Serial Entrepreneur Who “Didn’t Go To College” Sees Six-Figure Sales in One Month | Personal Finances | Finance
Mr. Moran is the founder and CEO of Private label extensions, one of the most dynamic companies in the cosmetics industry; what started with a single idea seven years ago has grown into 10 different brands and features in Forbes, Fox, and CNBC. His recent debut as a Fearless Beauty author paves the way for success for growing entrepreneurs and he shared his own entrepreneurial story in an exclusive commentary to Express.co.uk
Private Label Extensions focuses on hair distribution and technology, helping to create hair brands and entrepreneurs that enter the industry as well as a wide variety of hair extension products and custom options.
“We started the business with an initial investment of $ 14,000 (£ 10,000) in 2014. Later in the year we invested an additional $ 14,000 (£ 10,000) for a total investment of $ 28,000 (£ 20,000) “, commented Mr Moran.
It might not be that unusual for entrepreneurial start-ups, but the main difference that sets Private Label Extensions apart from others is the fact that it was all the capital ever invested in the business and that no other external investment has been accepted since.
While this may seem more of a limitation than a unique selling point, Mr. Moran has driven the business to exponential growth and success, with six-figure average monthly sales as well as significant real estate ownership and a few. centimeters of being completely debt-free. .
“Now, in 2021, we average $ 1.2million (£ 866,000) in sales per month and have around $ 2million (£ 1.4million) in real estate. We have already paid off most of it with only $ 300,000 (£ 216,000) remaining 100% debt free. “
Mr. Moran added that entrepreneurship, while not always easy, has always been a big part of his life from a young age: “I have truly been an entrepreneur my whole life. From the lemonade stand to selling collectibles, starting my first real business which was in the food industry, and now in beauty.
“In my twenties, I decided never to get that“ corporate job ”that would take me nine to five in life. I don’t think there is anything wrong with this path, but it just isn’t for me. I have always been focused on high risks, high rewards, and controlling my path to success.
“I tried everything before I got into the beauty industry. From food trucks, importing curry sauce from Thailand to one of the premier cloud music services. Each business did not work for a different reason.
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“I wanted to achieve the success I wanted, so I never gave up and kept pushing. I didn’t go to college, so my business failures were my way of learning how to be successful in business.
And it’s this resilience that often separates budding entrepreneurs from scammers on the effort side, the ability to keep going and learn from every mistake, no matter how costly, is vital.
And while he was certainly at high risk to choose this lifestyle early in his career, it definitely paid off as the now multi-million pound company was ranked 278 on the INC 500 in 2018. , an index based on the percentage of turnover. growth.
But this successful business didn’t start out as rich as it is now.
“I started my current business when I was broke, with minimal capital to invest. It was hard. Working 50 hours a week during the day while trying to start the “next business” was a challenge.
“Throughout the trip, I learned so much from the little mistakes that were made that allowed me to grow our business, Private Label, to where it is today. Without the setbacks of growth, I don’t think I would have the experience or problem-solving skills to scale a business the way we have.
Along with his experience in general business operations, it is Mr. Moran’s marketing skills that have been most useful in this business.
“I used my marketing skills as much as possible. The use of retargeted Facebook ads has always kept the brand in front of our web visitors. Collecting email addresses and actual use of feeds in Klaviyo automatically tracked customers to bring them back to our website often.
He continued, “The functionality of Shopify has allowed us to compete the best we can with much larger businesses. Also, my staff. There is no way that I could have done all of this on my own. Learning how to develop the right team of people has been a major key to success. “
He added that with all of this success, entrepreneurship is still one of the most difficult feats anyone can attempt, and it is the ability to focus and persevere that will serve entrepreneurs well in their businesses.
“Entrepreneurship can be very overwhelming. Taking that deep mid-day breath can really help with a few more tips. Time is your most limited resource. Having everything planned in a Google Calendar will keep you on track for all meetings and not slipping into your time.
“Putting all your tasks in a to-do list like ToDoist keeps you focused on your task. It’s easy to go down the social media hole and waste your time. Every time you complete a task, you can tick it off and feel the satisfaction of a small victory.
He added that maintaining his physical and mental health is also important: “I try to walk for an hour every night and listen to an educational podcast. This maintains energy while learning from others in business at the same time. Be aware of what you are eating to make sure you are energized. The combination of these techniques will surely help anyone looking to have a productive edge. ”
Mr Moran also advised that entrepreneurs must be prepared not only to fail, but to continue and learn from them: ”The faster you can overcome all the difficulties of entrepreneurship, the faster you will achieve your goals. If you give up, you will never get there. Being an entrepreneur is more mental than physical, keep your mind and be prepared. “