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Designer Starts A Viral Thread By Sharing What Small Business Owners Need To Know If They Don’t Want To Instantly Fail
Lakyn Carlton is a Texas-born and LA-based designer and stylist, so she knows a thing or twenty about running a brand.
Recently, she decided to share her knowledge and send an important message to all small business owners.
While Carlton recognizes good intentions when she sees them, she also thinks that far too many people are trying to please the world at the expense of themselves.
“You can’t run a business off vibes,” she said, building her argument. Continue scrolling to check out the rest of it.
RELATED:
Lakyn Carlton is a writer, designer, stylist, and fashion lover
Image credits: lucas Favre (not the actual photo)
Recently, she gave valuable advice to every small business owner
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
Image credits: OgLakyn
An organization requires financing to meet payroll, develop new products, execute a marketing program, and expand whenever the demand rises. But a small business can sometimes find it difficult to find the money it needs to run and grow the operation. Not to mention that investors and lending institutions are sometimes hesitant to back up a small business that does not have the equity a large corporation has, or the resources to compete in the open market that are available to its bigger rivals.
In a report by Wasp Barcode Technologies, 50% of the surveyed small business owners said that the biggest challenge they face is hiring the right employees. Recruiting new talent has never been an easy task, even for big companies, but small businesses appear to struggle more because they have limited funds and resources.
People immediately started responding to her thread with their own experiences
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Image credits: Piles_o_Bones
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The bottom line is that having enough cash to cover the bills is a must. To avoid finance problems, small business owners have to either be heavily capitalized or pick up extra income to shore up cash reserves when needed.
In fact, this is actually the reason why many small businesses start with the founders working a job and building a business simultaneously. While this split focus can make it challenging to grow the operation, running out of cash makes it simply impossible.
However, you could say that money management becomes even more important when cash begins to flow into the business. Although handling accounting and taxes may be within the capabilities of most business owners, professional help is usually a good idea. The complexity of a company’s books increases with each client and employee, so getting help on the bookkeeping can prevent it from becoming a reason not to expand.
And it eventually evolved into a discussion on fast fashion and capitalism
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Folks agree that knock off products are a huge problem
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Image credits: DerricaLyons
What do you think ?
Susan Trevaskis-Owen 4 years ago (edited)
I had someone tell me I must save so much money knitting my own socks. When I asked her how much she thought yarn cost she said, "Like...a dollar?" Almost wet herself when I showed her the $26 price tag on the yarn in my bag. Another time a co-worker offered me $20 for a stranded colorwork chullo exactly like the one I made for my husband. Yeah, that was over $40 in yarn & 100 hours of work; no way was I going to make a second one to sell for $20. Edit to add: On the rare occasions when I have accepted a commission, it's always 50% payment before I even get started, and balance due BEFORE I hand over the finished item.
KombatBunni 4 years ago
Tried so many damn times to run a small business and nobody would buy because they thought my prices too high. Not one of them could understand that s**t is cheaper when it’s mass produced, but if it’s only one person making it then the costs are more because you’re not a damn factory and have expenses to pay like materials, time, electricity etc. And unless you’ve come from a previous job with money behind you, forget even trying to start with practically nothing..
Marco Conti 4 years ago
It's all in the packaging. People will pay a premium (up to a point) for unique handmade products. However, you have to invest in making your products special so they are not confused with the mass produced crap they sell at Target. Also, very few people make any money making candles, soap or knitting. It's just the way it is. Nobody really cares if your candle is handmade or not and big companies can sell them at a fraction of what you have to charge.
Load More Replies...
Yvette Desmarais 4 years ago
Surprise! Now let's think about how much the people who do make our inexpensive clothes make and just why we can afford so many clothes. Then let's buy used clothes and keep them out of landfills.
ZAPanda 4 years ago
So some anecdotes from Africa. 1. One of my ex girlfriends was a designer/sempstress. She made stuff and sold it. Got a few sales. HOWEVER due to her depression, was not able to churn material out - made like 1 a day and earned like $1 per item. I ended up cutting my work hours to help. Was not sustainable. She was upset when I pointed this out. Great designs though, I still have one of the pieces (pair of pants). 2. Malawian guy I got to make me some ties for work. He asked me for $20 for two. I gave him $40 and told him he was under-charging. 3. Old lady selling hats. Probably chinese-made though. She was selling them for like $3. I told her it was incorrect and gave her $6. 4.Went to a print shop today. They wanted to charge me $2 for two large a3 full colour prints. I told them it was incorrect and gave them $8. It's remarkable how people under-value their work.
