339. Raising $2M, Almost Losing It All + Finding The Confidence to Start Again From Scratch with Lori Harder
Nov 28, 2023
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Entrepreneur Lori Harder shares her challenges in launching her alcohol company, raising $2M from 54 female investors, and her decision to pivot the business. She discusses the power of listening to your gut, building resilience, and making hard decisions. The podcast also explores the transition from a service-based business to a product-based business, overcoming fear and seeking support, adopting different roles, and the lessons from a million-dollar investment.
Leveraging her network and raising $2M from 54 female investors allowed Lori to pivot her business and pursue a new direction.
Facing challenges and failures in launching a start-up during the pandemic taught Lori the importance of resilience and making difficult decisions for the good of her business.
Through her journey of launching and pivoting her business, Lori learned that vulnerability, seeking support, and listening to her intuition are crucial for personal growth and achieving success.
Deep dives
Pivoting from Light Pink to a New Idea
After facing numerous challenges and roadblocks with Light Pink, Lori decides to pivot and pursue a new idea. She gets inspired to create a wellness-focused hydration product that is better than the existing options in the market. The idea combines her passion for hydration and her desire to make wellness more accessible and convenient. Despite initially feeling devastated by the pivot, Lori realizes that detaching from people's opinions and prioritizing the company's success is crucial. She embraces the role of CEO and sets clear expectations and core values for her team, empowering herself to have the necessary difficult conversations. This new direction boosts her energy and enthusiasm, leading her to quickly assemble a team and bring the new product to life.
Lessons Learned from Light Pink and the Million-Dollar Investment
Although the pivot from Light Pink represents a significant shift, Lori sees the million-dollar investment as a valuable learning experience rather than a loss. The investment has paid for mentorship, expertise, and knowledge in the consumer packaged goods (CPG) space, enabling Lori to navigate the challenges more efficiently. Having gained insights, connections, and a deep understanding of manufacturing, contracts, and supply chain logistics, she feels more confident and informed in her new venture. The investment has given her a competitive edge and propelled her forward in ways she couldn't have imagined.
A Renewed Sense of Power and Purpose
Stepping into her new company, Lori feels a renewed sense of power and purpose. The challenges she faced and the lessons she learned have transformed her into a more resilient and determined entrepreneur. She no longer recognizes the person she was during the Light Pink phase. With a clear vision and a wealth of knowledge and experience, she approaches her new product journey with unwavering confidence. She is unapologetic about pursuing her vision and knows that she is the right person to bring her product to life. Her focus now is on making a meaningful impact and creating a successful company.
Overcoming Doubts and Fears
The speaker shares her experience of facing doubts and fears when launching her alcohol company. She realizes that sometimes people's voices can amplify our fears, but it was through vulnerability and seeking support from other women that she was able to overcome these challenges. She emphasizes the importance of being honest with oneself and seeking help when needed, instead of pretending to have it all together. This journey taught her that going through difficult moments and being vulnerable are essential for personal growth and achieving success.
Pivoting and Finding a New Vision
The speaker highlights how she had to make the difficult decision to pivot and transition away from her alcohol company. This decision came as a result of facing numerous obstacles, such as licensing issues and the challenges of breaking into a tough industry. She shares how she listened to her intuition and sought advice from experts to inform her decision. Through this process, she realized that she needed to change her perspective and take charge of her own destiny. She ultimately found a new vision and created a skin routine product that reflects her values and empowers women to invest in themselves.
This story is 3 years (and over a million dollars) in the making. My good friend Lori Harder is back on the podcast and she is finally able to share the full story of bringing her company Glōci to life, a completely different business than she set out to launch in the beginning. Lori vulnerably shares the challenges she faced launching her alcohol company Lite Pink, how she raised $2M, and when she knew it was time to pivot the original business with 54 female investors to a completely different direction.
If you are in a challenging season of business or know you’re meant for more, this episode is for you. Lori’s story gives us so many valuable lessons in business, shares the real life power of listening to your gut, and that achieving your boldest dreams are possible when you don’t give up. I’m one of the proud 54 investors and am so excited about the new direction product Lori has created. Tune in to hear Lori’s pivot and how quickly she’s been able to turn a business that may have never been profitable to her new company, Glōci.
HIGHLIGHTS
How Lori leveraged her network to raise 2 million from 54 female investors
Challenges + Failures Lori experienced launching a start up in the pandemic (and what the path of creating a successful business actually looks like)
What led to Lori’s decision to pivot her start up after investing 1 million into the original business
How to build resilience and make hard decisions for the good of your business
LINKS
Join The Société: The Place to Build A Freedom-Based Business
Pre-order Glōci: Text the word GLOCI to 310-496-8363 and go to https://getgloci.com/
