Sharing a little about Good Wash Day's financials feels vulnerable but here we go...
Almost three years ago I couldn't find what I wanted to buy: a hair towel made from T-Shirt fabric. So I created Good Wash Day. My entire working life has led me here, from PA work in my twenties, my Microsoft Certified Systems Engineer career, my business degree started aged 45, and my four years as employee number one at an ecommerce start-up.
All GWD towels are made from ethical fabric (organic jersey cotton) here in the UK and thousands of people all over the world with all hair types, and hair loss and regrowth, are benetitting from them. And now Good Wash Day is a Silver award winner in the Get The Gloss Beauty Awards.
In year one I made a double digit loss. To be expected for a product based business, plus I didn't scrimp on a) branding (I still love it Katie Chambers) or b) photography.
Early in year two revenue hit six figures and by the end of that year it had increased by 199% (vs year one). I hit double digits net profit; as a bootstrapped business that felt good! Although as my old boss would always say: revenue is vanity, profit is sanity.
So far in year three revenue has increased (vs year two) by 30%, and net profit has increased by 89%; I still have one quarter of this financial year remaining but I've already passed that 'multiple six figure business' threshold (again revenue, or James and I would be on a yacht in the South of France).
I'm resisting the urge to apologise if this seems braggy. It's not intended that way, and I know as a recovering perfectionist I am way too hard on myself. Home life conspired against me doing well at school. I started work as a pot wash in a pub aged 13. I left school aged 16 with one O-Level. I still struggle to think of myself as a businesswoman. But that's what I am.
The last few months have been more down than up with regards the business. It's been a tough quarter and at times I've wondered 'why am I doing this?'. So it's reassuring to step back and look at the bigger picture these numbers demonstrate.
Really I want to say if you can, follow your dreams. Work hard. Understand the numbers, then understand them some more.
If you have a tiny marketing budget (I barely have one at all and am super frugal with it), get creative. Think about who you'd like to try your product. Work your socks off to get it to them (it can take 8+ months in my experience). Be relentless, but never pushy. Be canny, but never compromise your integrity. Be resilient, even when it feels hopeless. Build relationships whilst being authentic.
Find someone who believes in you when you're doubting yourself (James Saull has always been that person for me, and now our boys are too).
You're never too old.
It's never too late.
Back yourself.
This morning I attended the Get The Gloss Beauty Awards and came away with the Silver. Absolutely thrilled is an understatement!