Quarterly Notes

Running a business can be equally exhilarating and exhausting, and It doesn’t take much time to realize the reality this concept. Before Effortless Composition I would always want to know more about the how and why though. How was being a business owner rewarding and if it was rewarding why was it so exhausting? Quite honestly, I would want to know A LOT more that just that because I knew one day I would be that business owner describing how it all made me feel. I wanted all the nitty gritty details. I figured understanding what it was like for others would better prepare me for my moment.

Now, here we are, I have closed my first quarter as a business owner and I want to prepare others for their moment. The moment when one decides they want to do that one thing they have been talking about majority of their lives. My journey has just begun but I am a firm believer that it is never to early to pass knowledge onto others, learning is a lifetime event. What I can share is what I have learned thus far and I hope you can use this information to fuel your own journey. I hope the readers of this can be inspired to go after their dreams and create with a heart full of joy and authenticity. Let’s dive right into it then.

 

When I started this company all I had to lean on was a dream, the internet, and my experience in corporate finance/accounting. I had a vision of what I wanted to create and the business knowledge to get me started with the technical stuff like business licenses, incorporation, tax id’s, accounting, pricing, etc. Having this background made the process of becoming a legit company a lot easier. Anything I didn’t know I researched for months until I felt like I understood the concepts that were fundamental to starting a business. I researched distributors to source products and went door to door around Los Angeles looking for local artisans to work with. I funded whatever was needed to get up and running from my personal savings, I was not interested in going into any debt this early in the process. I guess I should be clear about that ‘whatever was needed’ because I only had about $2000ish to spare, so whatever was needed and that I could afford. I used the skills I picked up from my blogging days to take any photos and design the website, only contacting consultants for the technical stuff. I did not have a ton of people in my network that could help me navigate the path that I had chosen so when I needed advice I spent hours on the internet. I launched the company in about 4 months.

 

 

1. Making my first sale!

When I made my first sale I was super excited! It kind was like a reality check of ‘hey you did it’ and there are people out there that want what I’m selling. I was reassured that if there was at least one person interested, there had to be a lot more.

2. Securing a new local artisan partner

I am most excited about expanding our local artisan partnerships and products. This part of the business is the most exciting to me and apart of the fundamentals of the company. So, when I connected with a local LA artist who supported the vision I celebrated it as a win. Working together to create a product that will ultimately be in homes around the country was exciting for both him and I.

3. Realizing I could count on myself

Going in I was anxious to find a mentor or someone who could tell me what to do and how to do it. I was looking for someone who could alleviate all the research and testing I had to do. In addition to this I was looking at all the other brands trying to figure out how I could grow quickly or cultivate an audience just as they did. This quarter was spent doing a lot of looking outward, until I got the word that turned everything around just in time. I received a message from someone whose path I admire to, look inward. I found this extremely funny because in the personal life that’s all I do, I know myself, but on the business side it seemed a lot harder. But, from that day forward I internalized the hell out of that message. I remembered that I started this business to showcase my own creativity and vision for what home decor could be. Mentors are great but I realized it just wasn’t time for me to have one yet. All of the research and test are vital to the success and growth of my business. When I started to trust myself for the answers I was seeking the joys of doing what I do started to outweigh the lows.

1.Shipping

Shipping sucks, I said what I said.

2.Filing a quarterly business tax return

So, even though I am a CPA I do not do taxes. I knew in the back of my mind that businesses had to file quarterly sales tax returns but I did not internalize it. So, my first tax payment was indeed late and I was fined. All the paperwork that I am doing myself, yep that turned out to be a bad idea, but my pride won’t let me pay someone to do what I have been trained to do.

3.Cleaning up after a daylong photoshoot

I take all my photos mostly in my home and after a day of moving everything, putting it all back to livable conditions is exhausting. I do this rather than paying for a location and a photographer to keep extra cost to a minimum. In the end the cost benefit is worth all the effort because the money I save by doing this in my own space can be invested into absolute necessities.

At the start of the first quarter I set up a few goals to keep me grounded in my long-term vision. When you’re at ground zero day to day progress seems a lifetime away. Then comes the self-pressure and doubt. To keep this from happening I set achievable goals that I could work towards and track against once completed. My goals were centered around the long-term goals of the business: partnerships, income, and community. I would recommend all new business owners set goals to keep them grounded during the highs and lows.

 

This quarter was interesting, I encountered a few failures and had quite a few wins.  Through the process I have better defined what Effortless Composition is/will be. You can expect well rounded collections that are a direct reflection of my creativity and that of my partners. You can except tools that will help you achieve effortless composition in your own home. You can look out for the stories of the people who are from places like you, being empowered and showcased for their outstanding talent.