Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Rebecca Rescate, @RebeccaRescate. Rebecca is a serial entrepreneur launching unique concepts such as CitiKitty and HoodiePillow. Rebecca is, to date, the only contestant to ever appear on ABC’s Shark Tank twice. She has grown her entrepreneurial empire to include tools of productivity. Rebecca is also a speaker and focuses on entrepreneurship and the balance of work and home life.
SmallBizLady: How do you launch a successful business?
Rebecca Rescate: My entrepreneurial career began in 2005 when, at the age of 24, I launched my first company, CitiKitty, after dropping out of an MBA program.
With no business experience, I had to learn how to run a business from the ground up, how to market products on limited budgets, how to brand a company for pennies and how to get people (and more importantly, press) to talk about my products. I read books, lots of books. I began the important process of layering one piece of knowledge on top of another until I fumbled my way to success.
SmallBizLady: How did being on Shark Tank (twice) change your business?
Rebecca Rescate: In 2010, a producer from ABC’s Shark Tank contacted me to try out for the show. After passionately pitching the benefits of cat toilet training on national television to millions, CitiKitty shot up and became a #1 seller on Amazon.com in the Home & Garden section – a slot usually held by Fortune 500 manufacturers. I knew then that what I really wanted to do was replicate this success again and again for other products. In 2012, after an investment in another quirky problem-solving product, HoodiePillow, I flew back out to LA to pitch on Shark Tank again. To date, I am the only entrepreneur to pitch two companies on the show.
SmallBizLady: What was the best benefit of being on ABC’s Shark Tank?
Rebecca Rescate: Shark Tank put my business names in the minds of millions of Americans. The results have been priceless.
SmallBizLady: What do you think are the biggest mistakes people make when they are pitching their businesses to investors?
Rebecca Rescate – They take too long to get to the meat of the pitch by spending their most valuable time and the attention on non-essential details. The reason Shark Tank’s format works so well is every entrepreneur first summarizes in six sentences who they are, what their business is, why you would be interested in their product/service and how much they are asking for.
SmallBizLady: Any tips on how to make a perfect pitch to investors or Shark Tank?
Rebecca Rescate: Know your audience. Pitching for TV? Be lively, bold and interesting. Let the audience see the best of your personality. Do anything but be boring.
- Kill the nerves. Imagine your audience as someone you know such as a close friend or colleague. Check your nerves at the door and pitch in a conversational, lively & passionate tone.
- Tweet first. Begin your pitch with a three-sentence summary of what your pitch is about to capture and captivate your audience from the start.
- Keep it simple. In 60 seconds you can comfortably speak 150-220 words. That is not enough time to explain complex concepts. Keep your pitch simple, easy-to-understand and exciting.
- 60 Seconds means 60 seconds. Finish your pitch in the time allotted. Not only is this respectful to your audience, but it gives you the opportunity to finish your pitch as you intended – with your closing line!
SmallBizLady: What is your key to success in getting media attention for your products?
Rebecca Rescate: Before I started my first company, I made a hit list of press outlets I wanted my business and product to be mentioned in. The list included The Wall Street Journal, The New York Times, Good Morning America and Live with Regis & Kelly.
I desired to have these mentions because while growing up I always viewed businesses that were mentioned by them as successful. I kept this list in a notebook for years and checked them off after I achieved them.
Then, I took a ‘top-down’ approach to make my press goals a reality.
SmallBizLady: How does your “top-down planning” approach work?
Rebecca Rescate: Successful planning begins by first asking ourselves what we truly want for and what we value. From there we derive goals that align with our values and what we envision for our lives:
Writing down goals is an essential step in making your goal become a reality. When you write down a goal it instantly becomes tangible. And then by sharing this written goal with others you become accountable to make it reality. Top-Down Planning uses the science behind goal declaration and proven time management techniques to help any person reach any success they desire.
The only things that separate each of us from making our goals become a reality are:
- You have to write your goal down so you don’t forget it or purposefully ignore it.
- You have to take small actionable steps every week and month to make the goal become a reality.
SmallBizLady: How did you get from the concept stage to making a product business reality?
