Joanna Coles & Alexa Von Tobel: Inspiration

Last night I attended the first of a series of Marie Claire women at work discussions at Ruth's Chris Steak House.  

The guest of honor was Alexa Von Tobel of Learnvest. She was interviewed by the fantastic Joanna Coles of Marie Claire, and the discussion was positively enlightening.

Now, I'm already an avid LearnVest reader, and you all know I'm already taking budgeting to a new level this month.  But there were some fantastic tips and comments that Alexa made directly to the entrepreneurs in the room.

There was one comment she made that completely rang true to me about entrepreneurs:

"If you knew what it would take, you never would have started."

I've said this before and I'll say it again.  I've risked A LOT becoming an entrepreneur.  Namely, a chunk of cash that could have been spent on vacations, dinners, and shoes...oh...and TIME. I have zero of that as well.  But the point is, things are always harder than we expect - but often - they have the best outcomes.  Alexa dropped out of Harvard Business School and took the huge risk to start LearnVest.

What surprised me the most is, SHE DID IT ON HER OWN!  After all of my whining about being a "solopreneur" and how the tech industry often doesn't take me seriously because I don't have a "team" - here is a fantastic example of a woman who started her own business, raised $1m on her own, and now has a thriving company that has raised over $25m in capital and is now valued at over $100m.

And Alexa said it flat out - "It was so EASY to raise my $20m round - it took 2 weeks.  But the first $1 million?  It took a little over 6 months, it was grueling, and definitely, the worst part about starting up."

Boy can I commiserate.  It IS grueling.  It's draining and it's exhausting.  Even though Happily Ever BorroWED has proven sales and traction, it's still a major push to pitch your business over and over, defend yourself, prove your passion and sell yourself on a daily basis. 

But being the eternal optimist that I am - here is a shining beacon of hope: Alexa Von Tobel!  She put it all on the line.  She painstakingly tried to prove her concept and raise money all on her own.  And she did it.  And she's thriving. She BELIEVED in her concept, and trusted her instincts...and now...she's succeeding.

I love attending events like these because just when you feel drained, and helpless and tired...you feel enlightened again.  Hearing different women's stories of success is thrilling and inspiring! It ignites that little flame inside of you to a full on BONFIRE!

But also - on a more budgeting note - Alexa mentioned her 50/20/30 rule.  This applies to your salary.  50% should go to rent, groceries, transportation and essentials.  20% should go towards your future, or paying off debt and 30% goes towards fun.

Well...in looking at my salary - this is about how mine breaks out.

My rent ALONE is 49% of my take-home salary...gee.  $22,200/year
well then groceries are about $50/week x 52 weeks/year - $2600
subway pass - $104 x 12 = $1248
2 cabs per week = $30 x 52 weeks = $1560
= $27,608/year on ESSENTIALS

That is 61% of my take home salary.  SO that means I have to give up 11% of either debt or fun...and guess where that comes off of...

So - 20% - $9100/year should go towards paying off debt.  Well - if this includes personal AND business debt? We're in trouble here.

Which leaves the 30% of fun - 11% of over spending on essentials = 19% = $8645/year. Which is $720/month.

$720 a month on FUN?! Have I been spending that?  We'll see at the end of the month! 

Thanks to Alexa Von Tobel for providing some insight on how I should be budgeting.  I don't think most women have their own business debt - which is what has put me in this tricky situation of saving every penny.  But I am lucky to have a FT job - I am lucky to have little personal debt (besides school loans) - and I am lucky to have this FIRE inside of me that is ROARING to succeed.

And since I truly believe in my Inten-Sati mantras: "Every Day, in a very true way - I co-create my reality"

Breaking Down Your Budget_Startup Style

As I meet with more and more potential investors - I know the first question is "Why are you raising $X? What does it go towards?" But the underlying and sometimes second question is: "What Will you Pay Yourself?"

I was watching an episode of "Shark Tank" a few weeks ago, and one of the people pitching COULDN'T answer that question. He said "I'd be comfortable making 6 figures." Yes - well wouldn't we all.  However, #startuplife is not about 6 figures.  It's about bootstrapping, It's about drive.  And mostly - about budgeting.  While I still remain working FT - I can say that I still am on a strict budget, and a majority  (ok...all) of my savings have gone towards business expenses.  Do I still have debt?  Of course.  And when I eventually take the leap and leave my FT job for my 2nd FT job (Happily Ever Borrowed is NEVER a PT job), I won't have savings.  I'll have even more budgeting to do!

I've decided that I will not leave my FT job until I am funded.  Some investors may scoff at this - but I'm a practical person.  This is not because I'm not a risk taker.  Emptying my 401K and life savings to start HEB was a risk.  Putting every extra cent I have towards my business, is a risk.  And this business might not be here today if I hadn't continued to work and put all of my extra income towards it.  When I look at my expenses from the past year I am AMAZED at what I've spent.  There are times when I say, "WHAT AM I DOING?" This is tens of thousands of dollars that I could have bought multiple handbags, vacations and clothing with!  But I'm investing in myself.  I'm investing in my business.  I'm investing in my future, even if the return does not seem so great right now.

So let's break it down together - so I know - HOW MUCH - I will pay myself when I get funded.  This is quite personal - who else is going to show you this?

Rent - $1850 (a steal for a studio in NYC might I add...)
Utilities - $60 (I don't have cable...huge savings)
Student loans - $172.47
Computer Payment Plan - $92 (5 more months to go here)
Food - $369.28 (This was from February...a short month)
Transportation: $199.65 (Monthly metro card + taxis + train rides to LI to visit the family)
Misc - $443.33 (Shopping, Toiletries, Book addiction etc.)
------------------------------------------
TOTAL: $3186 for the Month of February.

Ok - So let's add an extra 2 days for an average month -  $3406.

So $3406 x 12months = $40,869
Let's add in $5k for emergencies - extra trips, unanticipated costs etc.

GRAND TOTAL SALARY: $45,869

I consider this to be extremely reasonable, and actually, quite comforting.  Mind you, this is with me saving NOTHING for my future.  However, if that emergency fund doesn't get used, straight to funding it goes.

