Lauryn and Michael Bosstick, the spouse and husband co-founders of The Skinny Confidential magnificence, media and way of life model, just lately joined Entrepreneur+ members for an intimate Subscribers-Solely Name. You may take part future stay Q&As with a number of the greatest names in enterprise by signing up right here.
Following their wonderful speak. Lauryn and Michael shared the next insights into how they grew their facet hustle right into a media and commerce empire, and provide their recommendation for anybody trying to launch and develop a ardour mission. (Solutions have been edited for size and readability.)
Inform us about your roles.
Michael Bosstick: I’m the founder and CEO of Pricey Media. We not solely produce podcasts in audio and video format but additionally make investments immediately into creator-led commerce manufacturers, stay occasions, and merchandise. My facet hustle is being the co-host with my spouse Lauryn of a well-liked present referred to as The Skinny Confidential Him & Her. We just lately surpassed 200 million downloads.
Lauryn Bosstick: The Skinny Confidential began as a weblog 12 years in the past and has developed right into a useful resource that is targeted on wellness and sweetness. We converse to all types of excessive performers who share their tales and suggestions on the subject of life, enterprise, relationships, intercourse, dietary supplements — nothing is off limits. I’ve additionally authored two books and I’m a mother to 2 children.
What impressed you to create this enterprise?
LB: The Skinny Confidential group was 100% the rationale behind the product line. Via the weblog and social media, studying DM’s and feedback, I knew {that a} line of preventative magnificence instruments specializing in top quality, aesthetically pleasing (we’re so sick of sterile, white eyesores), environment friendly and basic however modern could be welcomed. There was by no means an “aha” second. All the things with The Skinny Confidential was steady-paced and strategic. We made positive we had been considerate about each single product we launched, which is why it took 4 years to launch the HOT MESS Ice Curler. Saying that, at any time when I get feedback or emails about how a lot The Skinny Confidential product line has helped our group, it provides me just a little aha feeling, as a result of we’re simply so pleased with what we have created with the assistance of our readership.
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MB: When Lauryn began creating content material on-line in 2010, the time period influencer did not even exist. She was primarily creating content material on her weblog on the time. Because the model developed and social channels began to emerge, we determined to work on one thing collectively. That resulted within the podcast. After self-producing for a few 12 months we joined a distinguished podcast community considering they might care for the key ache factors. We shortly realized that that they had little or no understanding of find out how to marry an audio platform to different digital platforms, so we went again to self-producing. That have led me to the belief that there was a more practical and extra profitable method to produce audio content material. After analyzing the market and seeing that there was little or no feminine illustration, we determined to create Pricey Media which now hosts over 80 exhibits and rising.
How do you know it was time to show your facet hustle into your important hustle?
LB: I used to be a bartender whereas constructing the model and there was this second once I realized to scale the enterprise, I wanted to concentrate on it full-time. So I give up. I by no means regarded again. Wanting again wasn’t an possibility. The one possibility was The Skinny Confidential, full velocity forward. I had massive plans for the model.
MB: After about two years of manufacturing our podcast, we began to see a ton of traction. The viewers on that platform was rising sooner than some other platform and the income began to develop into significant. I had a sense that we’d additionally be capable to carry that form of success to different creators in our area and felt the second to go all in on audio was there.
What has been your greatest problem and the way did you pivot to beat it?
MB: The toughest half for me personally working an organization like Pricey Media was studying find out how to take care of expertise, expertise businesses, managers, and legal professionals who come from the media/expertise world. As a former commerce govt, this was all overseas to me. I needed to study an entire new world that I wasn’t aware of. I feel this ended up turning into a superpower in the long run as a result of I used to be in a position to put my very own spin on issues. I additionally assume it enabled Pricey Media to function the best way it must function with out having to fret about “how issues have been carried out historically.”
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LB: The most important problem has been delegating and having a crew. It is a work in progress, however the crew is so unbelievable, it is getting simpler to let go of issues. If you’re a solo entrepreneur, you are used to doing every part your self. It is one factor to ask for assist whenever you notice you want it, however to truly give it up and never have your hand in each cookie jar is an actual problem. However like I stated, everybody on the crew is so rattling efficient at what they do, it is simply getting simpler and simpler to allow them to take over sure issues. That being stated, I nonetheless have my finger on the heart beat. I’m an in depth individual by nature and I’m at all times listening to the viewers. They’re the hero.
What recommendation would you give entrepreneurs on the lookout for funding?
LB: Know your investor demographic. Take a look at their social media, have a look at what different manufacturers they invested in, see in case your product is one they might truly use & love, or at the least discover a method to make your product/model part of their lives. Understanding your ‘viewers’ will provide you with a greater shot. Additionally, be daring. Determined or nervous vitality turns individuals off.
MB: Buyers are very savvy, and their total job is dependent upon discovering nice corporations. Get loud with what you might be doing and create sufficient noise that it grabs the eye of the fitting traders. It is also simpler to shut a deal when the fund or enterprise has pursued you. This doesn’t suggest you will not need to pitch them like hell after, it simply creates a unique dynamic the place you’ve gotten extra leverage than for those who had been the one pursuing from the beginning.
What does the phrase “entrepreneur” imply to you?
MB: Somebody and not using a security web or backup plan. Their solely plan is to go all in on their concept and there may be nothing stopping them from executing on their imaginative and prescient. They’re additionally in all probability just a little loopy.
LB: Working on your small business, not in your small business. A real entrepreneur is at all times evolving and creating and shifting the needle of the enterprise.
What’s one thing many aspiring enterprise homeowners assume they want that they actually do not?
MB: Loads of capital. We began our podcast with 100 {dollars} in gear and no funding. We then began Pricey Media ourselves with none outdoors capital. We slowly bootstrapped the enterprise and optimized our mannequin all the best way to collection A. I feel glorifying capital raises for the sake of elevating has been a giant mistake that we’re all seeing now. Deliver capital on whenever you want it. It’ll even be cheaper capital as soon as you’ve got executed properly with out it.
LB: In addition to considering they want numerous cash, they’re what I name a “eternally scholar.” They’re laying aside launching as a result of they really feel they should learn or go to highschool or have a mentor. They do not. They should execute and study as they go.
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What’s a e book you at all times suggest?
MB: Lonesome Dove by Larry McMurtry. It has nothing to do with enterprise and every part to do with the fragility and ease of life. It is a good reminder to stay life to the fullest and benefit from the time you’ve gotten right here.
LB: The Slight Edge by Jeff Olson. Basically it is about at all times coming again to what made you standard within the first place. For me, that is the weblog — it is the mothership. One other one I like is The Day by day Stoic by Ryan Vacation Stephen Hanselman. It’s particularly a superb one for ladies in enterprise. It actually strengthens your emotional intelligence and helps you progress on from what you can’t management.
Is there a selected quote or saying that you simply use as private motivation?
LB: “Shield your peace.” Say no, carve out time for what makes you content and what’s necessary to you, recharge, learn, learn extra, meditate. Considering time is crucial to constructing a large enterprise.
MB: “The coyotes howl, and the caravan retains shifting” I am unable to keep in mind who stated it however I’ve at all times liked it. I feel as entrepreneurs and content material creators we are going to at all times be met with moments of self-doubt. There’ll at all times be individuals who say issues we do not like, who doubt us or dislike us. It is vital to discover a method to maintain pushing ahead whereas blocking out the noise. In case you begin studying your individual press clippings or critiques, it will probably actually sluggish you down and make you doubt your self. So onward! And with no regard for what the coyotes are howling about.
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