3 SURPRISING facts you probably don’t need to know about businesses
- Walmart makes a cool 1.8 million dollars per hour- no big deal
- Starbucks round tables were created specifically so their guests wouldn’t feel so “alone”
- Dasani water is just purified tap water ; it doesn’t come from a natural spring at all.
Wylder Space grew 250% in 2019. I went from a one man band to an established co. Obviously, I didn’t know what I was doing. I had no systems in place. I didn’t know how to train people. I spent my year putting out fires while knee deep in mashed potatoes.
The 2019 wedding season was wild, chaotic and VERY disorganized. We made it out alive, relatively unscathed, other than a cool $43,000 in refunds we gave back. (It still puts a pit in my stomach to write that.).
If you’re reading this, having never grown faster than you can handle, you may not relate to the chaos and growing pains I’m writing about. In fact, you may read this story (secretly judging me in that noggin of yours), for not knowing how to run a business properly. “Boy, she sounds like a hot mess!”
Let me be the first to say, growing pains are uncomfortable. Anyone who jumps in to the entrepreneurial game is going to experience the throes of shortcomings on a daily basis.
Nothing right sizes us faster than making mistakes. Choosing to make amends for letting other people down allows us the opportunity to learn and grow while operating from a place of integrity.
To those of you who can relate, “Heeeeyyy!!!” 😁. Doesn’t it feel good to know you’re not the only one learning MAJOR lessons as you grow?
When you meet a business owner and they tell you their story- what you’re going to see is a consistent pattern of failure, followed by success. To every entrepreneur who’s trying to find your way- you may fail over and over again. You only need to get it right ONCE.
In todays email, you’ll get a deeper insight on the following, to help your business THRIVE:
- Why most businesses don’t work, We’re technicians with no business backgrounds
- FIX THIS NEXT, 5 Needs of Every Entrepreneur
- Make $$, Increase Profitability 💶
More Reading Material that will help you get your business under control
Michael Gerber The E Myth (why most small businesses FAIL)
Michael Michalko Thinkertoys (A handbook of creative thinking techniques)
Mike Michalowicz PROFIT FIRST and a quick video about it, below ⤵️
Michael Gerber The E Myth (why most small businesses FAIL)
Michael Michalko Thinkertoys (A handbook of creative thinking techniques)
Mike Michalowicz PROFIT FIRST and a quick video about it, below ⤵️
Why Most Small Businesses don’t Work
1. You start as an expert in your field, with no business know-how to back it up
What we often lack are two key elements apart from technical skills - managerial and entrepreneurial capabilities.
2. Ask yourself- Are the hours that you are working how you want to live your life?
Most business owners do not own a business that works, they own a job with very long hours, high financial risk, large amounts of emotional stress, and a business that is very reliant on their experience and their time.
3. Average Is Easy
Average is easy - that's why most people do it. The business is very reliant on you. You are the main contact for your most important clients, and you still carry out financial checks on invoices and expense claims.
You believe that you are the best person in your business for a range of tasks including technical expertise, marketing and customer communication.
Despite your best intentions to invest time in building the business, you are continuously caught up in the urgent fire fighting that needs to be addressed each day.
4. The Average Result
You work at least 50 hours a week, often more with demands on your shoulders coming from many directions, inside and outside of the business.
Even when you find time to go on vacation you are regularly checking progress back in the business.
2. Ask yourself- Are the hours that you are working how you want to live your life?
Most business owners do not own a business that works, they own a job with very long hours, high financial risk, large amounts of emotional stress, and a business that is very reliant on their experience and their time.
3. Average Is Easy
Average is easy - that's why most people do it. The business is very reliant on you. You are the main contact for your most important clients, and you still carry out financial checks on invoices and expense claims.
You believe that you are the best person in your business for a range of tasks including technical expertise, marketing and customer communication.
Despite your best intentions to invest time in building the business, you are continuously caught up in the urgent fire fighting that needs to be addressed each day.
4. The Average Result
You work at least 50 hours a week, often more with demands on your shoulders coming from many directions, inside and outside of the business.
Even when you find time to go on vacation you are regularly checking progress back in the business.
The High Performance Approach = Results
- Efficiency in the business comes from personal productivity for yourself and your colleagues, and consistent systems to run the business.
- Delegate goals and actions to some of your team and you demonstrate self discipline through your regular team meetings, your default diary and your daily to do list.