What's even MORE shocking to me is this is A LOT less than what I get paid now.  While I won't disclose that number, this means that A LOT more money should be going towards my business while it still can.

Staring May 1st - I'm going to put myself on an extreme spending diet. (Maybe I'll physically diet as well...food costs money)  I'll track it all with you, together - and we can see how I cut my costs week by week.  Note - the Hermes employee sale is during the month of May....we'll see if I survive.

Finding Inspiration through Travel -Israel

   I've returned from my trip to Israel with a renewed sense of spirituality, enlightenment and overall joy.  But most of all, I've returned with inspiration.  Of course I found inspiration in the land and the people of Israel - but mostly, I found inspiration in the people that I traveled with.
   Birthright is this amazing gift that is given to young American Jews.  We are given the opportunity to travel for 12 days to a land that our ancestors DREAMED of (they say this continually throughout the trip) - but it really does ring true.  We should never take for granted the fact that a whole bunch of rich, Jewish Americans decided that it's important for us to visit our homeland and discover our roots...for FREE.  From ages 18-26, we're encouraged to travel back to Israel, see Jerusalem, Haifa, Tel Aviv, the border of Gaza, and find some spiritual renewal.  For me, I'm already spiritually renewed.  I actually officially converted to Judaism a little over a year ago after being raised Catholic and hating it the entire time.  At 12 years old I was asking my parents why I couldn't be Jewish. (Their response was, you can choose whatever religion you want when you're an adult...and I did) Of course seeing the Western Wall and visiting Yad Vashem was meaningful for me in finding my faith.  But the entire time, I found myself still thinking about my business (obviously) and also learning from the other people in my group what an amazing, talented, group we were.
    First off, I was inspired by the group of people who lived so freely.  People who found work where they traveled, nomads who created their destiny wherever they ended up.  My neurotic New Yorker nature would have a hard-time with this lifestyle, but of course, I envy it.  The ability to just live care-free and say, "I can find work where I go, I can make something of myself, and I can see the world while doing it."  PLENTY of entrepreneur's take this exact risk.  They drop their neuroses, quit their jobs and LIVE by believing in themselves, and their aspirations.  I'm still moonlighting, and teetering on the edge of letting go.  Being in Israel definitely reminded me that there is so much in the world to see, and often, work holds you back from that.
    Then there were the artists & musicians & actors.  There was Dom who has been touring with his band since he was 13 years old, Maxx who was humble about his background but actually has a quite intense reel of movies he's been in, and Meghan who is doing some fantastic photography and videography work in NYC. These are people - living their dreams.  We're often all so scared of taking the leap and saying, "I love [art/music/poetry], but I could never make a living doing it - I'll go sell something instead."  I did this.  I loved art.  I loved fashion design.  But after college - I said, "I'm going to be practical", and I found a job in merchandise planning. Am I regretful? No.  I've always been practical, I enjoy making money, and quite frankly, I enjoy living the lifestyle that I'm able to do with a steady job.  But again - there is this pull - this energy- that is telling me, there is more to life than money, and some SATC lifestyle that you aspired for at a young age.  I'm not so sure that it was Israel, or my Judaism that made me realize this.  It was the people I was with.  I was INSPIRED by their strength and dedication to their passions.
      Finally, there were the soldiers.  The men and women who from 18 years old are forced to spend 2-3 years serving their country in the IDF.  I could spend days writing about how inspiring it is to see EVERY citizen (or nearly every citizen) have to help their country succeed through the military. I think it matures you quickly, and gives a well needed break from school before heading back into college.  It helps you realize where your passions lie, what you want to commit to, and what life is really all about. It's INSPIRING to see young people have such a love for their country.  I wish more Americans loved what we are given.
    And then there are the conversations that we had. The awe inspiring, meaningful, life-changing discussions that helped us to realize our hopes and dreams.  While traveling through this awesome, gorgeous, beautiful, country - we were encouraged to share our feelings (sometimes more thoughts than we wanted, or really needed to know) and it was so beautiful to hear everyone talk so candidly about their emotions, their dreams, their fears, their aspirations, their failures and their lives. 

So here is how I'm going to take my inspirations from Israel back to my life in NYC:

Travel MORE.  Take your vacation, see how others live, and grow from it. Traveling puts your life into a different perspective, makes you realize things you didn't see before, and can create amazing opportunities for growth (emotionally, physically, spiritually - AND in your business!)

Take more RISKS:  In my personal life, I've taken a risk.  I leaped, I fell and I'm happily climbing upwards.  But in my business, I am still standing at the edge, not quite ready to jump.  I'm not going to jump until I'm ready, but I'm certainly closer to the edge than I was before.

Believe in Yourself - Now it's not that I didn't believe in myself before.  I DID!  But often, when you see other people fulfilling their dreams, it pushes you to trust yourself even more.  Know thyself, know what's right, and know that whatever happens, it is meant to be.  You must be your biggest cheerleader, or your neurotic New Yorker will get in your way.

Make New Friends, But Keep the Old - It was astonishing to me that I could grow so close to people in a period of 12 days.  I learned a LOT about friendship and trust through this trip.  Sometimes, your new friends have your back more than your old do.  But often times, your old friends might know what's best for you.  Even if it doesn't seem like they have your best interest at heart at first, think on a grander scheme.  Your friends are all there for you for a reason.

My horoscope the day before I left said "You will meet someone in your travels who will change your life."  I can honestly say that Yes - there was someone who changed my life.  But in the broader perspective I met over 50 people who changed my life.  In fact, I think the person who changed my life was ME.  I was confronted by my truest, most honest self - who reflected back at me and said: "Change your Life".  I'm SO glad I did, and I can't wait to see what life (and travels) bring me next.

Wed-Tech: A New Subset Struggling to be Heard

Wed-Tech. 

