting change in the world around them. They want to know where their money is going and how it's going to be used. And honestly, things that are ethical, they carry a lot more weight with customers today. Right? Understanding whether it's ethical fashion, higher quality fashion. What are your standards at work? What are the charities you donate to? What is the change you're trying to affect in the lives of women by making them feel body positive and having more confidence in their life? Make sure when those are the things that drive you that your customers know front and center, because it's going to drive your customers too. All right, tip number four, and that is what's your brand, what's your style, and who's your customer? You know, sometimes we think about having a great name in business or we're going to go to market and buy all the cute clothes that we think we would like to shop. But as we think about tip number three, which is what is our greater purpose and our why and who is our customer, we really have to get nitpicky about what is our brand really going to be? Because I know I've mentioned this before, you guys on a podcast, and that is the world doesn't necessarily need another trendy online women's boutique because there's so many of them out there. So how are you going to be different and set yourself apart from the thousands of boutiques? And why is your customer going to choose you over thousands of others that are out there? So are you going to serve working women or moms, or are you going to serve higher end fashion? Are you going to serve maybe a mom who has older kids and maybe she's a little bit older and therefore has a bit more disposable income? She's more concerned with quality of pieces versus the cheap, fast fashion pieces that her kids can, you know, throw up on after she's done nursing? Because, I mean, I've been there. I know what it's like to want to buy like a $20 T shirt because I know a baby is going to like spit up puke all over church tomorrow, and I'm going to have to throw that sucker in the garbage. But now that my kids are past that stage, honestly, I'm more concerned with paying a little bit more money so I get better quality. And I know I can wash the things a thousand times. I can throw it in unsorted. I don't really care if it's white or if it's color, but I want to get use out of it. So quality matters, right? That's a definite type of customer that you can speak to. Now, is your customer more, let's say, style genre specific? So is she more western in terms of high end Western fashion or is she more western in terms of she wants something she can wear on a daily basis and feels a little bit more country? Is she coastal? Is she spending time on the beach? Is she more urban? Is she more curvy and petite? Is she looking for things to go out in at night? Or is she thinking about what she's going to wear to work tomorrow? And is she going to lean more in the small and petite category? Or do you serve more curvy women? The more you can start to really narrow down who the women are that you're serving, you can really start to narrow down how you're going to speak to these women on a daily basis and build a relationship with them. Because fashion is all about being a fashion educator, right? It's all about taking something and educating your customer about how they can style it, how they can wear it, how it can fit their body type and how it can serve a need in their life. What are the migraine problems that your customers have that you can solve? Because when you figure that out, that's your sweet spot. When you solve problems, they're going to come back to you again and again. So this is how we start to build our brand, right? And our whole business model, our brand, our price point, the wholesale items that we're going to buy, the brands we're going to carry, and how we're going to speak about ourselves in our ongoing marketing? So what's your brand, what's your style and who's your customer? Tip number five. And this is a soapbox item, you guys so prepare. But number five is get familiar with numbers. Now, like yesterday now, I honestly. Oh, man, this is so. I hear this all the time. And this used to be me too. So I'm right there with you. But a lot of times in business we get in because again, we like the clothes or we want to serve people or we have this great mission that we're on. But Then we're like, you know what? I suck at math or I'm not an accountant, or I have no idea what a P and L even means. And it's really easy to let the fear or intimidation of those numbers stop us in our tracks, A or B, run ourselves into so much debt that we're embarrassed to have a conversation with our husband about what's really happening in the business and really what the next step should be. And if it's B, usually that turns out with a huge fight and you choosing to liquidate the business. So I'm telling you this because been in both situations and neither one of them are fun. So the only outcome we have potentially to work through is how do I start to educate myself just enough that I can feel confident having a conversation about my numbers and knowing the right questions to ask and knowing where and how to ask for help. Because being an ostrich and putting our heads in the sand isn't going to pay the bills at the end of the day and it's not going to get over the hurdle we have with our spouse or our family if we haven't addressed these issues. So just know there is no stupid question in this arena at all. So ask as many as you can of the Boutique Hub. If you're one of our members, ask in our groups or honestly, I think a lot of times people look at accountants as people who file taxes at the end of the