- Spend at least one day per week working on the business - i.e. the important, non-urgent activities such as recruitment, training, system design, planning, coaching.
It won’t happen over night, but over time, you’ll be working longer ON your business than IN your business
The High Performance Result
- Spend the right amount of time each day and each week on building the business that you want, rather than maintaining the business you already have.
- Lead your team, so that they execute all the systems that run the business: systems to win more business, deliver the work and collect the finances.
The biggest problem entrepreneurs have is that they don't know what their biggest problem is. If you find yourself trapped between stagnating sales, staff turnover, and unhappy customers, what do you fix first? Every issue seems urgent -- but there's no way to address all of them at once. The result? A business that continues to go in endless circles putting out urgent fires and prioritizing the wrong things.
Sitting here, feeling buried, knee deep in bills and not knowing what to do next. Yup. Sounds About right. Some business owners feel this way from time to time. MOST business owners feel this way ALL the time. Whether you’re just starting out or running a successful & well established co. Whether you’ve struggled to make payroll or are rolling in the dough, the urgent feeling to FIX EVERYTHING, like now, is the common thread that runs through every entrepreneur.
FIX THIS NEXT
5 Needs for Every Entrepreneur
- Sales create cash for a business. Sales IS the foundation of your business.
- Once you’ve got sales, you need the cash to bring about stability, AKA “profit”.
- Once you have “profit” you need to create efficiency and order.
- The level above that is impact, and it’s where your business goes from being about transactions to becoming about transformation.
- The final level is legacy, which is where the work you are doing is so important that it must continue for generations.
GROWTH = Profitability
Sales - Profit = Expenses
It’s the envelope system for business.
- Improve your company’s financial health
- get expenses under control
- create sustainable growth.
Your business is here to work for you, not the other way around.45% of small businesses fail within the first 5 years, and usually, it’s because they run out of money.
As a business owner in 2024, I can see the need to stay up to date on technology so that I don’t get left behind in the years to follow. AI is a tool that can be used supportively in our industries- not to be mistaken by allowing AI to do all the work for us. Critical and logical thinking, creative input and keeping a unique thumbprint on your work is the key to leveraging this new technology.
Introducing Gamma- a new tool for creators & visionaries that can bring your words to life through animation, video and photo content.
Food is our medium for connection
Wylder Space is a full-service boutique catering company based in Scotts Valley, with an emphasis on hyperlocal ingredients. We're friends with people who grow our food and want to educate you on knowing and caring about where your food comes from.
This publication is in its infancy stage.
As a business owner, I’m sure you remember what it’s like to get the word out about your product or service. Please share this publication with anyone you think would find value in its content. We’re doing this grass roots style and would be so stoked to see the word get out simply because you find this material helpful.
By clicking the link below, you can help spread the word and get super cool thank you gifts in return.
3 SURPRISING facts every entrepreneur must know
- Often times you will be in constant jeopardy of losing it all
- The success or failure of your company will weigh heavily on your shoulders
- There are times when you will forget the last time you actually paid yourself
PROFIT FIRST and why you’ll love it!
Recently I read the book, Profit First, by Mike Michalowicz.
Why this book means so much to me? OMG it’s exactly what I needed to read and showed up at THE perfect time.
I silently struggled for years. For years, I didn’t pay myself. I worked tirelessly, telling myself if I just work harder, if I just sell more, I’ll be ok. (Exhausted, is a mild description compared to the physical and metal breakdown I had been undergoing behind closed doors.) I was defeated.
In 2019, I was so broken I couldn’t event smile. I was a shell of a person. I felt like I couldn’t continue going on (but being the tried and true entrepreneur that I am, throwing in the towel isn’t part of my genetic make up).
In 2020, we landed an account with a corporate client that ultimately change the course of my company’s financial health. This opportunity brought on immense urgency to get Wylder’s cash flow under control. I desparately needed to learn how to manage lots of money coming in, because there was a LOT of money going out.
Often as entrepreneurs we feel isolated and alone. We think we’re the ONLY ones who suffer with cash flow & money management issues. Within minutes of reading Profit First, I understood that this is a universal problem that plagues all business owners, however, most people don’t have the guts to get honest about their financial situations.
If you’re tired, burnt out, beat down and at rock bottom - WELCOME! I promise you, you’re in the right place & I’m so glad you’re here. (Being in a state of defeat is such a gift, though it may not feel like it.)
