Lauryn and Michael Bosstick, the spouse and husband co-founders of The Skinny Confidential magnificence, media and way of life model, lately joined Entrepreneur+ members for an intimate Subscribers-Solely Name. You possibly can take part future stay Q&As with a number of the largest names in enterprise by signing up right here.
Following their superb speak. Lauryn and Michael shared the next insights into how they grew their facet hustle right into a media and commerce empire, and supply their recommendation for anybody seeking 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 straight into creator-led commerce manufacturers, stay occasions, and merchandise. My facet hustle is being the co-host with my spouse Lauryn of a preferred present known as The Skinny Confidential Him & Her. We lately surpassed 200 million downloads.
Lauryn Bosstick: The Skinny Confidential began as a weblog 12 years in the past and has advanced right into a useful resource that is targeted on wellness and wonder. We communicate to every kind of excessive performers who share their tales and ideas in terms 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 explanation behind the product line. By means of 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 progressive could be welcomed. There was by no means an “aha” second. Every thing 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, every time I get feedback or emails about how a lot The Skinny Confidential product line has helped our group, it provides me a bit 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 advanced and social channels began to emerge, we determined to work on one thing collectively. That resulted within the podcast. After self-producing for a couple of yr we joined a distinguished podcast community pondering they might handle the most important ache factors. We rapidly realized that that they had little or no understanding of how you can 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 reveals and rising.
How do you know it was time to show your facet hustle into your most important hustle?
LB: I used to be a bartender whereas constructing the model and there was this second after I realized to scale the enterprise, I wanted to deal with it full-time. So I give up. I by no means seemed again. Wanting again wasn’t an choice. The one choice was The Skinny Confidential, full pace forward. I had large 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 quicker than every other platform and the income began to develop into significant. I had a sense that we might additionally be capable to carry that form of success to different creators in our house and felt the second to go all in on audio was there.
What has been your largest 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 how you can cope with expertise, expertise companies, 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 a complete new world that I wasn’t acquainted with. I believe this ended up changing into a superpower in the long run as a result of I used to be capable of 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 accomplished historically.”
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LB: The largest problem has been delegating and having a group. It is a work in progress, however the group is so unbelievable, it is getting simpler to let go of issues. Whenever you’re a solo entrepreneur, you are used to doing the whole lot your self. It is one factor to ask for assist while you understand 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 mentioned, everybody on the group 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 mentioned, I nonetheless have my finger on the heartbeat. I’m an in depth particular person by nature and I’m at all times listening to the viewers. They’re the hero.
What recommendation would you give entrepreneurs in search of funding?
LB: Know your investor demographic. Take a look at their social media, take a look at what different manufacturers they invested in, see in case your product is one they might truly use & love, or not less than discover a method to make your product/model part of their lives. Realizing your ‘viewers’ will provide you with a greater shot. Additionally, be daring. Determined or nervous power turns individuals off.
MB: Buyers are very savvy, and their complete job relies on discovering nice corporations. Get loud with what you’re doing and create sufficient noise that it grabs the eye of the suitable traders. It is also simpler to shut a deal when the fund or enterprise has pursued you. This does not imply you will not should pitch them like hell after, it simply creates a special dynamic the place you could have extra leverage than if you happen to had been the one pursuing from the beginning.
What does the phrase “entrepreneur” imply to you?
MB: Somebody and not using a security internet 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 most likely a bit loopy.
LB: Engaged on your enterprise, not in your enterprise. A real entrepreneur is at all times evolving and creating and transferring the needle of the enterprise.
What’s one thing many aspiring enterprise homeowners assume they want that they actually do not?
MB: A variety of capital. We began our podcast with 100 {dollars} in tools and no funding. We then began Pricey Media ourselves with none exterior capital. We slowly bootstrapped the enterprise and optimized our mannequin all the best way to collection A. I believe glorifying capital raises for the sake of elevating has been a giant mistake that we’re all seeing now. Deliver capital on while you want it. It’s going to even be cheaper capital as soon as you’ve got executed effectively with out it.
LB: Apart from pondering they want numerous cash, they’re what I name a “without end pupil.” They’re pushing 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 be taught as they go.
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What’s a ebook you at all times advocate?
MB: Lonesome Dove by Larry McMurtry. It has nothing to do with enterprise and the whole lot 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 could have 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 Each day Stoic by Ryan Vacation Stephen Hanselman. It’s particularly a great one for girls in enterprise. It actually strengthens your emotional intelligence and helps you progress on from what you can not management.
Is there a specific quote or saying that you just use as private motivation?
LB: “Defend your peace.” Say no, carve out time for what makes you content and what’s vital to you, recharge, learn, learn extra, meditate. Considering time is crucial to constructing a large enterprise.
MB: “The coyotes howl, and the caravan retains transferring” I am unable to bear in mind who mentioned it however I’ve at all times cherished it. I believe 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. For those who begin studying your personal press clippings or opinions, it might actually gradual 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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