Vegan Business Secrets: Team of 1, $0 Salary & Co-Founder Moms?!
Imagine Everything Vegan!
[{'start': '0.400', 'end': '7.200', 'text': 'starting any business is risky but starting a\xa0\nvegan one? that can feel like jumping into the'}, {'start': '7.200', 'end': '12.720', 'text': 'unknown when Vidhi and I started Imagine\xa0\nCafe over a decade ago finding guidance'}, {'start': '12.720', 'end': '18.080', 'text': "felt almost impossible that's why we\xa0\nare making this series to share real"}, {'start': '18.080', 'end': '23.200', 'text': "insights from real founders who've been there\xa0\ntoday we'll talk about the building blocks on"}, {'start': '23.200', 'end': '29.360', 'text': 'which everything else rests the grind of\xa0\nfunding and the art of finding your people'}, {'start': '34.760', 'end': '35.760', 'text': '[Music]'}, {'start': '35.760', 'end': '43.120', 'text': "let's talk money in a space driven by ethics as\xa0\nmuch as economics where does that capital actually"}, {'start': '43.120', 'end': '52.400', 'text': 'come from 40% is from my saving 60% is from a loan\xa0\noh man was that scary to take the loan and things'}, {'start': '52.400', 'end': '57.200', 'text': "in the beginning it's I don't feel it actually\xa0\nbecause and in the beginning the excitement and"}, {'start': '57.200', 'end': '61.840', 'text': "everything you know boom boom boom boom right\xa0\naway I don't even think about how I'm going to"}, {'start': '61.840', 'end': '68.560', 'text': "pay the loan and just imagine 6 month after we\xa0\nopen it's pandemic and we are in Bali in Canggu"}, {'start': '68.560', 'end': '74.400', 'text': "which is like there's no tourist right Carlo's\xa0\ncalmness hides an incredible level of risk he took"}, {'start': '74.400', 'end': '82.080', 'text': 'right at the start of his journey with Manggis a\xa0\nbeautiful Vegan cafe in Canggu Bali Megan took a'}, {'start': '82.080', 'end': '88.480', 'text': 'different approach with Berde Eats a much-loved\xa0\nonline vegan grocery store in the Philippines'}, {'start': '88.480', 'end': '93.120', 'text': 'well actually because when we started it was very\xa0\nsmall and again it was just to cater to oh I have'}, {'start': '93.120', 'end': '99.360', 'text': "these products i'll sell them to other people\xa0\nwho are in the area we started with 100 USD it's"}, {'start': '99.360', 'end': '105.360', 'text': "5,000 pesos it's very small because we didn't buy\xa0\nanything aside from the pro five products that we"}, {'start': '105.360', 'end': '112.880', 'text': "were selling megan's $100 start is a great example\xa0\nof lean bootstrapping it lowered initial risk but"}, {'start': '112.880', 'end': '118.960', 'text': "meant that growth was slow funded gradually by\xa0\nthe business's own revenues the very first thing"}, {'start': '118.960', 'end': '125.680', 'text': 'that I did though Desiree is the founder of Voes\xa0\n& Company a luxury vegan footwear brand based in'}, {'start': '125.680', 'end': '131.360', 'text': "Vancouver Canada the only money I've ever raised\xa0\nwas I did a Kickstarter a crowdfunding campaign"}, {'start': '131.360', 'end': '137.280', 'text': 'that was where I um produced the first 100 pairs\xa0\nof boots and I raised $11,000 Canadian right well'}, {'start': '137.280', 'end': '142.480', 'text': 'and you get your customer base too right because\xa0\nout of those I actually only had 60 customers'}, {'start': '142.480', 'end': '147.520', 'text': 'but I was able to produce 100 pairs of shoes so\xa0\nimmediately out of the 100 pairs of boots 60 of'}, {'start': '147.520', 'end': '152.880', 'text': 'them were fulfilled those customers and then\xa0\nI had a bit of inventory to go to events and'}, {'start': '152.880', 'end': '158.320', 'text': 'like start to like build up and then through\xa0\nmore sales and then more investment personal'}, {'start': '158.320', 'end': '165.600', 'text': 'investment for