It's a term we coined ourselves...and by we, I mean the dozens of bridal technology start-ups here in NYC.  As I was meeting with fellow entrepreneurs talking about my own start-up, Something Borrowed NY, I had so many conversations about the wedding space and how antiquated it is.  The most obvious conversation was how The Knot, formally known as "the" e-commerce resource for weddings, is a mess.  Their content is haphazard and organized in a manner that is unhelpful to brides planning their weddings, their vendor matrix is based on who pays the most money to get a higher listing, and their parent company, XO Group, is too concerned with rapidly expanding their other brands and their IPO than concentrating on moving forward with bridal technology.

With the current surge in Wed-Tech companies, I decided to get us all together.  There were too many meetings I had with people doing similar "iterations" for us NOT to talk about it.  No one (and I say this lovingly), has gotten it "right" yet - besides Pinterest.  And the reason they're such geniuses, and the number one fastest growing website of all time, is because they didn't limit themselves to just weddings.  They were able to capitalize scrapbookers, fashion lovers, dog lovers, cat lovers...any lover of anything to just compile their inspiration pictures in an organized manner. I can speak for my own business and say that my Pinterest has surged to become the #4 traffic driver to my site based on the fact that when people type in "bridal accessories" - I pop up, they pin, and they are directed to my business.

The continuing dichotomy I struggle with is wedding business vs. tech business.  Quite frankly, the tech industry doesn't understand weddings unless it's super sexy with algorithms and an app, and the wedding industry doesn't get tech unless it's super user-friendly and picture based.  There have been a FEW companies who I've seen be funded by the tech world that have a wedding focus; Tailored (formally known as Dress Rush), Lover.ly and Wedding Lovely to name few.  All of these businesses are essentially picture search engines to help you more easily find vendors and inspiration.  They all have different ways of doing it - but they're essentially sharing a common thread.  So when other start-ups that are trying to disrupt (BridesView, Neat Weddings, myself, Knot a Registry, Little Borrowed Dress, etc.),  we're automatically lumped into this "wedding space" that the tech world already sees as "flooded". 

So if tech isn't interested - how about the wedding giants?  This is the way The Aisle NY went.  Shara Levy and David Yassky paired with well known bridal giants Mark Ingram and Deborah Moses to leverage their influence in the bridal industry since their "tech" angle was nothing world changing. (For lack of a better term...they're the "Gilt for Weddings") Their press push was impressive, and certainly was noticed, but last I heard their business was not sky-rocketing.  So - it wasn't about the money they raised, but about the people they raised it from.  Are the wedding industry top dogs NOT as influential as the tech ones?  Perhaps.  But you'd think if you own a wedding business - that being backed by one of the most recognizable wedding figured in the industry would do wonders for your business.  


So now where does this leave me?  I can't raise tech funding because my business is not "sexy" enough in the eyes of tech investors.  (In efforts to make these ridiculous continual comparisons, Something Borrowed NY is the "Rent the Runway" for brides)  Our site is simply an e-commerce site that RENTS accessories to brides for their wedding day. Of course I COULD make it sound sexier (I want to team with Clothia to have brides virtually try on their accessories from their own home, I want an app that has you fill out details about your dress & wedding style that pairs you with the right bridal accessory, I want to create pop-up-shops around the US to help brides touch and feel the products...) but this requires me finding a tech co-founder and I'm not sure if I want to go that route.  


OR


I could try to partner with a top Wedding Planner (think about what BeachMint has done) who backs the concept and leverages our credibility in the wedding space.  Yet, this is another gamble knowing that other businesses who have gone this route have not necessarily been as successful as they anticipated.  


OR


Maybe the best way to do this - is to have both?  A tech backed angel and a wedding angel.  Perhaps the combination of the two is the kryptonite we need to leverage ourselves in BOTH spaces and help us grow beyond the potential of either space on its own.  If my business is straddling the line between WED and TECH - why not just do both?  It seems having support from both sides is far better than just one.  So...Who's In?


Brittany Haas is Founder of Something Borrowed NY. Always drawing and designing, she graduated from Cornell University with a degree in Fiber Science & Apparel Design. Upon graduation she decided to learn the business side of the fashion industry. Since then, she’s gained experience as a financial merchandise planner for several top Fashion houses, and now brings her business savvy to the bridal industry. She has been featured on Women2.0, Forbes.com, and Yahoo Small Business. She is also the leader of @WedTech. Follow her on Twitter at @brittanyhaas.

Passion - NY Giants vs. Entrepreneurs

A FANTASTIC article by Mark Birch about passion...

http://birch.co/post/17265443279/you-cannot-manufacture-belief

Re-Post on Women 2.0

My post yesterday was re-posted by Women 2.0.  Check it out here!

Juggling a FT job & a start-up (hint...it's not easy)

A short post to describe how miserable I am since I'm missing out on the #wefestival going on right now.  I was accepted...and elated!  What a wonderful opportunity to learn from my idols & meet with other aspiring entrepreneurs.

Unfortunately, as some of you know, I'm heading off to Paris on Friday with my FT company for market.  We've been swamped here (...we're talking 9am-1am days swamped) and it would be totally irresponsible of me to take off a day, just two days before we jump on a plane and have 2 full on crazy, busy weeks.

Enter the boo/hisses here...I know...nobody feels bad for me - I'll be in Paris for 2 weeks.  I assure you, I'll be working non-stop and I won't be skipping down streets with a crepe in hand and a beret on my head. (well...maybe I'll do that on my one day off)

This whole ordeal made me think about "the juggle."  I was fortunate enough to attend Arianna Huffington's keynote address last night for the event and was able to mingle with some entrepreneurs for the night.  The number one question I was asked was:

"How do you do it? Juggle both a FT job and your business?"

The short answer is INTENSE organization & little sleep.  But I'll elaborate.

When I first started working on "SBNY" I was bored at my current job.  I found that weeks 1 and 2 of the month were busy and for the remainder of the month, I was left twiddling my thumbs.  The idea for Something Borrowed NY was conceptualized in 2009 when my 2nd oldest sister was married.  However, it was now 2011 and I needed a project. Ok - let's get SUPER real.  I had just gone through an AWFUL break-up (we lived together...so that creates a mess), and I knew I needed something to get my mind off of my depressing romantic state. So I researched, I read, I took classes at GA, I enlisted my best friend and we started.  I coded the site myself, I took frequent long lunches or personal days to have meetings with designers, entrepreneurs & investors, and we launched. 