year. But if you have a good accountant, they should almost be like a mentor or a coach to you. Someone who you can call up on a regular basis and say, hey, can you please explain this to me? Or how should this work? Or what report should I be looking at? Or what should these numbers on the report say to me? Because knowing what the reports are is one thing, but knowing how to allow the reports to speak to you and to tell you a story, that's another. Because once you have the story that your numbers are telling you now, you can take all of that and put it into use in a marketing plan tomorrow. If you know that your sales goal is X for the month and you have X amount of fresh inventory on hand and X amount of aged inventory on hand, boom. You've got a marketing plan for the next 30 days ahead of you, because you know you've got to move the old stuff to make room for the new stuff and you've got this margin in between of what you're going to go buy. It also makes buying a lot more fun because you don't have to worry and have buyer's remorse of if you're going to be over budget or not. Because you know, the numbers told you that you need X amount of inventory on hand in fashion tops, graphic tees, denims, and regular bottoms. So know that the numbers don't have to be intimidating. A couple of things you're going to want to know for sure. What's your P and L? What's your balance sheet? What's your markup, and what's the difference between your markup and your margin? Two different numbers. And when we're talking markup, we're not talking about Keystone or two Xing products. But how do I get more markup out of my products two and a half to three times, and then into accessories and jewelry, which could be, you know, seven to 10 times. How do I get more markup so that I can get more margin at the end of the day? Because a lot of times boutique owners are not accounting for the fact that they have to take markdowns. Right. So if you're someone who's stuck in the rut of, you know, I'm only going to mark this up a little bit like 2x, because if it's cheaper, my customers will buy it. Well, that's great, but how are you going to pay your bills at the end of the day? Right. So what happens when you put everything on sale on Black Friday and you actually lost money at the end of the day? So when we're making the price of our items, we have to consider the markup, the margin we're looking for, and the margin over time after we've considered what kind of markdowns are we going to have to take to make sure we move through all of our product. Another couple of terms I want to make sure that you're familiar with and you're looking at on a daily basis. Again, I talked about P and L, but also really knowing what are my key revenue sources here and what's my operating expenses? And how do my operating expenses break down into the categories of rent, payroll, ongoing operating, and advertising, and then my profit? I think that my profit part, you might be like choking on your coffee thinking, what are you talking about, my profit? Well, there's a great book out there, Profit first, and the author, Mike Michalowicz, he's a speaker at the Boutique Summit. And if you haven't thought about reading that book, I definitely would because. Because paying yourself has to be a part of the equation. And that book is going to show you exactly how to do it all Right. A couple more numbers I want to make sure you're familiar with. And these aren't necessarily related to your books, right? Taxes, of course, are related to your books. But let's talk about traffic and conversions. So sometimes we get so lost spinning our wheels on a daily basis with my posts and did I sell anything from my posts when really, if we're thinking about numbers in terms of marketing, we should really be focused on how much traffic did I build to my website today and then how many conversions did I have? And then of those conversions, what was my average order value? Because if we start to break things down backwards and go, man, if I could shoot for $100 average order value and a 2% conversion rate, which is industry standard, and work my numbers backwards, I know I need to have X amount of traffic every day to make X amount of sales. So we have this whole formula inside of the boutique hub, right, the boutique traffic formula. It's also a part of Boutique Bootcamp where we can break this down on the most minute level so that every day you know where you're sitting and where your sales and traffic have to be every day to hit your year end goals. All right, you're not scared of numbers after that, are you? Is your like head spinning? Gosh, I hope not. If you've got questions, you guys message me. I love talking about this and it's crucial to your business. All right, tip number six, and that is plan for consistency. You know, sometimes it's easy to throw spaghetti at the wall to see what sticks, but that doesn't work in marketing. If there's anything your customers are looking for, it's consistency across the board, Consistency in your brand, consistency in your sizing, consistency in your products, consistency, consistency in how you sell. Right? So they know how to purchase with you. Sometimes I think we just assume they know, hey, go to the website and buy the thing. But the truth is they don't. They need you to tell them, is this a comment, sold post that I'm making or is this a go purchase it on the website post that I'm making or is this a go download my app and make your purchases there. Train your customers again and again and again for consistency and then make sure when you're posting that they know what's coming and when it's coming. So live sales every night at 8 o' clock, or new arrivals