ZAPanda 4 years ago
I used to under-charge and people tell me that I still do. However I base it on my salary which at the moment, in our country, is really generous. So what I do now is calculate time and round up to each quarter-hour, based on my salary before tax. So if (for argument's sake), I was getting say, $30/hour, then i'll charge that. If I do 1h15, then I charge $37.50, etc. But here what I can say is certain people - I call them "entitled" - charge even amounts like $300/hour, or more. I just think that that's unethical.
Load More Replies...
Imogene Cargeaux 4 years ago
People absolutely question "white designers" I take vintage clothes that are damaged and I turn them into new pieces. I do use some of my own fabrics and materials so it does end up costing me. Not to mention the machine and maintenance costs money so I factor that in and the pieces I create take me on average 10-30 hours for something simple and 20-50 hours for dresses, overalls, quilts etc. and nothing I make is cheaply made. I refuse to sell anything that can't be worn for years. I double stitch, sometimes triple stitch every seam and I wash it a few times to be sure it will hold up (they're used clothes n fabrics. They need to be washed!) so all of that factors into the price and I cannot tell you how often people yell at me for my prices. I have a quote I copy and paste that details the break down of price because it happens so much. My friends of all races who do similar s**t have the same issues. Choosy beggars don't discriminate. They bitch no matter what color your skin is.
D C 2 years ago
It's just the typical racist garbage against white people. Also her target audience might just be a bunch of cheapwads (which also has nothing to do with skin color) She can just look at the thread to see that people absolutely do dispute white designers. She just wants to be a victim.
Load More Replies...
Kitty Jordan 4 years ago
Don't undervalue your own work. I crochet, and I made a handmade scarf for my ex's mom one Christmas. She was quite taken with it, which I appreciated, but also told me several people had asked where she had gotten it and offered to pay $40-$50 for it! I was taken aback, because it was a very simple pattern that literally takes me a couple of days and a couple of skeins to throw together and would never have thought people would pay that much!
Kevin Donegan 4 years ago
This is what happens in third world countries. I've traveled around the world and have seen it a million times. A person buys $1.00 in product to make something (handicraft, clothes, weavings, etc.) and then sells the product for $1.05 thinking they're making money and not realizing that they should be charging for their time in producing the product. It's heartbreaking to see and it keeps people in poverty.
lara 4 years ago
Well, you are correct about that, but you have to remember, the primary market for an item made in a third world country is their "countrymen." And you can charge five bucks for an item that cost you a dollar to make, but if no one can afford it, you are still broke. You have to consider the market.
Load More Replies...
Chris Zaydel 4 years ago
not clothing, but I help my wife run her bookkeeping business, and I can tell you, owning any successful business is very, very hard. There are nice rewards though. I restore vintage bicycles as a hobby and my wife thinks I should have a small shop and take customers, but like others have said, often the expense and time it takes to make something means you have to charge higher than most people like.
James Tartaglione 4 years ago
as someone who is getting ready to launch an online shop/sell at events, this post has been very helpful
Susan Trevaskis-Owen 4 years ago (edited)
I had someone tell me I must save so much money knitting my own socks. When I asked her how much she thought yarn cost she said, "Like...a dollar?" Almost wet herself when I showed her the $26 price tag on the yarn in my bag. Another time a co-worker offered me $20 for a stranded colorwork chullo exactly like the one I made for my husband. Yeah, that was over $40 in yarn & 100 hours of work; no way was I going to make a second one to sell for $20. Edit to add: On the rare occasions when I have accepted a commission, it's always 50% payment before I even get started, and balance due BEFORE I hand over the finished item.
KombatBunni 4 years ago
Tried so many damn times to run a small business and nobody would buy because they thought my prices too high. Not one of them could understand that s**t is cheaper when it’s mass produced, but if it’s only one person making it then the costs are more because you’re not a damn factory and have expenses to pay like materials, time, electricity etc. And unless you’ve come from a previous job with money behind you, forget even trying to start with practically nothing..
