Running a Start-up - Lessons Learned One Year Post-Launch

As I approach the 1-year anniversary of launching my company, I want to take some time to reflect on the journey and some of the most important lessons I have learned during this time. I officially launched Slope Threads into the world in late 2018. Slope Threads is a consumer-facing, e-commerce ski apparel rental service that allows customers to rent full ski outfits (and accessories) for a daily rate and have it delivered to their doorstep. I had the idea for Slope Threads after spending 9 years traveling with my ski gear from Washington, DC to Colorado every year. The idea really stuck once I saw that some of my friends had actually shipped their gear to our Breckenridge Airbnb to avoid paying airline checked baggage fees. From that point on, the wheels have been in motion.

Lesson 1: Just send it: Time is of the Essence

From the moment I had the idea to launch Slope Threads, I had this burning sense of urgency and I knew I needed to get the idea to market to test as soon as possible and before others could beat me to it. I believe there was a confluence of market factors which also stoked this sense of urgency. These factors include the rise of e-commerce and consumers’ increased expectations of on-demand delivery of just about anything. Another factor is the rapid expansion of the sharing economy and millennials' insatiable appetite for new experiences coupled with less obsession with newness and ownership.

Prior to launch, I was obsessed with making endless tweaks to my website. I finally decided that I needed to launch "now or never." Snow was already falling in Colorado! It was uncomfortable launching my website and service into the world without having had the chance to figure out every last operational detail of the service, but the truth was, there was absolutely no way I could anticipate every challenge I would face over the next year. I decided to just SEND IT. By not delaying, I was able to capture some much-needed early traction and press coverage.

Lesson 2: Validation is for parking- and self-doubt is for sissies!

Overcoming the self-doubt to launch your dream into the world is the hardest thing to do. Starting a company is terrifying. The personal and financial risk is hard to stomach for most people. When I was just getting started, I would also think about the opportunity cost of this venture and the solid, six-figure marketing career I gave up to chase a dream.

Prior to launching Slope Threads, while we were still building out the e-commerce platform and acquiring inventory, I think I woke up every morning for almost a year asking myself if I may be completely delusional. I wondered what my former bosses, colleagues and friends all thought of me and I constantly sought outside approval or validation of my idea. All of this questioning just slowed me down and used up my energy. Once we received our first orders, the self-doubt started to fade, and I no longer question myself or seek external approval or validation anymore. The only validation I need now comes from my customers.

Lesson 3: Most start-ups are NOT UNICORNS

With all of the buzz about unicorns and venture backed businesses (SO SEXY), it's considered a given that a start-ups should pursue VC funding as soon as possible. The truth is that most startups are NOT actually a great fit for venture capital. Searching for and accepting venture capital comes with about a million shoes' worth of strings attached.

In many cases, accepting capital early on severely dilutes your equity as a founder. The bigger the stake you give away in the early stages of your startup's life, the less of the company you will ultimately own. If you are motivated by making your own decisions, keeping your baby your own, and reaping all the benefits from a company you paid for in blood, sweat, and tears, it's best to hold off on raising money until you are actually profitable and you can find an investor or VC firm who can make meaningful contributions to your success. I’m not ruling out the possibility of raising venture capital for Slope Threads in the future, but in the meantime, I have made a conscious decision to continue to bootstrap as long as I possibly can and fund my expansion through revenue from my customers.

Lesson 4: Oh Shiny! When in doubt, just focus on your customer

In the early days of running a start-up, it is so easy to become distracted by all of the shiny things… new partnerships, fancy marketing firms, networking events, and ideas from everyone and their brother about how you should be running your company. I realized about halfway through my season last year that the more noise like this I could eliminate, and the more I could home in on the customer experience I was providing, the better off I was. Keeping the dialogue going with your customer is absolutely critical in the early stages. Thanking them for their business, making them feel appreciated, finding out what they liked and didn’t like about your product or service will make or break you. Communication and an open dialogue with your customers should really be your core focus and your guiding light in the early years.

Hear more about Slope Threads at the Pioneering Summer Demo Day on Sept. 17th at 2 p.m. Add it to my schedule.