Why it pays to move fast in a changing market

Three months after launching my CBD-infused gin I hit burnout. At the time I was a one-woman band walking 30,000 steps a day trying to sell my gin into bars all while manufacturing orders, dealing with customers, doing the marketing and just about everything else.

It was gruelling work and all revenue was being poured back into paying for stock. I wasn’t taking a salary.

Just six weeks later, after setting out to raise a £150,000 investment, I was offered a life-changing acquisition deal and was grappling with questions like, “If you had a million dollars to spend on your brand, how would you use it?”

Prioritise the boring bits

The offer came after some investors had seen an online article that described how I’d launched my product for just £1,000. Teaching myself how to do PR was just one of many skills I’d picked up over the course of starting my own drinks business. I used Google a lot in those early days and took templates and advice I found online. I even learned a bit of coding!

There are many great hacks and tips in business but there’s one that often gets overlooked: and that’s pure determination and hard work! Not just work on the stuff you enjoy, but the boring bits too.

For me some of the hardest parts were the financials and reading up on trademark law to get my brand protected.

You’ll find these really easy to put off but they’re usually most important. Try to do them before things you enjoy…and you’ll find you’ll procrastinate less.

Starting is the hardest part

People often ask me: did you know your business would be successful?

The short answer is, no!

I never thought I could launch a gin company let alone that the business would be acquired. I just focused on achieving the little things like, “How do I make this product stand out on the shelf?” or “How do I get around spending £3,500 on a production run I can’t afford?”

When you’re trying something new or working in an unfamiliar space, thinking of the small questions you need to better the situation is one of the best pieces of advice I can give you. Look at small improvements you can make to the product or service and focus on each small step.

Comparison is the thief of joy

There is always room for growth in business, no matter how big you get. And for this reason, I always felt, “Ok, that was great…but I’ve still got so much further to go”.

Not taking the time to give myself credit for milestones I’d reached so far (which were huge for me, given where I’d started) was definitely a mistake I’ve learnt from.

Allowing yourself to pause and feel proud of where you’ve come from is so important. You’re doing something challenging and that needs to be recognised. It will help you stay motivated and move forward.

Don’t sit still…

Timing was everything for my business. I saw a trend with CBD—products were starting to emerge on to the market and people were trying it and talking about it. I “jumped” on this trend—although it took me 10 months to launch!—and being an agile early mover in the space boosted my chances of success.

Embracing new trends and technology is important. But although it may feel like the whole world is using ChatGPT right now, the reality is that it will take years for the majority of business owners to incorporate AI.

Sea change takes time. And time gives us a chance to adapt. So definitely give your ideas a go, but don’t beat yourself up if you’re not already a whizz weeks after the latest release.

Launching your own business in today’s world is tough, but remember to keep your ear to the ground, break jobs down into smaller tasks and don’t avoid the boring bits. And always pause and take stock of how far you’ve come. Good luck!