I’ve included a link to the free resources from Profit First below and you can also check out our resource page directly on The Entrepreneurial Spirit website navigation bar. If you’re struggling, like so many of us are, I hope you order this book and take the steps to freedom.
In Todays Email, you’ll be able to get deeper resources for:
- Upgrading your money mindset
- Managing cash flow
- “HOW” to grow!
MONEY TALK
Check your money mindset
How you think about money and your relationship with money will determine the success of your business. What old money stories have you been holding on to that prevent you from building a profitable business?
If you want to live a rich life, you’ve got to learn these 2 things:
1. You’ve got to understand the numbers
2. Simultaneously, you must work on your money psychology
1. You’ve got to understand the numbers
2. Simultaneously, you must work on your money psychology
There is a way for you to change the way you think about, relate to, and the psychology of money so that you have greater freedom. You have possibility. You can be more present, you can be more confident and effective in your decision making.
This is EXACTLY what we, as entrepreneurs need to learn.
Check out these resources for a deep dive
Mike Michalowicz Profit First (obsessed!!!!). This book has transformed my life!
Lynn Twist Soul of Money
Ken Honda Happy Money
Florence Scovel Shinn Game of Life and How to Play It
Alex Hormozi Entrepreneurship
Codie Sanchez Entrepreneurship & Money ⤵️
Lynn Twist Soul of Money
Ken Honda Happy Money
Florence Scovel Shinn Game of Life and How to Play It
Alex Hormozi Entrepreneurship
Codie Sanchez Entrepreneurship & Money ⤵️
MANAGING CASH FLOW
4 Practices Business Owners MUST Grasp
Sales Vs. Cash Flow
One lesson for new business owners is that more sales don’t always mean better cash flow; as sales increase, expenses increase as well.
One lesson for new business owners is that more sales don’t always mean better cash flow; as sales increase, expenses increase as well.
Weekly Forecasts
Make sure you’re not caught off guard by cash flow. Look ahead to see what costs are coming down the pipeline so that if you need to inject cash into your co. you can.
Forecast
Reduce your cost outflows (perhaps let contract workers go & keep your regular core workers busy before needing to do mass layoffs)
Make sure you’re not caught off guard by cash flow. Look ahead to see what costs are coming down the pipeline so that if you need to inject cash into your co. you can.
Forecast
Reduce your cost outflows (perhaps let contract workers go & keep your regular core workers busy before needing to do mass layoffs)
Build residual revenue through diversification
Cash flow can get the best of you, especially when you’ve got events coming weekly with lots of things to pay for. Rather than paying for this weeks events with next weeks deposits, diversifying and setting up residual streams of revenue to offset costs & lower risks will help immensely.
Cash flow can get the best of you, especially when you’ve got events coming weekly with lots of things to pay for. Rather than paying for this weeks events with next weeks deposits, diversifying and setting up residual streams of revenue to offset costs & lower risks will help immensely.
EXAMPLE: In 2024, subscription based models are all the rage- even in restaurants- look at Apple Bee’s Model that is launching in February.
GROWTH MINDSET
Want to see your business grow? Consider these 4 strategies
Depending on the kind of company you're building, your growth strategy might include aspects like:
- Adding new locations
- Investing in customer acquisition
- Franchising opportunities
- Product line expansions
- Selling products online across multiple platforms
Organic Growth
Expanding on your own, utilizing your own resources. An example would be improving your processes, implementing better systems and procedures for execution.
Expanding on your own, utilizing your own resources. An example would be improving your processes, implementing better systems and procedures for execution.
Strategic Growth
Developing a plan for long term growth by creating a new product line or developing a marketing strategy. These typically require a significant amount of capital to get them going.
Internal Growth
Similar to organic growth, it relies on you using your own internal resources. Some examples would be cutting wasteful spending, running leaner and automating. It forces you to look at your own processes to make yourself more efficient.
Mergers, partnerships & Acquisitions
Although riskier, the reward is much greater. An example of this could be purchasing a catering co. in the surrounding areas to expand your customer base into new territory.
Similar to organic growth, it relies on you using your own internal resources. Some examples would be cutting wasteful spending, running leaner and automating. It forces you to look at your own processes to make yourself more efficient.
