Economy

Four Tips for Starting a New Investment

Four Tips for Starting a New Investment

When "Eileen Bennett" started selling "aprons and protective chef's coats," she was not thinking about a specific business plan, investment returns, or international expansion. Bennett said in an interview, "All I was thinking about was how to get my first order for my products." She invested $300 of her own money, hired a seamstress, and opened a booth at a farmer's market in Los Angeles. A decade later, her brand "Hedley & Bennet" has trained and equipped numerous chefs, including "Michelle Obama" during the special presentation of the First Lady's series "Waffles + Mochi." The company’s products are now found in restaurants and have recently spread to home kitchens. Bennett's new book titled "Dream First, Details Later: How to Overcome Overthinking and Make It Happen" serves as a tribute to reviving old-school entrepreneurship and demystifying it. Here are her tips for taking that step:

**Keep Your Day Jobs:** Bennett started her company while working as a chef in two restaurants and also as a personal chef. She says that when you have less time, you become efficient in the evenings, mornings, and weekends.

**Be Open to Change:** Bennett's initial business consisted of custom orders of 5 to 12 aprons, delivered manually to restaurant kitchens. Now, her business supplies home chefs with a complete range of ready equipment, even though 80% of her sales and activities are online. Bennett added, "You have to be okay with that journey of adapting to customers' needs."

**Show Humble Enthusiasm:** People appreciated that she was genuinely enthusiastic about the aprons (the product she offered). This is how you generate word of mouth for your product. You are excited to share, eager to learn, and enthusiastic to discuss your project, while also being happy to hear people's ideas and criticisms. "This communication with people is essential and very important for the venture; you can practice in front of the mirror for that."

**Start with Little Money:** Usually, investor money is overstated. However, sometimes being resource-limited can be a gift to you. Bennett says she is very grateful they were that way, as she gained significant experience in managing a cash-strong business, adding that they know how to handle their revenues. So when faced with a problem, they do not spend $500,000 to solve it.

**Seek Input:** Your coworkers, friends, and family are your primary focus groups. Bennett states, "I used to bring aprons to chefs, and they would tell me what they liked and disliked."

**Keep Going and Don't Give Up:** The lockdowns caused by the COVID-19 pandemic led many businesses to reduce competition, making 2021 a great time to dive in. Bennett says if there is something or an idea that really excites you, pursue it and give it a try. What's the worst that could happen if you do?

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