Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Andrew Lee from The WOD Life.
In 128 words or less, explain your business idea.
The WOD Life is Australia's online functional fitness superstore, bringing together the latest and greatest gear from around the globe. We provide Australians with the ability to buy local and be a part of a growing community and lifestyle. Whether it is the hottest apparel, accessories, media or nutrition we source market leading and also develop our own products, providing a one-stop shop for athletes and affiliates alike, with our customary legendary service!
What strategies are you using to grow and finance your idea?
Investing in the right mix of key products early on provided a solid foundation for our business. We have reinvested our cash flow, 80 per cent geared towards our core offering and 20 per cent to new products and growth opportunities. Through this, we have been able to build our range from our initial sole product to over 500 lines in less than 12 months.
What's the biggest challenge facing your business?
Time & resources. Establishing and operating a business day to day has required us to be "jack of all trades". From accounting and legal, graphic design to product development, website maintenance to marketing, we have had to adapt and evolve in a short amount of time. With a lean business model, we have had to wear many hats. Being flexible and willing to learn is a huge part of the process which we have embraced.
How do you differentiate your business from your competitors?
While many businesses claim to be creating a "lifestyle" we believe this is our key differentiating factor. We live and breathe The WOD Life. We are actively involved with the sport of CrossFit, so we are passionate about the lifestyle and the community involvement. We use our products every day, so we have that first-hand knowledge to provide to our customers for what works and what doesn't. The WOD Life is super hands-on with our customer service, setting a market leading standard for ourselves in terms of customer service; whether it be responding to queries, providing advice or dealing with returns we work as hard as possible to bring professionalism and polish.
What one phone, tablet or PC application could you not live without?
HootSuite! Through social media, we have been able to reach four corners of the globe and link up with our passionate customer base and community. This social media management tool has allowed us to identify key content, schedule and share across multiple channels at optimal times. We have been have built awareness for our brand, our community and our offerings driving traffic directly to our online shop front. Our management is centralised and can be shared between multiple members of the team, while analytics can be tracked to determine the success of a campaign or strategy adopted.
What's the best piece of business advice you've ever received?
"Go with your passion." We are passionate about the lifestyle, the community and our customers. The passion surrounding The WOD Life definitely resonates for us every day. Building a business is a lot of hard work, and you hit many bumps along the way. Whether a production run has been delayed or we are working overtime to finalise website updates, believing in what you are doing will provide you with the extra push to get through late nights and early mornings. Staying motivated is key. As they say "if you love what you do, you'll never work a day in your life".
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