Глава 4
Creative Funding and Smart Beginnings
When cash is scarce, trading goods and services becomes a lifeline for your brand. While launching A Bikini A Day, I traded my photography skills for essential business services we couldn't afford. For instance, I shot a campaign for a web designer's clothing company in exchange for him building our website-a service that could cost upwards of $10,000.
This exemplifies entrepreneurial hustle: finding creative solutions with limited resources. According to the International Reciprocal Trade Association, about $12-14 billion is exchanged yearly in barter transactions worldwide. Consider trading both goods and services-whether it's offering your physical products or skills like social media marketing or photography.
The early days of entrepreneurship aren't glamorous-they're scrappy. When we launched Monday in 2014, Devin and I operated entirely from our shared apartment. Our first collection was just ten pieces. When our initial inventory arrived, our apartment became completely overtaken by floor-to-ceiling boxes.
During our launch at Miami Swim Week, our intern called in panic about the overwhelming number of orders. We frantically called Ahna, who stepped in despite barely knowing us. She showed such exceptional ability under pressure that she's now one of Monday's longest-standing employees.
Don't be fooled by social media's glamorized portrayal of entrepreneurship. The reality involves shipping orders from your living room, packaging products until you have blisters, and handling customer service complaints at all hours.
Many young entrepreneurs want to skip the garage-startup phase and jump straight to fancy offices. The smarter approach is starting small and scaling gradually. Work from home if possible, or use month-to-month shared spaces. Be your own staff initially-don't hire until you've tried handling roles yourself.
When launching Monday, I invested $30,000 from a personal loan into our first collection. Years later, I invested the same amount to launch The Pilates Class with Jacqui, though we didn't even need the full amount due to our cost-saving measures.
Eventually, you'll need to focus entirely on your business, but timing this transition requires careful planning. Consider these five indicators you're ready: First, the business generates enough revenue for you to take a livable wage while still reinvesting in growth. Second, you've established stable revenue over at least six months. Third, you've saved an emergency fund covering 6-12 months of expenses. Fourth, you've built a loyal customer base with repeat business. Finally, you've documented clear growth plans that outline your scaling strategy.
Глава 5
Taking Calculated Risks and Building Confidence
The journey of Monday Swimwear began with my biggest career risk. After Devin and I were approached by a family-owned swimwear manufacturer, we signed a contract to design suits they would produce and sell. We created a ten-piece collection and shot it in Sydney on Christmas Day-a dream come true.
Our arrangement quickly soured when their buyer decided to purchase only certain pieces from our collection. Due to our exclusivity agreement, we couldn't sell the remaining pieces elsewhere.
Rather than accepting this situation, I requested a meeting at their California offices. When I expressed that their approach was unacceptable, their representative scolded me and stormed out. When she returned, I surprised even myself by suggesting "Maybe this isn't working."
Despite having no backup plan and the manufacturer holding all the production cards, Devin and I walked away with our designs and brand. This decision-betting on ourselves despite the risks-became the best career move I've ever made.
I was born with innate confidence-even as a kid, I thought I was great at everything. Today, I've refined this quality, recognizing my strengths while acknowledging where I fall short without spiraling into self-doubt. Instead, I hire people who complement my weaknesses.
Research shows confidence is critical to entrepreneurial success. True business confidence isn't about thinking you're better than others-it's knowing your company so thoroughly that you can speak about it authoritatively anywhere, anytime.
To build confidence: Surround yourself with supportive people, take public-speaking courses, check tasks off your to-do list, exercise regularly, identify trusted advisors whose feedback you value, do something outside your comfort zone, and give back through daily acts of kindness.
My experience with our original manufacturer taught me never to put my success in someone else's hands. While you'll need help building your business, no one will ever be as invested in your passion project as you are.
After breaking ties with that manufacturer, I vowed to always own my success. That's why I've never hired an agent to negotiate business deals-I know my worth and am willing to have the hard conversations myself.
Entrepreneurship is inherently risky-most startups don't survive their first three years. About 75% of entrepreneurs identify as risk-takers, and research shows those willing to take risks are nearly 20% more likely to become entrepreneurs.
