CurlMix CEO Kim Lewis on Transitioning Between Product Lines and Creating Sustainable Business

Side Hustle Pro
|

Automatic TRANSCRIPT

Tell us a little bit more about the transition from like subscription box company to signature products to dabbling in different areas again. Like tell us how you decide your product mix. We started chromos a diy curly hair so think of like blue apron but for curly hair. And we did that for like two years and that was my interview on south. I think my goal at the time. Half a million for the year. Neither we didn't think we'd have to. And i was like salty or whatever and i was like i had gotten pregnant. And how twenty seventeen and i was just like you know. My business is growing. The way i feel like you should be growing emphasis subscription. Box right And i talked to a few people. And i found out that the margins on my box way too small and what i have learned for anyone who does a subscription box if you are not getting products for free or if you are not Making it yourself. The margins aren't there for sustainable business. Usually and so we thirty percent margins for thirty dollars bucks whereas a typical hager company will have like seventy to ninety percent margins for the same price for one bottle. And i was like oh this even if i could scale this. I shouldn't because the math doesn't work. And so i was at the point where i really wasn't sure what i was going to do. With my business. I was like mcdonagh pivot. Close clothes pregnant. I started g. mat. I was figuring out of the nba. And i met my adviser I got a twenty thousand dollar arlen from backstage capital and she didn't give the money yet but she said basically said that like she wanted to invest in us in the meantime she will participate in all the backstage capital events But didn't have the money yet. So it's okay that's cool and i met my adviser who has a I always say this. He's a bald asian man but he's so nice and he is so smart. He's an engineer. Worked at as you tech companies early on and got shares and all that and he was like. What's your best selling box. It's our flexi gel manufacturers will make it for us you know they. It's it's too much like food. I got a boil real flat seeds. Extract the joe and he was like they just won't do it and he's like well. Why don't you figure it out and i'm like br been trying. It's not working. I'm seven months pregnant. What do you mean he was like figure it out. Never stopped selling your best product. And i was just like okay so i spent a monday my kitchen seven months pregnant. I may fifty different badges of lexi jail like found one that i loved it every time people will flag me down like what is in your hair l. me now. Don't go anywhere. And i'm working on it. So we've relaunched. We lost our audience with pre orders. Because he has launched a nut stuff to know that you do not just go out and buy bunch of inventory and figure out how to sell it later. You sell it. I even though the

Coming up next