Margo Schlossberg’s interests span the gamut from kickboxing to sewing. Friends often ask her, “How can you like both of those things? They’re so opposite!” Their questions inspired Schlossberg to start a business to show the world that women can be both tough and feminine at the same time. She founded Warrior Princess Clothing with the goal of encouraging women to enjoy whatever interests them, whether it’s considered traditionally female or male.
Why did you start your business?
The whole concept of empowering women is really trending right now. I was into that before, but I feel that now it’s at a point where more people are willing to be a part of that thinking.
How did you get the funds to get going?
I didn’t take out a loan. I mostly bootstrapped and used credit cards.
Have you heard of business credit?
Yes. Right now, I use my personal credit. I’ve always thought that once I grow the business to a certain point, I will start building my business credit. The business is fairly new, so I’m still seeing what direction it takes before I do that.
Managing the Business
What’s most challenging about running your business?
Understanding customer psychology. I need more customer data to help manage things a little better.
How do you finance your business to manage cash flow or growth?
I have specific advertising campaigns and certain revenue targets based on what percentage of people will convert from the campaigns. I time out spending based on those campaigns.
Do you use trade credit from your vendors or suppliers?
Some of them give me terms, but they are not very formal.
What’s the biggest mistake you made early on?
I had someone who wanted to align their non-profit with me. It was like two entrepreneurs teaming up. I learned that both entrepreneurs have to have the same amount of dedication and passion. Also, they both have to be committed monetarily at the same amount. If someone has more money invested, they obviously have more interest. The person I joined with had more of a short-term mentality. When things got hard, the person bailed out.
What’s the smartest thing you did in your first year?
Reaching out to influencers. If I saw anyone with a similar mindset or a similar situation, I tried to build an influencer base. I gave a few of them free product, which worked well. They took pictures and promoted for me, which ended up being an inexpensive means of promotion.
What’s the most rewarding thing about owning a business?
When people comment that they like the concept, that they understand the concept, and that the concept resonates with them. I really love that.
What does the future look like for your business?
I am planning to take a step back, revamp, and do some new things. I’m pretty analytical. The future is looking at what the market is and what the brand is, and moving forward.
What advice do you have for someone starting a business?
Influencer strategy is really important. There’s a lot of marketing you can get from other people who believe in what you are doing. I think that’s a really good way to promote.
Unfortunately, when you’re working with other people, be it suppliers or potential partners, you need to really vet those people, not just in terms of their assets, but in terms of their commitment level and their ability to accept things not going the way they want. Think about how they will react to that.
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One response to “Business Owner Profile: Margo Schlossberg”
Margo, You may want to contact this Lady: firstname.lastname@example.org, (MBA) and banker, especially if you’re in DC. She’s a great person to know…