myself yeah okay a Kickstarter is\xa0\nan excellent idea and it provided initial proof of'}, {'start': '165.600', 'end': '173.440', 'text': "concept and some cash flow for Desiree next we'll\xa0\ntalk about salaries for the founders so I this is"}, {'start': '173.440', 'end': '178.800', 'text': 'still my part-time so I still have a full-time and\xa0\nanything actually that we make in the business I'}, {'start': '178.800', 'end': '182.720', 'text': "say we're advocacy first because it's true we\xa0\ndon't take anything from the business whatever"}, {'start': '182.720', 'end': '189.360', 'text': 'is extra goes to the community cats goes to like\xa0\nother advocacies yeah so no salary unfortunately'}, {'start': '189.360', 'end': '196.000', 'text': "but maybe I don't know if we got acquired by a bit\xa0\nno I'm just kidding while I was building up Bose"}, {'start': '196.000', 'end': '203.040', 'text': 'I was also working full-time so I had an income\xa0\nfrom that and then you know then decided to go'}, {'start': '203.040', 'end': '210.000', 'text': 'full-time into this business in 2023 interesting\xa0\ninteresting is that something you would recommend'}, {'start': '210.000', 'end': '216.880', 'text': "100% okay it's very rare where you hit the ground\xa0\nrunning and you're profitable from the beginning"}, {'start': '216.880', 'end': '225.040', 'text': "for the first three years at least if you're not\xa0\nmaking it up to pay yourself a living wage the"}, {'start': '225.040', 'end': '231.200', 'text': 'truth is that your business might not be able\xa0\nto pay you a salary and this forces a difficult'}, {'start': '231.200', 'end': '237.200', 'text': "calculation the calculation I think founders\xa0\nshould do is okay you'd know the salary you need"}, {'start': '237.200', 'end': '242.080', 'text': 'from your company you should factor that into your\xa0\nbusiness model and then see you know what are the'}, {'start': '242.080', 'end': '247.680', 'text': "chances you'll be making that amount of revenue\xa0\nand profit pure profit that's net profit that's"}, {'start': '247.680', 'end': '255.040', 'text': "not revenue that's revenue after everything and on\xa0\nthe other side if you can't give all your time to"}, {'start': '255.040', 'end': '262.080', 'text': "your venture uh what's the cost of that you know\xa0\nand for us it meant hiring a capable manager and a"}, {'start': '262.080', 'end': '266.640', 'text': 'good staff the number was very small compared to\xa0\nthe salary that Vidhi and I would meet you know'}, {'start': '266.640', 'end': '271.360', 'text': "like compared to as a founder as an entrepreneur\xa0\nat the age you're at with your own experience you"}, {'start': '271.360', 'end': '277.680', 'text': 'can make in a job a full-time job can make more\xa0\nthan like you know like maybe again like a general'}, {'start': '277.680', 'end': '284.400', 'text': 'manager or somebody even for my business now\xa0\nlike I can hire people interns in university you'}, {'start': '284.400', 'end': '291.360', 'text': 'know that are probably smarter than me like more\xa0\ntechnologically savvy even with the some of the'}, {'start': '291.360', 'end': '297.120', 'text': 'marketing stuff you you know what I mean at like\xa0\nmuch lower price than myself no I totally agree'}, {'start': '297.120', 'end': '301.520', 'text': "i totally agree you can find better people than\xa0\nyou i think that's important to remember not just"}, {'start': '301.520', 'end': '307.680', 'text': 'cheaper you know people than you but better people\xa0\nthan you as well there is a conventional belief'}, {'start': '307.680', 'end': '314.720', 'text': 'that the founder must be absolutely exclusively\xa0\ncommitted to the business but I honestly feel that'}, {'start': '314.720', 'end': '321.360', 'text': 'there are many moments where it makes a lot of\xa0\nsense to take a step back and hire someone