I took a deep breath.  Once the site was up and running - maintaining and juggling both became much easier...but not for long.

Social media is KEY to building a business.  I was spending my days tweeting non-stop.  That's when I started to hire interns.  They were creating blog posts, tweeting & facebook(ing) for us. 

and then...I was offered my current job.

I wasn't looking - but it came along knocking...and I had to take it.  It was a fantastic job, great benefits, a huge promotion...but could I still juggle?

I'm working through it now.  There are certain things I need to miss, such as the WEfestival today.  But, I still try to go to at LEAST 2 networking events a week after work.  The business keeps growing, the orders keep coming, and BOTH jobs get better and better every day.

Can I do this forever?  No. But I don't need to make that decision yet. 

Here's a few tips of how I "do it all":

• Make a list...and check it way more than twice - I have reminders for EVERYTHING;  laundry, gym time, networking events, SBNY shipments, dinners with friends etc.  It's all in my iPhone and I'd be lost without it.  Organizing your time and being able to check things off, keeps you sane.
• Keep one day to yourself - We all need to unwind.  For me, I try to make Mondays my night off.  After I get home from my FT job, it's a free night. (Admittedly, to watch the bachelor) Point is, no more hustling, it's a night to do what I want to do.
• Enlist people to help - I have 3 interns who help me with all of my social media needs.  In exchange for school credit, they help me with social media, and I try to help them gain new experiences in the bridal industry.  Or...find a co-founder!
• Positive Thinking - I can't express enough how important this is!  For me, I attend an Inten-Sati class. It helps me complete two tasks, working out & positive re-affirmation.  No matter how you do it - just remind yourself that you can do it.  There is no success without failure.

Featured on The Ace Department

To partner, or…

…not to partner?
Maybe not as pressing a question as Hamlet’s, but nearly as fundamental when it comes to running your own business. Here, Brittany Haas (founder of Something Borrowed NY) explains why she’s in the market for a new co-founder.

• Investors don’t invest in people — they invest in TEAMS: I’m eager to join an incubator, or to begin fundraising again now that we have the traction we need. However, without a management team to back me up, I’ll never be able to associate with those types of crowds.
• I don’t have the money to hire anyone: It would be easy for me to contract a developer, a designer, a PR firm etc. to help take Something Borrowed NY to the next level, but it would require a LOT of extra money. As successful as we’ve been, we don’t have the capital to hire the team we need.
• It takes a lot of pressure off: It’s hard to do it all on your own! My “ex-founder” and I had a perfect “yin and yang” of playing off each other’s strengths and weaknesses. Plus it’s easier to craft an argument or prove your case when you have the assistance of others. Yet, connecting with a co-founder is an emotional relationship. It’s finding that “special someone” who you can trust to own a part of your business! That’s something that can only come with time and doesn’t usually happen with a stranger.

We’ve talked about this before, but the decision to partner can really make or break your business.  The thing I like best about Brittany’s situation is that she obviously knows herself — understanding why is the best first step to getting what you want.  For her, it’s a desire for smart teamwork, mutual backup, eventual VC, and the reality of short capital.

What is it for you?

I know most of you are running your own show already, but if you’re interested in the future of Something Borrowed, get in touch with Brittany.

by Jessica Wright

posted January 3, 2012 • no comments (yet) • filed under Diversions • tagged with connections, VC, venture capital

Featured in YFS and Forbes.com

Today I was featured on YFS & Forbes.com.  I'm unable to re-post for some reason, but here are the links below:

http://yfsentrepreneur.com/2012/01/02/we-resolve-entrepreneurs-share-new-years-resolutions/

http://www.forbes.com/sites/women2/2012/01/01/how-i-started-something-borrowed-ny-without-a-technical-co-founder-and-why-i-want-one-now/

A great boost into 2012!!!

Creating New Years Resolutions...or Not

I generally don't believe in New Years Resolutions.  They always seem trite, or mundane, or just downright unattainable. Why should the new year bring on the this renewed sense of determination?  Perhaps most people are slacking during the holiday on all accounts.  Whether it be work, their diet, or their spending habits - maybe December just drains of us of all normal regulation and regimentation. 

I actually had my renewal in December.  Mid-month I moved into my new home office, decorated as I pleased, and re-arranged my living and business situation into something I was finally comfortable with.  This new space allowed me to re-organize, re-charge and prepare for the New Year.  Rather than waiting until January 1st to commit to new goals, I went full throttle during the busy holiday season to actually take a breath and focus on me.  Generally, I'm hustling, networking and working non-stop.  The little time I have to work on finances, or banking, or legalities are managed in the wee hours of the morning when I'm unfocused and running on Starbucks. 

So for two weeks - I stopped. No more meetings with nubile entrepreneurs, no more networking and certainly no more late nights.  I cleared my calendar for some "me time" and worked at my leisure, ate healthier, went to bed earlier, and felt more accomplished at the end of the day.  Come January, I know my workload is going to take a turn for the worse.  At my FT job, I have major reports to get done in 10 days and then I'm off to Paris for 2 1/2 weeks for market. (#whitegirlproblems I know...but trust me, I'll be working in Paris...not just eating crepes!)

I have this "feeling in my bones" (as my father would say) that 2012 is going to bring big changes in my life.  2011 was QUITE a year of change for the better, personally and professionally.  Yet, Something Borrowed is approaching it's 6 month anniversary and I cannot believe the progress we've made in such little time.  In 6 more months, or even a year's time, I know that we will be bigger, stronger, and more successful than we ever initially imagined. So sans "resolutions", we're heading into 2012.  However,  I do have goals:

-  Increase sales by 100%.
-  Find a technical co-founder or add a member to our team
-  Create exclusivity to our brand by creating a members-only site
-  Create more partnerships with other bridal businesses
-  Have our first sample sale to clear through old inventory in order to keep our assortment fresh
-   Join an Incubator

No matter what your goals are for this year, be sure to take some "me time" to take a breath.  So often we forget to do that, and it's essential for re-charging your mind.  I encourage you all to not wait until January 1st to do so (though we have few days left...) but each month - maybe remember that you don't have to wait 12 months to "start over".  Every day brings a new opportunity for change.

