The entrepreneurial leap: a small town resident’s journey to build a beauty empire
"The team at CIBC really helped us say 'yes' to our buyers. We started out small and we are only going bigger, and bigger."
Mar. 04, 2024
4-minute read
At three years old, what I wanted most for Christmas was a CEO’s desk and chair. My Dad owned a successful business and my Mom spoke so highly of her CEO, I just knew I wanted to be an entrepreneur when I was older. It was natural for me to fall right into the path of entrepreneurship.
I was proactive and ambitious even in high school. I started in web design before getting involved in the beauty world and would create websites for free for companies that didn’t have an online presence. I’d send them my designs, unprompted, and some of them would want to work with me further.
What I love about skincare is how high-touch the industry is – it’s an honour to create something that resonates with people and represents their individuality.
My business partner Remy and I got a lot of traction from TikTok when we launched Dew of the Gods Opens in a new window.. This attracted some of the biggest US beauty subscription box brands in the world. They wanted to include our products in their monthly boxes. It was exciting but also really intimidating at first to be fulfilling such large orders – hundreds of thousands of units – from an early stage.
The business grew really quickly. At first, we put everything we could on credit cards and personal lines of credit but eventually, the production needs became so big we needed more sustainable funding to keep up with demand and where we wanted to take the business.
It was a tricky position to be in because even though we were fulfilling huge orders and had strong popularity online, we didn’t have enough earning history yet to meet funding requirements. We understood it but it was still challenging to accept because we really needed a banking partner who could be flexible with us.
My family has a long standing relationship with an advisor at CIBC, so I reached out to Veronica for help.
She’s been our champion from the beginning with our personal finances and coaching my family, always rooting for us. She really wanted to find a solution for us – that’s what differentiated her.
Turning ambitions in to achievements:
“When Ryan approached CIBC, his business was still working through their financials,” recalls Veronica. “He didn’t have the statements we needed to forecast his business growth but Ryan and his family are long-time clients. He was always up front about the vision he had for his business. I believed in his ambition and wanted to do everything I could to help him.”
Veronica really advocated for Ryan and Dew of the Gods to her partners in CIBC Business Banking. They started getting to know Ryan so as a team they could deliver the right advice based on his personal and business ambitions.
Our clients really benefit from the strong partnerships we have across CIBC. Being highly connected and working together means clients like Ryan are getting the full spectrum of personalized advice that enables them to get closer to achieving their goals.
Based on Ryan’s and his family’s long term relationship with CIBC, and his early business success, our Business Banking team was able to find a credit solution to meet his growing needs. They also discussed with him important considerations, like tax planning and the benefit of hiring an accountant so he could focus less on administrative tasks and more on running and growing his business.
CIBC has been super helpful and transparent in preparing me for what we’d need to be successful in securing business funding. They’ve brought in partners with the right skills across the bank and recommended external partners – such as lawyers or accountants, to provide additional value.
Our business model is new and evolving and CIBC gave us the dream team we needed. Now that everything’s come together, we love that our small-town banking centre supported our big ambitions. We’re incredibly thankful to be with CIBC.
This story is dedicated to the memory of Ryan’s mother, Patricia (Patt). She helped Ryan in his entrepreneurial journey by teaching him that life is beautiful when you just believe it will all work out.
- Think ahead – As your business evolves, so will your business and personal needs. Having a plan with someone in your corner to bring up new considerations as your business evolves that you might not be thinking about right now - like tax planning advice – is so important.
- Stay organized – Applying for financial solutions may require unique information than what you might be used to providing. Get your paperwork organized early and don’t hesitate to ask your advisor what documents you need to prepare so you can stay ahead of future steps. Start learning about what financing solutions might be available by using the Business Services Digital Advisor tool Opens in a new window..
- Find proactive support – Knowing your advisor wants to see you succeed will help set you up for success. Look for someone who’s actively listening to what you say and reaching out regularly. This could look like identifying gaps in the kinds of support you need, or maybe it’s helping you manage your savings in ways you haven’t thought about.
What's your ambition?
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