In the ever-changing world of fashion, few garments are as versatile and timeless as the tank top. We had the chance to sit down with Lane Pedersen, the founder of CLDWASH, who is on a mission to deliver high-quality men’s tank tops. In this interview, we learned about his inspiration behind CLDWASH, insights into entrepreneurship, and how Beany helped him with his journey.
“I saw a gap in the market for men’s tanks…this was something I was after for myself, so I decided to solve my own problem by creating tank tops that fit with good fabric and were made ethically.”
The challenges of building a business
Naturally, building a business comes with barriers.
“Staying consistent is a challenge for me. Making sure I’m always building up to something, and not falling stagnant with my business growth. Things take longer than expected, and I found the key is to be diligent and not be deterred. I’m very selective on the feedback I receive, so I keep a positive mindset.”
Taking hold of his accounting responsibilities was a particular stress point for Lane. “To be honest, accounting was super daunting at first.” So, he decided to seek assistance with his finance management. With Beany, Lane was able to receive not only the assistance but also the support he was after to fulfill CLDWASH’s potential.
Lane explains that CLDWASH bases its business growth on 3 key priorities:
- Selling good products which are NZ made, organic, and ethical
- Effective marketing
- Accurate accounting
“Early on, I told myself I have to get an accountant, there’s no way I can rely on myself for this, and research everything I need to know. Accounting was daunting for me back then, but now I feel really confident in it.”
Lane’s experience with Beany
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“I have no experience in accounting or finance,” Lane told us, “but it’s the backbone to everything. If you’re not savvy with your money, you’re really going to struggle…it’s one thing to make money, and another to hold onto it, manage it, and do things in the right way.” Lane recognised that managing his cash flow was a key component in managing his business, and that’s when Beany stepped in.
“I spent 30 minutes talking to Caroline, and she asked all the right questions, identified where I was at in the process, and gave me the steps of what to do next.” Onboarding with Beany is a customised process for each client, focusing on the unique needs of each business.
“What I really appreciated was that she wasn’t just selling me on Beany, or signing me up for a subscription. This was more of a conversation to determine if Beany’s services were right for me. Caroline suggested things I could do to set up my business in a particular order, and in a way I may not have done otherwise.”
After his chat with Caroline, Lane was partnered with a Beany accountant. “Caroline set me up with Alaina. I’ve really enjoyed all the learning so far – you’re not just signing up for a service sending requests and flicking emails. It feels like a space that is here to support you throughout your journey.”
Alaina was able to provide answers to Lane’s questions as he established CLDWASH. “I have been speaking with Alaina quite a lot, as I have a bunch of questions. I tend to wait until I have a few and send them as a bunch. I normally get a reply 5-10 minutes later, with detailed replies. What I really appreciate is the collaboration we have – I feel as if I am part of the service.”
Working the 9-5 of his main job while building a side hustle (which is now a registered company) eats up a lot of Lane’s time. It required many late nights and early mornings until he was in a position to dedicate more focus to CLDWASH. “Having Beany has taken a lot of weight off what I’m doing, so I can focus on the business itself.”
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Beany x CLDWASH – an ongoing partnership
“Accounting is something I don’t stress about anymore. It’s booked in my schedule, but I don’t worry about it any longer – I have the reassurance and support for all my questions. I’m learning so much about accounting and business as I continue to work with Beany – which adds so much value to the service.”
Tips for other business owners
- “It may sound simple, but remember you need to spend money to make money – set yourself up well. Get all the pieces in place before you need them. Engage the experts in your industry early, to both learn and make good connections. This will give you the mental space to focus on your business and your skillset.”
- Give yourself some breathing room when forecasting your expenditure – “When setting up, there were things I didn’t account for, and it was more than I thought – though not by a huge amount.”
- “I have just gone through my first tax return with Alaina and got all the GST back, having spent a lot on the startup. It’s key to engage the right people to do the things that you’re not good at, and in the long run, it saves or even makes you money.”
- “Establishing a solid supply chain network is a time-consuming process – it’s important I find the right people to work with me in different facets, and establish good relationships with these people.”
What’s next for CLDWASH?
Lane launched CLDWASH commercially in early February. “I’ve switched my approach to be accessible, letting people connect with the brand and purchase tanks today.”
While CLDWASH currently adopts a direct-to-consumer business model, Lane expects there to be pop-up retail later in the year, bringing a physical experience to my customer base to elevate what is currently an online experience. “The next step is working on a B2B wholesale model. A range of stores are interested in engaging with CLDWASH products, and there are a few stores I’d love to work with.”
“Finally, I just want to say I’m super happy to take time out to talk with you, since you’ve been such a big help.”
Music to our ears, Lane! We’re stoked that we get to be part of your journey.