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.
Try and try again! We never gave up!
Leaving our corporate jobs to pursue our dream of starting a business was a challenge. We wanted a venture that would not only challenge us but also address a real issue in the community. The dream was to have more time for our very young kids, and a relatable aspiration for many embarking on their entrepreneurial journey, especially in the cake business.
Little did we know the challenges that lay ahead. The initial businesses faced setbacks, but each failure taught us valuable lessons. OLBAA, our fourth venture, emerged from a genuine problem faced in my cake business – flimsy, unfunctional packaging that devalued the cakes.
What began as a solution for my business transformed into a solution for the wider community. The overlooked and underappreciated community needed a champion. OLBAA became that champion, offering sturdy, purposeful packaging that made a difference.
Our journey echoes the struggles many entrepreneurs face – the search for a product that works, the transformation of passion into a business. OLBAA is here to stay, serving and solving problems for a community that deserves the very best.