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 dwell Q&As with a number of the largest names in enterprise by signing up right here.
Following their superb 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 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, dwell occasions, and merchandise. My facet hustle is being the co-host with my spouse Lauryn of a well-liked 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 targeted on wellness and sweetness. We converse to every kind of excessive performers who share their tales and ideas 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. 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 traditional however modern can be welcomed. There was by no means an “aha” second. Every part 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 a little 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 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 yr we joined a distinguished podcast community pondering they’d maintain the foremost ache factors. We rapidly realized that that they had 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 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 exhibits and rising.
How do you know it was time to show your facet 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 deal with it full-time. So I give up. I by no means regarded 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 quicker than some other platform and the income began to turn out to be significant. I had a sense that we’d additionally be capable to deliver that form of success to different creators in our area 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 easy methods 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 study a complete new world that I wasn’t acquainted with. I believe this ended up turning into a superpower ultimately as a result of I used to be in a position to 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 executed 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 unbelievable, it is getting simpler to let go of issues. Whenever 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 truly give it up and never have your hand in each cookie jar is an actual problem. However like I mentioned, 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 mentioned, I nonetheless have my finger on the heart beat. I’m an in depth particular person 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. Try their social media, take a look at what different manufacturers they invested in, see in case your product is one they’d truly use & love, or not 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 power turns folks off.
MB: Buyers are very savvy, and their complete job depends upon discovering nice firms. Get loud with what you might be doing and create sufficient noise that it grabs the eye of the best 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 special dynamic the place you could have extra leverage than if you happen to have 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 in all probability a little bit loopy.
LB: Working on your corporation, not in your corporation. 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 assume 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 outdoors 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 an enormous mistake that we’re all seeing now. Deliver capital on while you want it. It should even be cheaper capital as soon as you’ve got executed properly with out it.
LB: In addition to pondering they want plenty of cash, they’re what I name a “endlessly scholar.” They’re pushing 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 all the time 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. Primarily it is about all the time coming again to what made you well-liked 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 specific quote or saying that you just use as private motivation?
LB: “Shield your peace.” Say no, carve out time for what makes you content and what’s necessary 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 mentioned it however I’ve all the time beloved it. I believe 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 hold pushing ahead whereas blocking out the noise. When you begin studying your personal press clippings or opinions, it will probably 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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