Podcast Summary
Recognizing the potential of a social media following and turning it into a business: Early recognition of social media potential, careful planning, and the right team can turn a fun hobby into a multimillion-dollar brand
The power of social media can lead to significant financial success, as seen with the D'Amelio family who went from a fun hobby to a multimillion-dollar brand. Mark D'Amelio, a successful apparel entrepreneur and sports industry adviser, shares how they recognized the potential early on when their daughter Charlie gained a large following on TikTok. Initially, they treated it as a fun project, but once it became clear that this was something serious, they took steps to build a brand and navigate the business side. They hired a lawyer and a business manager to ensure they were making informed decisions and protecting their interests. The family's story serves as a reminder that social media can be a lucrative business opportunity, but it requires careful planning and the right team to help navigate the industry.
Exploring social media as a career path for kids: Embrace social media for kids' creativity and connection, teach online presence respect, and find authentic business partners for growth.
Embracing social media as a career path, especially for children, can lead to great opportunities for creativity and connection. Charlie and Dixie's success on TikTok is a testament to the authenticity and naturalness that can thrive in the platform. For parents, it's essential to teach kids about the importance of respecting their online presence and getting involved to understand it. When it comes to business decisions, such as hiring a business manager or agency, it's crucial to find those who genuinely believe in your family's potential and have a clear plan for growth. UTA, for instance, approached Charlie and Dixie's family and showed genuine interest in their numbers and interests before offering representation.
From a clothing business to Hollywood family: The Duggars' fame was organic and their agent saw potential in the whole family, not just one member. Jim Bob's experience in the clothing industry prepared him for their transition into entertainment.
The Duggar family's journey to fame was not premeditated but rather an organic development of their unique family dynamic. When they signed with UTA, it was not just about representing one member, but the whole family. The challenge for them in LA was not the people or the industry, but leaving behind their trusted friends and building new relationships. Before moving to LA, Jim Bob ran a clothing company called Madsole from 2000 to 2007. He started it as a sales rep and grew it into his own brand. Later, he had an opportunity to work with Mitchell and Ness and got back into sales. The transition from Madsole to Level 4 Collective was not explicitly stated in the conversation, but it's clear that Jim Bob's experience in the clothing industry played a role in his family's career in entertainment.
Recognizing the need for a team: Entrepreneurs should delegate tasks to experts to focus on strengths and grow the business.
Starting a business involves taking on a great deal of responsibility, but it's important to recognize when it's necessary to seek help and build a team. Mark's journey from a showroom representative to entrepreneur began with him handling every aspect of his business on his own, from design to import/export. However, he learned the hard way that there's an opportunity cost to doing everything yourself. Mark's advice is to hire experts when needed, whether through hiring, bartering, or even cold calling. This lesson was particularly important for him when he started MedSolo with a small budget and limited resources. By bringing a team around him, Mark was able to focus on his strengths and grow the business. It's a common mistake for entrepreneurs to believe they can do it all, but recognizing when to delegate tasks can lead to greater success.
Unexpected life changes can lead to new opportunities: Embracing unexpected life changes can lead to unexpected rewards, as shown by the D'Amelios' experience with reality TV
Unexpected opportunities and changes in life can lead to new experiences and unexpected successes. Mark and Heidi D'Amelio, who were once planning to retire and move to a warmer climate, found themselves becoming empty nesters and then unexpectedly gaining millions of followers and a reality television show. They thought reality TV would be intrusive and scripted, but they found it to be a true depiction of their daily lives. The biggest surprise was the amount of work involved and the unscripted nature of the show. In season 2, viewers can expect to see the family's growth and a more positive and less COVID-focused perspective. The D'Amelios' experience shows that life can take unexpected turns, and embracing those changes can lead to unexpected rewards.
Managing Children's Finances and Nurturing Talents: Effective parenting involves managing children's finances carefully and supporting their talents to keep them grounded. A financial manager, caution with spending, and a strong work ethic can lead to success.
Having great success at a young age comes with its challenges, and it's crucial for parents to manage their children's finances carefully to keep them grounded. The father in this discussion, whose daughters have achieved financial success, shared that they have a financial manager and have been cautious about spending. He also mentioned that his wife's background as a competitive dancer and his own experience with BMX racing may have influenced his daughters' talents. Excitingly, one of the daughters, Heidi, is now competing on Dancing with the Stars. While some may see her as an underdog due to Charlie's dance background, Heidi's determination and commitment could make her a formidable contender. Overall, the discussion emphasized the importance of good parenting, financial management, and the power of determination in the face of challenges.
D'Amelio Family's New Ventures: Reality TV and Incubator Company: Charlie D'Amelio returns to dance on a reality TV show, and the family launches D'Amelio Brands, an incubator company, aiming to create multiple consumer package goods brands with a $100M valuation.
The D'Amelio family, specifically Charlie, are embarking on new ventures – in her case, returning to dance through a reality TV show, and for the family as a whole, starting an incubator company called D'Amelio Brands. Mark, Charlie's father, shared his confidence in Heidi's progress on the show and expressed excitement for her potential dance comeback. Regarding D'Amelio Brands, the family aims to create multiple consumer package goods brands, not just under their name, but addressing various niches. They raised $6 million with a valuation of $100 million and are committed to creating purposeful and needed products. For small startups seeking entry into such an incubator, they would need to present a product that aligns with D'Amelio Brands' mission and can be endorsed by the family.
