Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Tom Ringwalt, owner of Tommy's Supplies, located in Somers, CT, USA.
What's your business, and who are your customers?
We are a worldwide tattoo supplier and the producers of Tommy's StarBrite Colors. We import and export thousands of quality tattoo products!
Tell us about yourself
My father was the original owner, only selling needles. He was a great salesperson but not too good at bookwork. That being said, he owed lots of money to the IRS, so he had asked for my help. I did not know how to run a business, but I was driven to learn because I was very organized and always wanted to be my own boss, so I took it on. It was not easy because I had to pay his tax debt off, along with growing the company from scratch to make money and support myself. I was able to accomplish this by being young, motivated, and driven to make it successful and not live paycheck to paycheck! I was able to pay my father's debt of over $100,000 to the IRS, carry over 5000 different types of quality tattoo products as well as produce one of the world's best tattoo ink brands today, StarBrite Colors!
What's your biggest accomplishment as a business owner?
My biggest accomplishment was learning how to run a business, turning a failing company into one of the biggest in the world, managing my own bookwork, producing a top-quality ink brand, "StarBrite Colors," being a leader to my staff, and figuring out the best quality products to carry for our customers!
What's one of the hardest things that comes with being a business owner?
The hardest thing to come with being a business owner is making sure you can pay your bills. "LOL" No, but seriously it is managing money properly, treating your staff appropriately, keeping up with new industry technology, knowing when to cut back spending during slow periods, etc. More or less, the most important thing to do is make sure you budget your money by knowing when to spend, what to spend it on, and holding back when it's necessary. Use a profit/loss budget sheet, for it will help you manage your money like no other!
What are the top tips you'd give to anyone looking to start, run and grow a business today?
My three tips would be:
- Use a budget spreadsheet for your profit & loss. Manage your money accordingly, and don't buy unnecessary things unless you can afford them. Let your business grow.
- Learn about your industry and what your customers are looking for because, at the end of the day, it's your customers that are going to keep the cash flow moving.
- Talk to other successful business owners for some guidance.
Where can people find you and your business?
Website: https://www.tommyssupplies.com/
Facebook: https://www.facebook.com/tommyssupplies
Instagram: https://www.instagram.com/tommyssupplies/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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