Founder and CEO Joss Richard is an Emmy Award winning Producer who was born and raised in Toronto, before moving to Los Angeles. By the age of 28 Joss has been formally recognized by the Daytime Emmy Awards and worked at Netflix, The Ellen DeGeneres Show, and The Walt Disney Company creating digital content and managing their content strategy.
Joss has pivoted to the entrepreneurial world when she realized there was a gap in women’s access to mentorship and that women struggle with asking to be compensated for their time and knowledge.
What is Margot all about?
Margot is an inclusive online network that helps women and gender-marginalized individuals find mentors in all industries, provide 1:1 virtual time with them, and normalize women being compensated for their knowledge. In addition to advocating for women being paid, we provide a Give Back Program; which works towards providing free mentorship to girls and women in communities with socio economic barriers.
Tell us a little bit about your background and how you started your company?
I have always wanted to work in television; it was something that excited me. I went to school for Broadcast Journalism and volunteered at local news stations in college; I did everything from being a camera operator, handling teleprompter, and managing audio, until I became a Producer. After college, I was hired as an Entertainment Producer and was very fortunate to be interviewing celebrities and attending red carpets at the beginning of my career.
That line of work eventually led me to Los Angeles where I continued to work for incredible companies and landed my dream job multiple times. However, I realized there was a gap in women’s access to mentorship and that women struggle with asking to be compensated for their time and knowledge. It was then I came up with the idea for Margot.
Why was creating Margot important to you?
I feel like the lines are often blurred between what mentorship is and what networking is. There are a wide range of networking communities for women; however I wasn’t able to find a place for women to connect with mentors.
As I was building out this idea, I realized that there was another large gap – women feeling okay charging for their time is something that’s yet to be normalized. A lot of women want to be compensated for their time and knowledge, but they don’t know how to ask. I wanted to build a platform where women can feel comfortable advocating for themselves in that sense.
Additionally, I don’t want mentorship to be seen as something that’s a privilege; I don’t believe that only those who can afford mentorship should have it. This is why we have teamed up with wonderful non-profit organizations to provide free mentorship to girls and women in communities with socio economic barriers.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
The drive, the ability to build relationships, and patience. Starting and maintaining a business is a lot of hard work, you have to put your heart and mind to it. If you’re like me and are starting a business while working a full-time job, you will experience burnout. It’s that drive and passion that will motivate you to keep going.
Building relationships is also key. I don’t think you can create a successful business without leaning on others; whether that be as mentors, investors, or moral support.
Lastly, things don’t happen overnight. There will be a lot of trial and error. It will also take time until you start seeing followers, clients, and revenue. Be patient, and know starting a business is a process.
What are your plans for the future, how do you plan to grow this company?
I have so many plans for Margot! I don’t want to give too much away, but there are definitely new features that will be available for this community and a lot of different ways to be a part of it. On the internal business side, we’re a team of one; so I’m hoping to bring on another team member by the end of the year.
How do you separate yourself from your competitors?
I work in the women’s division and I want there to be more competitors. There should be an overwhelming amount of resources, communities, and tools, to help women. I actually applaud the competitors that we have because we need them. I hope together we can all shatter the glass ceiling.
Specific to Margot, like I said, the lines are often blurred between what Networking and Mentorship is. In the early stages of Margot, companies that I would have normally considered “competitors” are actually in the networking space, which is different from what Margot offers.
What were the top three mistakes you made starting your business, and what did you learn from them?
I thought I could write our Terms of Use and Privacy Policy by myself. Please don’t do this. I highly recommend investing in legal help to get this done right before launching your business.
I would also suggest doing your research and understanding whether you should register as an LLC, Corporation, or DBA. These were things that I didn’t understand when first creating Margot, and it saves a lot of time to know what you’re going to be before you launch your business.
Lastly, I would encourage you to set a budget for yourself, especially if you’re bootstrapping like I did. I didn’t set money aside that I would invest into Margot and that got complicated down the line. Look at your finances and set aside a specific amount you’re going to put into the company, and be as strict as you can with yourself. Don’t spend money you don’t have.
Tell us a little bit about your marketing process, what has been the most successful form of marketing for you?
We have really leaned into social media and word of mouth marketing. We have so many incredible women as mentors at Margot and they are all thankfully passionate about what we stand for. Because of this, they have been promoting Margot on their social handles as well as spreading the word in their own community. I realize this tactic doesn’t always work for every business model, but it’s been a wonderful way for us to gain momentum prior to launch.
What was your first business idea and what did you do with it?
My first business idea was a digital publication called Seek Minimal. It focused on highlighting sustainable business. It gained traction fast. Within the first 2 months I was able to interview about 50 different sustainable business owners and build relationships.
It wasn’t scalable and owning a digital publication wasn’t for me. I unfortunately let the website go and nothing came from it. I do regret that decision, as I feel like I could’ve done more with the platform; however it was a huge learning opportunity and made me realize I have what it takes to create something.
What are you learning now? Why is that important?
Oh my goodness, Margot has been the biggest learning opportunity yet. I came up with the idea in January 2021 and we are weeks away from launch. It happened at the speed of light. I learned a lot about what I’m capable of. Like a lot of women, I tend to suffer from imposter syndrome; but looking back at what I’ve accomplished with Margot in two months – that was all me. I’m rarely proud of myself and I’ve learned how to embrace my accomplishments.
I’ve also learned so much about other women in industries I would have never had the chance to be exposed to. I have heard hundreds of women’s stories since starting Margot and that is invaluable. To be able to connect with more women during a pandemic than I would have in a normal year is something I’m incredibly grateful for.
What’s a productivity tip you swear by?
Block off time in your calendar to not work! I know it sounds counter-productive but burnout is real, and you need the time to relax and not focus on work to keep going. If you’re a workaholic like I am, then you’ll find yourself on the computer for 12 hours straight. Blocking time off in your calendar to either go for a walk, watch a movie, read a book, or just do nothing is so helpful.
If you only had $1000 dollars to start a new business, knowing everything you know now, how would you spend it?
I would recommend spending this on registering your business properly, working with a lawyer to create your terms of service and privacy policy, and hiring a professional for any tasks that you’re not a professional in; whether that be website development, coding, social media management, etc.
The truth is that $1000 when starting a business will be quickly spent, so use it wisely.
What helps you stay driven and motivated to keep going in your business?
Starting a business that you’re genuinely passionate about will keep you going. I have been working countless unpaid hours to launch Margot and not once have I ever felt unmotivated or doubted what I was working for. Truly believing in what you’re building will make you want to stay in it for the long haul.
What valuable advice would you give new entrepreneurs starting out?
Go for it! When I was thinking of creating Margot I told a friend about my idea; she told me to just go for it because you never know who’s having the exact same conversation right now. Those words stuck with me. Put your idea out there and tell people.
How can readers get in touch with you?
Feel free to email hello@margotcommunity.com if you’d like to chat! I’m also on LinkedIn and active through Margot’s Instagram, @margotcommunity. Looking forward to connecting!
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