This tip was provided by Marlo Scott, the founder and CEO of Sweet Revenge, an amazing establishment in Manhattan’s West Village combining decadent cupcakes paired with beer and wine in a bistro ambiance. A former media and marketing pro “working for the man,” Scott watched as the cupcake craze exploded in the early 2000s when Magnolia Bakery was featured on Sex and the City.
Scott said she spent countless hours researching the market, analyzing the industry, running the numbers, trying out recipes with a chef and her friends, and knew that when she was laid off for the third time, it was time to take action and start her own venture (and get “sweet revenge” on her corporate world bosses).
When preparing for a salary negotiation, homework is also the critical first step. Preparation breeds confidence, and it’s only by running the numbers, analyzing the industry, scoping the competition, and knowing what you’re worth that you’ll be ready to negotiate properly when the opportunity presents itself.