Rihanna Robyn Fenty known in the entertainment industry as Rihanna is one heck of a go-getter. The highly celebrated songstress and fashion icon answers to a new name now…billionaire! Among the businesses that have contributed to this new feat is her cosmetics brand Fenty Beauty in 2017 which was launched to cater to the beauty needs of women of colour. The questions on everyone’s mind is: How did she do it?? And what can we learn from her?
Surprisingly, the first-ever female musician to become a billionaire did not achieve this status through her music. According to Forbes, the bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which she owns 50%. Much of the rest lies in her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.
The Barbados-born beauty has shown us that truly the path to having more money isn’t in staying on one path. Here are a few lessons we’ve picked from her:
- Don’t rely on only one source of income
She’s Rihanna, she doesn’t have to work a day in her life to live comfortably! But she understands the power of wealth creation and recognises that developing yourself inevitably pays off. So how can you replicate this? You can start by rendering services for a skill you already have, and if necessary, take a few professional lessons to develop the skill further. Also don’t worry about other people doing the same thing as you, there were a ton of other well-known cosmetic brands before Rihanna started her brand, but she believed in what she was offering, stuck to her guns and it has paid off beautifully.
- Monetize each aspect of your brand
We are all walking brands, whether we are intentional about brand building or not, to be able to monetize your skills, you need to be intentional about building a personal brand as an entrepreneur, creator or even an intrapreneur. Whichever group you find yourself in, understand that monetization is a key component to helping you actualize your financial goals faster. So do a skill audit, assess the gaps in the market, and use the skills you have in providing goods and services to those in need.
- Market your brand
There is a phrase in Ghanaian local parlance that says adepa na eton neho, which translates; a thing of inestimable value markets itself. You know what you’re selling and the value of your products and services, so do yourself a favour and market it aggressively. Explore every avenue available to increase your visibility as you never know when you will get that big opportunity; you need to be prepared. Remember, nobody will believe in your dreams more than you so don’t worry if you’re your biggest cheerleader at the beginning, people will eventually notice with time, don’t give up!
- Capitalize on your online presence
What if I have a few followers? No matter how many followers you have, every follower is a potential customer. Be nice and approachable no matter how many times you’re asked about what services you offer or what the purpose of your products is. You can also ask friends and family to help you advertise your services for a nice discount as this would help you gain visibility on their social media platforms. So, design that attractive business poster today, and begin to share the word about your business with your network. Social media is a powerful business tool in today’s business world, take advantage of it.
- Build a niche
Yupp!! Focusing on a niche cannot be overemphasized. Do your market research, look for sectors/ customers that have been overlooked, and start to create products/services for that sector, you would be surprised at the huge financial benefits that can come from this in the future. Harness the potential that you have, be committed to developing it and watch it work for you.
- Invest in collaboration & partnerships
The power of collaborations cannot be underestimated, this is one area where Rihanna has continued to excel in and leverage in the course of her business and career. Some of these partnerships include global brands like LVMH, Armani, Puma, River Island, Manolo Blahnik, Dior, Chopard among others. You don’t need to start pitching LVMH today, you can start from the small business vendor in your neighborhood or even from social media, identify areas to work together and create value, and go for it. Remember, if you want to go far, you need to go with others.
- Start a business/side hustle
Regardless of your work history, multiple streams of income are always a great idea, so if you can, start a small business solving a problem you are passionate about who knows, it can be the next big thing years down the line. Rihanna is also proof that your “side hustle/business” can bring more to the table than your core career. However, don’t just jump into any business because you want to prove a point or because you’ve seen other people doing it, we are all built differently. So, this is where you sit down, address your strengths and weaknesses, create strategies to overcome those weaknesses while enhancing your strengths. You can take a few classes as well, talk to a resource person in the sector you are interested in, do a market survey, and take that leap of faith. You will thank yourself for doing this. And don’t ever think that it’s too late to start, it isn’t, the most important thing is that you start and remain focused, look at your competition, but only to learn from their mistakes and for their successes to motivate you.
Now, you may not be Rihanna, but best believe you can also have multiple income streams if only you will take advantage of all the resources open to you.