What started as an idea Kylea Waller had 10 years ago on the factory floor of a newspaper became a reality for her and her sister Lauren Walle last year when they joined forces at the beginning of 2015 to bring the idea to life.
MyMoneyZen is an online course that teaches people how to set up an automatic system to manage their money for them. So they can be clear and in control of their money, and fully enjoy their life.
They have now taken the exciting big step and have launched their first crowdfunding campaign.
With over 20 days still left in their campaign the girls have already hit over 70 supporters, and got the #1 spot on the homepage of their chosen crowdfunding platform Pozible.com.
We sat down with the busy entrepreneurs to have a chat with them about MyMoneyZen, and how they have navigated the challenging launch stage of business.
What have been some of your biggest challenges in your launch phase of business?
Explaining what it is that we do! I think we spent a lot of last year working this out. We started by describing MyMoneyZen as a Web App – which technically speaking it is.
The course has built in software that looks simple but does a lot of heavy lifting in the background. But we didn’t want people to think that this is just another money app which tracks expenses.
The program has the element of coaching videos built in to help people move through the process and emotions that arise when looking at your money and getting set up. We also need people to understand that there’s a reasonable amount of up front work, but then it’s totally automatic.
Explaining it as an online course, means people approach it with the correct mindset. Eventually we realised that what we were creating was an online course (with inbuilt software).
As soon as we realised this we were so stoked. We’re all about educating and empowering people and so ‘online course’ fits so well with us rather than ‘web app’.
What was the process like getting ready for your campaign to go live?
It was a long process, we did a lot of research and we talked to people who have previously run successful campaigns, and they were really generous with their advice.
We found that putting a physical chart up on the wall to map out the campaign, divided into the weeks, with post-it notes for each task, gave us a real breakthrough.
We also had someone who gave us the encouragement to just go for it. They said that succeed or fail, we’ll learn from it, and that was such good advice.
We realised that you need to do a lot of work to prepare, but you’ve also got to be prepared to just pull the trigger and go for it. Preparing really has been stressful.
Going live with the campaign makes you feel like you’re naked in Times Square, but it’s a great way to put yourself out there.
You start getting some real-time feedback from your customers, it’s a great way to continue to build your contacts and build hype around your company. It also allows you to build some urgency.
Launching is pretty scary. You think that people will think you are silly, but it’s amazing to see how many people just get behind you and say you’re up to amazing things, when you’re expecting them to say the opposite!
What advice would you give to someone else wanting to do a crowdfunding campaign who doesn’t know where to start?
1. Most crowdfunding platforms have a guide on how to run a successful campaign, you do have to dig deeper and do more research, but it’s a great starting point.
From our perspective, nothing beats real word experience. Reach out and speak to people who have done it recently, and you’ll learn more from them in 15 mins than you will from trawling around on the internet all day.
2. Set a launch date and make a public announcement. There’s no better way to hold yourself accountable. There are so many things that we’ve done that aren’t perfect, but because of the deadline it’s helped us get into action and just ship it.
3. Build a wide network around you before you run a crowdfunding campaign, you will need to draw on it during your campaign. Start now.
4. Everyone’s campaign goes quiet at some point, don’t freak out. Reach out to the people who run the platform you’re using and ask for advice, and just keep plugging away at it.
5. Make sure you’ve got the right mindset. You can do all the prep in the world but you never know for sure if you’re going to be successful or not, no one does. Keep in mind that win or lose, you’re already doing better than 99% of people who never even put themselves out there.
What is the best piece of advice you have received since starting?
Embrace your uniqueness. This is a golden rule in life and business. Own who you are.
The Entourage and Jack Delosa have taught us that ‘It’s what makes us different that makes us brilliant’. When we realised this we breathed a sigh of relief, and the way people were responding to us changed and our results exploded.
What impact has The Entourage and our community had on your business and your life?
It’s been so explosive that it is difficult to put into words or list all the many many breakthroughs in our business that we’ve had because of The Entourage.
We truly are creating the foundations of a world class company, and having a hell of a lot of fun along the way.
It’s helped us so much. Getting clear on our Vision, Mission and Values, and how to make this a part of every day, a part of our company’s DNA. Getting a cutting edge entrepreneurship education.
Being surrounded by like minded people who are living their dream too, and just “get” you. Learning from incredibly successful companies who come in to speak, with ‘been there, done that’ experience. This is just invaluable.
The industry round tables with access to all different professionals who you wouldn’t normally be able to afford access to in the beginning, including lawyers.
Having an advisors on the other end of a phone line to help us nut out anything we get stuck on. We could go on and on.
Our intensive courses enable early-stage entrepreneurs to maximise their success on crowdfunding platforms, through digital marketing tactics and leveraging social media. If you want to get your business off the ground, book in for a free business discovery session today to find out how you could benefit from joining our community.