This is Ami Bateman for Female Startup Club.
Hi everyone and welcome back to the show! It’s Doone here, your host and hype girl! If you’ve just found us - we are SO grateful and happy to have you here.
Every week on the Female Startup Club podcast I interview some of the world’s most successful founders and women in business to understand their blueprint to success. And today you’re going to meet fellow Aussie, Ami Bateman. Ami is the co-founder of Australia’s first just-add-water non toxic cleaning company Pleasant State.
And this is the first in a mini series where we take you through Ami’s journey in starting Pleasant State right through to their just launched equity crowdfunding campaign. And it is SO interesting! We’re talking about the challenges that we still face as women entering the fundraising scene and what she’s learned trying to access more capital to scale their booming business. If you’ve ever thought about an equity crowdfunding campaign for your business - this is worth grabbing your notepad.
From Personal Challenge to Business Opportunity
Ami’s story began in late 2019 when she was struggling with chronic headaches that plagued her daily life. In a quest to find relief, she decided to remove plastics and toxins from her home. A friend called to talk about just-add-water cleaning products, which sparked a realization: only about 5% of cleaning products on the market consist of raw ingredients, and most are packed with toxins. Ami thought to herself, Does this even exist?
After weeks of contemplating the idea, she made a decision: she would create a solution herself. She started listing all the questions she had and reached out to her network to find answers. Ami connected with a formulation chemist and a manufacturer that aligned with her values. With the help of two friends, they formed a company to bring her vision to life.
Ami emphasizes the importance of starting with your “why.” For her, it was about so much more than just creating a product; it was about building a brand committed to sustainability.
Funding: Navigating the Financial Landscape
In early 2020, just before COVID-19 lockdowns, Ami and her co-founder, Sian, met and decided to go all in on Pleasant State. They both lost significant contracts due to the pandemic but were eligible for the government’s job keeper allowance, which provided a safety net as they launched the brand.
They discovered that various government grants and support were available for businesses during this time. Ami highlights the importance of negotiation, stating that people who want you to succeed will often find creative ways to help you. Their first production run of 20,000 glass bottles cost about $80,000, and they negotiated a payment plan to manage their cash flow effectively.
When it came to crowdfunding, they initially aimed for $54,000 but ended up raising $87,000. Before shipping products, they had already injected approximately $250,000 into the business. The journey was anything but straightforward, but Ami and Sian were determined to make it work.
The Rollercoaster of Crowdfunding
The timeline for Pleasant State is a testament to their hard work. It all started in late 2019, and by June 2020, they had conducted extensive customer research, which confirmed they were onto something special. However, as they launched their crowdfunding campaign, they hit what Ami calls the “valley of death.” The initial excitement dwindled, and they had to pivot quickly.
Their biggest mistake? Relying too heavily on discounts that lost their allure as the campaign progressed. They had to refresh their strategy by announcing an international launch and presenting new countries as options to attract backers.
Ami learned that sometimes you have to treat your business as if it’s “day zero” and evaluate if you’re on the right path. It’s easy to get attached to your idea and ignore warning signs, but sometimes walking away is the best decision for your business.
Keeping It Customer-Centric
Throughout their journey, Pleasant State has focused on staying customer-centric. They made it a priority to know their audience intimately, from where they shop to what TV shows they watch. This insight has been crucial in their marketing strategy. They’ve had great success with influencer marketing, regularly sending products to ten influencers a week, and have seen significant engagement through initiatives like giveaways.
Using project management tools like Asana, they manage their workload efficiently, breaking tasks into smaller sprints and communicating regularly to stay on track.
The Road Ahead
Ami stresses the importance of understanding that the venture capital market is not always geared towards women. Instead of trying to fit into a system that wasn’t created to support her, she chose a path that focused on customer ownership and sustainability. This mindset has led to significant recognition, including awards from Queensland’s sustainability initiative and acknowledgment from the Prime Minister.
Ami’s key piece of advice for aspiring entrepreneurs? Know your customer inside and out and lean on them to guide your business decisions. Additionally, becoming financially literate is crucial for making informed decisions as you scale.
Quick Tips from Ami
- Embrace your strengths: What you perceive as weaknesses can be your greatest assets.
- Leverage your network: Don’t hesitate to reach out for support and guidance.
- Stay flexible: Be willing to pivot when necessary and treat every day like “day zero.”
- Focus on your customers: Understand their needs and preferences deeply.
- Invest in your financial literacy: It pays off to know your numbers and make data-driven decisions.
- Don’t fear the hustle: Entrepreneurship requires commitment, but it can also lead to amazing opportunities.
Ami’s journey with Pleasant State serves as an inspiring reminder of the power of resilience and community support in entrepreneurship. Whether you’re launching your own business or just curious about the crowdfunding world, there’s plenty of wisdom to be gained from her experiences!
