Lauryn and Michael Bosstick, the spouse and husband co-founders of The Skinny Confidential magnificence, media and way of life model, not too long ago joined Entrepreneur+ members for an intimate Subscribers-Solely Name. You’ll be able to take part future dwell Q&As with a few of the greatest 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 seeking to launch and develop a ardour venture. (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, dwell 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 not too long ago 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 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 children.
What impressed you to create this enterprise?
LB: The Skinny Confidential neighborhood was 100% the rationale behind the product line. By the weblog and social media, studying DM’s and feedback, I knew {that a} line of preventative magnificence instruments specializing in prime quality, aesthetically pleasing (we’re so sick of sterile, white eyesores), environment friendly and basic however modern can 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 have 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 neighborhood, it provides me slightly 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 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 outstanding podcast community considering they’d maintain the most important ache factors. We shortly realized that they’d little or no understanding of easy methods 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 simpler and extra profitable approach 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. Trying 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 quicker than another platform and the income began to develop into significant. I had a sense that we might additionally have the ability 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 greatest problem and the way did you pivot to beat it?
MB: The toughest half for me personally operating an organization like Pricey Media was studying easy methods to take care of expertise, expertise companies, managers, and attorneys who come from the media/expertise world. As a former commerce govt, this was all overseas to me. I needed to find out about a complete new world that I wasn’t acquainted with. I feel this ended up turning into a superpower ultimately as a result of I used to be capable of put my very own spin on issues. I additionally suppose it enabled Pricey Media to function the best way it must function with out having to fret about “how issues have been finished historically.”
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LB: The most important problem has been delegating and having a staff. It is a work in progress, however the staff is so unbelievable, it is getting simpler to let go of issues. While you’re a solo entrepreneur, you are used to doing every part your self. It is one factor to ask for assist while you notice you want it, however to really give it up and never have your hand in each cookie jar is an actual problem. However like I stated, everybody on the staff 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 particular person by nature and I’m at all times listening to the viewers. They’re the hero.
What recommendation would you give entrepreneurs searching 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’d really use & love, or no less than discover a approach to make your product/model part of their lives. Understanding your ‘viewers’ gives you a greater shot. Additionally, be daring. Determined or nervous power turns folks off.
MB: Traders are very savvy, and their complete job depends upon discovering nice corporations. Get loud with what you’re doing and create sufficient noise that it grabs the eye of the proper buyers. It is also simpler to shut a deal when the fund or enterprise has pursued you. This does not imply you will not need to pitch them like hell after, it simply creates a unique dynamic the place you could have extra leverage than when you have been the one pursuing from the beginning.
What does the phrase “entrepreneur” imply to you?
MB: Somebody with no security web 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 in all probability slightly loopy.
LB: Working on what you are promoting, not in what you are promoting. A real entrepreneur is at all times evolving and creating and shifting the needle of the enterprise.
What’s one thing many aspiring enterprise house owners suppose they want that they actually do not?
MB: Quite a lot 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 feel glorifying capital raises for the sake of elevating has been an enormous mistake that we’re all seeing now. Convey 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: In addition to considering they want a lot of cash, they’re what I name a “endlessly scholar.” They’re laying aside launching as a result of they really feel they should learn or go to high school or have a mentor. They do not. They should execute and be taught as they go.
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What’s a guide you at all times advocate?
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 dwell 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 widespread 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 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 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. Pondering time is important to constructing an enormous enterprise.
MB: “The coyotes howl, and the caravan retains shifting” I can not 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’s important to discover a approach to hold pushing ahead whereas blocking out the noise. Should you begin studying your individual press clippings or evaluations, it might probably 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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