Mergers, partnerships & Acquisitions
Although riskier, the reward is much greater. An example of this could be purchasing a catering co. in the surrounding areas to expand your customer base into new territory.
Wylder’s Food Philosophy
Wylder Space is based around the concept of bringing people together with good food. Food is our medium for connection. It’s an honor to cook for you and connect with you!
Watch and learn about the food philosophy at Wylder Space, our unique and boutique catering co. by clicking on this link 🙂.
This publication is in its infancy stage.
As a business owner, I’m sure you remember what it’s like to get the word out about your product or service. Please share this publication with anyone you think would find value in its content. We’re doing this grass roots style and would be so stoked to see the word get out simply because you find this material helpful.
By clicking the link below, you can help spread the word and get super cool thank you gifts in return.
Fun Facts for all entrepreneurial spirits
- You’ll never work 9-5 again. YAY!!!! Your typical work day will be more like 16 hours a day, all hours of the night, 7 days a week…. fortunately, it won’t be forever, but it MAY be for years.
- SURPRISE!!! Your first shot at launching your product or business will most likely fail.
- “I will learn from my mistakes” will become your daily mantra
In todays email:
- Are you secretly struggling to make ends meet?: 3 things you can do to get cash FAST and generate a buzz for your biz
- How to stand out in a crowd: Claim it, name it, mark it as your own.
- Innovate + Execute: What if everything in your industry shut down tomorrow? Do you consider your options and can you pivot on a dime?
Check it out! A sweet recipe video for ya ⤵️ Consider investing in video content. It gives you material that can be recycled & builds brand recognition for years.
Wylder Space Red Wine Braised Short Ribs
This is "Wylder Space Red Wine Braised Short Ribs" by John Valenti on Vimeo, the home for high quality videos and the people who love them.
vimeo.com/514035795
Trending
3 biggies to capitalize on in 2024, if you’re in a financial pinch.
- Pop up restaurants Struggling to pay the bills? Consider opening your doors to fellow foodies on the days you’re closed to the public. Food entrepreneurs get to showcase their concepts and test the market, before signing up for long term leases and heavy over head. You get to charge an hourly rate or take a percentage of their sales. It’s the wave of the future for offsetting costs.
- 4 hr work weeks are a better bang for your buck. You’re more likely to succeed when you follow the data. Your customers will tell you when they’re most likely to spend money. Don’t waste your time being open if the sales don’t support the labor/ food costs.
- Immersive dining experiences: Imagine pouring your heart and soul into a concept, only to realize your blood, sweat and tears are barely keeping the lights on. Immersive dining experiences are a fancy name for “catering”. You can do it off site or on site at your establishment, curating unique and boutique experiences for your guests. Bring in local vendors and artists to enhance the dining experience. You can personally test the market for new concepts, offer pre-sale tickets (so you know how many guests to prepare for) & it keeps things innovative for your guests, which is ultimately, the name of the game.
Define your Niche, Stake your Claim
Council Post: 7 Ways To Stand Out And Thrive In A Saturated Market
If you're trying to break into a crowded market, these 7 tips can help you thrive.
www.forbes.com/sites/forbesbusinesscouncil/2022/07/25/7-ways-to-stand-out-and-thrive-in-a-saturated-market/?sh=4a30d4e76fa2
Innovate & Execute
What if you could no longer make money doing what you’re doing right now? What would you do?
If you generate 80% of your revenue from 1 or 2 clients, product or service, diversifying will protect your company long term.
You never know what can happen in the future. Lose your bread and butter, and you’re upside down, overnight.
Our business rely heavily on 2 main revenue streams and that worries me for long term sustainability. If one of them went away, what would we do?
Below is an example of how I’ve been brainstorming on diversification at Wylder.
Wanna get some cool free stuff? Welp, you can! Networking, referrals, promotion and collaboration are integral skills we need as business owners. Promote others, get promoted. We choose collaboration over competition.
If you click on the button below you’ll see 3 giveaways we’ve got for you. I’m currently working on a course for young entrepreneurs, FREE to all you peeps who are interested in growth mindset and getting OUT of your business to work ON your business.
We need all the help we can get and it’s the least I can do to get the word out there about Wylder, the Entrepreneurial Spirit’s mentorship program & our grassroots on- line community of likeminded peeps.
