Melissa Clayton is the founder and CEO of motherhood jewellery model Tiny Tags. She is a former CPA who’s obsessed with entrepreneurship and motherhood and is dedicated to sharing the teachings she has discovered alongside the way in which with different ladies.
As of 2022, Melissa has grown Tiny Tags to a multi-million greenback enterprise with out taking up any exterior funding and manufacturing within the USA. A serial entrepreneur, Melissa can be the inventor of The Matte, as seen on ABC’s Shark Tank and Right now Present’s “The Subsequent Huge Factor,” the foldable mat that lays over a sink, creating extra counter area to make use of whereas preparing.
We requested Melissa about scaling Tiny Tags from a facet hustle and her recommendation for fellow feminine founders.
Q&A with Tiny Tags Founder Melissa Clayton
Q: Earlier than Tiny Tags, you had been a CPA within the company world. What motivated you to make the leap into beginning a enterprise?
A: I feel I used to be born with the entrepreneurial bug so after I noticed my mates’ reactions to the primary “mommy’ necklace I made–I knew there was one thing particular there. Once I began Tiny Tags all the orders had been by emails and cellphone calls so I used to be in a position to join and chat with different mothers and I cherished that.
Q: I’m certain your accounting abilities have turn out to be useful whereas rising Tiny Tags. What are the standard monetary missteps startups take?
A: Completely accounting has helped me within the early years and nonetheless does. I feel one of many greatest errors startups make just isn’t pricing merchandise appropriately which normally means not charging sufficient. Once I initially priced my product, I calculated the price of items in my pricing mannequin but additionally included my time in addition to all the opposite prices of operating a enterprise from IT to the price of tax preparation.
Q: You’re obsessed with being open about numbers. That may be scary for bootstrapped startups. Why is it essential?
A: I’m obsessed with being open about numbers when somebody is able of giving recommendation or being held out as an professional in a subject. It’s crucial to know either side of the steadiness sheet to get an actual image of the well being of a enterprise. I’ve sat in loads of occasions the place an professional offers recommendation and shares their year-over-year progress however leaves out how they’re funded or how a lot debt they’ve taken on.
I really feel that if you’re going to give recommendation you have to be prepared to be clear together with your numbers.
Once I was requested to talk on the Feminine Founder Collective occasion about the best way to get to 1,000,000 {dollars} in income I shared my numbers with the viewers as a result of I needed to present the complete image. I feel others are reluctant to share numbers as a result of they need to seem greater than they really are and I perceive that. I felt very weak sharing my numbers however in the end felt it was value it.
Q: Was there a second while you realized Tiny Tags was greater than only a facet hustle?
A: The second my husband stop his job to affix Tiny Tags was positively when this enterprise went from a facet hustle to the actual deal!
Q: Your group and tradition at Tiny Tags are simply as essential because the merchandise. How have you ever remained true to your values as a enterprise?
A: Our group makes it very easy to remain true to who we’re as a result of they encourage us every single day. Certainly one of our group members stated final week ‘I’m a greater particular person from working at Tiny Tags’ and I feel that basically captures how particular our tradition and our group are.
Day-after-day we obtain both an e mail or DM, see a submit or learn a present observe that makes you pause to both mirror on how valuable life is or how a lot all of us want one another. I really acquired a textual content message from a buyer at the moment (sure many have my cell quantity) who ordered a Tiny Tags with the date of her pal’s final chemo remedy and he or she needed to ensure it arrived on the precise date. I pinch myself that individuals come to us to commemorate such unbelievable moments.
Q: Okay. We have to hear the Meryl Streep story.
A: I like this story as a result of it’s about hustling and never taking no for a solution. Meryl Streep was the keynote speaker on the MA Convention for Girls and I used to be attending in addition to had a desk on the occasion. I discovered the particular person answerable for the audio system and instructed her I had the right speaker present for Meryl Streep—I imply in any case what do you give Meryl Streep? I made a shocking 14k gold circle pendant engraved together with her 4 youngsters’s names and simply knew if she noticed it that she would find it irresistible.
The day of the occasion I hunted down the correct particular person and handed her the Tiny Tags field and made her promise handy ship it to Meryl Streep. I defined that I used to be a small enterprise proprietor and that this meant every little thing to me- my hope was that she would really feel the magnitude of what this might imply for us.
Two days later a buyer tagged me on Instagram the place Meryl was carrying her Tiny Tags.
She then proceeded to put on it for 2 main picture shoots. It was unbelievable and only a pivotal second for the enterprise.
Q: How do you know The Matte can be a super product to deliver on Shark Tank?
A: I believed Lori Greiner, the shark who works with QVC would love The Matte as a result of it solves a common drawback tens of millions of ladies have every single day–restricted counter area.
Q: What’s the worst piece of enterprise recommendation you’ve acquired?
A: The worst recommendation I acquired was that I ought to make child jewellery. Within the early years and even nonetheless at the moment, individuals will make options on merchandise or markets we must always go after, nevertheless, I at all times believed that to construct a model we would have liked to have a really particular viewers in thoughts. Certainly one of my favourite books is Model Warfare by David D’Alessandro and Michele Owens the place they introduce the concept that in case you attempt to be every little thing to everyone you might be no person. This actually resonated with me which is why we’re 100% targeted on mothers. Not solely do I feel it’s good for constructing a model, it’s what’s in my coronary heart.
Q: What’s one of the best enterprise recommendation you’ve acquired?
A: Know your why. As Simon Sinek talks about in his e-book Begin with Why–figuring out your why is extraordinarily highly effective particularly if you’ll be able to share it together with your prospects. Clients need to really feel linked to a model and sharing your why is among the greatest methods to do that. I’ve shared that Tiny Tags has been a method for me to specific my very own emotions about my mom and join with different ladies.
I grew up with my father and my mom usually struggled to indicate up, not as a result of she didn’t love me, however as a result of she didn’t totally love herself and lacked a group. A lot of what has propelled me in Tiny Tags is sharing tales of motherhood so that each mom feels supported, cherished and never alone. I’m so grateful for all of the moms prepared to share their story with the hopes of serving to and galvanizing others. That is my “why” and whereas it’s exhausting to share generally I do know it’s why now we have the group now we have at Tiny Tags.
Q: We obsessively talk about work/life steadiness within the entrepreneurship group. Do you suppose discovering a steadiness is feasible?
A: I do suppose steadiness is feasible if you’ll be able to deal with the journey and never take a look at beginning a enterprise as a method to an finish.
Q: As a feminine founder, what recommendation would you give to different ladies trying to begin a enterprise?
A: Discover a mentor who you belief and will provide you with trustworthy suggestions.
