Elise Phillips


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Elise Phillips is an American entrepreneur. Elise started Coco & Bubbles in 2019.[1]

Elise Phillips, founder of Coco & BubblesElise Phillips, founder of Coco & Bubbles

Company

Coco & Bubbles

Instagram

@elisebeme (234 followers)

Career

Early Career

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Coco & Bubbles

Elise started Coco & Bubbles in 2019. They detail the beginnings of their company in their Starter Story interview: [1]

Q: How did you get started on Coco & Bubbles?

Coco & Bubbles came along almost by accident in early 2019 while I was working as a Sales Manager for a large financial company. I had become burnt out with the daily grind, long hours, and 3-hour commute. So, in my spare time, I started looking for business opportunities that I could start as a side hustle. One of the businesses/ industries I researched was scented-candles.

If you’re manufacturing your own product, source all of your materials directly from the manufacturer once you’re past the “prototype” and “proof of concept phase”. I cannot state enough what a game-changer this was for my business.

The primary reason I was interested in the candles was due to how inexpensive the raw materials are and that they are relatively easy to source making a relatively low barrier to entry. Many others have also realized the low barrier to entry, resulting in candle businesses popping up everywhere creating a crowded market. Thankfully, we were already established and had a decent customer base before the Indie Candle Market boom. Also, I thought making candles wouldn’t be that hard for me to learn since I was good at cooking and baking. Plus, who wouldn’t want to sniff candles all day for a living? It all just appealed to me.

Once I had decided I wanted to start a handmade candle business, I started researching name ideas, packaging, and label design on Pinterest. This resulted in me going down the rabbit hole of the internet where I ran across a picture of Coco & Bubbles candles. I was immediately drawn to the colorful label design and everything about the brand and company. It was so different from the minimalist, apothecary, or “farmhouse” look of many candle companies on the market today and really stood out to me.

Upon further research, I found the Coco & Bubbles website was down and there was no indication they were selling anywhere else online. There had been no activity on their social media pages for over 6 months. I realized this could mean that the current owner had moved on to another venture leaving Coco & Bubbles to fade away. I saw this as an opportunity and did something most people won’t do. Since it appeared the current owner wasn’t doing anything with the business anymore, I reached out to see if they might be interested in selling the assets to me. My thought was, this would save me the time of creating a new brand and starting from scratch. Not to mention, they had received some decent press mentions over the years and had been featured in major media outlets like Huffington Post, Hello Giggles, and Lucky Magazine which would give instant credibility and help with SEO.

After a few email exchanges, the owner agreed to sell the business to me for just $3,000. Which was a deal in mind when I fractured in the costs involved in creating a new brand from scratch, including the R & D and testing that would have to be done before launching. All that had already been done saving me tons of time, thousands of dollars, and decreasing the time to market by 6 months or more.

With the purchase of the business, the former owner included everything I needed to run the business just as they had been doing successfully for over 5 years, including their secret recipes for making the candles, wholesale accounts receivable and contacts, 5 years worth of customer reviews, professional photos, media contacts and marketing assets. It took me about 3 months to get through the learning curve of making candles. Of course, with candle making not being an exact science, there is always room to improve your recipes and processes. That’s one of the things that keeps it interesting. But, within 3 months I felt confident enough in my candles to re-launch the business. I re-launched the business using the previous owners existing email list of wholesale customers and within just 1 day of re-launching, I had over $2,000 in wholesale orders. This was a huge boost of confidence for me.

how-i-bought-a-business-for-3k-and-grew-it-to-14k-month-selling-all-natural-soy-candles

Source [1]

References

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