every day at noon, or whatever the plan is that works best for you and your customers. Make it super clear every single week because your customer is bombarded with information every day, not just from you, but honestly from the 10 other boutiques that she's probably shopping as well. So make it really easy for her to know when, where and how to shop with you. Number seven, watch out for something that feels too easy. Another soapbox. I can feel it coming along, you guys. Watch out for something that feels too easy. And as a newer business owner, and honestly, even some experienced boutique owners I think fall in this trap where they don't think about maybe the consequences of something that feels too easy. Let me give you some examples. Number one is buy in groups. Now there's a couple of definitions of buy in groups depending on who you are and what your background is, how you're listening. So let me break it down now. There's buying groups. Buying groups, not buy in groups. Buying groups are usually groups of higher end boutiques that work with a buyer and they come together to make big purchases. Right. So I wouldn't say we see it a lot in the fast fashion boutique world, but in higher end boutique world we do see that a lot. But now what I'm talking about to avoid is not a buy in group, it's a buy in group where maybe there's someone who has an online business, they're ordering cheap knockoffs from China and they're peddling them to you for ad wholesale and you're reselling them in your business. Or maybe they're going to a brand that's typically zip code protected and somehow they've gone under the radar and they're buying quantities and then stick splitting packs with you at wholesale. But really the problem is most of the time these buy in groups are also selling direct to consumer. So your customer that you're trying to market to and get your 3 times markup and build a great business in margin with so you can pay your employees and actually support your community. These people are running online businesses out of their home, selling at wholesale to all of your customers. That's the thing that concerns me the most because a most of the time it's illegal, they don't have any proper permits, sales tax, they're not paying tax, period. And they're also doing this under the radar of those brands. So make sure you look out for those buy in groups and try to avoid them as much as possible so you can build a legal business that's actually going to leave a legacy and leave your community a better place than where you found it. Another thing that comes across too easy that you should watch out for and I've already mentioned this at the beginning and that's, that's the knockoffs that come from overseas. If someone's selling inspired hunter rain boots, which we see a lot, or again inspired Louis Vuitton bags, that means it's a knockoff and it is a felony to actually be selling those items. So watch out for those types of groups online and try to avoid them if at all possible. Your best route to stocking your boutique and carrying great brands is attending a market or shopping with somewhere like the boutique hub or any online marketplace where the brands all have to be vetted and you know you're actually going to get the right type of quality merchandise and a rep that you can actually build a relationship with over time so that you know, if you ever have a problem with your merchandise, you have a rep that you can get on the phone with and work out a solution on the problem immediately. I would also watch out for people who say, hey, I can make that for you. Right. Like I mentioned earlier, in especially the graphic T shirt world, there are so many people who make their living off of knocking other people off. So make sure that you're shopping again with brands who've built a great brand reputation. There's someone who you can get on the phone with, someone you can build a relationship with and they have original work. Now a lot of these things float around on social media. So guys, if you see these or maybe any other related topics you think others should be aware of, let me know. Let our community know because if there's one thing it's my most sincere hope that the boutique hub can impact, it's that together we can raise our voices as one to raise the ethical bar in business. I really, really hope that our community honestly can be the light and can do business by the golden rule. Treat other people how you want to be treated. And a lot of these things I think that feel too good to be true are making the dollar the almighty God of their business. And to me that's really not what's important. At the end of the day, it's about leaving a legacy and having a business because we have a purpose and a passion and something that we're trying to impact in the world and it's also the lives of those around us. So guys, watch out for these things that feel like they're too good to be true. All right, tip number eight, Find a tribe and build a tribe. So community is not only the central core of the boutique hubs business, but it should be the central core of your business as well. So I want to talk about this in two different ways. Find a tribe means find your people that you can have in community on a daily basis. Your boutique besties who know what you're going through because, oh, man, raise your hand if this is you and you go home at the end of the day and you're talking with your family at the end of the day and they're like, I have no idea what going to market means. Or I have no idea what comments sold means. Or you're talking about all these people in the boutique hub. What is the boutique hub? Right? You want to have someone at the end of