#ThinkBigWithLumi x The Goodnight Co.: How two lady bosses turned passion into business
In this content series we celebrate the success stories of our amazing clients, the challenges they face and how they stay on track with their business goals.
Last month we interviewed the Co-founders of the Goodnight Co. Shea and Danielle. We wanted to know how they came up with their business idea, how they’re navigating the business through COVID-19 and how they’re overcoming challenges during their entrepreneurial journey.
Their (business) goal: Nurturing the best version of themselves and those around them
Shae and Danielle started the Goodnight Co. back in 2015 when they were struggling to keep a healthy work-life balance. Keeping up with both work and family commitments while also practicing self care, including a healthy sleep routine, became a real challenge.
That’s when they came up with the idea of the Goodnight Co., a business offering natural products to help people get better sleep and enjoy more of their day.
The two Co-founders are passionate about raising awareness around the importance of sleep and its impact on a healthy and happy life.
We want to support our community to understand the role sleep plays in our overall wellness and how we can all fall back in love with sleep to be the best version of ourselves. Every day we learn of more people whose lives have changed thanks to our products. – Co-founders of the Goodnight Co.
Adapting the business to thrive through uncertainty
As was the case for many small businesses, last year definitely presented challenges for the Goodnight Co., with the biggest one being uncertainty. When running a small business, dealing with uncertainty becomes second nature as nothing ever goes to plan, but COVID-19 took uncertainty to a whole new level.
The nature of running a small business however has taught Shae and Danielle to think on their feet and adapt their business quickly to this ever changing environment. Focusing their business on their online presence has played a huge role in this journey. It has allowed them to stay connected with their customers and serve their unique needs during these unprecedented times.
Cash is king: Boosting cash flow to get ahead
With the Goodnight Co. being an online retail shop, maintaining the right amount of stock based on changing customer demand isn’t always easy. It can be hard to predict how much stock is needed and the implications of having too much or too little stock on the business turnover and cash flow.
In order to take their business to the next level, Shae and Danielle needed to strike the balance between having adequate inventory and sufficient cash at hand for daily costs. With the help of Lumi they received the short term cash boost they needed to move their business forward.
Leading by example to inspire fellow female entrepreneurs
Being female entrepreneurs in the current world is both exciting and a bit daunting, say Shae and Danielle.
We believe in striving for equality and want to set a great example for every other female wanting to enter the world of entrepreneurship. While it has its daily challenges it is certainly very rewarding. – Co-founders of the Goodnight Co.
Getting started is the hardest part
When we asked Shae and Danielle what piece of advice they would give to an aspiring entrepreneur they said:
Just start! Many people have great ideas and really want to start their business but get stuck because they either listen to too many people or get bogged down in the details. If you truly want to do it and feel that it is going to change your life – or better yet, someone else’s – then just do it! If we knew what was ahead of us when we started we would definitely not have continued, there would certainly be some uncomfortable moments but this is what makes us grow! – Co-founders of the Goodnight Co.
So, what can we learn from that? Don’t overthink it – if you’ve got a business idea that you’re passionate about – just go for it. And accept that being uncomfortable is part of the journey.
If you’re looking for a business lender to take your small business to the next level, whether it’s to boost your cash flow, buy extra stock, make new hires etc., get in touch with our team at Lumi to discuss your options or apply online in an easy 5 min application. Our minimum requirements are a valid ABN/ ACN, min 6 months in business and min $5K monthly turnover.
Your Lumi team