Erika Lyremark, Daily Whip
Daily Whip of Minneapolis, launched in 2009, provides business confidence, clout and cash for women entrepreneurs.
‘Ah ha’ moment that led you to launching this business: When I watched the premiere of The Apprentice, I knew what was holding back the contestants on the losing team – they had no confidence. I vowed to create a business around giving entrepreneurs the confidence to dominate their industry.
Ideal customer/target market: Whip-smart, business supernovas-in-training that want to be influencers and industry leaders.
First customer or client: This may sound simple but – I asked. It’s the one thing I find most people don’t do because they lack confidence.
Measuring success: By getting paid to do what I love.
Biggest struggle: Selling an intangible business. I created my own system for selling.
Surprise!: How much I have had to learn to trust my own instincts.
Promoting business: I offer free 15-Minute Business Whippings where I give people a bite-sized sample of what they can achieve when working with me.
Two things you wish you would’ve known: To stop paying attention to what everyone else was doing and pay attention to my own instincts.
What keeps you up at night (business-wise!): Thinking of ideas and strategies for clients.
Ever tempted to throw in the towel and just get a job? Never. I’m a horrible employee.
Biggest business goal over the next year: Launch my book, Think Like A Stripper: How to Hustle Your Business Like You Mean It! I don’t do things myself that I don’t know how to do. I’ve hired a phenomenal and very experienced team.
Pricing/advice on getting it right: Ask yourself – “Would you invest in yourself?” If you wouldn’t invest in your business, why would a customer buy? Second, study your market. Too many people undervalue their products/services because they don’t have the confidence to charge what they’re worth. But they also haven’t crunched numbers and tested their market properly. Third, look at demand. For example, a massage therapist who is just starting out will struggle with a premium price. Once she becomes established, has a following, and gets some press and customer accolades, she can raise prices to meet the demand.
Funding/advice on pursuing it: I am 100% self-funded. If you’re pursuing funding, learn how to sell like a champ. Because no matter if you are selling to clients or investors you need to be able to articulate clearly and confidently the benefits, results and opportunities your product or service offers. Start now to build relationships with investors who invest in your type of business.
A few tips specific to your industry: Business coaches need to have a big heart, be really well informed and super curious. They must be creative, skilled-problem solvers and have over-the-top confidence. The need to be willing to partner with clients, and have a Rolodex filled with vendors for clients.
The absolute best part of owning my business is: Getting paid to help women entrepreneurs gain business confidence, clout and cash.
If I had to start over again, I would have: listened to my intuition more.
I never imagined: selling an intangible business would be so difficult
If standing on a rooftop facing crowds of aspiring or struggling small business owners, I would shout: “I believe in you.”