better'}, {'start': '322.480', 'end': '328.880', 'text': 'so when do these businesses become profitable or\xa0\nat least when do you break even on your investment'}, {'start': '328.880', 'end': '337.600', 'text': "i think we to 2022 i think it should be on 2021\xa0\nif there's no profit I'm pretty sure it's 2021 um"}, {'start': '337.600', 'end': '345.200', 'text': "honestly when we started because there was almost\xa0\nno operational cost i'd say we were profitable"}, {'start': '345.200', 'end': '352.240', 'text': "from day one but then profitable for the business\xa0\nnot ourselves right because we don't take anything"}, {'start': '352.240', 'end': '359.760', 'text': "is are we profitable no okay okay there's there\xa0\nis some pro like no I'm still paying off my own"}, {'start': '359.760', 'end': '364.640', 'text': "debt that I put into the company but I think it's\xa0\na very encouraging sign that you were able to make"}, {'start': '364.640', 'end': '370.960', 'text': "it full-time would you say that's correct no\xa0\nbecause it wasn't that I was able to support"}, {'start': '370.960', 'end': '376.720', 'text': 'myself through the business okay it was that I was\xa0\nsmart enough in other things that I was doing for'}, {'start': '376.720', 'end': '382.400', 'text': 'example when I was a part of the the food company\xa0\nfor two and a half years I ended up spinning off'}, {'start': '382.400', 'end': '387.920', 'text': "that brand it's selling 80% of that brand where I\xa0\ngot a huge chunk of money oh wow that I was able"}, {'start': '387.920', 'end': '396.400', 'text': "to kind of like support myself and put more money\xa0\ninto Bose and company you know yeah so it wasn't"}, {'start': '396.400', 'end': '403.120', 'text': "because Bose was at a point where oh yeah I can\xa0\npay myself 10k a month now no problem no no I'm"}, {'start': '403.120', 'end': '410.560', 'text': 'not there yet yeah but go breaking even after 2 or\xa0\n3 years like Carlo profitable for the business but'}, {'start': '410.560', 'end': '416.640', 'text': 'not for the founder like Megan or still not able\xa0\nto get a market competitive salary after 5 plus'}, {'start': '416.640', 'end': '423.760', 'text': "years like Desiree it paints a picture of long\xa0\ntimelines and nuanced definitions of success it's"}, {'start': '423.760', 'end': '431.120', 'text': 'rarely a straight line to a comfortable profit\xa0\nthis was a lot of information and after going'}, {'start': '431.120', 'end': '437.440', 'text': 'through all this footage and editing it we feel\xa0\nlike we found a pattern if we look at this with'}, {'start': '437.440', 'end': '444.960', 'text': 'two axes one representing risk and investment and\xa0\none showing expectation of profit and salary Carlo'}, {'start': '444.960', 'end': '451.040', 'text': 'is top right with an appetite for high risk and an\xa0\nexpectation for high reward he took on debt and he'}, {'start': '451.040', 'end': '456.240', 'text': "needed the business to draw a salary because\xa0\nthat's his only source of income Desiree is"}, {'start': '456.240', 'end': '461.200', 'text': 'somewhere in between she had a high investment but\xa0\nlowered her risk by self-funding instead of taking'}, {'start': '461.200', 'end': '466.560', 'text': 'debt she also had a different source of income for\xa0\nthe first few years to reduce the pressure on the'}, {'start': '466.560', 'end': '472.720', 'text': "company with Megan it was very low risk in terms\xa0\nof the investment and in almost 10 years she's"}, {'start': '472.720', 'end': '479.520', 'text': "never drawn a salary from the business so where\xa0\ndo you want to be on this chart well that's up"}, {'start': '479.520', 'end': '485.360', 'text': "to you but it's important to know that there is no\xa0\nsingle answer each of the founders have adopted a"}, {'start': '485.360', 'end': '491.200', 'text': 'different strategy and you will need