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Designer Starts A Viral Thread By Sharing What Small Business Owners Need To Know If They Don’t Want To Instantly Fail
Lakyn Carlton is a Texas-born and LA-based designer and stylist, so she knows a thing or twenty about running a brand.
Recently, she decided to share her knowledge and send an important message to all small business owners.
While Carlton recognizes good intentions when she sees them, she also thinks that far too many people are trying to please the world at the expense of themselves.
“You can’t run a business off vibes,” she said, building her argument. Continue scrolling to check out the rest of it.
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Lakyn Carlton is a writer, designer, stylist, and fashion lover
Image credits: lucas Favre (not the actual photo)
Recently, she gave valuable advice to every small business owner
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
An organization requires financing to meet payroll, develop new products, execute a marketing program, and expand whenever the demand rises. But a small business can sometimes find it difficult to find the money it needs to run and grow the operation. Not to mention that investors and lending institutions are sometimes hesitant to back up a small business that does not have the equity a large corporation has, or the resources to compete in the open market that are available to its bigger rivals.
In a report by Wasp Barcode Technologies, 50% of the surveyed small business owners said that the biggest challenge they face is hiring the right employees. Recruiting new talent has never been an easy task, even for big companies, but small businesses appear to struggle more because they have limited funds and resources.
People immediately started responding to her thread with their own experiences
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The bottom line is that having enough cash to cover the bills is a must. To avoid finance problems, small business owners have to either be heavily capitalized or pick up extra income to shore up cash reserves when needed.
In fact, this is actually the reason why many small businesses start with the founders working a job and building a business simultaneously. While this split focus can make it challenging to grow the operation, running out of cash makes it simply impossible.
However, you could say that money management becomes even more important when cash begins to flow into the business. Although handling accounting and taxes may be within the capabilities of most business owners, professional help is usually a good idea. The complexity of a company’s books increases with each client and employee, so getting help on the bookkeeping can prevent it from becoming a reason not to expand.
And it eventually evolved into a discussion on fast fashion and capitalism
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Folks agree that knock off products are a huge problem
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Image credits: DerricaLyons
What do you think ?
Susan Trevaskis-Owen 3 years ago (edited)
I had someone tell me I must save so much money knitting my own socks. When I asked her how much she thought yarn cost she said, "Like...a dollar?" Almost wet herself when I showed her the $26 price tag on the yarn in my bag. Another time a co-worker offered me $20 for a stranded colorwork chullo exactly like the one I made for my husband. Yeah, that was over $40 in yarn & 100 hours of work; no way was I going to make a second one to sell for $20. Edit to add: On the rare occasions when I have accepted a commission, it's always 50% payment before I even get started, and balance due BEFORE I hand over the finished item.
KombatBunni 3 years ago
Tried so many damn times to run a small business and nobody would buy because they thought my prices too high. Not one of them could understand that s**t is cheaper when it’s mass produced, but if it’s only one person making it then the costs are more because you’re not a damn factory and have expenses to pay like materials, time, electricity etc. And unless you’ve come from a previous job with money behind you, forget even trying to start with practically nothing..
Marco Conti 3 years ago
It's all in the packaging. People will pay a premium (up to a point) for unique handmade products. However, you have to invest in making your products special so they are not confused with the mass produced crap they sell at Target. Also, very few people make any money making candles, soap or knitting. It's just the way it is. Nobody really cares if your candle is handmade or not and big companies can sell them at a fraction of what you have to charge.
Load More Replies...
Yvette Desmarais 3 years ago
Surprise! Now let's think about how much the people who do make our inexpensive clothes make and just why we can afford so many clothes. Then let's buy used clothes and keep them out of landfills.
Susan Trevaskis-Owen 3 years ago (edited)
I had someone tell me I must save so much money knitting my own socks. When I asked her how much she thought yarn cost she said, "Like...a dollar?" Almost wet herself when I showed her the $26 price tag on the yarn in my bag. Another time a co-worker offered me $20 for a stranded colorwork chullo exactly like the one I made for my husband. Yeah, that was over $40 in yarn & 100 hours of work; no way was I going to make a second one to sell for $20. Edit to add: On the rare occasions when I have accepted a commission, it's always 50% payment before I even get started, and balance due BEFORE I hand over the finished item.
KombatBunni 3 years ago
Tried so many damn times to run a small business and nobody would buy because they thought my prices too high. Not one of them could understand that s**t is cheaper when it’s mass produced, but if it’s only one person making it then the costs are more because you’re not a damn factory and have expenses to pay like materials, time, electricity etc. And unless you’ve come from a previous job with money behind you, forget even trying to start with practically nothing..
Marco Conti 3 years ago
It's all in the packaging. People will pay a premium (up to a point) for unique handmade products. However, you have to invest in making your products special so they are not confused with the mass produced crap they sell at Target. Also, very few people make any money making candles, soap or knitting. It's just the way it is. Nobody really cares if your candle is handmade or not and big companies can sell them at a fraction of what you have to charge.
Load More Replies... Yvette Desmarais 3 years ago
Surprise! Now let's think about how much the people who do make our inexpensive clothes make and just why we can afford so many clothes. Then let's buy used clothes and keep them out of landfills.
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