Until next time you guys,
It’s an honor to cook for you, work with you and support each other in the entrepreneurial game. xoxo
The entrepreneur is a different breed of human. Long hours, no pay, setback after setback fuels the fire from within. Entrepreneurs are wired differently. Giving up isn’t an option. Failure becomes an asset.
Big tech companies and large corporations tend to steal the spotlight, however, small businesses are the backbone of the American economy. According to recent data, not only are the majority of jobs in the U.S. created by small businesses, but they are also a major source of innovation, economic growth, and national prosperity.
Resilience is the ability to bounce back from failures, stay focused on long-term goals, and remain open to pivoting when necessary.
Analyze the Data. If it’s working, keep it- If it isn’t, Change it
As small business owners we face challenges and setbacks all the time. If you can learn from loss, adapt and implement new strategies, you’re more likely to succeed. Analyze the data, look at your strategy and observe the patterns to make necessary adjustments.
Analyzing Strategies for growth
Adaptation
Identify Winning Strategies
Make informed decisions
Improve chances of success
Resilience
Bounce Back from Failure
Stay focused on long-term goals
Remain open to pivoting when necessary
-Chart provided by Forbes Advisor, 2024
Change is Inevitable, Plan for it.
If something isn’t working, be willing to bend, shift or change directions. Embracing change and being willing to adapt is crucial for success as a small business owner. Pivoting allows you to stay ahead of the competition and take advantage of new opportunities.
It requires a mindset that is open to exploring different paths and strategies, even if it means deviating from the original plan.
By embracing change and being flexible, you can leverage new information, make informed decisions and drive innovation- keeping you two steps ahead of the game.
Change the way you look at things & the things you look at Change
When faced with adversity, it's easy to get bogged down in negativity and lose sight of the bigger picture. But, as a skilled entrepreneur, reframing your perspective to find the silver lining is the name of the game.
Ask yourself: "What can I learn from this experience?" or "How can I use this challenge to grow?" Keeping a growth mindset helps turn adversity into an advantage.
Cultivate a Growth Mindset
The difference between those who crack in the face of adversity and those who thrive is the way you choose to look at things.
Adopting a growth mindset offers the opportunity to look at your stumbling blocks as stepping stones. This perspective shift can make all the difference in your ability to bounce back from setbacks and turn adversity into an advantage.
What’s the MORAL of this STORY?
The only way to ensure you NEVER FAIL, is to NEVER TRY.
The founder of Pandora reached out to investors 300 times before getting funding. And James Dyson invented 5,126 failed vacuum cleaner prototypes before getting one right.
Epic inventor Thomas Edison generated 10,000 prototypes for electric light bulbs before getting it right, according to the infographic below, created by San Francisco-based startup organization Funders and Founders. And Colonel Sanders, the founder of KFC, was rejected 1,009 times when he tried to sell his fried chicken recipe.
You can be wrong a million times, but remember- you only need to be right once.
Enjoy this newsletter? We sure would love it if you help spread the word. It’s support from folks like you that help small businesses like ours Thrive.
Welcome to the inaugural edition of The Entrepeneurial Spirit, an on line publication presented by Wylder Space Inc. our family run catering co. based out of the Santa Cruz Mountains.
“I love to cook and relish in entertaining, decorating and gardening. I’m deeply inspired by nourishing traditions, homesteading and real food. I love all things old fashioned and I’m striving to preserve family traditions and create new ones with my own family.”
Food is the medium we have chosen to connect with people like you- but entrepreneurship is what I’m most passionate about. My name is Molly and I'm thrilled to have you on board for a glimpse into the entrepreneurial game and the dynamic world of entertaining.
Whether you're a seasoned restaurateur, an aspiring chef interested in working for yourself or a home baker who wants to start a side hustle, this publication is for you. In each edition, we'll explore the latest trends, share industry insights and delve into the strategies that will help your business grow.
We’re building a community of like-minded individuals who share a love of our craft. I encourage you to engage, share your thoughts, and be part of the conversation.
You have the opportunity to design your life exactly as you imagine it to be- much like building your brand. The end result is creating more freedom with time to do what you love. Thank you for joining The Entrepeneurial Spirit— I look forward to sharing the in’s, outs, ups and downs of growing a business in real time, with you.
It’s an honor to connect with you!
Molly, the Entrepeneurial Spirit behind Wylder Space (our unique and boutique catering co. with an emphasis on weddings and corporate dining)