Have a safe, happy, and successful new year!

-Brittany Haas
 

How I Started Something Borrowed NY Without A Technical Co-Founder (And Why I Want One Now)

Published on: December 28, 2011  

Tags: Brittany Haas, Solo Founder, Something Borrowed NY, Startup Lessons Learned

 

By Brittany Haas (Co-Founder, Something Borrowed NY)

It all started with four sisters. Being the youngest, I watched my older sisters struggle with buying a dress that cost them more than one month’s rent. Beyond the heartbreak of spending that much on one item, it can only be worn once, and you need to find space to store it in your 400 sq ft apartment.

Hence Something Borrowed NY was born. We wanted to rent designer bridal gowns from a store in NYC to brides like us; ones who loved high fashion, hated the price tag, and didn’t value the possession of a one-time wear item.

I recruited a college friend of mine who was in the bridal industry to tackle the project with me. We contacted designers, boutique owners, gown preservationists, entrepreneurs, investors, VCs, angels…everyone! We had the 40 page business plan, a financial plan, and designers ready to sell.

The only thing we were missing was investment. Owning a store in Manhattan with multiple sizes of wedding gowns is a costly venture. As we approached VCs and angels back in the beginning of 2011, they were only focused on one word: Traction.

I understood their point. Show “proof of concept” using the least viable product — the lean startup method. No one was interested in brick and mortar, only internet based businesses. So, we pivoted.

The website for SomethingBorrowedNY was launched and rented bridal ACCESSORIES to brides all over the country (and the UK) for their wedding day. Although women don’t necessarily value the possession of their gown, we believe they still value the experience of finding “the dress” with their friends and family in a boutique setting. Focusing on accessories allowed us to still help brides save money, while still letting them have their traditional gown experience. The site launched with press from Martha Stewart Weddings, Bride Finds, and Refinery29.com. Yet, things were about to get harder.

My co-founder was offered an irresistible job. I was so excited for her and we’re still best friends today, but I was now left running the company on my own, while still holding a full-time job of my own. My day job keeps me busy from 9-7, and my nights are filled with networking events or working non-stop on the website, blog and logistics. I hired interns to help with social media, but the intricacies of running a business while holding a full-time job are starting to tire me out!

Thankfully, our site was launched on the platform Shopify which allows me to easily update new product to the site and use basic HTML to edit the page aesthetically. However, I’m starting to realize there ARE certain website developments that I cannot code myself.

Here are the reasons why I’m considering finding a technical co-founder:

• Investors don’t invest in people — they invest in TEAMS: I’m eager to join an incubator, or to begin fundraising again now that we have the traction we need. However, without a management team to back me up, I’ll never be able to associate with those types of crowds.
   
• I don’t have the money to hire anyone: It would be easy for me to contract a developer, a designer, a PR firm etc. to help take Something Borrowed NY to the next level, but it would require a LOT of extra money. As successful as we’ve been, we don’t have the capital to hire the team we need.
   
• It takes a lot of pressure off: It’s hard to do it all on your own! My “ex-founder” and I had a perfect “yin and yang” of playing off each other’s strengths and weaknesses. Plus it’s easier to craft an argument or prove your case when you have the assistance of others. Yet, connecting with a co-founder is an emotional relationship. It’s finding that “special someone” who you can trust to own a part of your business! That’s something that can only come with time and doesn’t usually happen with a stranger.

As of now, it’s a one-woman operation. But I know that the key to success is delegating those skills that you’re not proficient in, to others. I’m looking for people who are passionate about the concept and have the tenacity that a start-up requires. If you’re looking to become a part of our team, or know anyone who may be interested, please feel free to reach out to Brittany@somethingborrowedny.com.

Editor’s note: Got a question for our guest blogger? Leave a message in the comments below.

About the guest blogger: Brittany Haas is Co-Founder of Something Borrowed NY. Always drawing and designing, she graduated from Cornell University with a degree in Fiber Science & Apparel Design. Upon graduation she decided to learn the business side of the fashion industry. Since then, she’s gained experience as a financial planner for several top Fashion houses, and now brings her business savvy to the bridal industry. Follow her on Twitter at @brittanyhaas.

Brittany Haas Thinks it's Better to Borrow When it Comes to Weddings

Brittany Haas, Co-Founder of Something Borrowed New York, tells us how she got started in her own business through personal experience!

"Back in 2010, I entered a Daily Candy contest that challenged women to create a business for other women. I have three older sisters who each were frustrated by the expensive costs of bridal gowns and accessories; something they could only wear for one day of their lives. Even after their wedding, they tried to sell their gowns and were unsuccessful. After seeing their luxury goods hang in their hallways, collect dust and become unusable, I decided there must be a better way. Women should have the ability to rent their attire for the night and still look gorgeous with luxury items, but stay with their budget. It’s about staying within your means while giving the appearance that you spent much more.  I ended up being a runner-up in that Daily Candy contest - and was urged by other female entrepreneurs to pursue the concept as they'd all be future customers!"

"Today, “Something Borrowed NY” is the premiere online wedding shop that RENTS designer bridal accessories at a fraction of the retail price! We know that after your wedding there is really no use for your tiara (unless you’re Kate Middleton), and that most of us don’t have the space to store yards of tulle and crystal baubles.  We’re modern women who love fashion and aspire to wear gorgeous things on our special day.  But we don’t necessarily value the possession of a one-time wear item.  Partnering with designers such as “Enchanted Atelier” & “Justine M. Couture”, we’ve curated a special collection of veils, tiaras, headpieces and jewelry to “frost yourself” with for your special day.  Any minor damages are covered (please, no red velvet cake fights) and after you’re done, just ship it back to us and we’ll clean and preserve it for the next savvy bride!" If you are a bride-to-be, visit SomethingBorrowedNY.com to see what it's all about.