But "risk" doesn't mean gambling everything blindly. It means being comfortable with uncertainty-giving up the relative security of regular paychecks for the unpredictable journey of building something new.
Глава 6
Building Your Dream Team
If I had to identify one critical factor for entrepreneurial success, it would be relationships. Every business is ultimately just people working together to create something meaningful. Before deciding whether to pursue your idea independently or with a partner, consider what complementary strengths they might bring.
When choosing a business partner, avoid selecting someone just like yourself-your business already has you! Instead, seek someone with complementary tactical skills (you handle marketing, they manage finances) or different soft skills (you inspire while they remain calm in chaos).
While you don't need identical backgrounds, you absolutely must share the same business values and vision to avoid conflicts over fundamental decisions like growth strategy. Though you don't need to be best friends outside work, you must respect and enjoy each other's company to weather the inevitable stressful moments.
When determining equity with business partners, don't automatically split it equally-consider what each person contributes. I recently advised a woman launching a venture with two others who planned to split ownership three ways, despite one partner sacrificing a high six-figure salary and bringing valuable industry connections.
Know your worth, but remain flexible-after six months of operations, you'll have better information about contributions and can renegotiate if needed. While bringing in additional partners dilutes your equity, remember that a smaller percentage of a more valuable company is better than a larger share of something worth less.
When first launching your company, you'll likely do everything yourself-from packing orders to managing social media. Though exhausting, this hands-on experience across all aspects of your business is invaluable. Understanding every role firsthand better equips you to hire the right people when the time comes.
When building your team, I prioritize attitude and work ethic over experience. Take Casey, our head of marketing at The Pilates Class-she began as a special effects makeup artist who volunteered at our pop-up shop. Her exceptional work ethic caught attention, and she rose from part-time assistant to global marketing head through dedication rather than industry experience.
I prefer hiring employees who are also our customers, as they inherently understand our audience. This approach makes diversity in hiring crucial-your team should represent your diverse customer base to provide authentic perspectives.
Many entrepreneurs don't anticipate that success means becoming a leader who manages teams. Good leadership starts with small gestures like publicly crediting employees for their contributions, which costs nothing but builds loyalty. Prioritize team wellbeing through fair pay, benefits, and career development.
Глава 7
The Power of Starting Small
While many believe bigger is better in business, there's tremendous value in staying small or maintaining a small-business mentality even as you grow. Small businesses are more agile, can pivot quickly, and foster better team connection. As founder of a small company, you can maintain relationships with every employee, creating a "we're all in this together" culture rather than a rigid hierarchy.
Small companies can also make more intuitive decisions without constant investor scrutiny-unlike VCs whose job is to mitigate risk. When companies grow too large or get acquired by investment firms, they often lose their soul and product quality suffers.
While it's tempting to imagine all the ways your business could expand, it's crucial to start small and master one thing first. Though entrepreneurs easily get excited about endless possibilities-like an eyeglass maker expanding to contacts, sunglasses, beach bags and towels-focusing on a single product or service initially is the wiser approach.
Start with one collection or service and get really good at it. This allows you to develop your core offering that defines your brand and keeps customers returning. Expansion costs money and requires additional marketing effort, so wait until your first offering runs on autopilot before adding more.
Starting small is about playing the long game and building a foundation that lasts. I constantly ask myself: "Does this thing have legs?" and "What does twenty years of this brand look like?" While I rely on social media for marketing, I'm always thinking about how we can exist beyond those platforms, since every hot app eventually becomes old news.
Don't get sidetracked by others who copy your products or services. At Monday, we've been blatantly imitated countless times-we've even seen business owners order our products and then clearly try to recreate them. But I choose not to worry about competition because if you stay ahead of the game, people can copy all they want.
Some business owners waste thousands on legal battles against copycats when they should invest that money into growth. While sometimes legal action is justified, especially with patents, I've never wasted time being upset about imitators. It's just another reason to remain inventive and make your offering better than the rest.
Глава 8
Essential Business Operations
When Devin and I started Monday, our biggest mystery was how to transform from people selling something out of a living room into a verified small business with all the proper paperwork and legal protections. For those without business degrees, these practical steps can be the real barrier to entry that keeps great ideas from becoming real businesses.
