Ep. 23 - Economy to First Class with Kate Lalak
Transitioning from a corporate job to owning your own business sounds like a dream come true, but how do reach cloud nine without crashing in the process?
Kate Lalak, CEO of Cloud Nine Global, joins the studio to talk about her experience creating a business that deals with a gap in the market, alongside a few smart tips on making flying convenient and luxurious.
With over 20 years of marketing experience dealing with big brands such as Foxtel and Sydney FC, Kate now focuses on the troubles of frequent corporate flyers. Her company, Cloud Nine Global, delivers corporate gifting and retail on alleviating jetlag and relaxation in the skies.
Transitioning from Corporate to Start-Up
- Capture a business opportunity. Look into a gap/problem in the market
- Anything you do that is customised and not stock standard, the better the business
- Challenges: You lose security of salary and bills. It all comes down to how much pressure you put on your deadlines.
- Measure every single dollar. Be careful with your spending, it can be over 6 months before you see a dollar come back into your business.
Building a Start-Up Company
- Do not underestimate research; invest into testing and prototyping all possible combinations of products, brands and names you want include. Your product must be suited to different consumers and markets.
- Anyone can do what you want to do. You must decide how you want to distinguish your company from others.
- Business plans. Everything you learn in planning your business is valuable. Revisit your plans every few years if for no other reason to look back and laugh at how off the mark you were. But often, you’ll refocus on something you saw worked quite well.
- Follow the 80/20 Principle – 80% of your outputs come from 20% of your inputs. Focus on the top 20% that is generating the most return on your resources.
Arrange The Best Flight Before Flying
- Pick your seat carefully; an exit row seat is always more worth its weight in gold than a back-end seat. Using apps like SeatGuru allow you to see what passengers say about certain seats.
- While setting your watch to your destination’s time-zone may seem like a good idea, but without twenty cups of coffee, you’re not going to make it. Instead, choose an evening flight for long-haul destinations so you don’t disrupt your body’s natural sleep cycle.
- If you’re the last row in economy, chances are you’re ending up with cold last-choice leftovers. Pre-ordering your food before the flight easily avoids this problem.
Sponsors & Offers
ENKE CO – If you are looking for business advisory, accounting and taxation packages, head to www.enkeco.com.au
Cloud Nine Global – Receive 25% off all their stunning luxury packs by visiting www.cloudnine-global.com and using code ‘starterpod’