Marco Conti 4 years ago
It's all in the packaging. People will pay a premium (up to a point) for unique handmade products. However, you have to invest in making your products special so they are not confused with the mass produced crap they sell at Target. Also, very few people make any money making candles, soap or knitting. It's just the way it is. Nobody really cares if your candle is handmade or not and big companies can sell them at a fraction of what you have to charge.
Load More Replies... Yvette Desmarais 4 years ago
Surprise! Now let's think about how much the people who do make our inexpensive clothes make and just why we can afford so many clothes. Then let's buy used clothes and keep them out of landfills.
ZAPanda 4 years ago
So some anecdotes from Africa. 1. One of my ex girlfriends was a designer/sempstress. She made stuff and sold it. Got a few sales. HOWEVER due to her depression, was not able to churn material out - made like 1 a day and earned like $1 per item. I ended up cutting my work hours to help. Was not sustainable. She was upset when I pointed this out. Great designs though, I still have one of the pieces (pair of pants). 2. Malawian guy I got to make me some ties for work. He asked me for $20 for two. I gave him $40 and told him he was under-charging. 3. Old lady selling hats. Probably chinese-made though. She was selling them for like $3. I told her it was incorrect and gave her $6. 4.Went to a print shop today. They wanted to charge me $2 for two large a3 full colour prints. I told them it was incorrect and gave them $8. It's remarkable how people under-value their work.
ZAPanda 4 years ago
I used to under-charge and people tell me that I still do. However I base it on my salary which at the moment, in our country, is really generous. So what I do now is calculate time and round up to each quarter-hour, based on my salary before tax. So if (for argument's sake), I was getting say, $30/hour, then i'll charge that. If I do 1h15, then I charge $37.50, etc. But here what I can say is certain people - I call them "entitled" - charge even amounts like $300/hour, or more. I just think that that's unethical.
Load More Replies... Imogene Cargeaux 4 years ago
People absolutely question "white designers" I take vintage clothes that are damaged and I turn them into new pieces. I do use some of my own fabrics and materials so it does end up costing me. Not to mention the machine and maintenance costs money so I factor that in and the pieces I create take me on average 10-30 hours for something simple and 20-50 hours for dresses, overalls, quilts etc. and nothing I make is cheaply made. I refuse to sell anything that can't be worn for years. I double stitch, sometimes triple stitch every seam and I wash it a few times to be sure it will hold up (they're used clothes n fabrics. They need to be washed!) so all of that factors into the price and I cannot tell you how often people yell at me for my prices. I have a quote I copy and paste that details the break down of price because it happens so much. My friends of all races who do similar s**t have the same issues. Choosy beggars don't discriminate. They bitch no matter what color your skin is.
D C 2 years ago
It's just the typical racist garbage against white people. Also her target audience might just be a bunch of cheapwads (which also has nothing to do with skin color) She can just look at the thread to see that people absolutely do dispute white designers. She just wants to be a victim.
Load More Replies... Kitty Jordan 4 years ago
Don't undervalue your own work. I crochet, and I made a handmade scarf for my ex's mom one Christmas. She was quite taken with it, which I appreciated, but also told me several people had asked where she had gotten it and offered to pay $40-$50 for it! I was taken aback, because it was a very simple pattern that literally takes me a couple of days and a couple of skeins to throw together and would never have thought people would pay that much!
Kevin Donegan 4 years ago
This is what happens in third world countries. I've traveled around the world and have seen it a million times. A person buys $1.00 in product to make something (handicraft, clothes, weavings, etc.) and then sells the product for $1.05 thinking they're making money and not realizing that they should be charging for their time in producing the product. It's heartbreaking to see and it keeps people in poverty.
lara 4 years ago
Well, you are correct about that, but you have to remember, the primary market for an item made in a third world country is their "countrymen." And you can charge five bucks for an item that cost you a dollar to make, but if no one can afford it, you are still broke. You have to consider the market.
Load More Replies... Chris Zaydel 4 years ago
not clothing, but I help my wife run her bookkeeping business, and I can tell you, owning any successful business is very, very hard. There are nice rewards though. I restore vintage bicycles as a hobby and my wife thinks I should have a small shop and take customers, but like others have said, often the expense and time it takes to make something means you have to charge higher than most people like.
James Tartaglione 4 years ago
as someone who is getting ready to launch an online shop/sell at events, this post has been very helpful
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