The following article is for educational and entertainment purposes only, and should not be considered investment advice. Please contact a licensed financial professional for individual advice. Some links below may be affiliate links that generate a small commission for the site at no cost to you.
Are you a real go-getter looking for a side hustle to make some extra cash? You might have stumbled across the LuLaRoe business opportunity, an MLM company that sells clothing, with a focus on leggings and comfortable garments. In this blog post, we'll take a light-hearted look at how you can start your own LuLaRoe business, and whether it's a good idea for your personal finance journey.
Starting your own LuLaRoe business as an independent fashion retailer can seem like an exciting prospect, but it also involves hard work, an initial investment, and dedication. Before you jump in and order your first batch of LuLaRoe leggings and Irma tops, let's break down the process and address some common concerns.
First things first: Do your research. You can find a wealth of information on the LuLaRoe website, including details about the business model and multi-level marketing (MLM) structure. While some people might be quick to label it a pyramid scheme, it's essential to understand how MLM companies work and the potential risks and rewards associated with them.
Once you've done your homework, connect with a current consultant. You can find different LuLaRoe retailers on social media platforms like Facebook and Instagram. Join a Facebook group or two to learn more about their experiences and get a feel for the community. This person could also become your sponsor, guiding you through the onboarding process.
After you've found a mentor, visit the LuLaRoe website and register as a new consultant. You'll need to provide personal information, tax identification details, and possibly even a phone call to the company's home office. It's important to know that the initial order, or startup cost, can be quite an investment, with onboarding packages typically ranging from a few thousand dollars and up.
Your initial inventory will likely include different styles and various sizes of LuLaRoe clothing, like leggings, maxi skirts, and more. You'll want to make sure you have enough stock on hand to meet the demands of your customers. Some people have turned to credit cards to finance their inventory, but it's crucial to assess the risks and only use credit responsibly.
Once you have your inventory, it's time to set up your online boutique. Social media platforms like Facebook and Instagram are a great place to start. Create a Facebook group and an Instagram page for your business, and don't forget to order some eye-catching business cards to spread the word. It's essential to maintain a professional and engaging online presence, so consider taking high-quality photos and posting regularly to showcase your products.
Now it's time to promote and sell! You can host sales events, offer free shipping, or even collaborate with other independent retailers to reach a wider audience. Consider using a point-of-sale system, like the LuLaRoe point of sale system, to help manage your inventory and sales. Keep in mind that retail sales can be unpredictable, so it's essential to be patient and persistent.
Of course, the success of any MLM business often depends on building a team of active retailers. This is where the leadership compensation plan comes into play. Reach out to friends, family, and acquaintances to recruit new retailers and help them get started. Just be sure not to over-promise big money or understate the amount of work involved.
As a LuLaRoe consultant, you'll also be responsible for additional costs like sales tax, shipping, and vendor event fees. It's a good idea to maintain a list of non-product expenses to keep your bank account in check.
And while you're at it, keep track of your business days, so you know when it's time to visit the post office or reorder inventory.
LuLaRoe has faced its fair share of controversy, with the fall of LuLaRoe, class-action lawsuits, and the involvement of the founder, Mark Stidham, with Providence Industries. Despite these challenges, many consultants have managed to build successful businesses, while others have shared their stories as former consultants. It's essential to consider both sides and make an informed decision before diving in.
Staying informed is crucial in any business venture. Keep up with the latest news and trends by following the company website, reading blog posts, and watching documentaries like the Amazon Prime Video feature on the rise and fall of LuLaRoe. Be prepared to adapt your strategies as the market and company policies change.
Many stay-at-home moms have found success with LuLaRoe, but the truth is that this side hustle requires a lot of work and dedication. From hosting parties to coming up with creative LuLaRoe display ideas, there are many different ways to market your products. In a recent Instagram post, Katy Perry was spotted wearing LuLaRoe leggings, proving that this brand is still relevant and loved by many.
Remember that as a new consultant, you'll be required to participate in training calls and provide an income disclosure statement. While some may view this as a formality, it's essential to understand the ins and outs of the business and how much money you can realistically expect to make in a given month.
The time of your onboarding call is a great opportunity to ask questions and address any concerns you may have. Are you worried about how to price your items, or are you unsure about the best place to source additional inventory? The talented ladies at the LuLaRoe club are here to help.
Direct sales can be a rewarding side hustle, but it's important to remember that success in this field is not guaranteed. How much time and effort you invest in your business will directly impact your earnings. Washington State has published an income disclosure for LuLaRoe sellers, which shows the potential earnings for different ranks within the company.
Finally, it's important to have fun and enjoy the process. Whether you're a fashionista looking to share your passion for unique prints and comfortable clothing, or you're a hardworking stay-at-home mom looking for a way to contribute to your family's finances, LuLaRoe can be an exciting adventure.
To sum it all up, starting a LuLaRoe business as a side hustle can be a fun and potentially rewarding endeavor. It requires an initial investment, dedication, and a willingness to learn and adapt. By following these steps and utilizing the vast resources available to you, from mentorship by current consultants to informative blog posts and documentaries, you'll be well on your way to becoming a successful independent fashion retailer.
But, as with any business venture, it's important to enter with a clear understanding of the risks, challenges, and potential rewards. MLM schemes are not for everyone, and it's essential to assess whether this business model aligns with your personal finance goals and values. If you decide that LuLaRoe is the right place for you, remember to work hard, be creative, and enjoy the ride. Happy hustling!
