{"id":12105,"date":"2019-06-11T12:13:28","date_gmt":"2019-06-11T16:13:28","guid":{"rendered":"https:\/\/www.wework.com\/ideas\/?p=12105"},"modified":"2020-09-03T05:52:55","modified_gmt":"2020-09-03T09:52:55","slug":"five-smart-ways-to-scale-with-success","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/business-solutions\/five-smart-ways-to-scale-with-success","title":{"rendered":"Five smart ways to scale with success"},"content":{"rendered":"\n

\u201cSometimes na\u00efvet\u00e9 can build confidence,\u201d says Melanie Travis, CEO and founder of America\u2019s fastest-growing online swimwear brand Andie Swim<\/a>. \u201cKnowing too <\/em>much about the challenging parts of starting a business could scare you away from ever starting at all.\u201d<\/p>\n\n\n\n

That said, she and two other female entrepreneurs were happy to share the lessons they learned while successfully scaling their small businesses. To celebrate Small Business Week, Dell Small Business (a WeWork enterprise member) and WeWork invited Travis; Creator Awards<\/a> winner Karen Young, founder and CEO of OuiShave<\/a>, a sustainable women\u2019s shaving company; and Amber Lee, cofounder of Visual Country<\/a>, a creative shop specializing in Instagram and social content creation to WeWork 81 Prospect St<\/a> in Brooklyn, NY. They shared their stories with moderator Tanya Klich, associate small business editor at Forbes,<\/em> digging deep into what lies beyond growth and expansion when you\u2019re at the helm of a small business.<\/p>\n\n\n\n

Of the 36 percent of businesses in the U.S. that are women-owned, only 22 percent are able to scale past $1 million per year in revenue, according to the 2017 State of Women Owned Businesses<\/a>. Here are the lessons that helped these founders navigate their growing pains.<\/p>\n\n\n\n

Exhaust all options when fundraising<\/strong> <\/em><\/strong><\/h2>\n\n\n\n

Resilience and persistence are essential attributes on the fundraising trail, the founders say. <\/p>\n\n\n\n

\u201cIt was a lot of men hanging the phone up in my face,\u201d said Young, a member at WeWork 81 Prospect St, of her early attempts to raise money. \u201cShaving is owned by only five companies in the world, and here I was, a black woman from Brooklyn, like, \u2018y\u2019all better let me in.\u2019\u201d<\/p>\n\n\n\n

By persevering through repeated rejection, Young was able to find partners who believed in her and would invest. \u201cIt took a lot of knocking on doors\u2014until I finally reached a woman who thought \u2018why don\u2019t we have that?\u2019\u201d she said. Winning $180,000 from WeWork at the 2017 Creator Awards<\/a> helped her grow the business: Last year, OuiShave grew revenue by 350 percent.<\/p>\n\n\n\n

Travis\u2019s first attempts at traditional fundraising also failed. After knocking on the doors of people she knew in Manhattan asking for investment, she turned to alternative fundraising\u2014and raised $20,000 via crowdfunding in two weeks. \u201cI cobbled together another $100,000 from friends of families, which really just means high-wealth people who will bootstrap you,\u201d said Travis, a member at WeWork 214 W 29 St<\/a> in New York. <\/p>\n\n\n\n\n\n

Delegation = balance<\/strong> <\/h2>\n\n\n\n

\u201cIn the beginning, you\u2019re doing everything,\u201d explained Lee, who runs a 15-person creative shop specializing in Instagram and social content creation. \u201cI was our lawyer, which I would not advise. As the business grew, saving time came from delegating down; you want to do everything to save money, but at some point you need balance.\u201d  <\/p>\n\n\n\n

Strategic hires can bring key strengths to the table. In the early days, Travis was too preoccupied with selling product to prioritize team culture. But in hiring her second employee, she found a partner who could manage that aspect of the business. \u201cShe really cared about the culture, and I\u2019m so thankful for her efforts,\u201d Travis said. \u201cTwo years later, culture is a core part of our company. We have a 100 percent hit rate of extending a prospect an offer and that person coming on board.\u201d<\/p>\n\n\n\n

Tap your personal strengths<\/strong><\/h2>\n\n\n\n

Both Travis and Young said they knew very little about manufacturing and distributing the products they were launching\u2014but they knew their respective categories needed innovating and marketing to their target demographic. <\/p>\n\n\n\n

Before launching OuiShave, Young worked in production design and managed artists creating Est\u00e9e Lauder product packaging. \u201cAt Est\u00e9e Lauder, the hot topic was how to communicate with younger audiences,\u201d she said. To her, the answer was simple: \u201cHave authentic conversations and connect with women.\u201d It\u2019s a philosophy she\u2019s successfully applied at OuiShave in order to grow their online reach.  <\/p>\n\n\n\n

While Travis had vast marketing experience, she knew very little about manufacturing swimsuits. So she struck a strategic partnership with an established manufacturer, which helped pave the way for Andie Swim\u2019s growth. \u201cI showed that we had a brand that resonated,\u201d she explains. \u201cI said, \u2018You know how to make good swimsuits at good prices. I\u2019ll give you equity in exchange for production and distribution.\u2019\u201d  <\/p>\n\n\n\n

Build for your customer<\/strong><\/h2>\n\n\n\n

All three entrepreneurs place an emphasis on truly understanding customer needs. \u201cWe really try to be thoughtful about each and every product,\u201d Young said. \u201cToday we were sitting around holding bottles of our new shave creme, talking about how it felt in your hand.\u201d The little details, she said, really matter. <\/p>\n\n\n\n

Travis and her team design their swimsuits based solely on customer feedback. \u201cWe don\u2019t have a designer on staff,\u201d she said. \u201cEverything from the photos to the messaging we use\u2014we get feedback. We sit in our WeWork office, and one of us will swivel around and say \u2018Did you see that comment?\u2019\u201d The unique fits and fabrics of the Andie Swim line are all informed by customers, Travis said. Listening to those insights helped her company exceed $1 million in revenue each month. <\/p>\n\n\n\n

Leverage resources<\/strong><\/h2>\n\n\n\n

Few companies can do everything on their own. Tanya Klich called out programs like Dell\u2019s Small Business Advisor<\/a>, which supports small businesses scaling for free when it comes to tech infrastructure, security, data management, and more.<\/p>\n\n\n\n

Young credits Shopify for helping build scale by creating a versatile and robust online consumer experience, while Lee leans on cloud-based products like Dropbox to collaborate with her cofounder and teams who work in different cities. <\/p>\n\n\n\n

No matter the stage of your business, scaling challenges affect the most seasoned and the newest entrepreneurs. As these women shared, tackling these obstacles is all part of the journey. <\/p>\n\n\n\n

WeWork offers companies of all sizes space solutions that help solve their biggest business challenges.<\/em><\/p>\n\n\n