164. The Power Of Your Rererral Network With Rachel Erickson - How to get to six figures your first year

Discover the secret weapon behind skyrocketing business success.  In this episode, we peel back the curtain on the transformative power of a strong referral network as Deb Boulanger talks with Rachel Erickson, the trailblazing CEO who turned her 20-year corporate experience into a thriving consulting empire. 

Learn how the art of building connections can fuel your entrepreneurial journey and why your network might just be your net worth. For any service entrepreneur listening to the story of Rachel Erickson, the takeaway is clear: undervaluing oneself is a significant misstep in the path to entrepreneurial triumph.

Understanding one's worth is as crucial as the services offered, and this episode is where you'll find the encouragement and tactical advice to raise your pricing to reflect the true value of your hard work. Prices aren't just numbers; they're statements of confidence, craftsmanship, and credibility in the market. In an industry where the line between success and failure is as fine as the threads woven into the very fabrics entrepreneurs seek to sell, mastering the art of margins is non-negotiable.

Tune in and listen to unravel the mystery behind maintaining these vital percentages, and discover the strategies that can elevate your brand from barely surviving to thriving. Are you ready to move from undervaluing to understanding your true market potential? Hit play and unlock the last piece of the pricing puzzle that could revolutionize your business model and attract the wealth you truly deserve.

 

[00:01 10:10]  Personal Growth and Resilience in the Apparel Industry  

• The role of referral networks and their impact on business success

• The adoption of self-care practices to enhance creativity and business clarity

• Mindset changes necessary for dealing with the stress of entrepreneurship

• Business Apparel Education Suite, teaching industry corporate skills to entrepreneurs

   

[10:11 -19:04] Obstacles Encountered by Emerging Apparel Entrepreneurs  

• Transitioning from corporate careers to entrepreneurship and the personal growth it entails

• Pricing strategies and understanding target customers for healthy profit margins

• Key hurdles for clothing business owners include streamlined product development and inventory control.

• Essential shifts in outlook for managing business pressure, including self-care for better creativity and focus 

   

[19:05 - 24:31]  Challenges Faced by New Apparel Entrepreneurs   

• Unrealistic timelines for launching an apparel line, which can lead to unsustainable business practices.

• Skimpy prep leading to misread market needs and customer tastes

• Overproduction and poor inventory management, leading to excessive costs and unsold inventory.

• Tough shift from corporate work to running a business, learning new skills and attitudes

 

[24:32 - 28:41]  Strategies for Overcoming Mindset Challenges in Apparel Space  

• Foster a growth mindset: See challenges as lessons and use setbacks to advance.

• Self-awareness: Assess your strengths and weaknesses for growth, and get support or training if required.

• Manage stress: Adopt self-care like exercise, meditation, or journaling for a better work-life balance.

• Engage in mentorship: Network with seasoned entrepreneurs for guidance and support.

 

[28:42 - 30:52] Closing Segment 

• Connect with Rachel Erickson through the links below 

• Follow us on social media and leave a review

• Final words

 

Connect with Rachel Erickson

Contact: https://www.unmarkedstreet.com/contact

Youtube: https://www.youtube.com/@unmarkedstreet/

Website: https://www.thebusinessofapparel.com

 

Go to https://lifeaftercorporatepodcast.com/ for all episodes

EP. #163.  Joyce Marter's Financial Mindset Fix: The Key to Unlocking Your True Abundance!

EP. #114.  Knowing Your Worth with Barbara Huson

Tweetable Quotes:

 "I think understanding your target consumer is a big part of it and knowing what they'd be willing to spend."... Rachel Erickson on Understanding Your Target Consumer

 "My true core values were something that, as a new entrepreneur, I was really encouraged to explore." … Rachel Erickson on Embracing Personal Values Post-Corporate Life

 

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Get weekly tips on how to create more money and meaning doing work you love and be one of the many growing entrepreneurs in our community. Connect with me on LinkedIn; https://www.linkedin.com/groups/12656341/  or on Instagram or our website at www.lifeaftercorporatepodcast.com .