to figure out\xa0\nwhat works for you as well being top right means'}, {'start': '491.200', 'end': '496.560', 'text': 'you will be deeply invested and the stakes will\xa0\nbe high and if you are bottom left it will be a'}, {'start': '496.560', 'end': '503.360', 'text': "slower journey but potentially a more chilled out\xa0\none let's shift from the financial foundation to"}, {'start': '503.360', 'end': '513.440', 'text': "something more human the team and we'll start at\xa0\nthe start well lucky that I have my partner Chris"}, {'start': '513.440', 'end': '520.160', 'text': 'i think the best one is to start with a partner\xa0\ni think to do it alone is going to be harder yeah'}, {'start': '520.160', 'end': '526.240', 'text': 'for sure so I say that my mom is a co-founder wow\xa0\nyeah because when I started the business I was a'}, {'start': '526.240', 'end': '532.320', 'text': 'student and literally it was in her fridge right\xa0\nshe brought she bought a fridge at home so but'}, {'start': '532.320', 'end': '536.560', 'text': 'she also like really helped a lot with deliveries\xa0\ncuz I was told students so if you have deliveries'}, {'start': '536.560', 'end': '541.120', 'text': "and I'm at school then she will take care of\xa0\nthe deliveries now she's going full-time in the"}, {'start': '541.120', 'end': '546.560', 'text': "business in Verde so she's be she's been able to\xa0\nquit from her job during the pandemic so it also"}, {'start': '546.560', 'end': '552.400', 'text': 'kept her safe partners and co-founders can play\xa0\na crucial role in your company or you can take a'}, {'start': '552.400', 'end': '558.880', 'text': "different route like Desiree with her team of one\xa0\none person in case you missed that yeah that's"}, {'start': '558.880', 'end': '565.680', 'text': "insane so it's Yeah it's crazy like I have a full\xa0\nyou know manufacturer with 40 employees i have a"}, {'start': '565.680', 'end': '572.080', 'text': 'third party logistics that warehouses and picks\xa0\nand packs my orders that also has 10 employees'}, {'start': '572.080', 'end': '578.800', 'text': 'um so I do have like an accountant outsource\xa0\nprofessional accountant that I pay a professional'}, {'start': '578.800', 'end': '585.360', 'text': "lawyer that I pay so those are all Yeah just\xa0\nlike consultants it's all contractual i am the"}, {'start': '585.360', 'end': '590.480', 'text': "the marketing engine so that's what my most of my\xa0\nfocus is on on a regular basis is just like the"}, {'start': '590.480', 'end': '597.680', 'text': "marketing and sales it's incredible that you can\xa0\nrun a business like this with a team of just one"}, {'start': '597.680', 'end': '604.640', 'text': "but how did our other founders find their people\xa0\none of our first hires is um my friend who's one"}, {'start': '604.640', 'end': '610.400', 'text': "of our social media people up to now is friends\xa0\nwith our current operations manager so it's very"}, {'start': '610.400', 'end': '617.680', 'text': 'network related the rest of the team are through\xa0\nsocial network aside from one of our social media'}, {'start': '617.680', 'end': '622.960', 'text': 'content editors i actually hired her through\xa0\na Facebook group um I love Facebook groups in'}, {'start': '622.960', 'end': '628.720', 'text': "the Philippines they're great to find talent and\xa0\nthey're free um and I've been like so successful"}, {'start': '628.720', 'end': '633.520', 'text': "in finding great talent there she's been with us\xa0\nfor a long time now all of our team has been like"}, {'start': '633.520', 'end': '637.680', 'text': "good retention rate everyone has been there for\xa0\na long time no we don't use any agency we just"}, {'start': '637.680', 'end': '644.160', 'text': "use website okay at that time some something like\xa0\njob street something like that nice in India it's"}, {'start': '644.160', 'end': '650.880', 