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 reside Q&As with among the greatest names in enterprise by signing up right here.
Following their wonderful discuss. 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 Expensive Media. We not solely produce podcasts in audio and video format but additionally make investments immediately into creator-led commerce manufacturers, reside 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 centered on wellness and wonder. We communicate to every kind of excessive performers who share their tales and ideas in the case of 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 group 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. All the pieces 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 offers me slightly 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 few yr we joined a distinguished podcast community considering they might handle the most important ache factors. We rapidly realized that that they had little or no understanding of tips on how to 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 technique 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 exhibits and rising.
How do you know it was time to show your facet hustle into your major 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 concentrate on it full-time. So I stop. I by no means seemed 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 another platform and the income began to grow to be significant. I had a sense that we might additionally be capable to carry that sort 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 operating an organization like Expensive Media was studying tips on how to take care of expertise, expertise businesses, managers, and attorneys who come from the media/expertise world. As a former commerce government, this was all international to me. I needed to find out about a complete new world that I wasn’t conversant in. 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 Expensive Media to function the way in which it must function with out having to fret about “how issues have been completed 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 unimaginable, 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 if 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 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 stated, I nonetheless have my finger on the heart beat. 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, take a look at what different manufacturers they invested in, see in case your product is one they might truly use & love, or at the very least discover a technique to make your product/model part of their lives. Understanding your ‘viewers’ provides you with a greater shot. Additionally, be daring. Determined or nervous vitality turns individuals off.
MB: Traders are very savvy, and their complete job relies on discovering nice corporations. Get loud with what you might be doing and create sufficient noise that it grabs the eye of the suitable buyers. 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 special dynamic the place you’ve gotten extra leverage than when you had been the one pursuing from the beginning.
What does the phrase “entrepreneur” imply to you?
MB: Somebody with out 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 most likely slightly loopy.
LB: Working on your small business, not in your small business. A real entrepreneur is all the time 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 whole lot 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 way in which to sequence A. I feel glorifying capital raises for the sake of elevating has been an enormous mistake that we’re all seeing now. Deliver capital on if you want it. It’ll even be cheaper capital as soon as you’ve got executed nicely with out it.
LB: In addition to considering they want a lot of cash, they’re what I name a “without end pupil.” 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 e-book you all the time suggest?
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 reside 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 all the time 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 one for girls in enterprise. It actually strengthens your emotional intelligence and helps you progress on from what you can’t management.
Is there a specific quote or saying that you simply use as private motivation?
LB: “Defend your peace.” Say no, carve out time for what makes you content and what’s essential to you, recharge, learn, learn extra, meditate. Pondering time is important to constructing a large 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 cherished 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 vital to discover a technique to hold pushing ahead whereas blocking out the noise. When you begin studying your individual press clippings or opinions, it could possibly 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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