- Despite tumultuous times, founders said it's a good time to learn valuable business lessons.
- Understanding the inevitable ebbs and flows in business will be the key to success in 2023.
The past three years have been tumultuous for founders.
COVID-19 altered the way many ran their businesses, talk of a possible recession dominated the second half of the last year, and recent high-profile layoffs at major tech companies have stoked fears about future employment. But it's also been a good time to learn valuable lessons, founders told Insider.
Many realized that utilizing new technologies, creating positive workplace cultures, and understanding the inevitable ebbs and flows of business are key factors for success.
Founders who hit six figures in revenue last year shared the most important lessons for starting and growing a business amid fluctuating economies and changes in consumer behavior.
1. Tap into new technologies to stay relevant
Utilizing new technologies as they emerge has helped Seth Fowler grow his small business.
Fowler initially started his career as a sneaker reviewer on YouTube before launching his sock company, Apthcry. In the past, he used long-form YouTube videos to build his sneaker-head community and market his sock business, but pivoted last year to YouTube Shorts and TikTok videos in the hopes of attracting new customers.
In order to progress through changing times, Fowler also began experimenting with 3D printing to test new methods of shoe production. Creating tech-focused content has helped him expand his audience even further, he said.
"Finding different ways of trying new things within sneakers has been a key aspect" of growth this year, which is a strategy he's taking into 2023, he said.
2. Lean into your brand's story
As financial stressors persist, Larissa May is leaning into her personal story to grow her mental-health nonprofit HalfTheStory.
"HalfTheStory was created by a young person that wants to change the future so other kids don't have to go through what I went through," she said. "That happens to be the most relatable selling point that we have, so I've learned the importance of that story and holding onto that."
3. Have a holistic view of finances
Gina Luari, the owner of the Connecticut-based brunch group The Place 2 Be, said a major lesson she's learned this year is to have a holistic view of her business finances.
"Every business has peaks and valleys, business is cyclical and everybody needs to understand that," she said. "But understanding where your cycles are, knowing where those ups and downs are and why they're happening is really important."
When business fluctuates, she'll ask herself questions like, 'is it the weather,' 'is it the environment,' or 'is it because we changed something on our menu' to be able to best understand and control her outcomes.
4. Company culture is make or break
Meghan Lee, the owner of the Delaware-based restaurant Heirloom, made a promise to herself to never hire an employee just to fill a role. Instead, she aims to "hire someone because they're the right fit, they get along with everyone, and they envision what I envision," she previously told Insider.
Lee recently restructured her staff to create a collaborative environment, which has boosted morale, productivity, and employees' interest in the success of the company, she said. "It was really about building a culture," she added.
Founders who wish to emulate these results should consider checking in with teammates, watching coworker interactions, and maintaining awareness of employee engagement, she said.
5. Do fewer things with greater impact
Last year Emily Borders, a cofounder of Highwire PR, went on a weeklong yoga and surfing retreat to take time away from work and reflect. She learned skills for stress management and coping, which helped inform her leadership style, she told Insider.
"It's part of an approach to being an entrepreneur, to have a bias for action," she said. "But it can also distract you from what the most important thing is." Instead, she learned to do fewer things with greater impact.