One of your first decisions will be naming your business-something you want to get right from the beginning. Choose something short and memorable that describes or hints at your product or service. With The Pilates Class and The Birthing Class, we went the direct route-what we do is right in the name.
After choosing your name, check if it's available by searching trademark databases in relevant markets. If it's available, register a trademark under every category your company might venture into. Next, ensure the URLs are available-if you can't get the website name for your business, you might want to reconsider your choice.
Understanding profit margins is crucial for business success. Gross margin is the difference between your product's selling price and the cost of goods sold (COGS), expressed as a percentage. For example, if a sweater costs $80 to make and sells for $100, your gross margin is 20%. Net margin factors in all business expenses including overheads, payroll, and taxes.
Generally, 5% margins are considered low, 7-10% healthy, and 30% high, though this varies by industry. Service businesses and apparel typically enjoy higher margins, while restaurants operate on slim 3-5% margins.
When starting a product-based business, determining order quantities is challenging without historical data. A practical approach is to use e-commerce conversion metrics: typically 1-4% of website visitors make purchases. If you've built an audience of 5,000 followers and 10% visit your site at launch (500 people), with a 2% conversion rate, you'd sell just 10 products. These sobering numbers should caution against over-ordering inventory.
Pricing involves more than just calculating margins-consumer psychology plays a crucial role. At Monday Swimwear, our prices reflect product quality, but we also understand that price signals value to customers. If our suits were cheaper, people might assume lower quality and avoid purchasing.
Creating a business budget is most challenging when you're just starting out, as you lack historical data and must rely on educated guesses. The two key factors to consider initially are how much you reasonably expect to earn in your first year, and how much inventory you need to purchase to achieve that goal.
Глава 9
Learning from Failures and Setbacks
Business ownership inevitably brings peaks and troughs, but even "downs" offer valuable learning opportunities. Every mistake provides tools for future endeavors, ultimately making you more knowledgeable and confident. In 2013, during A Bikini A Day's early phase, Devin and I created swimsuit calendars as our first product. Without manufacturing experience or understanding of inventory management, we ordered 5,000 units but sold fewer than half-leaving us with thousands of time-sensitive items we couldn't resell.
I actually love when things go wrong-there's satisfaction in being a problem-solver and leader when challenges arise. At my companies, I institute what I call the "5-second funeral" when problems emerge: everyone gets five seconds to panic or mourn, then we immediately shift to problem-solving mode. Every business problem can be solved, and maintaining perspective is crucial.
Fear of failure is far more debilitating than failure itself. When overwhelmed, the solution is simple: make a plan and focus only on the next step. I approach business challenges like skiing downhill-rather than getting terrified looking at the entire mountain, I focus solely on what's directly in front of me.
Most business endeavors fall somewhere between perfect execution and complete disaster. As an entrepreneur, you'll need to discern which mistakes actually matter. With your attention pulled in countless directions, getting sidetracked by insignificant details is a classic rookie mistake.
Launching your first business resembles early-stage dating-initial excitement about potential that may not pan out. Your first idea often isn't your big idea, even for the world's most successful people. Bill Gates, Henry Ford, and Jeff Bezos all had failed ventures before their breakthrough successes.
What makes a business a "failure"? While technically defined as shutting down due to inability to turn profit or cover expenses, I consider many businesses that no longer exist as successes. A Bikini A Day made money and led to bigger opportunities before we chose to retire it. Before starting your business journey, redefine what failure means to you. Just because something ran its course doesn't mean your experience lacked value.
Глава 10
Modern Marketing Strategies
Marketing has always been my strength-from childhood Christmas cards to Instagram accounts and online Pilates classes. It's about more than advertising; it's positioning your offering so customers understand your brand and feel loyal to it. Today's marketing has shifted dramatically from the product-centric approach of campaigns like Absolut's iconic ads. Modern consumers care less about what everyone else loves and more about how products improve their lives.
Simplicity is essential in marketing. The KISS principle ("Keep It Simple, Stupid") applies perfectly to branding, content, websites and emails. With attention spans shrinking dramatically-from 150 seconds in 2004 to just 47 seconds by 2023-your marketing message must be instantly understandable.
