Updated: May 21, 2020
Danie Spikes founded BeLoved Box to heal herself and others. She is a sexual assault survivor who used aromatherapy as a way to care for herself. For her, aromatherapy was what she needed when she didn’t know how to define what she needed. From there, she became a relationship coach and decided to share her love for aromatherapy by making products for her clientele. After requests for refills and additional product lines, she realized that she needed to do more. She decided she was ready to turn her hobby into a business. With her own special blend of fragrances, she curated an experience that fulfilled needs she heard as a relationship coach to create BeLoved Box. Danie practices self care with not only her body but her wallet too. This week, she gave us #FGFTips on multiple streams of revenue in your personal life and your business.
Danie notes that utilizing multiple business models to generate revenue is effective, especially in times like these. With her company, she utilizes a B2C business model to sell directly to consumers. However, there are times of the year where she expects seasonal declines from consumers. In addition to using a B2C model, BeLoved Box has multiple B2B relationships with companies such as Capital One and Facebook. Yet this isn’t a failsafe plan either. COVID-19 has caused declines or halts to many businesses. If your partners stop making money, so do you. Another way to generate multiple streams of revenue through your business is by adding new products (SKUs). This can be overwhelming if you are not doing your own manufacturing. BeLoved Box manufactures their products, packs them, and ships them all in house. This came after a year of trial and error to perfect the product. To that Danie says,
Done is better than perfect.
Get your product out there so you can start getting feedback. As your company grows, changes will have to come with full blown announcements to your consumer base. So, enjoy the early stage by trying and then trying again! Soon you could be like Danie with an international distribution deal. For tips on how to take a business international, check out the full interview.
As a solopreneur, handling manufacturing on your own is hard and unsustainable especially with e-commerce. For these businesses, we recommend using an e-commerce platform, third-party logistics manager, and a cross border commerce platform (international shipping). Having this in place can prepare your business to scale. Think of it this way, what if you did start getting 100 orders a day? How would you fulfill those orders? Using these services has marginal costs that you may not want to incur forever. So, start saving. If you focus on growing your customer base and perfecting processes, you will be able to manage cash flow. Take your revenue and save it overtime. Then, you can have the capital to invest in infrastructure for your business. Additionally, you can build relationships with lenders and investors to cover payroll. Take a step towards preparing and protecting your business by applying to our savings club today! Every member gets a FGF Funds Kit with our e-commerce guide. Plus you will be able to save more money in less time with our group savings account. For more details go here.