From the archive: This episode was originally recorded and published in 2019. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Christina Stembel is the founder of Farmgirl Flowers, a $23M company that’s reinventing the floral industry’s business model to eliminate waste and elevate the customer experience.
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Resources
Christina’s Instagram – Follow Christina on Instagram!
FarmGirlFlowers – Check out what Christina has going on!
3 Value Bombs
1) Identify what problem you’re solving and what you want your company to do.
2) It’s important to have a team that appreciates the transparency within the company and that will get through anything with you.
3) Know your KPI’s; know your numbers.
Sponsors
HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Closers.io: A world-leading sales training and certification company. For more info on their sales certification visit Closers.io/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Creative Cash Flow Strategies for Bootstrapped Entrepreneurs with Christina Stembel
[1:23] – Christina shares something about herself that most people don’t know.
- Christina loves motorcycles and her dream occupation would be to be a motorcycle racer.
[2:04] – Christina talks about the benefits of staying fully bootstrapped and owning all of your own decisions.
- The biggest advantage of being fully bootstrapped is having zero red tape and being able to make decisions for the company.
- Christina enjoys having the liberty to do the things that she wants to do without having to get permission from other people.
[3:34] – How does one build a business model around eliminating waste and maximizing profit margins?
- You should identify what problem you’re solving and what you want your company to do.
- You cannot be the fastest, the cheapest, and the best. Just choose 2 out of those 3 and decide how it can best impact your customer experience and your business.
[8:12] – Christina shares her journey of going from a “debit card girl” to the “credit card girl”.
- Christina uses credit cards for cash back and as a cash management tool, which has allowed her to easily monitor her financial standing in real time.
[12:15] – Lets talk about a low point: at one time you hit $411 in your business bank account.
- Christina still has struggles from time to time, and it has taught her that it’s very important to have a team that appreciates the transparency within the company and a team that will get through everything with you.
[16:06] – A timeout to thank our sponsors!
- Closers.io: A world-leading sales training and certification company. For more info on their sales certification visit Closers.io/eof!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
[16:13] – Share your struggles of trying to secure outside funding.
- Being bootstrapped is challenging in terms of cash flow.
- A lot of times they have to make concessions and sacrifices
[20:00] – How do you recommend entrepreneurs, small business owners, and companies use their credit card to maximize its benefits?
- Christina recommends using a credit card because of the cash back earnings on anything you spend your money on.
[21:48] – How have you used digital marketing to help combat the flower industry’s dreaded “summer slump”?
- Know your numbers, study your Key Performance Indicators, and adjust accordingly.
- Digital marketing has helped her keep team members and helped them keep the business open even during slow months.
[25:31] – Christina’s parting piece of guidance
- If you’re going to be an entrepreneur, you have to know the numbers inside and out of your business.
[26:40] – Learn more about Christina!
- Christina’s Instagram – Follow Christina on Instagram!
- FarmGirlFlowers – Check out what Christina has going on!
[29:40] – Thank you to our sponsor!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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