Alyce built an empire when she took the leap as a corporate lawyer and joined the entrepreneurial world with the launch of her company The Daily Edited. The successful business has reported a million dollar monthly turn over in sales with a forecast net of $15 million by the end of last year.
Alyce is also the ambassador for H&R Block's Grants for Growth initiative where the company is giving away $10,000 to 20 Australian businesses.
Question: What motivated the creation of The Daily Edited?
Alyce Tran: The Daily Edited (TDE) was started as a creative outlet for my co-founder Tania Liu and I. We were both working as corporate lawyers and essentially wanted something other than the law to talk about outside of work. It really is a passion project that has just blown up!
Question: How did you know it was the right time to leave your career as a lawyer and launch your own company?
Alyce Tran: TDE was a pretty substantial business before Tania and I both resigned from our careers as lawyers. We had saved up enough in the business to give us a year runway so we felt quite comfort to leave our day jobs. In essence it wasn't a hard decision it was a planned financial decision.
Question: Where do you find inspiration for The Daily Edited products?
Alyce Tran: Everywhere. Generally I create products that I love, want, need and will use. I say this generally as we do have a men's, children's and now pet range. I create new designs and samples with my team pretty much on the daily and what we end up producing usually comes down to whether I think I would be proud to use or gift the product. I look at a lot of print and digital media every day and am very much inspired by what I'm seeing, is trending in every space and that is related to our product.
Question: What advice do you have for other women hoping to join the entrepreneurial world and launch their own business?
Alyce Tran: If you have an idea canvas it with your friends and family and if they're receptive just go and get it out there. You've got nothing to lose!
Question: How can we turn our own side hustle into a business empire?
Alyce Tran: Lots of hard work. Before I left my legal career I was working seven days a week, 16 hour days (I basically still do seven days a week but not 16 hour days) nothing above average is going to happen unless you put in above average work hours right?
Question: What tips do you have for staying productive and avoiding procrastination?
Alyce Tran: Keep off emails and social media. I find I can get stuck on just keeping up and responding to emails which takes up my whole day. Try just checking every few hours so you can power on with your to do list.
Question: What has been the biggest business challenge you've had to overcome, so far?
Alyce Tran: Every day is a challenge. I suppose just keeping up the growth trajectory of the business whilst maintaining the bottom line of the business is the key challenge we have on a day to day basis (how boring right but this is really what it comes down to!)
Question: Do you have a morning routine? Can you share it with us?
Alyce Tran: I get up at 6.30am, check through the emails I've received overnight from my team in the US and then go to the gym. I have breakfast out (everyday) and then get to the office around 10am to deal with the rest of the day.
Question: Can you tell us about the H&R Block's Grants for Growth initiative?
Alyce Tran: H&R Block is offering support for entrepreneurial passion projects that need that little extra boost to transform them from "up and coming" to mainstream. Twenty $10k grants are up for grabs, with H&R Block to award the lucky recipients in October. The competition will run from September, and requires entrants to plead their case: What makes them deserving of a grant?
You can enter here https://www.hrblock.com.au/grants-for-growth I'm honoured to be the ambassador for an exciting initiative that will help a business take a step to the next level. $10k doesn't sound like a lot, but when you're running your own small business and you're in those early days – every cent counts, and every helping hand is such a relief. I am honoured to align with this initiative as judge and hope to assist other small businesses in flourishing and pushing forward.
Question: What's next for The Daily Edited?
Alyce Tran: We've got a few more product lines and collaborations coming in the next few months which we are excited to unveil! Watch this space.
Interview by Brooke Hunter