Business Name: Psi Bands, a maker of nausea prevention bands
Type of Business: Health & Beauty
Business Location: Pacific Grove, California, United States
Reason for starting
Romy suffered from debilitating morning sickness during both of her pregnancies. She found nausea relief through acupressure wrist bands but was dissatisfied with existing products on the market that were drab and uncomfortable. She set out to create something more for those who suffer from nausea. Psi Bands were born. Award-winning Psi Bands are acupressure wrist bands for the relief of nausea due to morning sickness, motion sickness, anesthesia, and chemotherapy.
How do you define success?
The ability to feel good about what I am doing which comes in many shapes and sizes. It usually is a combination of factors, including providing for others’ well being (i.e. nausea relief, creating jobs for others), personal satisfaction in a job well done (landing a new account, press features), and/or meeting financial objectives.
Bringing a product to market that makes a measurable improvement in the lives of those who suffer from nausea is, by far, the most rewarding part of my business. Psi Bands are sold at more than 13,000 retailers, including CVS, Rite Aid, Babies “R” Us, REI, Whole Foods, etc. Landing these accounts has been a difficult but highly gratifying process. It is also fulfilling to know that I’m a role model for my children. I’ve shown them that hard work results in tangible positive outcomes. I take pride in financially supporting my family, and in providing meaningful jobs for others.
What is your top challenge and how have you addressed it?
Our biggest challenge has been cash flow. We have turned away business because of it. To help with this challenge, we secured a line of credit which allowed us to move forward with a national rollout. We also actively seek out international distributors where we can obtain more favorable payment terms.
Who is your most important role model?
Rather than answer this question, I hope it’s ok that I answer another one… Q: What inside scoop do you have that entrepreneurs never tell you about starting a business? A: Running a business is like raising a child in that there are no books or resources out there that will completely prepare you for the experience. There are road maps, but until you’ve done it, you haven’t done it. And, no two experiences are alike. Because we can’t live life fully prepared, we sometimes just have to jump in with two feet and take the plunge. Sometimes it’s best just not to know what lies ahead. So, if you have a great idea that has legs — you’ve researched the marketplace and determined that there’s a need for it — and have the resources, drive and courage to turn that idea into a reality, then go for it!