2024 POWERHOUSE PANEL | POST-EVENT FOLLOW-UP

Thank you to everyone who attended our Powerhouse Panel! If you were looking to connect with someone from the gathering but missed out on an Instagram handle, please check the list below. We will be adding ADDITIONAL resources in the Days to come!

POWERHOUSE PANELISTS

ATTENDEES

RECOMMENDED READING, LISTENING, + RESOURCES

READING

Heidi

  • Big Magic: Creative Living Beyond Fear

  • Atomic Habits

  • The E-Myth

  • Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life

  • Essentialism: The Disciplined Pursuit of Less

  • The Power of Moments

Julia

  • The E-Myth

  • Profit First

 

LISTENING

Heidi

  • Masterclass | This has been the best investment for us in 2024 - Ryan and I watch these instead of Netflix these days. So much learning and wisdom and nuggets. Highly recommend!

Julia

  • Leadership is Feminine (Kris Plachy) | She is an amazing coach for HR and leading a team. It is great for a no-nonsense pep talk about holding employees accountable and to keep the people pleasing tendencies in check.

  • Boutique Hub (Ashley Alderson)

  • Proof to Product (Katie Hunt)

 

RESOURCES

Heidi

 

AUDIENCE Q+A

When starting a new company, where should I focus my money and time with marketing?

Julia | Focus on what you can do consistently and know your core customer. Customer acquisition is very expensive, so it is challenging to go wide early on and just test things simply because you have limited resources. If your core customer loves to Instacart groceries from Whole Foods or only shops at Erewhon, don’t market in the discount coupon mailers. If your core customer spends most of their time on Snapchat or TikTok, don’t spend time and money on Facebook ads! Everyone under the sun will try to sell you something in regard to marketing and advertising opportunities, so focus on where your customers actually show up and stay consistent.

Have you taken on any debt?

Heidi | We have not taken on any debt. We kept our overhead low and put the money back as we went along. It was a big decision to have rent and payroll, and we were very slow to do that, and crunched numbers to be sure those could be paid with the projections we have. Also, learning to quantify everything has been key. Knowing our numbers, sales, profit and loss, average order amount, etc. really helps understand what is possible (and should be held off).

Julia | Yes. Debt is not necessarily a bad thing if it is managed properly. The biggest concern I would have is making sure that the debt has a specific purpose and timeline associated with it, otherwise you could fall into the trap of continuing to “rob Peter to pay Paul.” A lot of businesses end up like this and it is so hard to dig out of once the cycle starts!

What has been your philosophy for managing your employees? How do you balance connecting on a personal level but also maintaining boundaries and a professional distance?

Julia | I have always worked really hard to keep healthy boundaries with our team, though it can be challenging sometimes. Even though I’ve had great relationships and friendships that have been cultivated in a workplace, the dynamic changes when you are the boss. At the end of the day, I recognize that as much as we have fun, our team members are not my friends and family and I still have to make objective decisions. There is also an interesting trend with some of our younger team members wanting to overshare and blur some of those lines! Ultimately it is up to me to lead the charge and make sure I model professional behavior. One of our biggest values is personal time. I make it a point to let people know I will absolutely not bother them outside of work and when people are on vacation or have a day off, they won’t have to worry about a call or text. I also try to encourage them to use their PTO and make it clear when I take family time or trips, that it is 100% ok to step away. I don’t think it is healthy to have your work/personal life be one giant messy space!

Do you have any mentors?

Heidi | I have had powerful women in my life constantly, but when I look for others outside my circle, it’s often women like Martha Stewart, Michelle Obama, Oprah, Es Devlin, Taylor Swift: anyone who has been “who they are” and achieved success that way. I devour books, podcasts, and any nuggets of advice women leaders have to say. 

Julia | Not currently, but I have in the past and have had the privilege to have played this role for others. My best mentors over the years have been bosses that lead by example and always have made me feel like my interest in the industry or asking tons of questions is valuable, not annoying!

How do you disconnect from your business and not work/think about it all the time?

Heidi | This is really really hard, but I try be intentional with my weekends and give myself permission to do things for myself. Reminding myself that if I don’t take time for me to recharge and be filled up, I am worthless to everyone around me. It is necessary to put the oxygen mask on ourselves first right? I try to do things like cook, ski, travel and be in nature. It’s the only way to stop being so serious… the world will keep spinning if we stop and recharge. I promise. Life is not about money only. It's about our well being, our relationships, our health and longevity. Life is balance and anytime I get out of balance, everything else suffers.

Are business coaches worth the cost?

Heidi | I say save your money for as long as you can. There are so many books, podcasts, masterclasses and workshops you can take that will empower you and guide you. However, if you feel like you have maxed out your learning and understanding of your industry, then someone to come in and go deeper is a great idea. I have yet to hire one, but almost feel ready. So far, I listen to what my friends’ coaches advise and add that to my list lol. Often I feel like we know what to do (for the most part) but we resist and hope there is a quick fix out there. "Someone to just tell me what to do". When in fact, I KNOW what I should be doing, I just wish it was different. When i am ready for one, my main question will be “How can i earn money differently… in addition to the sources I see now.” Some creative thinking for what Mango Ink CAN be doing is exciting.

What do you look for in businesses/products that you want to carry in your shop?

Julia | There are so many considerations that go into our buying process! Most important things are (1) do I like the item/does it fit the aesthetic? (2) will it actually sell in our market? (3) will I get a good margin on it? (4) is it easy to order/reorder? Our stores get anywhere between 5-20 new brand submissions a week depending on the season. Sometimes it’s a beautiful product at a price point that won’t fly, or it doesn’t fit our look, or it is just too niche. Maybe it’s overall great, but the vendor wants us to take a 20% margin. I typically won’t consider any items that I can’t get a 50-55% margin on. Another consideration might be that I just simply don’t have a need for it right now or we work with another brand that has something similar. If I like something, I do actually keep catalogs and line sheets on file and will go to them once we are ready to order! Also, invest in wholesale portal that is easy to use or get on a platform like Faire. I’ve had so many brands I absolutely fell in love with at trade shows only to find I can’t easily order once I get home! Will you keep your stock consistent? I’ll give an example: We absolutely love Saranoni baby blankets and sell a ton of them, but for about two years, their most popular color (Ballet Slipper) was never in stock, and customers were getting frustrated! I don’t want to get our customers used to a product only to not be able to consistently keep it in stock for them!