Rebecca Rescate: I make a prototype, a brand and a website as easily as I can and soft launch my idea to see if it sticks in the market. When I first launch my products I don’t make 10,000 of them, I make one and try to sell it. This method has worked for all my brands.
SmallBizLady: How can entrepreneurs make sure they stick to their goals and follow through on their ideas?
Rebecca Rescate: Here are the 3 top planning tips for successful people:
#1. Successful people set specific goals. Vague goals are proven less likely to be accomplished. Successful people set specific goals. For example, successful people set the goal to lose 7 lbs, not just to “lose weight”.
#2. Successful people know why their goals matter. Knowing why the goal matters to you is just as important and knowing what your goal is. Successful people know exactly how accomplishing a goal will change their life. This is what keeps them on track accomplish their goals.
#3. Successful people schedule time to work on their goals. How many times have you heard someone say, “I tried, but I just don’t have time?” Successful people don’t use lack of time as an excuse of why they couldn’t achieve their goals. They know if they want to achieve a goal they have to find the time in their schedule to work on it.
BONUS – It takes 66 days to form a new habit. If you are part of the 92% that typically does not achieve their goals, exercise these two habits daily: plan for success and be patient for results.
SmallBizLady: What are your strategies for achieving a healthy work-life balance as an entrepreneur and mom of three?
Rebecca Rescate: A healthy work-life balance is achieved when we are mindful of our priorities and time down to the minute. Here are my top five tips below to help you strike a better balance in your life.
#1. Stick to your priorities. We take part in high priority and low priority tasks, daily. High priority tasks add great value to our lives and are typically things such as family, work, maintaining a healthy lifestyle, etc. Low priorities add little value to our lives and are typically things such as watching TV, socializing, commuting, etc.
Reflect on what your top three priorities are this year and write them down. Before you begin a new task categorize it as high or low priority. If your task is not of high priority, consider limiting the time you spend on this task or eliminating it from your schedule altogether.
#2. Schedule your week in advance. Doing so allows you time to visualize your week before it begins, to time block important high priority work into your schedule and to eliminate time wasted between tasks normally spent on planning what to do next. This approach also allows you the opportunity to set aside essential down time for yourself weekly as a reward for your hard work.
#3. Eliminate the “Big Three” time wasters. Americans spend on average over 6 hours per day on social media (3.2 hours), watching TV (2.8 hours) and socializing with coworkers (.75 hours). Eliminating these time wasters free your mind and schedule for higher value activities.
#4. Streamline your day-to-day tasks. It is not possible to eliminate every low priority task from your schedule but by streamlining everyday tasks and saving yourself just 15 minutes a day, you can free up 91.25 hours every year! Where can you save time? Instead of waiting for coffee to brew, set it to auto-brew in advance (time saved – 5 minutes a day). Shorten your beauty routine to 20-minutes (time saved – 30 minutes a day). Double batch your dinner and freeze ½ of it as a meal for another day (time saved – 30 minutes per meal).
#5. Use Parkinson’s Law to your advantage. Parkinson’s law is that work expands to fill the time available for its completion. If you give yourself a day to complete a task, it invariably will take a day to complete. Begin expecting more of yourself in less time from your morning email check to finishing a week-long project in less time.
SmallBizLady: How do you juggle multiple businesses?
Rebecca Rescate: By using my planner, www.topdownplanner.com. Top·Down Planner helps you focus on high-value tasks for maximum results using the 80/20 rule. This theory is that 80 percent of your results come from 20 percent of your efforts. Top·Down Planner helps you focus on that 20 percent of tasks that will yield the highest results for you both personally and professionally.
SmallBizLady: Are there any business resources you would recommend for entrepreneurs?
Rebecca Rescate: I was fortunate enough to participate in the Goldman Sachs 10,000 Small Businesses Program, which offers business education, support services and access to capital in cities across the US. In the Philadelphia region, the Community College of Philadelphia offers this educational experience to three cohorts of entrepreneurs each year. Learn more at www.ccp.edu/10KSB and https://www.10ksbapply.com/.
Entrepreneurs in the Greater Philadelphia region may also want to check out Entrepreneur Works, a non-profit provider of business training, small business loans, and one-on-one guidance for entrepreneurs from all walks of life.
If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz
For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.
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