If you are starting a business, thinking about starting a business, starting to think about thinking about starting a business, check out some of our favorite highlights from our recent Instagram Live Event hosted by media superstar Kiki Von Glinow with ABLE Cosmetics Founder & CEO Dana Rae and The Ritualist’s Founder & CEO Marta Cros.
P.S. If you’re also just a big fan of beauty, skincare, and wellness, we think you’ll still love the takeaways here.
Business school is NOT a must. While the textbook play for launching a business would be 1) attend business school 2) write a business plan 3) launch business, this isn’t always the case nor does it have to be. Not all successful founder attended business school. In fact, they may have other strengths and skills like PR, sales, or branding or industry experience being a makeup artist, hair stylist, or aesthetician and create a business based on that passion and know-how and building a stellar team around them. Having an idea is one thing – having a great idea combined with the drive to implement it are the most important things it takes to launch a product.
Know your tribe. Knowing your audience is very important as these people will be your customers, sounding board, and biggest fans. Ask yourself questions about who your target consumer is – “what do they value?” “where do they shop?” “what activities do they enjoy?” – to understand how your customer spends their time and money and implement strategies around that to target them.
Connect with influencers and maybe more importantly – micro influencers. While it may seem urgent to get your product into the hands of influencers with upwards of 50k followers it is actually equally beneficial to seed product to “micro influencers” who have 10-30k followers. Often times these micro influencers are followed by the bigger fish for new product finds, and have a deeply dedicated following that takes their advice to heart.
Make friends with other founders. Connecting with other founders is important for many reasons. In ABLE and The Ritualist’s experience, it can definitely help keep you sane and forge amazing friendships – but the advice and wisdom from one another can help you down the right path.
Get a mentor. Connect with someone that has experience in your industry who you respect. Tend to this relationship – be in touch with your mentor often to stay on a steady path. Consider your questions, your asks, and most critically – listen.
Don’t freak when things are slow. Everyone goes through it regardless of the job, company or industry. Workflow comes in waves so don’t lose it when things are quiet. Sometimes the old adage “no news is good news” really does make sense – and in others, with perseverance, things will pick back up again.
Find some “you time.” Taking a pause and spending time for yourself, your friends, and your family should be a top priority. From trying to stay present in business meetings while your phone is buzzing or sleeping next to your beau while running numbers in your brain – take some time to shut it off. Get a mani / pedi (no phones allowed!), sign up for a meditation app or take a bubble bath. Being burnt out isn’t good for anyone and it certainly isn’t good for your business. If you are feeling balanced, your business has a much better shot at being the success you envision.