Most businesses don’t make a profit in their first year of business. In fact, most new businesses need 18 to 24 months to reach profitability. And then there’s the reality that 25% of new businesses fail in their first year, according to the Small Business Administration.
Luckily, this week on the WorkParty podcast, we have Diana Lee—the co-founder and CEO of Constellation Agency, one of the fastest-growing SaaS companies in the U.S.—to talk all about how to build a business that turns a profit (and then some!).
Her business, Constellation, is on track to double (yes, DOUBLE) its revenue from $20M to $45M this year and plans to continue expanding its work with retail companies, like Henry Rose (Michelle Pfeiffer’s clean fragrance line), Macy’s, and Bearaby.
Not only that, but Constellation was named the #65th fastest-growing private company in the U.S. by Inc. Magazine, the #7 fastest-growing advertising/marketing company on the Inc. 5000 list, and the #10th Fastest-Growing Women-Led Company.
Grab your headphones and tune into Jaclyn Johnson’s conversation with this incredible entrepreneur. Prepare to learn all about how Lee scaled her business, put diversity and inclusion first, and doubled her revenue in 12 months (no big deal!)—all without taking on any outside funding.
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On cultivating the confidence to assert her power and authority…
“Be who you are. Don’t feel sorry for who you have to be.”
On rising to meet new challenges as a business owner…
“You’ve got to figure out what the opportunity is and you got to stay nimble and you got to innovate.”
On hyper-targeting audiences to reach customers…
“People want personalized experiences, they want custom experiences.”
On pursuing a subscription model…
“There’s a lot of entrepreneurs out there going after one sale. One sale sucks. It sucks because, at the end of the day, you have to get more buyers.”
“If you can bring the margins down and make it cheaper as a subscription, it’s way better to do that because now you’ve got reoccurring revenue from the same customers and you don’t have to keep going after new customers.”
On being an entrepreneur…
“What we do as entrepreneurs is really hard. We don’t sleep, we go through a lot of sleepless nights, we worry.”
“We have a lot of burden being the provider for your employees and making sure that it’s a great experience for them as well as for your customers.”
On building a diverse team…
“It’s an intentional decision. It’s one that you have to decide as being a core belief of yours, right from the very beginning, before you even interview people.”
“Diversity brings innovation. By having a diverse team they’re going to all think about things differently, and you need that in order to innovate.”
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