The first year in business: Lessons learned from our startup journey.
Starting a business is an exhilarating journey, filled with highs and inevitable lows. As we reflect on our first year (we’re now in year FOUR!), we want to share the unfiltered truth about the mistakes we made and the invaluable lessons they taught us.
1. Finding the Right Manufacturer
The first hurdle was finding a reliable manufacturer, and it wasn't as straightforward as anticipated. Initial shipments brought damaged products and financial setbacks. Lesson learned: Connecting with contacts in Asia, we secured a trustworthy set of manufacturers, implemented damage control processes, and enlisted local support.
You cannot assume anything goes to plan, so take your time and prepare for all scenarios as they come along. You won’t know them all at first but you’ll soon learn!
2. External Packaging Matters
Underestimating the significance of external packaging led to numerous damaged items during shipping. Here, we tested various packing methods and went for more than we probably need only because we want to make sure items get to you safely without any damage from all sorts of knocks, bumps, and throws along the way!
3. Navigating Stock Demands
Predicting product demand accurately proved challenging. Misjudgments meant we would be out of stock a lot and also costly measures like air freighting during Covid disruptions to try and quickly recover were definitely not ideal fixes. Over time, we refined our understanding, improved stock management, and leveraged better market data for a smoother supply chain.
Lessons as Building Blocks
These mistakes were essential building blocks, shaping us into a more resilient business. Each challenge taught us something valuable, contributing to our growth. Looking back, these early missteps are stepping stones toward improvement.
Yet, we're still making mistakes, and each one guides us to rethink, pivot, and try something different. With no large team, much of it involves thinking on our feet. After all, we haven't reached a six-figure revenue business without those mistakes.
For Those Considering a 2024 Business
If you're contemplating starting a business in 2024, be prepared to make a lot of mistakes. Don't take them personally; instead, view them as opportunities to learn and build a better, more resilient business.
You will make mistakes. You will fail at somethings. You need to be more patient. Understand this and you’ll get over most of your hurdles with ease.
Embrace the journey, and remember, the path to success is often paved with lessons learned.
E16 - Vic's Kitchen - Baker turned teacher who shares vital information for anyone running a baking business. From easy ways to make money to protecting yourself and your company from any surprises!
We are back in England and just outside of London today in Woking, Surrey. We’re speaking with Victoria of Vic’s Kitchen. If you’ve ever wondered about running your own cake school, better ways to run you run your cake business, and even some quick ways to make some money, you’ve got to listen to this episode.
Vic has been running a cake school now for almost a decade and through this she has amassed hundreds of students learning not just about baking of course, but various other - and just as important - aspects of running your own cake business. The business end of things, pricing, marketing, and other strategies.
Vic has always been focused on the community and building a place that is fun for bakers to come and learn, feel comfortable, and most importantly, connect with other like-minded individuals. We’ve even had one of her guest teachers on this show in season 1 - remember Harry Bakes?
This episode is full of great advice whether you’re starting out, been at it for a while, or looking to add something new to your business. It’s hard work! There’s no question but Vic’s determination and drive is so inspiring we think you’re going to really enjoy this one. Let’s get on then with Vic’s baking journey….
Learn about Vic here:
Website
Instagram
Facebook
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This podcast is produced in London and Madrid by OLBAA.
OLBAA makes the best dessert packaging on the market because it's designed by a baker and not by a spreadsheet. From strong and tall cake boxes, to the game-changing tall cupcake boxes, OLBAA loves to innovate the packaging to make bakers' bakes look the best they can be. After all, you've spent hours making all those amazing desserts, why put them in a cheap and flimsy box? Show it off and make a statement with OLBAA.
To find out more, head over to www.olbaa.shop
Sponsorship enquires (starting at as little as £50) and any questions you may have, send them over to info@olbaa.uk
See you next time on My Baking Journey!
-Haf & Rachel