Welcome in, everyone! We are back in this episode to discuss the peculiarity of business nowadays. It has us thinking about "fad businesses" that pop up but can't last, like all those cupcake shops from a few years back. We're analyzing why they fail, looking at models of ear piercing salons and such to figure out their potential flaws.

We also debate the pros and cons of brick and mortar vs. staying online, relating it to how we each prefer to work. A brick and mortar can feel legit, but it comes with high costs that aren't always necessary, and as we compare our businesses, we realize what it would take for us to go brick and mortar - if ever.

The most important thing is having an anchor for our businesses - a stable thing that can weather changes. Building loyal clientele through consistency, good customer service, and an ability to pivot is key for any business to survive, whether we start as a "fad" or not. That's what will keep our businesses going for the long run, which is, of course, ultimately what business owners want!

Until next time, please feel free to reach out to us as we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

 

Time Stamps

[0:32] - Michele points out that business is weird lately and explains what she means.

[1:12] - Karamel points out businesses that come and go such as cupcake businesses.

[2:10] - Michele argues that some businesses would be better off operating within an existing store.

[2:43] - Karamel's financial advisor advised her to operate her business online from home.

[3:47] - Michele points out that expanding business by scaling doesn't necessarily increase profits.

[6:05] - Cash flow dictates so much.

[6:37] - Karamel describes issues with an ear piercing studio due to various problems.

[9:56] - Most businesses only achieve longevity through perseverance and consistency.

[11:10] - A brick and mortar store only makes sense for Karamel's business if local people would patronize it regularly.

[12:21] - Cardi B and the Kardashians are examples of how some influencers have pivoted.

[13:53] - Success requires work and does not happen overnight.

[14:51] - We are reminded that your business will run as long as you run it.

[16:30] - Karamel argues that there is no wrong way to make money as long as you have tenacity, ingenuity and are willing to put in the real work, traditional or not.

[17:16] - Karamel feels that not having a brick and mortar gives her freedom.

[19:31] - Chaos is what allows Karamel to thrive and for the creativity to come through, but Michele needs structure.

[20:49] - Michele sticks to a strict 9-to-5 work schedule.

[21:59] - It's important to determine what kind of worker you are.

[23:24] - A fad business needs an anchor that will endure beyond the fad.

[25:36] - Michele argues for the importance of consistently updating inventory with new items and shipments.

[28:02] - Big box stores are pushing out variety by consolidating shelf space for larger brands which leaves fewer options for smaller producers.

[29:39] - WTA has lasted by building appreciation and relationships with customers.

 

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

CEO Chronicles - “Your Business Will Run as Long as You Run It”