How to grow a successful startup from cofounders who started with a $30,000 loan, were profitable in their first year, and doubled revenue every year since

  • Natasha Oakley and Devin Brugman cofounded Monday Swimwear in 2014, a brand that's on track to do $20 million in annual revenue before 2022.
  • With no venture capital funding, the company was profitable in year one and its revenue has doubled every year since.
  • In an interview with Business Insider, the cofounders shared their five best pieces advice for entrepreneurs aiming to build a successful startup. 
  • Consistency, attentiveness, and building a strong team were just three of the key factors Oakley said are critical to running a business. 
  • Visit Business Insider's homepage for more stories.

Natasha Oakley and Devin Brugman founded Monday Swimwear in 2014, and the brand has skyrocketed since. 

Doubling revenue every year since its launch with no venture capital funding, they said Monday is on track to do $20 million in annual revenue within the next two years.

A scale-up beyond the cofounders' wildest dreams, their extrapolated growth comes just six years after they launched the brand on a $30,000 loan.

That said, it's certainly taken the pair a good deal of business savvy to get to where they are. Utilizing social media to take their brand to the top, the two entrepreneurs have learned a lot about running a company along the way, and have some advice for anyone who wants to do the same. 

And they shared their tips with Business Insider. 

1. Kill your ego

To make your business successful, can't be too good for any job in your company, according to Oakley.

"We were packing the boxes in our apartment for the first year," she said, adding that a thorough understanding of every role of the business creates a space where you can gain respect for everyone and lead others in their positions. 

2. Pay attention and be reactive

Listen to your customers, Oakley said.

"Your customers will tell you what they like, what they want, if you give them the voice and really listen to what they want," Oakley said. "We maintain an incredible relationship with our customers so we're able to make products they really care about, too." 

3. Be consistent and disciplined with your messaging and branding

"There is an art to pulling back and ensuring that every move you make as a company supports your brand's purpose, beliefs and messaging," Oakley said.

"Decide what sets you apart from the rest and don't do anything that moves away from that. A strong brand has an obvious message that comes across in everything it does." 

4. Create a good team

Trusting the people around you is of the utmost importance when it comes to building a team. 

"People are often surprised by how small the Monday team is, but we're really intentional with our hires and maintaining a brand and product that everyone on our team really cares about," Oakley said. 

5. Be mindful when choosing a business partner

"A lot of people choose to partner with a friend or someone they know very little about. Be mindful of your strong suits, roles, and what each brings to the table and implement ongoing direct communication," Oakley said.

"Fingers don't get pointed until money is gained or lost and it's important to have these scenarios planned ahead of time. A company is built like a pyramid from the ground up, with you and your partner at the bottom rather than the top — ensure you have a strong foundation to build upon!"

Source: Read Full Article