'text': 'quite different uh the restaurant stuff mainly\xa0\nthey are not on the websites yet how so so how'}, {'start': '650.880', 'end': '656.800', 'text': 'do you get your chef uh it was very funny actually\xa0\nit was uh uh my cook at home so in India we have'}, {'start': '656.800', 'end': '662.960', 'text': 'private cooks at home so, he, Guddu, uh one day he\xa0\njust came and he asked Vidhi and what are you guys'}, {'start': '662.960', 'end': '667.440', 'text': "doing we told him we're starting a restaurant and\xa0\nthen then he told us just hire me you know like"}, {'start': '667.440', 'end': '672.960', 'text': 'why are you not hiring me so we we never thought\xa0\nof it before that time because he makes amazing'}, {'start': '672.960', 'end': '677.760', 'text': "Indian food but we were not planning to do Indian\xa0\nfood and we thought okay fine he'll learn right"}, {'start': '677.760', 'end': '682.640', 'text': "food is food you know he'll learn the different\xa0\ncuisines and all so we got him and then he got"}, {'start': '682.640', 'end': '688.080', 'text': 'everyone else from his village he made a few calls\xa0\nand literally they came from the village to Bombay'}, {'start': '688.080', 'end': '693.680', 'text': 'and they joined our team he became like the head\xa0\nof HR you can say for imagine you know like if'}, {'start': '693.680', 'end': '699.760', 'text': 'anyone quit and went he would only find someone\xa0\nnew it might shock people but HR can be creative'}, {'start': '699.760', 'end': '707.600', 'text': 'too and you do need to get creative to build your\xa0\nteam during a conversation about team values Megan'}, {'start': '707.600', 'end': '713.920', 'text': "and I discussed an ethical dilemma of sorts do\xa0\nyou think it's important that they are vegan no"}, {'start': '713.920', 'end': '719.200', 'text': "no okay maybe when I was starting you know I was a\xa0\nbit naive about these things so I was like I don't"}, {'start': '719.200', 'end': '723.120', 'text': "know if they will understand veganism i don't know\xa0\nif they'll be able to i don't know if I can hire"}, {'start': '723.120', 'end': '728.960', 'text': "someone who's not Vegan as Vegans we should not\xa0\nlimit ourselves to just other vegans because then"}, {'start': '728.960', 'end': '734.960', 'text': "we're creating chambers right like ego chambers\xa0\nand that it makes it harder for other people to"}, {'start': '734.960', 'end': '739.040', 'text': "know about this lifestyle also because we're just\xa0\ntalking amongst ourselves so it's important also"}, {'start': '739.040', 'end': '745.120', 'text': "to include other people the evolution in Megan's\xa0\nthinking is crucial and when I asked Carlo what"}, {'start': '745.120', 'end': '751.520', 'text': "he values the most about team building I try to\xa0\nput myself in their position i think that's the"}, {'start': '751.520', 'end': '756.640', 'text': 'most important for me when you give people\xa0\nresponsibility for their work and they take'}, {'start': '756.640', 'end': '761.760', 'text': "ownership of it then they're more excited to do\xa0\nthat and do well in that they're more important"}, {'start': '761.760', 'end': '770.080', 'text': "than I am because like there are times because\xa0\nI still have a full-time job right so I'm really"}, {'start': '770.080', 'end': '776.320', 'text': "like 90% away so the ones who are running the\xa0\nbusiness is my team and they're amazing like"}, {'start': '776.320', 'end': '780.880', 'text': 'I may have some ideas every now and then and of\xa0\ncourse the long-term strategy will mostly be from'}, {'start': '780.880', 'end': '785.760', 'text': "me with their with their insights as well on the\xa0\nday-to-day but it would it wouldn't run without"}, {'start': '785.760', 'end': '792.160', 'text': 'them the honesty and humility to recognize that\xa0\nyour team is more important than you