Proof to Product 129 | Owning 2 brick & mortar shops and wholesale business with Katie Wilson, Crush, Touch & The Good Twin
This week on Proof to Product we’re bringing you not just one, but TWO episodes with two special Paper Camp Alumni who are sharing what it’s like to run a manufacturing business and brick and mortar retail shops simultaneously. Today on Episode 129, Katie Wilson, founder of The Good Twin, and owner of two Los Angeles-based retail shops, Crush and Touch, returns to the show to share what it’s like to be a buyer, how being a retailer has changed over the years, and how she markets her own wholesale line to other buyers.
You might remember Katie from Episode 6 of Proof to Product where she first shared her startup story with us. If you haven’t heard that episode yet, it’s definitely worth heading back for a listen. Katie’s had an amazing business journey, and over the years, she has been a contributor to many tradeshow recap episodes, a frequent speaker at our Paper Camp conference and an incredible mentor to many in our industry. We’re thrilled to have Katie back today to share more of her experience and we hope you take away some great nuggets of advice. Coming up tomorrow, Episode 130 with Meg Sutton of Belle & Union.
ON TODAY’S EPISODE:
- Katie’s first shop
- What inspired her to expand
- The types of products sold at Crush and Touch
- How Katie decides what to stock
- Dealing with concerns about competition
- Forging a unique experience for customer retention
- Calculating risk
- The importance of knowing what you want & need
- Making the most of handiwork & imagination
- Startup costs and maximizing labor hours vs dollars
- Planning for the best and the worst
- The do’s and don’ts of pitching and presenting to stores
- Reframing failure to make improvements
KEY TAKE-AWAYS:
“I smash everything in, and I get it all done, and I really love it, but it's amazing how much your hours in a day can expand if you need them to.” - Katie Wilson
“Sometimes when we want to do something, we kind of undermine ourselves in terms of how much work, how much time, how much energy this really, truly takes.” – Katie Hunt
“I actually carry nail polish, because I'm a big proponent of nail art is actual art.” – Katie Wilson
“It's a very fun little baby, but it's a totally different side of my brain that I have to access to run it.” ¬- Katie Wilson
“I love the things that I make, but I'm really passionate about a lot of the things that my friends make, or other people that I admire make.” – Katie Wilson
“I'm okay with a healthy amount of financial risk. But in terms of the entrepreneurs that I know, I would say that I tend to go small and steady versus just jumping in with both feet.” – Katie Wilson
“My mantra is, always play the long game. You want to make sure that you know what's right for you, that you know what you need, and what your expectations are out of your businesses, and what you need to survive, and also what you need to be happy. Because those are two different things.” – Katie Wilson
“That initial push is a lot of money, and you got to stock that store, and even if you're doing bonkers business, that's a slow game to earn that money back.” ¬- Katie Wilson
“I always plan for my absolute worst month, and I say like, "Okay, if I can run on this, then I can do anything,” – Katie Wilson.
“I'm living out here. I'm just trying to do my thing, and not to hurt your feelings, but I have days when I'm back there, I'm not wearing lipstick. Don't call me. I don't want to see you right now. I'm not public ready.” – Katie Wilson
“If you are going out and leaving samples, or if you're mailing samples to stores, only send two to three at most. Do not send your entire product line, especially if you're selling something other than paper products.” – Katie Hunt
“Following up is key. And so is taking cues.” – Katie Wilson
“Just remember that everyone's human, the buyers are human, we're human. Sometimes we need those reminders.” – Katie Wilson
“That not so good stuff is how we make improvements, and it's how we build stronger business. So they're not failures. It's just another way to expand what we're doing and do it well.” - Katie Hunt
LINKS
Website: http://thegoodtwin.co
Facebook: https://www.facebook.com/thegoodtwinco/
Instagram: https://www.instagram.com/thegoodtwinco/
Twitter: https://twitter.com/thegoodtwinco
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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!