Jewel Toned was created by Rachael McCrary, a lingerie expert who realized her friends had one intimate apparel problem in common – feeling bad and uncomfortable in their shapewear. She swings through to chat about entrepreneurship.
A- Sounds like a great idea! It’s good for us to take a methodical approach and get clear. Start with writing down the answers to the following: Why do I want to start this business? What feeling do I want to have? What do I want to achieve? Why am I the person to do this? When you’re satisfied with your answers, move on to a short business plan and a budget.
Q- Do you think it is possible to succeed in any industry?
A- I’m sure it’s possible for someone to succeed in any respective industry, but not all of us. We need to have the experience, skillset and contacts to execute know-how to navigate in said industry. The smaller the learning curve, the better.
Q- What are some tips you have for raising money to kick start your company?
A- It’s up to you to kickstart your company. Working capital is usually necessary to scaling and growth. When raising money, be prepared to clearly illustrate anticipated use of the funds. Seek investors with experience in similar spaces, but not too close (competition is a conflict). When you begin discussion with potential investors, learn their working style and see if you’re compatible. Do you want hands on or hands off investor participation? Make sure to clarify everything to prevent problems later.
Q- What is your advice for entrepreneurs to keep their business growing and remain successful?
A- Always think ahead and anticipate changes. There’s a saying that goes something like: If you can learn to dance on a shifting carpet, you’ll never have the rug pulled out from under you again. This is good advice for entrepreneurs, as we cannot control everything. Things won’t always go your way. Don’t sweat the changes, go with the flow and just keep moving forward. You’ll thrive in the chaos and see your dreams realized.