Tips for Managing a Product-Based Business During Festival Season with Lauren Barley

Ep. 51 High Vibe Table Talks host Merchon and guest Lauren Barley, owner of Light My Candle Company, discuss the ins and outs of running a product-based business. Lauren shares her journey of starting her business and the importance of intention and purpose as well as tips on inventory management, pricing, and finding the right markets to setup shop.

The conversation covers a spectrum of topics vital for budding entrepreneurs, from managing startup costs and setting profitable price points to navigating the tumult of market seasons with finesse. Barley's academic background shines through as she stresses the importance of data-driven decision-making, employing technology such as Crafty Base to meticulously manage inventory and support business operations. As they traverse the highs and lows of entrepreneurship, Lauren's narrative culminates in her recent decision to pursue her business full-time, sharing both the exhilaration and the uncertainty that come with such a bold move.

Key Takeaways:

• Calculating profit margins and managing inventory are critical — using programs like Crafty Base can significantly streamline these processes.
• Market season participation requires stringent planning and forethought to avoid burnout.
• Building a business requires taking risks, asking for help, and constant adaptation to ensure growth and sustainability.
• The transition from a side hustle to a full-fledged business venture often involves pivotal, life-altering decisions.

Notable Quotes:

• "What is your purpose of selling these products, and who are you trying to sell them to? And be very intentional and very clear about what you're doing and why you're doing it." — Lauren Barley
• "It's very easy to get passionate about what you're selling... but it's also a business, so you have to know your numbers, like, through and through." — Lauren Barley
• "I can do anything, but I can't do everything... I'm still learning." — Lauren Barley

Resources:

• Light My Candle Company Website: lightmycandleco.com
• Crafty Base, Inventory Management Software: craftybase.com
• Lauren Barley's Instagram: @lightmycandleco
• The Psychology of Money Book: https://www.amazon.com/Psychology-Money-hardback-Timeless-happiness

Chapters:

0:00 Insights on Starting a Product-Based Business

2:29 Turning a Passion for Candles into a Healthier Fragrance Experience

3:17 Entrepreneurial Journeys and the Essence of Cash Flow

4:29 Strategies for Pricing and Selling Handmade Candles

7:52 Effective Inventory Management for Product-Based Businesses

10:49 Data-Driven Decisions in Product Business and Market Strategies

13:28 Planning, Support, and Avoiding Burnout in Event Preparation

17:45 Implementing SOPs for Business Continuity

18:31 Turning a Side Hustle Into a Full-Time Passion

20:00 Reflecting on Growth and Embracing Risk-Taking

20:54 Entrepreneurial Spirits and Financial Therapy Insights

24:44 Embracing "TerrorCitement"

26:08 Contact Lauren Barley's Light My Candle Co

27:34 Season 5 Teaser Mastering Mindset in Entrepreneurship

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