Often, I get asked to speak on business. At these talks – especially in schools – I keep noticing the ‘get rich quick’ mentality. I don’t know if it’s what students truly believe, or if it’s just what they have picked up from TikTok founders driving sports cars and launching podcasts. But one thing I do know: starting a business is not all the shiny glamour you see online.
It certainly wasn’t for me. Cleaning toilets, taking out bins, packing boxes, getting glucose syrup everywhere… the list goes on.
The shiny things in business are usually a perception. Everyone sees the big-name deals, the vanity (revenue) numbers, the ‘freedom’ of being your own boss. But here’s my advice: don’t just chase the shiny things.
Opportunity cost
Of course, it’s not black and white. There’s nuance to all of it. Everything in business comes with an opportunity cost.
One of the most important things you can do early on is really understand what each decision costs – not just financially, but in resources, focus, and energy. Whether it’s how you manufacture, how you price, or who you partner with, every choice has implications.
In the early days of launching Tasty Mates, shiny distractions were everywhere. And the shiniest? Landing a listing with our first major retailer. We were buzzing – we hadn’t even signed the lease on our commercial kitchens yet and this was our ‘shortcut’ to legitimacy. At the time, it felt like a no-brainer. We’d make it work.
But the reality? Our manufacturing capacity wasn’t ready. Our marketing budget couldn’t support the distribution. And without enough marketing, our rate of sale was underwhelming – which raised questions when it came to renewal.
We ended up spending the best part of our launch year in terms of time, budgets and stock tied up in an account that wasn’t profitable. At that early stage when we should have been growing our business, we were already trying to keep ourselves afloat.
Opening doors
It was not all doom and gloom: the listing helped us secure our first and second-round investment at strong valuations; it enabled us to outsource production sooner thanks to wider distribution; and it even opened doors to other listings, thanks to the perception that we could handle demand, even as a small business.
Taking risks is part of being a founder. You can’t and shouldn’t avoid that. But building the foundations before leaping at shiny opportunities would have stood us in better stead. The ‘get rich quick’ perception I hear just isn’t realistic – and as important as perception is, it does little towards building something that lasts.
As I said, it’s never black and white. So now, when I launch into retail with HomeCooks – or advise on what a retail launch looks like to any aspiring range – I’d say: start smaller. Work bottom-up. Shiny things only stay shiny if you can maintain them. First, learn your product. Build your community. Then, when the big moment comes, you and your business will be ready for them.
This piece is part of a series. Read Joe’s first lesson for startup founders here.
Joe Woolf, founder of Tasty Mates and head of retail at HomeCooks
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