The birth of a product often starts with someone experiencing a problem in need of a solution, and taking it upon themselves to build that solution. That origin story is all too familiar for Sarah Daniele, Founder + CEO of MyDoma.
As an interior designer, Sarah was looking for software that could streamline and scale her design process – from start to finish. Like so many founders origin stories – she couldn’t find it, so she built it. What started as a solution for her business quickly evolved into a SaaS platform aimed at transforming the interior design industry.
MyDoma just celebrated their recent acquisition by Studio Designer, and we sat down with Sarah to chat all about her scaling journey.
Here’s what she had to say:
How was your product born? What did that ideation process look like for you? Looking back now, is there anything you would have done differently upfront?
“Mydoma was born out of a personal need! As a past interior designer I needed software to help me scale and automate my design process. At the time there wasn’t a solution available. My co-founder and I built a version of mydoma for personal design business first. Shortly thereafter we realized there was a gap in the market, other designers could benefit from the tool we had built. We decided to pivot, rebuild Mydoma and position it as a SaaS for the residential interior design industry.
The ideation process was the most fun part! At the time SaaS was so new. We were pioneering a new way for interior designers to work. Our process included lots of whiteboard sketching and really throwing big ideas at the wall!
Looking back we were so focussed on the product (which is important) but I would have spent more time on marketing before the product was ready. Building anticipation prior to a product’s launch is very valuable in the long run!”
What was the greatest challenge and most impactful lesson you learned throughout the process of scaling your company to acquisition?
“KPI’s and data matter!
From very early on we collected basic KPI’s for the business. This enabled us to make strategic business decisions to scale. For example when and how much to spend on marketing. As the company grew, metrics became increasingly more important to track. We had to collect more complex metrics. The biggest challenge for us was finding the source of truth when you’re combining data from multiple sources.
I cannot stress enough how important it is to invest time and effort upfront into your metrics prior to having acquisition discussions. Having this information will enable you to have efficient conversations with potential acquirers.”
Expanding your team as you scale is such a pivotal part of growth – what advice would you give to startups currently looking at their next (or first) hire?
“Your team is your biggest asset.
The truth is no-one will have as much passion and dedication as the founders. You cannot expect your team to believe the way you do, but if you choose the right team and foster a positive culture you will get darn close! Build your team strategically. I don’t subscribe to the idea that you should hire “X person first then X person” because each business has different needs and budgets.
Getting the most expensive smartest person isn’t always the best hire. Choose people with the right qualities. Are they adaptable, willing to learn, problem solvers, great communications and resilient? Start-ups are not for everyone. You need a supportive team and a culture that fosters your expectations. However, I do strongly believe that a CFO is a non-negotiable hire. If needed, get creative with how to fulfill this role whether it’s part time, virtual, or fractional.”
What does it feel like post-acquisiton? Is there anything about the process or milestone that’s different than what you thought it would be? Advice for founders currently in the grind and working towards that moment?
“It feels as though a weight has been lifted.
I no longer have to be responsible for everything. I like to use this analogy, “I’ve sold my house but I need to live with the new owners” At this time I am spending most of my time with key stakeholders teaching and sharing how our business works. As we progress through this transition period I will spend more time on my new role
I am genuinely a positive person that approaches new situations with an open mind. I wasn’t overly concerned about the transition for myself but was nervous for my team. My team was worried when we shared the news, but I am so elated to say that our team has transitioned incredibly positively. Our company’s cultures align and our employees feel supported and welcomed!
The startup grind is real and it’s exhausting. Growing a start-up is incredibly rewarding but it’s also an unbearable amount of work. My advice to other founders is “rest don’t quit”. About 18 months prior to the acquisition I was given this advice and it renewed my energy. Taking a break seems impossible. You don’t need to take a month off but give yourself grace and rest. If you don’t, you will burn out and quit. All your work and time is lost.”
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Growing a company is an exhilarating, yet challenging journey, especially when you’re building something entirely new and disrupting an industry. From overcoming hurdles in scaling the business to making strategic hires, every step brings a new lesson.
For Mydoma, their commitment to tracking details, making informed decisions, and building a strong team played a critical role in their success, and ultimately, their acquisition.
Read more about Mydome and their recent success: https://betakit.com/interior-design-project-management-platform-mydoma-acquired-by-californias-studio-designer/