Prioritizing happiness leads to greater achievements and fulfillment: Successful individuals like Mark Wahlberg and Rob Dyrdek prioritize happiness over wealth and success, believing it leads to greater achievements and fulfillment in life. They adjust their lifestyles to focus on personal growth and happiness, and view their goals in those terms.
Even the most successful individuals, like Mark Wahlberg and Rob Dyrdek, prioritize happiness above material wealth and success. They believe that focusing on personal happiness leads to greater achievements and fulfillment in life. Mark emphasized that he and his family always discuss their goals in terms of personal growth and happiness, rather than financial targets. Similarly, Rob Dyrdek has an excel file where he tracks what makes him happy and adjusts his lifestyle accordingly. Both Mark and Rob's stories demonstrate that happiness is the key driver of success and that it's essential to prioritize personal happiness in life. Additionally, Mark expressed his commitment to his family's happiness, stating that their happiness is the source of his own. Overall, the importance of prioritizing happiness and personal growth over material wealth and success is a common theme among successful individuals.
The Power of Asking for Help: Asking for help is essential for personal growth and success. Stay positive, have a plan, and don't let emotions consume you. Reach out to others for guidance and support, and be open to receiving help.
Asking for help is an essential skill for personal growth and success, whether it's in financial management, career management, or managing life in general. Mark D'Amelio emphasized the importance of reaching out to others for guidance and support, especially for young people. He shared that he finds joy in helping others and regrets not doing it more often. D'Amelio also encouraged listeners to be open to receiving help, even if it's not always immediately available. This simple yet powerful advice can make a significant difference in one's personal and professional journey. Additionally, Mark D'Amelio emphasized the importance of staying positive and having a plan of action when facing challenges or losses. He shared that it's natural to feel emotions, but it's crucial not to let them consume us. Instead, we should focus on finding solutions and improving ourselves every day. Overall, Mark D'Amelio's trading secret of asking for help and staying positive in the face of adversity is a valuable lesson that can benefit anyone in various aspects of their lives.
The D'Amelio family's influence and incubator business: A massive social media following, strategic branding, and execution can lead to lucrative business opportunities.
The D'Amelio family's immense social media following of 365 million across all platforms is a game-changer in the influencer industry. This family's reach is so significant that they may even have more followers than all the people associated with Bachelor Nation combined. An incubator company, as discussed, is a collaborative program for startups. It provides advising, legal help, seed funding, and workspace to young companies, focusing on innovation. The D'Amelio Brands functions as an incubator, helping to launch and grow various brands under their umbrella. The family's stronghold on the Gen Z market and their unique branding strategy have attracted the attention of talent agencies like UTA, leading to deals like their Hulu show and various brand partnerships. Ultimately, the key takeaway is that execution, planning, and a strong brand strategy, coupled with a massive following, can lead to significant business opportunities.
Using Technology for Business Growth and Protection: The Iron Dome's use of advanced technology and D'Amelio Brands' leveraging of technology, reach, and future generations show tech's impact on business growth. Valuations can be subjective, requiring responsible money management and financial education.
Technology and innovation play a crucial role in business growth, as demonstrated by the Iron Dome's use of advanced technology to protect civilians from rocket attacks and the success of incubator programs and accelerators in helping businesses scale. The D'Amelio family's brand, D'Amelio Brands, is an example of a company that leverages technology, reach, and the ability to create future generations of popular brands to secure significant valuations. However, the valuation process can be more art than science, with varying opinions on the value of a company based on its historical performance and future forecast. In managing their daughters' finances, the approach could be similar to that of a professional athlete, recognizing the potential short-term shelf life of their earnings and focusing on responsible money management and financial education.
Saving for retirement and managing money wisely: High earners should invest earnings and live off endorsements to secure a comfortable retirement, while parents should guide their children's social media use for opportunities rather than restricting it. The shift of Dancing with the Stars to Disney Plus could bring increased viewership, but success depends on audience willingness to switch platforms.
Managing and saving money, especially for young high earners, should be done with the mindset that current earnings may not last forever. This means setting up a financial plan to ensure a comfortable retirement with a recurring income, even if earnings increase. This approach was exemplified by Rob Gronkowski's decision to invest all NFL earnings and live off endorsement money. Additionally, parents should be involved in their children's use of social media rather than restricting it, as it presents opportunities for growth and success. In the world of entertainment, the upcoming season of Dancing with the Stars moving to Disney Plus is a business move with potential for increased viewership, but the success will depend on whether the natural viewing audience is willing to make the switch to the streaming platform.
ABC's Bachelor franchise shifts to streaming, raising questions about influencer marketing strategy for Gen Z: ABC's Bachelor franchise moving to streaming raises questions about attracting and retaining Gen Z viewers through influencer marketing. The impact of demographic change on Instagram success is uncertain, and adding big influencers like Charlie and Ivy could be part of a larger strategy to bring their audiences over to the platform.
The shift of ABC's Bachelor franchise to a streaming service raises questions about their strategy to attract and retain Gen Z viewers, particularly when it comes to influencer marketing. While some believe that Disney and ABC may have already anticipated this transition, there's still a risk involved. The impact of the demographic change on Instagram success is also uncertain, as stars may not gain a significant following from ads alone. The addition of big influencers like Charlie and Ivy to the show could be part of a larger strategy to bring their audiences over to the streaming platform. The contracts for these influencers are likely standardized and generous, but their impact and compensation could differ due to their popularity. Stay tuned for more analysis on this topic as we continue to explore the world of Trading Secrets.
