Small Talks features insider expertise from successful small business owners. This video series highlights how real entrepreneurs overcame their most pressing challenges, so you can apply the insights to your own business.
Emma Olson wanted to take control of her career and build something of her own — a unique place that offered her favorite sustainable and ethical fashion brands. So in 2016, she left her corporate job at a national retailer to pursue her passion and open Hazel & Rose. Located in Northeast Minneapolis, the shop showcases independent brands committed to quality, beauty, transparency and sustainability.
Olson took the entrepreneurial leap and found success, but how did she know she was ready? She has three pieces of advice for aspiring entrepreneurs.
What should you know before leaving your job and launching a business?
1. Learn the basics of business first. Spend some time in the working world, learning all you can. You never know when those skills might come in handy for your own business. Additionally, reach out to other entrepreneurs to learn from their experiences. How did they make the jump from employee to business owner? What were their stepping stones to success?
2. Adjust your personal budget. You need money to start a new business, so plan accordingly. Olson thought through income changes and decided to pour her salary into savings for six months. This gave her and her husband a comfortable amount of time to get used to their new budget and lifestyle. And it helped her save a nice chunk of change to put toward the business.
3. Adapt. You can’t prepare for everything. When things don’t work out as planned, you have to roll with the punches. Olson had only ever worked in a team setting, so she didn’t know how she would react to running a business alone. She welcomed co-owner Bobbi Barron in 2017 for that very reason. Being able to share ideas and responsibilities with a business partner makes a big difference.
Watch the full video for more insights from Olson.