The past six months have been nothing short of a rollercoaster for me. Along with my regular class schedule and internship, I started a company through the Entrepreneurship Minor at the University of Washington. That’s right – I started a company as a college senior! How many college students do you know that have this type of opportunity with no financial risk? With this crazy experience under my belt I thought I’d share a few lessons I learned along the way.
My team, comprised of four women, came together under one mission: to empower women in Seattle. We went through dozens of ideas for how we could help women feel empowered and finally settled on a product that provided long-lasting energy with health benefits: ginseng-infused kombucha.
Our beverage, Boss Boocha, provided sustainable energy from ginseng and a low-sugar content while preserving the amazing probiotic benefits of kombucha. Our goal was to target the millennial women demographic and provide a healthy alternative to Red Bull or coffee, helping fuel their day naturally. We chose to compete with these drinks because they were on-the-go beverages that many people reached for when craving energy. Our beverage was different because of the sustainable energy from ginseng and the health-benefits from the probiotics. We knew we had hit the jackpot with this all-in-one beverage that naturally energized women to get work done.
Lesson 1: Don’t Be Terrified to Look for Outside Support
With a clear vision in mind, the next step was execution. Initially, we tried to create the beverage in my sorority’s kitchen. It did not take long for us to realize that we were not fermentation experts and lacked the ability to create a delicious beverage.
Miraculously, we found a local co-packer, Seattle Kombucha Company, to start producing Boss Boocha for us. Seattle Kombucha Company created our entire product—from creating the recipe to supplying our labels. He had perfected a mango flavor base and through testing, this was the best pairing with ginseng. This allowed us to fully concentrate on the marketing and financial side of our business. As a CFO and CCO with minimal accounting experience, I was grateful to lean on seasoned experts to focus on product development. Without the support from Seattle Kombucha Company we would have directed our attention to perfecting the beverage without spending the time necessary to research our target market. Our partner’s involvement was key to our success.
Lesson 2: Trust Your Gut and Run the Risk
There were many hurdles our team faced throughout the process of starting Boss Boocha. After conducting research and customer interviews, we decided to make working moms our target demographic. Through in-depth interviews, we learned that many working moms found a lack of appealing healthy energy drinks in the current market.
Although some experts said our target demographic was too small and, in turn, our product would not be profitable, our market research told us that there would be demand for a beverage like Boss Boocha. With the support of our teacher and co-packer, we continued forward. Having a support system was crucial to our success in the beginning stages of the company. That support encouraged us to trust our instincts.
Lesson 3: Learn to Communicate and Negotiate for the Success of the Team
Our initial concern before launch was the lack of sampling events we had lined up. We knew potential customers loved our beverage after trying it, but would they blindly purchase it? When we launched in January, we were relieved to see our sales skyrocket. We had a wave of customers who were willing to give our product a try and trusted in our brand.
With this high demand, we became wrapped up in pleasing our customers and developed blind spots when it came to communication within our team. My team back peddled, losing our powerful bond and sense of transparency. Each team member was running in a different direction, and we were no longer seeing eye to eye. We quickly learned the need for in-person meetings and communication on important decisions. Prioritizing this allowed us to rejuvenate our bond and align around a common vision.
Starting a business taught me lessons that will translate into any job as I enter the workforce full-time. As an intern in public relations, I see the importance of support, negotiation and risk. Having learned these lessons from personal experience leads me to believe anyone would gain substantial skills from starting a company. The benefits are lasting. I now think twice about every product purchase. Choosing to support local businesses rather than big businesses may seem like a tough shift, but once you’ve been a business owner you understand how each customer’s support can have big impacts. I have a much deeper appreciation for each business owner I meet, now that I have glimpsed the blood, sweat and tears it takes to run a successful business.
As I begin to wrap up my last quarter at the University of Washington, I am extremely proud to look back on my experience in the Entrepreneurship Minor. We beat our sales goal by four weeks and have gained a huge following on Instagram with over 300 followers in just two months. Even better, we were profitable! Although we have decided not to continue our company, I now know how to start a business. I am looking forward to the day when I can start another one, implementing the lessons I learned from this course.