Launching a business later in life can bring benefits you’d never consider. We’re celebrating the first anniversary of our new business this month, and it’s brought more joy than we ever could have imagined, along with fresh challenges that keep us fully engaged.
Much of our professional experience working for a global pharmaceutical company helped prepare us for the numerous and varied challenges of a startup. One of our biggest joys is learning the inner workings of a new industry. Our company makes a milk chocolate, peanut-butter-crunch, mini candy bar. But making chocolate is only one very important part of the equation.
How do you ship chocolate when the temp hits 71 degrees? No small problem as we soon had customers not only in Northeast Ohio, but from all over the country. This is only one of the many things we’re learning. Starting a new company forces you to get answers to all the questions that quickly emerge.
Flexibility and curiosity are key
Learning the vocabulary and processes of a chocolate candy company requires a rich combination of skills, particularly flexibility and curiosity. How do you find a talented chocolate maker who is willing to work with a startup? There’s chocolate making, packaging, health and safety requirements and so much more to learn.
Thoughtful, quick decisions
As the card player’s saying goes, “Study long, study wrong.” Finding the right balance between speed and thoughtful decision-making is a challenge in the fast-moving consumer products industry. Supply chain challenges, the price of chocolate and minimum order requirements force you to put your game face on as you try to get the best product at a fair price for your customers.
Get the word out
Public relations and marketing are crucial to the long-term success of your business. Brand awareness and positioning are so important to how your product does in the real world. What clever ways can you get your story in front of the consumer?
This is where the name of your product (we settled on “toby bar”), its graphics and story behind the brand are so crucial. How can you get your message in front of your target audience? All of your previous business experience comes into play here. What else can you do to create some buzz around your brand?
The best people
Another fundamental part of building your business is hiring the right people to help fill in the gaps in your experience. Getting your arms around what you need and what you can afford will be a vital part of finding success.
One final thought: Do your homework as you prepare to launch your business and then go for it. ●
Toby and Melanie Maloney are serial entrepreneurs and angel investors
