The Forgotten Factor:

How to balance finances in your future business

By, Tony Ward

What does it take to start a business?

Finance is a big part of starting your entrepreneurial journey no matter the field. It takes money to make money.

This is where the business side of creativity shines. Everyone has a unique experience when it comes to startups but, in most cases, there can be some overlap. Two Shelfies from Shift Retail Lab decided to develop their own product, which can be the more inexpensive route. This method requires a lot of research and time because you have to know every part of how your product is made.

Another Shelfie took an alternative route and launched a Kickstarter. This was extremely useful because the funds could be used to mass purchase packaging, materials and rent a kitchen. The biggest necessity of finances in a startup is first knowing your ideal budget. This number will constantly evolve but having an idea of what you need to operate is essential in success. Not only will this benefit you in scaling but you will also have a specific number if a potential investor inquires.

Also, you have to be open to trying new options and alternatives. Another Shelfie started with a made-toorder clothing company. He said the feedback from potential customers wasn’t well received so he’s in the process of restructuring his strategy by ordering readymade products. This is a common occurrence with start-ups. One Shelfie first started out doing screen print t-shirts. Cost and sizing factors led them into creating jewelry, making it a more accessible alternative to clothing while keeping the same brand message.

The Future

A look ahead with some Shelfies

By, Brandon Ranly

Where do you see your business in five years?

Bri

Williams

I definitely still want to be a major contender in the industry. How that looks for me, you know, it’s still up in the air to be honest. And it’s not because I don’t know, I don’t have a vision. But I feel like there’s so much room for us to grow in different ways. And I don’t want to box us in these early stages, and just feel like, we’ve okay, this is the only one thing we’re going to do. And so I’m being more open to partnerships and collaborations and opportunities in that way.

Hannah Jackson

After grad school, she wants to dedicate a lot of her time to her product I would love to be legitimately selling and other local businesses, no matter what state after I graduated, I’m not sure where I’ll be living, if I’ll still be in Richmond, or maybe New York, hopefully. But I would love to get it out there into like local businesses, as well as selling more products.

Yosef Mirakov Cohen

In five years, Cest La Vie will be in like, nationwide grocery stores.