Launching a new product to market is challenging at any time, but for this entrepreneur, launching a new alcohol product during a pandemic proved to be incredibly challenging.
Meet Camila Soriano, CFO and co-founder of Volley, the first-ever clean tequila seltzer.
After realizing that 'natural flavors' listed on almost every food and drink label were filled with up to 100 mystery ingredients, Camila and her husband set out on a journey to create the first tequila seltzer. They created the first tequila seltzer made with only three clean ingredients: 100% blue agave tequila, sparkling water, and organic juice.
As the product required Volley to raise funds to take it to market, the founders knew that the outset of a pandemic was not the best time to approach venture capital firms looking for Seed Round funding.
Seed Round financing (also known as seed capital, seed money, or seed funding) is the earliest stage of the capital-raising process of a startup. Seed financing is a type of equity-based financing. In other words, investors commit their capital in exchange for an equity interest in a company. Generally, this is done in a less formal approach than other forms of equity-based financing such as venture capital.
As the market began its rebound, friends and family who saw what the couple were building would reach out asking how they could get involved or potentially invest. The founders chose to accept this form of capital rather than seeking VC funding which was always more elusive in the early stage. They felt the community of investors they could build would be a motivated group that would help push the brand in their local markets beyond just being a source of cash. Before the funding round closed, they did receive funding from two separate venture capital firms.
The company has come a long way since the initial launch with distribution nationwide online and soon to be 11 active states with retail distribution and over 20 team members. The brand is staying true to its pillars, and Camila is getting used to being a CFO and full-time mom.
Besides being a fearless female founder and mom, Camila is leading the clean drinking movement. In addition to that, outdoor sustainability and conservation are very near and dear to her heart. So much so, her passion is at the forefront of Volley’s mission to protect and take care of the planet and be seen through Volley’s partnership with Leave No Trace (LNT). LNT is a non-profit that provides resources so every person can protect + enjoy our natural world. The brand is actively organizing public clean-ups in the different markets they are distributed.
Camila suggests that even though things might not always happen as planned, stay focused and find a way through to your goal.
These are the tips Camila would like to leave for entrepreneurs in helping them start up their business journey:
1. Surround yourself with supportive people
It is crucial to have well-founded support around you as you travel on your entrepreneurial journey, as it is a challenging road. There will be times when you feel like giving up because nothing seems to be going well. It would help if you had others to help you with your motivation and cheer you on because it is challenging. And giving up is not an option, especially when you have come so far.
2. Create a team you can depend on their expertise
Especially when you are venturing into unfamiliar territory, you need to hire people who have specific knowledge in the areas you need. It was important for the team at Volley to hire experts in the alcohol industry to help them navigate the industry-specific rules and ensure their product got to market with few interruptions.
3. Don’t leave your day job too early
It can be tempting to want to leave your job as early as possible as you create your product, but if you depend on that paycheck to meet your basic living needs, Camila advises against it. You need to keep the stress low and ensure you have a regular paycheck coming in until you can rely financially on your new business. It likely won’t go as planned and may take longer than expected to get to a place where you are making money, so don’t make any impulse decisions. Everyone loves the entrepreneurial stories of the person who quit their job and went all in and saw it work out. You can go all-in but be practical about it. If you have a stable income source, you need income and don't give it up to chase an unstable income.
The bottom line is building a product-based business can be challenging, and there are many highs and lows on the journey. It is essential to persevere through the challenges and focus on keeping a positive mindset to get you through the tough times.
"original" - Google News
March 17, 2021 at 04:00PM
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Breaking Through The Alcohol Industry And Bringing This Original Clean Tequila Seltzer To Market - Forbes
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