Alice Krause on December 08, 2011 in Entrepreneurs | Permalink

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E-Commerce Accessories Rental model Something Borrowed NY aims to disrupt the Wedding Industry’s traditions.

Name of your company and URL? Date started? Date officially launched?
“Something Borrowed NY” (www.somethingborrowedny.com) was conceptualized in January and launched in July of 2011.
What is your product or service?
“Something Borrowed NY” is the premiere online wedding shop that RENTS designer bridal accessories at a fraction of the retail price! We know that after your wedding there is really no use for your tiara (unless you’re Kate Middleton), and that most of us don’t have the space to store yards of tulle and crystal baubles.  We’re modern women who love fashion and aspire to wear gorgeous things on our special day.  But we don’t necessarily value the possession of a one-time wear item.  Partnering with designers such as “Enchanted Atelier” & “Justine M. Couture”, we’ve curated a special collection of veils, tiaras, headpieces and jewelry to “frost yourself” with for your special day.  Any minor damages are covered (please, no red velvet cake fights) and after you’re done, just ship it back to us and we’ll clean and preserve it for the next savvy bride!
Why did you start your company?
Back in 2010, I entered a Daily Candy contest that challenged women to create a business for other women.  I have three older sisters who each were frustrated by the expensive costs of bridal gowns and accessories; something they could only wear for one day of their lives.  Even after their wedding, they tried to sell their gowns and were unsuccessful.  After seeing their luxury goods hang in their hallways, collect dust and become unusable, I decided there must be a better way.  Men are able to rent their tuxes, couples rent their linens and/or dinnerwear, and most people rent a catering hall for the night.  Women should have the ability to rent their attire for the night and still look gorgeous with luxury items, but stay with their budget.  It’s about staying within your budget while giving the appearance that you spent much more.  It’s about being a savvy woman who appreciates the quality of luxury goods, but does not value the possession of an item you can literally only wear once.

Brittany Haas

How was it financed ?
Something Borrowed NY was and remains to be self-funded.  We initially went out to raise funds for a brick-and-mortar version of Something Borrowed NY that rented designer gowns.  We operate as a wholesale account, purchasing inventory DIRECTLY from designers and then renting those items to our brides.  With gowns, we realized that this would involve multiple sizes, the need for minor alterations and dress cleaning/preservation.  Although we worked out the costs and contingencies, the start-up costs incurred led us to look for external funding.  However, in the current market, most VC’s and angels are interested in e-commerce businesses that will go public in 3-5 years. Since we’ve launched there has been a significant shift after several IPO’s went bust, and I think they’re looking more towards long-term investments now.   However, it’s all about timing, and after hearing from investors that they needed traction, we decided to use the minimum viable product, rent just accessories, and do it online to reach the largest market possible.  We’re continuing in our “beta” test phase now to gain viable traction to prove our concept to investors. Our ultimate goal is to still have a brick-and mortar shops where women can still try on and experience the items for their rental.  Their wedding day is still very special and we want brides to be able to shop, feel and touch the products like they would if they were purchasing.
Do you use Social Media tools like Facebook, twitter, LinkedIn or ? Provide exact URL of each
Social Media is the number one reason our business is where it is today.  We are most successful with twitter and tumblr, but we’re also on Facebook and Youtube.  Twitter has been essential for us connecting with other vendors in the industry.  While we’re still trying to find the correct formula to connect with our customers on social media, it has enabled us to make many connections in the industry, which has only helped us to market to our client base.
blog.somethingborrowedny.com
@smthingborrowed
www.facebook.com/somethingborrowedny
http://www.youtube.com/user/SomethingBorrowedNY
YouTube -- Do you have a YouTube video URL that you can share with us, and allow us to publish with your story
This is our “commercial”:

How many people are currently working, including employees (freelancers or independent contractors for specific projects)?
I’m currently the only FT employee and we have a handful of interns who help with our social media and blogging.  I’m also currently working FT at a top fashion house as a financial planner.  It’s hard to multi-task, but I make sure to keep my two jobs very separate (and rely on little sleep to get by).
What type of marketing or advertising do you do?
We currently advertise on the knot, wedding wire, and several wedding blogs.  Currently, we get our best ROI with the more popular wedding blogs as opposed to the big box companies we advertise with.
What would make your business more “Successful”?
I think that the wedding business is still very traditional in that most brides would probably list print magazines as the number one place they get inspiration from.  I think that if we could afford to advertise in print wedding magazines and attend wedding shows, we’d be able to reach our customer base to the fullest potential.  Also, if we were able to have liasons in bridal salons around the country who could help brides who can’t normally afford the products rent them through our site, I think the word-of-mouth would spread, and more people would be willing to try a rental.  Word-of-mouth is EXTREMELY important in bridal.
Would you want to be acquired by a bigger company, run it yourself or sell in a couple of years?
I love “Something Borrowed NY”, and I want to be a part of it as long as I can.  However, I know the key to success is hiring those people who can take your business to the next level.  My ultimate goal is to work on SBNY full time, but to create a team around me that can help make us the “rule” instead of the “exception.”  The rental model should be the rule.

A Model for College Grad Career Success in 2012

By Sheila Curran • November 27, 2011

In 2008, Brittany Haas left college with a newly minted degree in Apparel Design. A few months later, the stock market took a nose dive, leading to years of double-digit unemployment for young college grads. Hit worst have been those with degrees in art and design and liberal arts. But this is not another story of doom and gloom. At age 24, Brittany is US Retail Planner for a world-renowned fashion house, managing a multi-million dollar budget—along with her own business.

