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’ll be able to take part future stay Q&As with a few of the largest names in enterprise by signing up right here.
Following their wonderful speak. Lauryn and Michael shared the next insights into how they grew their aspect hustle right into a media and commerce empire, and provide their recommendation for anybody seeking to launch and develop a ardour undertaking. (Solutions have been edited for size and readability.)
Inform us about your roles.
Michael Bosstick: I’m the founder and CEO of Expensive 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 aspect hustle is being the co-host with my spouse Lauryn of a well-liked present referred to 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 centered on wellness and sweetness. 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 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 prime quality, aesthetically pleasing (we’re so sick of sterile, white eyesores), environment friendly and traditional however revolutionary can be welcomed. There was by no means an “aha” second. Every little thing with The Skinny Confidential was steady-paced and strategic. We made certain 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 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 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 12 months we joined a distinguished podcast community pondering they might handle the key ache factors. We shortly 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 conclusion that there was a more practical 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 Expensive Media which now hosts over 80 reveals and rising.
How do you know it was time to show your aspect hustle into your fundamental 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 appeared again. Wanting again wasn’t an choice. The one choice was The Skinny Confidential, full pace 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 every other platform and the income began to turn into significant. I had a sense that we might additionally be capable 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 operating an organization like Expensive Media was studying how you can cope with 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 accustomed to. I believe this ended up changing 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 Expensive 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. Once you’re a solo entrepreneur, you are used to doing all the pieces your self. It is one factor to ask for assist once 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 mentioned, 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 mentioned, I nonetheless have my finger on the heartbeat. 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 searching for funding?
LB: Know your investor demographic. Try their social media, take a look at what different manufacturers they invested in, see in case your product is one they might really use & love, or not less than discover a approach to make your product/model part of their lives. Realizing your ‘viewers’ provides you with a greater shot. Additionally, be daring. Determined or nervous vitality turns individuals off.
MB: Buyers 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 distinct dynamic the place you will have extra leverage than should 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’s nothing stopping them from executing on their imaginative and prescient. They’re additionally most likely just a little 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 transferring the needle of the enterprise.
What’s one thing many aspiring enterprise homeowners suppose they want that they actually do not?
MB: Loads of capital. We began our podcast with 100 {dollars} in tools and no funding. We then began Expensive Media ourselves with none outdoors capital. We slowly bootstrapped the enterprise and optimized our mannequin all the best way to sequence A. I believe glorifying capital raises for the sake of elevating has been a giant mistake that we’re all seeing now. Convey capital on once you want it. It’s going to even be cheaper capital as soon as you have executed effectively with out it.
LB: Apart from pondering they want a lot of cash, they’re what I name a “ceaselessly 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 guide you at all times advocate?
MB: Lonesome Dove by Larry McMurtry. It has nothing to do with enterprise and all the pieces 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 will have right here.
LB: The Slight Edge by Jeff Olson. Primarily it is about at all times coming again to what made you common 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 one for ladies 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 cheerful and what’s essential to you, recharge, learn, learn extra, meditate. Considering time is crucial to constructing an enormous enterprise.
MB: “The coyotes howl, and the caravan retains transferring” I am unable to keep in mind who mentioned it however I’ve at all times cherished it. I believe as entrepreneurs and content material creators we’ll 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 important to discover a approach to preserve pushing ahead whereas blocking out the noise. In case you begin studying your personal press clippings or evaluations, it will 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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