At the time, she was a graduate student and teaching assistant at Florida Agricultural and Mechanical University. Since then, the company has reportedly made more than $10 million in revenue.
When she first started, she did not have a big marketing budget. So, she learned to use social media to market her products.
“I learned how to market online from the Six Figure Chick. Her book taught me how to market my products on Instagram. Then, after I started making money selling my products, I learned to use influencers to make more sales. By my second year in business, I was able to pay my bills and didn’t have to be a teaching assistant anymore,” Osibowale told BLACK ENTERPRISE.
By her second year in business, Osibowale decided to get a business partner and CFO to help her scale and handle her accounting. Five years later, the company is a multiple 7-figure business and brought close to $4 million in revenue in 2020 alone.
“I felt like self-love was talked about on a superficial level, take a bath, get a pedicure. I wanted to teach women what self-love means. I also wanted to change the connotation behind the word selfish. I believe that when women put themselves first, everybody else benefits.” Osibowale said.
Osibowale shared her top business lessons with BLACK ENTERPRISE.
Build your Customer Base
Osibowale noted using other social media pages and blogs to attract her ideal customer.
“Advertise on those pages. That helps you get more eyes on your company. And then when somebody gets on your website, maybe give a discount code to get their email or phone number. If they do not shop with you that first time, you can always send out notifications, they can continue to get to know you. I have had people follow me for a whole year before buying.”
Set Money Aside for Taxes
“When you are a successful business, you no longer wait for a tax refund.”
Growing up, everyone around Osibowale used to talk about tax refunds. Unfortunately, she did not realize she needed to set money aside for taxes, but she learned the hard way.
“When I was 24, I owed $24,000 in taxes to the IRS. By that time, the money was gone. That was a big lesson. You have to put aside some money for taxes, and as you grow, those taxes get higher.
Manage Your Cash Flow
Osibowale had to learn to manage the income flow because there are highs and lows in business. Therefore, you have to manage your cash to stay afloat through all seasons.
“A big lesson is managing the flows of money that come in and saving for the times that money is not coming in as fast.” Osibowale used digital marketing as an example. When you use influencers, not every campaign is going to be as successful as the previous one.
“You may think that every single time is going to equate a specific amount, but there may be things going on in the world or other factors that may lead to not as much money coming in.”
Entrepreneurship is a Pathway to Freedom
Beyond financial freedom, Osibowale discovered that being a successful entrepreneur gave her the freedom to live life on her terms.
“My biggest lesson is that I have time freedom. I control my time and what I do with my time. That’s something I began to realize when money started coming in.”
When asked what drove her to this level of success at such a young age, Osibowale recalled a moment in high school that gave her fuel to succeed. “We had moved into a nice apartment, and I saw an eviction notice on the door. I called my mom, and she said we should start packing our stuff in trash bags. And I remember in that moment thinking that I never wanted my kids to have to worry about money.”
Anne-Lyse Wealth is a Writer, Wealth Educator, and Certified Public Accountant. She is the founder of Plutus Awards nominated Dreamoflegacy.com, a platform dedicated to inspiring millennials to build wealth with purpose, and ALW Communications Agency.
Anne-Lyse is the author of “Dream of Legacy, Raising Strong and Financially Secure Black Kids” and the host of The Dreamers Podcast.