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Elizabeth had the pleasure of speaking with Jordan Lacenski, founder of She-Wolf Collaborative and brand consultant! Today’s topic is all about how to avoid getting burned in business. Jordan and Elizabeth share their stories of things they have learned through the years when they have not protected themselves!
Jordan became an entrepreneur 3 years ago, and within those years she has owned Brand Boss Creative- A boutique branding firm. She also started She-Wolf collaborative. She-Wolf is a safe place for women to collaborate and grow!
8:30 HOT SEAT
Elizabeth asks Jordan to tell of one experience she has had where she has been burned in business.
One thing that Jordan has learned along the way is that there is always one common denominator. She tends to accept people into their business a lot more quickly than she probably should. You should think of these relationships like a marriage and you need date a while!
You can put out fires before they happen by looking at the contracts! There are CRMs like Dubsado and Honey Book that can manage your clients and projects. Jordan advises that you should invest in a lawyer written contract and a CRM to manage your projects.
Here burn story is very recent! At the beginning of 2019, she was feeling good! Then she had 2 projects in a row that didn’t end well, and one of them ended in litigation and dispute from the client’s credit card company. It was devastating both personally and professionally.
You are your main resource as a small business and you need to protect yourself!!
12:30 SCENARIOS FOR HAIR STYLISTS and ADVICE FROM JORDAN
Bartering is happening all the time! Before you think about sponsoring or trading with someone, make sure you qualify a person. Before you decide to work with someone or a company, you need to decide if what they want align with your goals. For example, think about your target audience. Does the event or something your are sponsoring going to have an impact on your target client?
One way to sort this out is to really think about every decision. Don’t make an answer right away!
From there, you need you look at what the partnership means. What are the expectations? How involved do you have to be? It’s really useful to put agreements together! They can be as simple as you need them to be, but that way you know exactly what is expected.
It’s also important to ask questions!! “Help me understand” is such a good question. You can rephrase a few different ways, but it will help you know if your goals align.
Jordan also says that it’s crucial to keep communication open. Think about all the ways you can collaborate and get your name out there! You need to be intentional about your marketing!
25:20 ADVICE IF YOU ARE WANTING TO PARTNER IN BUSINESS
Early on, it’s important to look at the numbers. What type of investment do you need to make? Are you aligned with the budget?
When looking for a partner, Elizabeth’s advice is “find the people that would work for you FOR FREE”. That will ensure they are aligned with your business and mission. Make sure everyone understands the expectations. Talk about the “What ifs”. Look for someone who has a growth mindset.
34:30 LET’S WRAP IT UP
Top 3 tips:
Work on your own foundation: Know what you’re building and where you want it to go, and most importantly KNOW YOUR WHY!
Work with people who are aligned with your goals.
Be wise! Try to balance the emotion with your business mindset. Prepare yourself for worst case scenario.