So how did the youngest daughter of four, who grew up on Long Island without any connection to the fashion industry, come so far, so fast? Brittany’s story is a model for any student who wants to find meaningful work in a tough economic environment; unwittingly, she followed the five smartest moves identified in Smart Moves for Liberal Arts Grads: Finding a Path to Your Perfect Career.
1) Figure out who you are and where you want to go
2) Get experience
3) Build social and networking relationships
4) Identify your competence gaps
5) Find your hook

Figure out who you are and where you want to go

From an early age, Brittany was good at math and science. But she also had a strong creative side. In high school, dancing was usually Brittany’s activity of choice, and she often spent six hours a day in class or at practice. But at 16, Brittany attended the Pre-College program at the Rhode Island School of Design (RISD) and fell in love with fashion. So, when it came to applying to college, RISD was a natural first choice. Brittany was devastated when RISD quickly rejected her application, telling her that her portfolio did not meet the requisite standard. Fortunately, Brittany had a Plan B: the Cornell University College of Human Ecology, where Brittany could study Fiber Science Apparel Design along with a huge dose of liberal arts. It was a blessing in disguise: in-state tuition, an education that combined rigor with practicality, and an Ivy-League degree. Brittany relished the academic work, taking eighteen credits per semester, instead of the required twelve. She also had an active social life and joined a sorority.

Get Experience

Brittany knew the key to her success in the fashion world would hinge on understanding the way the industry worked. And, from the time she entered college, both her parents and professors encouraged her to get internships. Brittany found all her internships using a very low-tech approach: she simply wrote personalized emails to sixty companies for whom she wanted to work. The first year Brittany received very few responses, but as her experience grew, so did the response rate. Brittany’s first internship was with the Israeli designer, Yigal Azrouel. It was unpaid and very low level, and she recalls hating it. But, in retrospect, Brittany was grateful for the opportunity to observe all aspects of a small company.

The first paid internship came the following summer, when Brittany worked for bridal boutique, Kleinfeld. This time, Brittany chose her internship specifically to gain experience in marketing. Finally, during the summer after junior year, Brittany found an internship as assistant manager at Nordstrom, which she describes as a “real job”. It gave her great experience on the retail floor, while paying her an excellent salary. To gain additional funds, Brittany also waitressed during the summer—often for four days a week.

Going to the career fair in her senior year, Brittany was an attractive candidate to the few retailers who came to campus. After two on-campus interviews, a retail math test, and a “Super Friday” at the company site, Brittany went to work for Ralph Lauren. Since then she has learned the department store side of the business by working for Saks Fifth Avenue, and started her third full-time post-graduation job in retail planning at Hermes. Asked whether Brittany is concerned that she is now totally on the business side of fashion, she replies that she takes care of her creative side by also running her own business, SomethingBorrowedNY, which rents out designer bridal accessories.

Build Social and Networking Relationships

Much of Brittany’s success can be traced to her uncanny ability to form relationships. Even so, she recalls that networking did not initially come easily to her, and she had to force herself to make the effort. If her business was to be successful, Brittany knew she had to find ways to get advice and publicity, so she started going to networking events in New York City. Organizations like 85Broads, Women 2.0, the NY Entrepreneurs Business Network, and General Assembly, have been particularly helpful. At first, Brittany attended events with a friend and business partner, a strategy that made it easier to play off each other’s comments while discussing their new business with strangers. But, after a few years of meeting large numbers of people and talking about what she does, Brittany is now a networking pro.

Social media also plays a big part in Brittany’s life. In common with many small businesses, SomethingBorrowedNY grows through frequent use of blogging, and the effective use of Facebook, Twitter and LinkedIn. Brittany reports that LinkedIn is also by far the best way of finding work in the business side of fashion—at least once you have experience. No longer does she have to seek work; now, companies and headhunters look for people like Brittany on LinkedIn.

Identify Your Competence Gaps

From the time she entered Cornell, Brittany was intent on entering the fashion world, and made decisions about academics and work experience based on what she would be able to learn. She had an interest in business, but believed she could learn those skills on the job. So, when given the option of majoring in Fashion Design Management or Apparel Design, Brittany chose the latter. She wanted to understand fabrics and garment construction—something it would be hard to do simply from working in the business. Brittany selected internships based on her desire to see all sides of fashion—from design, to planning, to retail. The variety of these experiences allowed her to relate much more effectively to potential employers. It didn’t hurt, of course, that one of those prospective employers was a Cornell grad and sorority sister.

Find Your Hook

Brittany doesn’t have one hook; she has dozens. They include:
*A work ethic second to none: she usually works from 9am to 6pm at Hermes, and from 7pm to 11pm on SomethingBorrowedNY.
*A clear focus on fashion, with an understanding of both design and business.
*Excellent math skills and a good knowledge of French—a real plus for her semi-annual business trips to Paris.
*An entrepreneurial spirit combined with the ability to get things done.
*A winning personality and unusual maturity.
None of these “hooks” are extraordinary, but few candidates possess them all. In Brittany’s case, she simply took advantage of her natural aptitudes and interests.

For most college students and grads, finding or pursuing a career in 2012 will not be easy. But it can be done. In this economic environment it pays to focus, devote the requisite time for the job search, and persevere.

Side Businesses You Can Start for Extra Cash

By Tom Musbach | Yahoo! Small Business Advisor – Thu, Nov 17, 2011 6:36 PM EST

Starting a business to supplement your day job's income can help ease worries over your 401(k) losses. For Matthew Griffin of Indianapolis, it also helped him make better brownies.

In 2004 Griffin created a side company for his idea of a new brownie-baking pan that yields more than four corner brownies, hoping the invention might add to his income. Without quitting his day job, he perfected the design with his wife, Emily, for several years. The success of their company, Baker's Edge, grew steadily, and Griffin became full-time CEO and president in 2008.

Griffin's advice to others who start a side business: "Keep your day job and your side job separate. Mixing the two will cause serious issues, and can quickly cause you to lose the stability of your full-time job."

Simple Side-Business Ideas

Whether the struggling economy or an inventive idea is prodding your inner entrepreneur, here are five categories of side businesses that are easy to start (Note: Possible hourly salary data from PayScale.com included, where possible, but rates may vary by location and experience):

Social sales. Companies like Mary Kay, Pampered Chef, Tupperware, and Stella & Dot rely on thousands of independent sales people who work very flexible schedules, often while networking at house parties. Startup kits can cost more than $100, but training time is short. The earnings potential attracts many, often leading to a career change. Stella & Dot stylists, for example, can earn more than $75 per hour, according to the company's website.