Understanding your audience requires collecting demographic information like gender, age, location, income, and education. But truly effective marketing demands deeper insight into customers' mindsets, concerns, and values. I operate between Australia and the US but must stay attuned to American politics since most Monday customers are American.
Top-of-mind awareness means being the first brand customers think of in your category. This is why established giants like Coca-Cola spend billions on marketing despite already dominating their industry. The "rule of seven"-a marketing principle from 1930s Hollywood-suggests customers need to see your brand at least seven times before purchasing.
I believe wholeheartedly in marketing's power, especially in today's online marketplace where attention is scarce. Without effective marketing, even exceptional products remain invisible to potential customers. At all my brands, marketing represents a top investment, but it's diversified across multiple strategies rather than concentrated in one channel.
When launching a new business with a limited marketing budget, social media should be your starting point. Begin building your audience before your product launches so people are paying attention when you go live. First, secure straightforward social media handles as close to your business name as possible-avoid underscores, periods or clever variations that make you harder to find.
Even without an existing influencer following like I had, you can leverage your personal network effectively. Calculate your total reach by adding up all your friends' and family's followers-it likely numbers in the thousands. Ask them directly to engage with your posts by liking, commenting and sharing. Explain that engagement boosts algorithmic visibility, creating a snowball effect.
Глава 11
Sustainable Success and Personal Wellbeing
When launching a business, you'll love and nurture it constantly, but like parents on airplanes who must "put your oxygen mask on first," you need to prioritize self-care. Despite what #hustleculture suggests, working to exhaustion isn't something to celebrate. The #girlboss movement's message that success requires sacrificing personal joy for professional achievement isn't sustainable. For business longevity, balance is essential.
Though I've always been someone who jumps out of bed Monday mornings excited to tackle the day, I learned the hard way that constant work without downtime has severe consequences. After developing long Covid in 2022, with symptoms lasting months, I realized my body had been running on empty while managing three businesses.
The WHO defines burnout as "a syndrome resulting from chronic workplace stress that hasn't been successfully managed," characterized by energy depletion. Studies show many entrepreneurs experience burnout, which can lead to heart disease, high blood pressure, insomnia and increased vulnerability to illness.
To avoid burnout at home, I recommend getting eight hours of sleep (most adults only get 6.8), moving your body daily (I love Pilates and walks), connecting with friends, meditating to settle your nervous system, engaging in offline hobbies, avoiding unnecessary technology, talking to professionals, spending time in nature (my personal priority), being wary of toxic relationships, creating boundaries (saying no when needed), managing stress (remembering life's yin and yang balance), and slowing down.
As a leader, your attitude and energy set the tone for your entire company. When you show up positive and inspiring, you establish a "we are happy to be here" culture that influences everyone. Conversely, if you arrive stressed and exhausted, employees will perceive the workplace as chaotic and may worry about job security.
I love being alone. Though I adore my friends, family and co-workers, my best ideas come during solitude. While traveling to exotic places is wonderful, the hours spent on planes provide ideal reflection time. When running a business, countless people need something from you-partners, employees, vendors, investors, journalists, customers-making alone time precious.
Research confirms the "shower effect"-our best ideas often emerge during mind-wandering activities like showering, driving, running, or dishwashing. A 2019 study found that 20% of creative breakthroughs occur during "spontaneous task-independent mind wandering," with these ideas more likely to be "aha moments."
Finding your purpose brings fulfillment beyond financial success. Like a flowing river, career journeys should feel natural rather than forced-when something feels too difficult, it might mean you're "clinging to a boulder" rather than moving with the current. While financial stability matters, true success combines making a living with feeling fulfilled without the stress of running a mega-company.
The most thrilling part of entrepreneurship is the uncertainty and limitless potential of new beginnings. Despite any fears about starting something new, there's tremendous opportunity in the unknown. When you're tuned into the excessively obsessed mindset, you'll notice you look at the world differently-more connected to your purpose, seeing potential ideas everywhere. Trust those ideas that scream "This is what I am meant for" and know they came to you for a reason.