the day you can talk to and go, you know what? I've been there, I've done that. And man, here's how I handled it. Or a customer left you a nasty two star review on Facebook and you want to like punch them virtually. Don't do that, right? Reach out to your boutique bestie because they completely understand what it's like and how they can talk you off the ledge so that you can have a nice response to the customer with a nasty review and build a bridge, not tear one down. So find a tribe that you can be a part of, like our boutique besties and our friends inside of the hub. Now, when I say build a tribe, just like we do at the hub, that is what you're called to do in your business, right? People want to do business with people. So you, as the leader of your boutique business or your wholesale business, how are you building a tribe and a culture inside of your own space? Because that's what keeps people coming back again and again. How are you asking them questions on a daily basis that helps them go, you know what? She gets me. Or, man, that's my kind of girl. Or, man, she has been through the same thing I've been through. Or oh my gosh, she's so funny. I feel so enlightened every time I come here. Or I feel confident and I feel safe in this space. I think at the end of the day, it's important to just sit back and go, you know what? What's important to me? Because whatever's important to you is going to be important to your customers. So make sure you build a community and a culture around those key topics. Number nine, a couple different thoughts on this one. All right? Year one equals hustle. Year one equals hustle. In the beginning of any business, I firmly believe that it is time to hustle harder than you will ever hustle in the rest of your business. Right? It's when you go for it. You go all in. You ask the questions. You're trying new strategies, you're learning new things. It's going to take more hours, but you're so excited about the business that you're building that you go for it and you implement it. Right? Growth doesn't happen overnight. And I think in that hustle moment, it's really easy to go. You know what, man? Why is my business not the same size as the Red Dress boutique? Well, honey, it's because the Red Dress boutique's been around since, you know, 2011, 2012. So they've had a long time to build success. So it's having grace for yourself and knowing you can only do one thing at a time. You can only eat an elephant one bite at a time. So in hustle mode in year one, you're doing everything you can to pull out all the stops, but you're having grace to know that things have to fall into place as you go. And sometimes it's that experience and it's the lessons and it's the failures and it's the man, that was a bad idea. Moments that come along in year one that honestly teach us the most about business. You know, I have to tell you this story because I think about this with the Boutique hub a lot. People will ask us, how many years has the boutique hub been around? And it's a funny question that I answer because I'll say, well, six. But really, three of them were successful. Like, you would have only known about us in the last three years. Because even with the boutique hub, I'll tell you, at the beginning, I had no idea what I was doing. I had this wild idea. I didn't know anything about web development, so I found a random web developer I could hire. I googled everything I possibly could. I researched, I tried, I had trial and error. But, man, it wasn't for three years until the boutique hub really became what it is today. And in those three years, I made $0.00. $0.00. So it's okay to be that person. It's okay to figure it out as you go. You have to have hustle and you have to have enough passion behind what you're doing that it keeps you hustling in those first couple of years. So be ready for whatever that entails for your life, for the sacrifices that it does take to grow a business. And I say all of that. But I also, again, want to say it with now, have grace for yourself in those first three years. Make it okay to fail for yourself. Because honestly, in the first three years, there was a lot of things that almost killed the boutique hub completely. A bad partnership that totally drained our bank account, blocked us from our customer list, blocked us from our Facebook groups. That was almost like the end of the boutique hub, right? There was times where the product that we built just wasn't working. It just wasn't the solution that people really needed at the time. So there's a lot of things that I feel like failed, but because they failed, it allowed us to pivot and start to build the business in a new way that really opened it up for success down the road, and it helped us to be really better listeners, I'll say, to our customers, so that we could create something that was more meaningful and impactful and really serve the purpose and the mission that we were set out for. And so whatever that's worth, you know, for you and your business, it's okay to fail. It's okay to try something and not have it work. Be willing to hustle, but be willing to fail at the same time and to give yourself grace that it's going to be one piece at a time that you build this thing until it might take off, right? And then it's awesome when it does. But, you know, the funny thing about when your business finally does take off is a lot of us are so competitive, right? Entrepreneurs are competitive. And so you're always thinking, man, okay, that's great. I accomplished that goal. But now I want to do this. And you don't even give yourself time to celebrate the fact that you just hit a huge milestone until you're off to the next thing. So have grace