Freelancing. Turn one of your marketable skills into a moneymaker to pursue at your convenience. The options are wide for needs you can fill in the marketplace, such as writing/editing, animal care, cutting hair ($22 to $44/hr), being a DJ at weddings, organizing closets, translation (up to $40/hr), and mowing lawns.

Or try a freelance activity that meets one of your needs, too. Tom and Melissa Dowler of Boston started their video production company, Long Haul Films, as a creative outlet they could pursue as a couple.

Online stores. One person's junk is another resourceful person's goldmine, as many eBay store owners have shown us. Or you can set up shop using your own unique domain name and sell items you make or collect. (Yahoo! Small Business tools can help with buying a domain and setting up an online store.)

Think broadly -- maybe your customers would rather rent than buy. New Yorker Brittany Haas started her boutique, Something Borrowed NY, to rent designer bridal accessories.

Consulting. Use your expertise to fill a need. For example, you can prepare taxes ($22/hr) for people who find the process too confusing. Other skills that lend themselves well to consulting include personal finance advising (up to $63/hr), wedding preparations, Internet marketing, computer troubleshooting, public speaking, and interior design (up to $40/hr with 5 years of experience). One simple way to get started: become a registered expert on JustAnswer.

Teaching. You may need a certain level of training or certification for some side businesses in this category, such as yoga instructors (up to $47/hr) or fitness trainers (up to $29/hr). Ask yourself: What am I good at? The many options in this field can include musical instruments, foreign languages, academic tutoring, dance, and various forms of art.

Jason Fitzgerald of Washington, D.C., turned his skills as an elite marathoner into a Strength Running program in 2010 that has helped many runners get stronger and prevent overuse injuries.
Startup Tips from the Experts

The work of starting and maintaining a side business will be much easier if you heed the following advice.

• Map out the details. Video producer Melissa Dowler says, "Put together a business and marketing plan; get business cards printed; make sure you have an up-to-date website and social media; and set achievable goals that you can work towards. All of these things will help you keep focused and stick with it during stressful or busy times."
• Make time for your side job. "If you really want to develop it as an income source, you need to be consistent and dedicate the time to it," Griffin says. "Be prepared to give up your free time. If you are doing it right, it should feel like you have two full-time jobs."

• Guard against burnout. "Give yourself at least one night a week to relax," says boutique owner Haas. "Without that needed break, you won't be able to give 110% to each job."
• Put your heart in it. Marathon runner Fitzgerald says, "Make sure that you are deeply passionate about your business; that will keep you going during times of low revenue when you're not seeing a lot of return on your time investment."

For more resources on how to start a business, see Susan Schreter's Startup Incubator and check out these additional articles on Yahoo! Small Business Advisor:

How We Built a Business Around a Single Item
How I Started a Dry-Flower Business With No Money
How to Estimate Startup Costs

5 in 5! with Brittany of Something Borrowed NY - Internships.com

October 17, 2011

 “Something Borrowed NY” is the premiere online wedding shop that rents designer bridal accessories (veils, tiaras, headpieces and jewelry) at a fraction of the retail price. They’re “modern women who love fashion and aspire to wear gorgeous things on our special day.  But we don’t necessarily value the possession of a one-time wear item.” So practical! Find them on Twitter, Facebook and if you like what you read – apply for their internship!

Brittany Haas is currently the woman behind the scenes of Something Borrowed NY. Always drawing and designing, she graduated from Cornell University with a degree in Fiber Science & Apparel Design. Upon graduation she decided to learn the business side of the fashion industry. Since then, she’s gained experience as a financial planner for several top Fashion houses, and now brings her business savvy to the bridal industry. She’s helped to plan her three sister’s weddings, and has been obsessed with bridal gowns for as long as she can remember.

1. How did you get started in the industry? How can someone who is interested in your work get started?

I’ve always been in love with the Bridal Industry.  Having three older sisters (whose weddings I helped plan since a young age), I was thoroughly entrenched in budgeting, fashion choices etc.  I actually attended Cornell University as a Fiber Science Apparel Design major, but after college I decided to take the business route and work in financial planning at a few major fashion houses.  Being in New York and being surrounded by the new “Silicon Alley” entrepreneurs, I was inspired to start my own business. My sisters always wanted to rent their wedding dresses, and I wanted to make that possible.

The only advice I can give to someone who wants to get started – is to get started.  Be INVOLVED in the industry you desire to be in. Read current events, attend networking events, surround yourself with the industry and you’ll become a part of it.

2. What’s the future of your industry or job?

The Bridal industry is taking the same turn as many others – it’s all about mobile, social media and tech based businesses.  The bridal industry is generally quite traditional, and certain companies are starting to step outside the box and apply tech factors to the industry.

3. What do you look for when you hire an intern or entry-level candidate?

Tenacity, Passion and a desire to succeed.  I strongly believe that you can excel at any job you put your mind to if you love what you do.  Of course we’re looking for someone who has experience using twitter and facebook – but in this day and age, it’s almost as assumed as knowing Microsoft excel and word.

4. What is one thing an intern can do to make a favorable impression?

RESEARCH!  Know the company you’re applying to, and know what’s going on in their industry.

5. Have any intern stories to share?

My first internship consisted of me taking a dress to a celebrity. Simple task, but being as it was my first time in NY, I didn’t know the subway, I didn’t want to take cabs, and I ended up walking about 50 blocks in heels to get this dress to a celebrity.  You would think that my employer (knowing I was 17 and didn’t live in Manhattan) would tell me the path of least resistance to get where I needed to go.  A positive internship experience would be an intern that I had at one of the fashion houses I worked at.  She took initiative, asked for tasks, and completed things with ease. She definitely had the desire to succeed and it really showed.

Like what you hear? You’re in luck! Brittany and Something Borrowed are currently searching for a couple of social media interns. Apply here.