being kind'}, {'start': '792.160', 'end': '798.160', 'text': "empowering people putting yourself in their shoes\xa0\nthese aren't just management buzzwords they seem"}, {'start': '798.160', 'end': '803.680', 'text': 'essential Megan and Carlo have been able to\xa0\nretain their teams for the long term that'}, {'start': '803.680', 'end': '809.840', 'text': "doesn't just happen by accident i also found\xa0\nit interesting to note how people's roles have"}, {'start': '809.840', 'end': '818.640', 'text': 'changed over the years very similar i also have\xa0\nvery similar okay just before me and Chris we'}, {'start': '818.640', 'end': '826.320', 'text': 'handle everything together right and then at\xa0\nsome point we can argue right we can have five'}, {'start': '826.320', 'end': '834.000', 'text': 'sure and at that time I decided okay you decide\xa0\nso kitchen and bar is your part other than that'}, {'start': '834.000', 'end': '844.800', 'text': 'one is my part right to avoid the conflict before\xa0\nit was me for everything like marketing making'}, {'start': '844.800', 'end': '850.800', 'text': "those posts even though I'm so bad at graphic\xa0\ndesign like responding to customers it was my job"}, {'start': '850.800', 'end': '858.960', 'text': "also packing the orders myself delivering them so\xa0\neverything was me now I'm happy that I'm able to"}, {'start': '858.960', 'end': '865.520', 'text': "like lean on my team for most of the things and\xa0\nI'm just there for direction then for the next"}, {'start': '865.520', 'end': '870.560', 'text': '6 months or the next year so I think more long\xa0\nterm for the business and hopefully strategize'}, {'start': '870.560', 'end': '875.040', 'text': "because it's hard to grow when you're just so\xa0\nin it right like when you're trying to cope up"}, {'start': '875.040', 'end': '881.520', 'text': "with the day-to-day it's hard to think what can\xa0\nI improve next and now I'm able to at least have"}, {'start': '881.520', 'end': '886.960', 'text': 'a little bit more of plan for the company and the\xa0\nteam also so they know what to expect in the next'}, {'start': '886.960', 'end': '894.320', 'text': '6 to 12 months and able hopefully be able to grow\xa0\nfrom there for Carlo he restructured his role with'}, {'start': '894.320', 'end': '900.160', 'text': "Desiree she decided to go full-time after a couple\xa0\nof years but Megan's journey has been different"}, {'start': '900.160', 'end': '905.600', 'text': 'it shows the evolution from doing everything\xa0\nyourself to building an internal team that she'}, {'start': '905.600', 'end': '912.640', 'text': 'can trust which enabled her to step back into\xa0\na strategic role how you raise capital and how'}, {'start': '912.640', 'end': '918.240', 'text': 'you build your team are two fundamental elements\xa0\nof your business model and although this stuff'}, {'start': '918.240', 'end': '924.080', 'text': 'can seem really boring I actually saw a lot\xa0\nof creativity in how our founders approached'}, {'start': '924.080', 'end': '930.560', 'text': "it good do the junior chef at Imagine becoming\xa0\nImagine's head of HR desiree figuring out that"}, {'start': '930.560', 'end': '937.040', 'text': 'you can build Voes and Co as a team of one Megan\xa0\nbuilding an advocacy first vegan business while'}, {'start': '937.040', 'end': '943.920', 'text': "still in college with her mom as a co-founder\xa0\nthere's so much improvisation and creativity"}, {'start': '943.920', 'end': '949.600', 'text': 'here in business figuring out how you your\xa0\nproduct your service fits into the wider world'}, {'start': '949.600', 'end': '957.200', 'text': "is incredibly important and there are a lot of\xa0\nunknowns on the journey there so yes it's gritty"}, {'start': '957.200', 'end': '964.240', 'text': "it's tough but the big lesson for me is just how\xa0\nmuch room there is for your imagination as well"}]