001 | Strategic product development with Jen Pham Corbett & Lisa Towns

Jen Pham Corbett & Lisa Towns, Farewell Paperie

Jen Pham-Corbett and Lisa Towns, the founders of Farewell Paperie attended Tradeshow Bootcamp’s very first Paper Camp conference in 2012, when it was just a handful of us sitting around on the living room floor of a bed and breakfast, and since then, they’ve had a ton of growth in their business. They’ve exhibited shows, expanded their product line. They’ve hired a team, and they’ve worked with sales reps. They’ve also been TSBC speakers for the last few years. These ladies are super smart business women and fantastic mentors to others in the creative field.

ON TODAY’S EPISODE:

  • Farewell Paperie’s story

  • Moving from custom work to off the shelf products

  • Launching to wholesale & reaching out to retailers

  • Exhibiting at their first trade show, SF Gift

  • Taking risks in business. When to jump and when to get to work

  • Product development strategies and deciding which ideas to move forward. Missteps made in the process

  • Expanding beyond paper products into party ware

  • Organic growth and creating a cohesive line

  • Tips for managing a team & how Jen & Lisa knew it was time to hire

  • Employee manuals & team systems

  • Benefits of having a business partner, leveraging each other’s strengths & splitting responsibilities

  • Exit strategies, legalities & business formation

  • Diversifying revenue streams


Download These Quotables to Save and Share


KEY TAKE-AWAYS

“Jump in feet first, not head first.” – Lisa Towns

On product development consider “is this the right price point that we can sell this, do we have the margins that we need, how much inventory can we handle” – Lisa Towns

“There’s so much hesitation and fear of failure, that people hold themselves back.” – Jen Pham-Corbett

“When you delegate parts of your business, it opens up things that can provide a much bigger return for the business.” – Jen Pham-Corbett

“At the end of the day, each of our products passes through three or four sets of hands and we have to pay every single one of those sets of hands to do that, so we have to factor that into the costs. Looking at it that way has changed the way we develop our product completely.” – Jen Pham-Corbett

“Sometimes there’s stuff that we love to do and we totally want to do it but we just can’t do it because we can’t make the margins on it.” – Jen Pham-Corbett

“We probably should have hired a long time before we did, but we resisted because we thought about how we can afford to bring someone on?– Jen Pham-Corbett

On business partnerships: “You have to want the same goals and you have to want the same things for your brand.” – Jen Pham-Corbett


CONNECT WITH JEN & LISA

Website: www.farewellpaperie.com | Facebook: farewellpaperie | Instagram: @farewellpaperie | Pinterest: farewellpaperie | Twitter: @farewellpaperie


Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com  |   Instagram: @prooftoproduct


you might also like: