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 may take part future dwell Q&As with a few 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 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 in addition make investments immediately into creator-led commerce manufacturers, dwell 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 developed right into a useful resource that is centered on wellness and wonder. We converse to every kind of excessive performers who share their tales and suggestions relating to life, enterprise, relationships, intercourse, dietary supplements — nothing is off limits. I’ve additionally authored two books and I’m a mother to 2 youngsters.
What impressed you to create this enterprise?
LB: The Skinny Confidential neighborhood was 100% the explanation 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 traditional however revolutionary could be welcomed. There was by no means an “aha” second. The whole lot 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 neighborhood, it offers me a little bit aha feeling, as a result of we’re simply so happy 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 couple of 12 months we joined a outstanding podcast community pondering they’d deal with the most important ache factors. We rapidly realized that they’d little or no understanding of how one can marry an audio platform to different digital platforms, so we went again to self-producing. That have led me to the conclusion that there was a simpler and extra profitable technique 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 once I realized to scale the enterprise, I wanted to deal with it full-time. So I give up. I by no means appeared again. Wanting again wasn’t an possibility. The one possibility was The Skinny Confidential, full velocity 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 sooner than some other platform and the income began to turn into significant. I had a sense that we might additionally have the ability to deliver 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 one can take care of expertise, expertise companies, managers, and attorneys who come from the media/expertise world. As a former commerce government, this was all overseas to me. I needed to study an entire new world that I wasn’t accustomed to. I feel this ended up changing 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 suppose it enabled Pricey Media to function the way in which 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 unimaginable, it is getting simpler to let go of issues. While you’re a solo entrepreneur, you are used to doing every little thing your self. It is one factor to ask for assist while 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 heartbeat. I’m an in depth individual by nature and I’m all the time 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, have a look at what different manufacturers they invested in, see in case your product is one they’d truly use & love, or no less than discover a technique to make your product/model part of their lives. Realizing your ‘viewers’ gives you a greater shot. Additionally, be daring. Determined or nervous vitality turns individuals off.
MB: Traders are very savvy, and their whole job is dependent upon discovering nice firms. Get loud with what you might be doing and create sufficient noise that it grabs the eye of the proper traders. It is also simpler to shut a deal when the fund or enterprise has pursued you. This doesn’t suggest you will not must pitch them like hell after, it simply creates a distinct dynamic the place you may have extra leverage than in case you 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 thought and there may be nothing stopping them from executing on their imaginative and prescient. They’re additionally most likely a little bit loopy.
LB: Working on your enterprise, not in your enterprise. A real entrepreneur is all the time evolving and creating and transferring the needle of the enterprise.
What’s one thing many aspiring enterprise house owners suppose they want that they actually do not?
MB: Numerous 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 way in which to sequence 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 while you want it. It is going to even be cheaper capital as soon as you’ve got executed effectively with out it.
LB: In addition to pondering they want a lot of cash, they’re what I name a “without end 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 be taught as they go.
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What’s a ebook you all the time advocate?
MB: Lonesome Dove by Larry McMurtry. It has nothing to do with enterprise and every little thing to do with the fragility and ease of life. It is a good reminder to dwell life to the fullest and benefit from the time you may have right here.
LB: The Slight Edge by Jeff Olson. Basically it is about all the time 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 Every day Stoic by Ryan Vacation Stephen Hanselman. It’s particularly an excellent 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 just use as private motivation?
LB: “Shield your peace.” Say no, carve out time for what makes you cheerful and what’s essential to you, recharge, learn, learn extra, meditate. Considering time is important to constructing an enormous enterprise.
MB: “The coyotes howl, and the caravan retains transferring” I can not keep in mind who stated it however I’ve all the time liked it. I feel as entrepreneurs and content material creators we’ll all the time be met with moments of self-doubt. There’ll all the time be individuals who say issues we do not like, who doubt us or dislike us. It’s important to discover a technique to preserve pushing ahead whereas blocking out the noise. In case you begin studying your personal press clippings or evaluations, it could possibly 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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