What’s In This Email

• 9 Tips for succeeding as an early-stage startup founder

• These cool earplugs created by childhood friends made $44 million

• Candy prices are extra spooky this year

• Notable spotlight: Three Ships Beauty

• Notable plug 🔌

✍️ TAKE NOTE

9 Tips To Succeed With Little Resources As An Early-Stage Startup Founder

Starting a startup on a shoestring is challenging but not impossible. Entrepreneurs can make significant strides by leveraging the power of networking, embracing partnerships, and utilizing social media. Success hinges on resourcefulness and persistence.

Key Takeaways

• Build A Strong Network: Networking can provide access to resources and knowledge. Attending industry events, joining online communities, and connecting with mentors can help grow your business.

• Embrace Partnerships: Collaborate with organizations that can benefit from your startup. This is easier with a strong network and influential connections.

• Leverage Social Media: Use social media platforms to reach potential customers and increase brand awareness without spending much.

• Offer A Freemium Model: Provide a limited version of your product for free to attract customers and build a user base.

• Focus On Customer Retention: Prioritize retaining existing customers as they tend to spend more. A slight increase in retention can significantly boost profits.

• Build A Referral Program: Encourage customers to refer others and offer incentives for successful referrals. This strategy helped Dropbox grow without a huge marketing budget.

• Use Automation Tools: Streamline operations using tools that automate repetitive tasks, saving time and resources.

• Focus On A Niche Market: Cater to a specific niche to stand out and build a loyal customer base.

• Be Scrappy: Adopt a creative approach to problem-solving and be open to trying new strategies. Hard work and determination are crucial to success.

Two childhood friends wanted better, cooler earplugs—their startup brought in $44 million last year

If you’ve attended a concert this year—like a record-breaking Taylor Swift or Beyoncé tour show—you might have noticed a hot new accessory in the crowd: earplugs that are also a fashion statement.

They’re probably made by Loop Earplugs, a Belgian startup that launched in 2016. The company’s earplugs, designed to look like jewelry, have a distinctive circle design—a loop—in colours and finishes from solid black and shiny silver to orange, pink or purple.

Key Takeaways

• Loop Earplugs achieved sales of around $44.1 million in 2022, a 350% YoY increase, with the potential to triple that in the current year.

• Prices range from $24.95 to $44.95, and the company has been profitable since 2020. Co-founders identified a need for fashionable and practical earplugs after experiencing tinnitus from loud concerts.

• They invested about $40,000 each to develop prototypes. After participating in a startup accelerator, they adapted to a direct-to-consumer model during the pandemic.

• When the Covid-19 pandemic hit, monthly sales dropped from roughly $100,000 to under $20,000.

• Sales surged when live events and nightlife resumed.

• Today, the company has 200 employees, with headquarters in Antwerp and offices in Amsterdam, New York and Shanghai. Next year, Loop will dedicate $26.5 million to its research and development team.

Three Ships Beauty

Legend has it that the Fountain of Youth was discovered not by some impressive fleet but by just three ships.

Myths aside, our products prove that great discoveries can be made with limited resources. And that when you use simple, naturally-effective skincare, you won’t need a 12-step routine or convoy of complicated products.

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🔌  NOTABLE PLUG

🎙️ Get Into It: The Startup Women podcast connects listeners to experts, mentorship, training and tools to help make your vision a reality. As the name suggests, they aim to help women entrepreneurs thrive. Listen on Apple or Spotify.

📄 Notable Hires: Account Manager, Brand @ Edelman. (Toronto, hybrid)

🎓 Hope This Helps: 2023 Average Engagement Rates for 13 Industries - Compare your results to average engagement rates in your industry to better understand your performance — and brag about your wins with confidence.

🧠 Today We Learned: As of 2020, SMEs are responsible for 10 million jobs in Canada. SMEs employ 88.3% of Canada’s working individuals in the private labour force. Over half of SMEs have fewer than four employees. More than half of Canadian businesses (55.3%) have fewer than four employees. They are known as “micro-enterprises.” 73.9% have fewer than 10 employees.

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ABOUT NOTABLE
Notable Life is Canada's hub for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 46,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.