for whatever it takes in that hustle moment to get where you want to go. But don't forget to celebrate the small wins along the way. Celebrate the things that you did accomplish versus looking at the things that you have yet to accomplish. Because at the end of the day, man, I heard a great podcast about this the other day, and it was about how life is not about the destination. It is 100% about the journey. And I think the greatest foolery in life is that we think it's a race to get to the end, when really, life is a musical that's meant to be danced to along the way, but we're so busy in hustle mode that we forget to stop and dance. So, yes, year one is hustle, but it is also a year of grace and a year of learning every step of the way. All right, guys, final tip for maximizing and growing your business in the first year and that is find the right vendors. Find the right vendors. So we talked a little bit about this in a couple ways. Not finding knockoffs and making sure you go to market, but I want to talk about finding the right vendors from this context and that is to build relationships, whether it's online or offline. Know who you're doing business with and build relationships with them. Because man, the more successful you're going to be, the more successful your vendor is going to be. And they are looking for people to build relationships and growing partnerships with along the way. The more you shop with certain vendors and you really get to know them, it means your customer is really going to get to know them too. So they're going to get to know the fit, right? Understanding Junior versus Missy sizing or Women's Contemporary and understanding how fit is directly related to quality and how your customers are going to become repeat customers. So cheaper is not better. 100%. No matter what it is, whether it's shopping with vendors or hiring someone to do your website, cheaper is not better. You will always get what you pay for. And time is money. Such important things to remember as you're growing your business. So start to think about really who's your customer? You know, is she that fast fashion mom who is okay with her $20 shirt getting puked on and thrown away? Or is she the mom that's looking for something a little bit more elevated that she can be proud to wear again and again, know who she is and then look for the vendors that really serve that type of customer. And don't be scared to go to market, experiment, explore and test out some new things along the way. Now along that, I think one more thing I just want to mention is the importance as you know your vendors, of really planning your buys in terms of buying in collections, knowing what goes together, knowing how to launch your pieces in collections, knowing what times a year are going to be a little bit busier and a little bit slower so you're buying accordingly, right? Knowing that fourth quarter is going to be great. Back to school a spring launch, but then knowing maybe you're going to scale back in the J months or in the summer months depending on where you live and what your customers in those climates are typically buying. Alright, so Those are the 10 tips to help you grow your business from the start. I hope that you found some nuggets in there that are going to help you continue to grow your business. If you aren't already a member of the boutique hub and maximizing the training library that's inside of the Boutique hub. I would definitely say go check it out. You know, there's over a hundred hours of videos and how to's and templates and oh man, all kinds of things that we add to every single month in there, including promotions to run for every single holiday every month of the year, how to work with your vendors, how to understand retail math, how to prep for taxes. I mean, everything you can need in business we pack into that training library. So use it, enjoy it, and honestly jump in there and build friendships inside of the community or inside of your local community? No, community over competition is our motto, but it's a way of life on top of that. And I think the more fulfilled you're going to be in life and the happier you're going to be in life. It's it stems directly from the relationships that you build in life and being in competition mode with other business owners does nothing but build fear and anxiety and it puts you in a negative frame of mind every single day. So how can we rise together, build each other up, help each other out in this business and be a witness to the success that we're all trying to have on the purpose and the mission that we're fulfilling in this boutique business. So guys, whose life can you change? How can you go after your why? And how's it going to impact your family and the community around you? I hope that you loved this episode. I hope and I can't wait to bring you a few more solo episodes that answer some more of your direct questions. So keep them coming. DM me over at Boutique Hub Business or AJ Alderson or let me know inside the Hub what you would love to hear about. And we've got tons more guests coming on the show, plus a few more solos. So guys, have a great day. Thank you so much for listening to this episode and I am 100% here to serve, so reach out anytime. Hey guys, thank you so much for listening to this episode. We hope that you loved it. Don't forget to hit subscribe and leave a rating and review down below for a chance to be one of our featured listeners each and every week. For more information on on our spirit of community over competition and how to access complete show notes and bonus downloads from our guests, head on over to the boutiquehub.com and join the community. We'll see you next week.