December 7, 2022

News Business

Great Business

Honeyfund’s CEO And Co-Founder, Sara Margulis

7 min read


You are scheduling your dream wedding and an even dreamier honeymoon. When you and your husband or wife set out to populate your wedding day registry, you recognize you by now have all the dishes, modest appliances, and cocktail shakers you will need – soon after all, you are each grown ups. What you truly need is some time away alongside one another to start your life in a unforgettable vogue.

That’s what occurred to Sara Margulis and her fiancé Josh when they resolved to talk to their wedding company to enable underwrite their honeymoon in lieu of gifts. They established their very own enterprise to assist other folks do the exact, and nowadays, Honeyfund is the most dependable hard cash gifting web site. The system has permitted 6 million givers to fund far more than $640 million in items for more than one million couples. I spoke with Sara about shifting occupations from marketing to tech start out-up, the Shark Tank influence, striking out on her own, and balancing loved ones lifestyle with jogging her have company.

Shelley Zalis: You previously labored as the associate director of advertising at Golden Gate University. How did you come to a decision to make a job change and launch your individual business at Honeyfund? What was your lightbulb moment?

Sara Margulis: Honeyfund’s co-founder and I had been engaged to be married and setting up our individual wedding ceremony, and we had this dream of honeymooning somewhere exotic and much away like Fiji to get absent from the tension of two total-time careers. But we did not have the funds right after paying for our own marriage. So as an alternative of registering exclusively for classic housewares, we developed a makeshift desire checklist for the charges connected with our Fiji honeymoon – items like excursions, vacation resort nights, island hopping flights, and many others. Our marriage ceremony visitors confused us with far more than $5,000 in contributions, but far more importantly, they loved the strategy. They questioned us to make a little something like it for other couples. Which is how Honeyfund was born.

I experienced just graduated with an MBA in marketing and my co-founder is a software engineer. I had been performing at Golden Gate University on internet marketing jobs such as the university’s new web page, e-mail marketing and advertising programs, and a CRM implementation. We took the idea and enthusiasm from our have wedding ceremony guests, and all that specialist track record, and made and released from our couch.

SZ: How a lot prior expertise, if any, did you have in the startup field ahead of launching Honeyfund? How did your time on Shark Tank catapult your journey?

SM: We had been in San Francisco in the early 2000s when the technological innovation startup increase was occurring all all over us. We had mates at Twitter when it 1st introduced, for example. Neither of us actually experienced any direct practical experience in startups, but we could make and regulate projects. And we each had a dream of staying monetarily impartial and owning a adaptable schedule so we could be there for our long run kids.

In 2013 we had been living that desire: the small business was supporting our family and we experienced all the overall flexibility we envisioned. We had purchased our dream dwelling and we experienced two healthier youngsters who had been rising up in an idyllic town in Sonoma County, California.

When Shark Tank called, we experienced to make a difficult choice – do we increase past our way of life small business and enter the entire world of a quickly-escalating startup? Taking on financial commitment cash, knowing specifically how we needed to deploy it, understanding how to unlock the following phase of progress – those people ended up all unfamiliar to us. Starting something is very different from developing it.

Yet, we felt it was the ideal point to do for the Honeyfund brand name and our member neighborhood. So we utilized for the show and bought solid. Our episode aired in October 2013 and it was a strike! Our web-site crashed from all the website traffic. We were being so thrilled to have the attention on the Honeyfund brand name. We realized that as soon as people had read of Honeyfund they cherished the concept. So our Shark Tank physical appearance and the offer with Kevin O’Leary launched us on to the national phase. This drove a lot extra traffic and members, but it also introduced us the notoriety to type higher-amount partnerships, these kinds of as our registry integration with Goal.

SZ: What are the strengths and shortcomings that come with a career transition and branching out on your individual to launch a enterprise?

SM: We have been extremely fortunate that Honeyfund was well received and grew alone to the level that we were being able to make a superior dwelling prior to getting on Shark Tank. That was stage a single of the changeover from operating for another person else to doing the job for ourselves. It was what we had dreamed of. So we felt we ended up taking pleasure in all the positive aspects of performing our personal issue.

But the small business was escalating quicker than we have been. It needed far more from us. We did not have enough staff members to serve our partners and maintain the site. That launched us into a growth stage that was actually tricky to understand how to manage – we did not have the expertise there. In the long run just after a very long and winding road, we break up up and I bought my co-founder out of the firm. So that stage of development arrived with a lot of pressure and challenges. And I felt pulled in so several directions as a mom, spouse, and company operator. I stopped using treatment of myself and burned out. Then Covid hit and I faced a different substantial challenge with the small business, this time alone at the helm. I had to take a long glance in the mirror and talk to myself if I had what it takes to make sure Honeyfund could endure a 90% fall in revenues and a pandemic with no finish in sight.

I made the decision to stage up and do my greatest to keep the company heading for its customers and staff members. I invested a ton in increasing as a chief, hired a management crew to deal with the development, and clarified my function in the firm. We launched a crowdfunding campaign to invite our customers and gift givers to spend in the company’s upcoming period of expansion. And we got through! But people have been some of the toughest yrs of my existence. Staying dependable for a organization, a workforce, and clients – it’s a big burden at situations.

On the other hand the option to mature and come to be the leader of some thing amazing will come when in a life time – so the positive aspects much outweigh the negatives for me. I see it as a journey and I am at any time-evolving along the way.

SZ: In the past several several years, there has been an expanding pattern of women leaving their positions to start out their have enterprises throughout the Fantastic Resignation. Centered on your knowledge, is there a “right” time or are there suitable situation for a occupation alter?

SM: The pull between career and family is so tricky. In a ton of ways, a job with a specific variety of hours that you can leave and arrive household is so a lot much healthier for that household balance and your private self-care than a commence-up. I would say there is no proper time to start your very own detail if you’re passionate about it just do it. But with this a single caveat: women with companions and/or children need to consider extended and really hard about the sum of time and target they want to be ready to give their family. And then devote what is left to a new venture. Every person will inform you that you have to give 200% to a startup but that’s truly not legitimate. And it will lead to burnout so rapidly if you’re not cautious.

Rather, begin your enterprise with a crew that can give their complete concentrate. If you are keeping the vision and plans, you can and should really reserve time for self-care and your spouse and children. I know this can be so challenging to achieve, but I’m a realist so I break it down like a very simple math problem. I search at how many hours I have in a 7 days and I attempt to 1st prioritize my personal self-treatment, then my time with my young children and lover, then my get the job done priorities.

I also take into account the seasonality of my enterprise and my children’s university. Summer time is a good time to be ready to give a little a lot more to youngsters and a minimal a lot less to the company. But if you are setting up a small business (like mine) that has large summer months demands it could be rough. The vital is finding quite true with oneself about how several several hours of aim you are keen to give to a new venture.

SZ: What information would you give to girls on the lookout to adjust their vocation but who really feel discouraged or not sure of where to start?

SM: I would say start with a shift towards the business or capabilities you want to study and get truly good at individuals although operating for somebody else with regular get the job done several hours, positive aspects, and fork out. Or be part of a volunteer firm. The moment you are assured in your skills and know precisely how you will take care of your time and target, then established up your new enterprise inside these parameters.


Source url | Newsphere by AF themes.