When Martha Stewart talks, everyone listens. After all, she is America’s most trusted lifestyle expert, an award-winning television host, entrepreneur, and bestselling author. She was recently in Manila to speak at the ANC Leadership Series, where she shared her story of success and business philosophy to the country’s business executives, entrepreneurs, and fans. I was one of them and boy, I wasn’t disappointed.
Stewart is the best person to discuss business success as she is the “how-to” guru on all things home and living. She got her start with a successful catering business, which led to the publication of the first of her 95 books. She also published the magazine Martha Stewart Living, which became the basis for her hit TV series of the same name.
Stewart went on to build Martha Stewart Living Omnimedia, which offers thousands of retail products, television and video programming, award-winning magazines, best-selling books, innovative websites, and apps. She has continued to expand her brand and appear in numerous TV shows, including Martha & Snoop’s Potluck Dinner Party with rapper Snoop Dog, and Food Network cooking competition Chopped as a guest judge.
Today, she stands as the first female, self-made billionaire in the U.S.
So how can we achieve even a fraction of the same success?
According to Stewart, it begins by finding something that will appeal to a broad audience. When she started, the idea of a lifestyle wasn’t an industry yet. No one was monetizing the idea of “living well.” It was a need, want, and void that could be filled. At the same time, it was a limitless topic that covered homekeeping, cooking, decorating, gardening, and more. By showing people that they can elevate their daily lives through small and affordable touches, she was able to tap a market that wanted to upgrade the way they lived.
It’s one thing to have a good idea and another to actually executing it. How can you tell if it’s something you should actually pursue? For Stewart, it starts with a business plan. Try it on a few smart people and see what they think. Figure out how to pay for it. When it comes to looking for investors, borrow from family, not friends!
In terms of branding, Stewart advised taking advantage of the many opportunities for promotion, including Facebook, Twitter, Instagram, and YouTube. It’s a good idea to stay ahead of the curve and embrace technology since it’s much cheaper than paying for advertising. On that note, can you believe that Stewart has never spent a single cent on advertising?
It’s important to hold some principles to help you succeed. For Stewart, it’s perseverance, believing in what you are creating, and being a perfectionist. When a designer for the brand created a teacup, she had it sent back because the handle was too small for her fingers to fit. It’s about making sure that you are happy with what you create. If you’re not happy, how will your customers be?
Stewart is a busy woman who handles so much (she also said to never relax). How does she do it and what can we learn? She said, get inspired every day. Try to learn something new all the time.
If we follow this recipe made by Martha Stewart, we’re sure to succeed in whatever it is we want to do!
