Proof to Product 110 | Business partnerships with Minna Khounlo-Sithep & Jacqueline Snyder, The Product Boss
So many of us are solopreneurs, but have you ever met another small business bad-ass and totally clicked? That’s what happened for today’s guests, Minna Khounlo-Sithep and Jacqueline Snyder, voices behind The Product Boss Podcast.
For some background, after Minna had her first child she was inspired to start Lil' Labels, write-on kids labels that are sold at retail giants like Amazon, Walmart and Jet. At the same time, Jacqueline was running her own product based business, Cuffs Couture, and growing her international sales. Jacqueline reached out to Minna in a business Facebook group, and the two totally hit it off. Today, Jacqueline and Minna work together to teach business owners how to grow their product-based businesses with smart strategy and a community around them. In addition to running the podcast, they each still own their own businesses.
On Episode 110, we’re all sitting down to talk about the pros and cons business partnerships, how Minna and Jacqueline divide responsibilities, and what to look for if you’re considering taking on a new partner. We also talk about how Minna and Jacqueline juggle their multiple businesses, and they share their top tips for product based business owners.
ON TODAY’S EPISODE:
- What inspired Minna and Jacqueline to start their own businesses
- The evolution and importance of celebrity endorsement
- How Minna and Jacqueline met
- Moving from online, becoming friends, and deciding to partner up
- Hesitancies of forming a partnership
- Dividing responsibilities
- How Jacqueline and Minna balance their individual businesses with The Product Boss
- The importance of implicit trust
- Questions to ask yourself before finding a business partner
- Strategies for dealing with day to day stressors
- Shifts Jacqueline and Minna have seen in the industry
- Alternatives to tradeshows and advice for scaling your business
- What’s up next for The Product Boss
KEY TAKE-AWAYS:
“I dug in and I figured it out, and I had the tenacity of a pregnant woman going to give birth. So the rest from there just was it seemed easy.” - Minna Khounlo-Sithep
“I'm very much a book learner. So it was in my mind that I could just learn all about Amazon. I was already a fan of Amazon, so I basically schooled myself on Amazon.” - Minna Khounlo-Sithep
“I was in my 20s and going out and wanting to dance and have no purse. I always hated having to put my purse under like a jacket in the corner at bar. And so I created Cuffs Couture, which were fashionable, chic wrist wallets.” - Jacqueline Snyder
“We started a business without realizing we were starting a business, and yeah. She's not a serial killer. So at least a good thing, right?” - Jacqueline Snyder
“We get so many ideas going as entrepreneurs. We just know how to do things. We kind of know how to execute or figure it out along the way. And then on top of it, we really did have a great connection.” - Minna Khounlo-Sithep
“We approach things very differently, and the thing is we get along really, really well. But I think the key is we trust each other implicitly.” - Minna Khounlo-Sithep
“Big brands are not as agile as a smaller entrepreneur. We can try something today and if it doesn't work tomorrow, we can shift gears, or we can try again in a different way.” - Katie Hunt
“My biggest thing with being a partner is like, "Am I doing enough? Am I showing up and handling my role? Am I doing enough?” - Jacqueline Snyder
“It's highly psychological, lots of mindset, and you have to be able to see that other person as a full partner that has all these fears and joys too. So you're always trying to balance that out.” - Minna Khounlo-Sithep
“We're complete opposites as far as personality wise or approaches. But we definitely have the same love for so many things. We love our families. Our why is exactly the same.” - Minna Khounlo-Sithep
“I don't think I would work well with a partner. Maybe I'm too bossy, I don't know. Too decisive. But I think that's why I find partnerships so fascinating because when you have two of the right people together, amazing things can happen.” - Katie Hunt
“The face of product entrepreneurship and a product business is really changing, which is why you can see why stories are so important. Learning how to sell with your story and those personal brands is more important than ever before.” - Minna Khounlo-Sithep
“The opportunities have shifted for product based businesses, and the customer has changed quite a bit too. So it’s an interesting dynamic how we have to adapt as product based business owners.” - Katie Hunt
LINKS
Website: http://www.lillabels.com; http://www.theproductboss.com
Instagram: http://instagram.com/lillabelsco; http://instagram.com/theproductboss
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ABOUT PROOF TO PRODUCT:
Proof to Product is hosted by Katie Hunt. Since 2011, Proof to Product has worked with thousands of product based businesses to help them up level, scale, and build profitable sustainable companies. You can find our show notes and additional resources at ProofToProduct.com. If you like what you heard today, please head over to Apple Podcast to leave a five star review and subscribe. Thanks so much for listening. We'll be back next week with a new episode!