Developing Your Big Money-Making Idea

Lessons Learned from the Founder of Spanx, Sara Blakely’s Masterclass

“One of the most common misconceptions of entrepreneurs is that we had it all figured out before we took the leap” — Sara Blakely

Mid-quarantine lockdown, I decided to invest a whopping $180 for a Masterclass membership. Yes, it was an impulse buy. Honestly, it was worth it.

One class that caught my eye was the one given by Sara Blakely, the founder of Spanx. There are many hopeful stories about those making billions when their idea just came to them out of the blue. They had no background education or any experience. For example, the founder of Nasty Gal and writer of Girl Boss — Sophia Amoruso, the CEO of Wendy’s — Dave Thomas, John Mackey — Founder of Whole Foods, and the list goes on and on. We can add Sara Blakely to the list of entrepreneurs having no prior experience. Before Spanx, she was going door-to-door selling fax machines.

There are three sections, each with many videos of her discussing her journey, experiences, lessons, and her strategies. It comes with a lengthy workbook with many assignments that one could do to help jumpstart inspiration and the idea.

In this article, I will talk about my takeaways of how she developed her idea of Spanx and how you could apply these lessons to help come up with the next money-making idea!

The Power of Observation

I learned the power of observation through how Sara Blakely started Spanx.

Sara came up with the idea of Spanx when she was getting ready for work. Working as a saleswoman for fax machines in the Florida heat, forced to wear pantyhose as the company’s dress code.

Sara thought, while “she liked the control-top element of the hose, she didn’t like the seam that showed through her open-toed shoes”.

Become mindful of your surroundings. Figure out what makes you tick. What is lacking or what can be better prepared. It could be something small (like cutting out the feet of pantyhose). Make conscious observations of what do to differently.

“I cut the feet out of my control top pantyhose to wear under these white pants and that was the ah-ha moment that started Spanx. My own butt was my own inspiration!” — Sara Blakely

Let Your Curiosity Take Over

Then, Sara put the idea into practice when she had been invited to a party and decided to go in a pair of light-coloured pants. She put a couple of pantyhose on, but this time, she cut out the feet.

Like Sara, once you realize what the white space (I will discuss this point further, later in the article) is, allow your curiosity to take over and experiment with what you got. If you don’t try it for yourself first, how will you ever know if your product works? If you don’t try to write, or if you don’t read what you write, how will you know if others enjoy your work if you can’t?

“Embrace what you don’t know, especially in the beginning, because what you don’t know can become your greatest asset.” — Sara Blakely

Keep Asking Yourself “Why”

Sara suggests that you need to hold on to your “why am I pursuing this” question. Here are some example questions to get you closer to your lucid “why”: - Why is it so important to you? - Why is it essential to the world? - Why am I doing this? - Why will someone agree with what I’m doing?

Starting a business is excellent but at other times, horrific. It is essential to stay connected to why it drives you to keep going. Keep reminding yourself this, and it will tell you of your path and purpose.

Her “why” that kept her going was that she felt as if no one was making products for women that genuinely considered the desires and needs of women. When she started travelling to various clothing manufacturing plants in North Carolina, she found that those in the positions of power consisted of men. She had the advantage and knew her audience better than any other man.

“Always be kind. Along the way, some people liked me; some people didn’t. As long as I’m in check with my ‘why’ and my purpose, and I know that I have a good intention and I’m being kind, I’ve got to let go of all of that other worry.” — Sara Blakely

With Your “Why” Answer, Create Your Business’s Mission statement

The next step after you came up with your clear understanding of “why” you are doing what you’re doing, you then need to turn that into your business’s mission statement. In your mission statement, you not only mention your why but also how.

Your “why” becomes not only important to you but also your business as a whole. Aligning your values and purpose with your business will help you connect with like-minded people who will be working for you and with you.

Spanx didn’t advertise their products for their first 16 years in business. Yet, it still became a global brand because of its strong sense of purpose.

The assignment given for this section through Masterclass workbook suggested to create yourself a Venn Diagram. When you layout a list of what you are good at in life and work, then how you want to help the world, lastly write down “what makes your heartbreak”. What made Sara’s heartbreak was that “women were being held back”. She wanted to make a community that empowers and serves women, and she was going to do that through her Spanx.

“I think my story says that, when women are given the chance and the opportunity, that we can achieve a lot. We deliver.” — Sara Blakely

Let Your Mind Go and Wander

Its been popularly said that people’s ideas come to them either in the shower, while we’re brushing our teeth, or as Albert Einstein has said, “why do I always get my best ideas while shaving?”.

Sara Blakely finds her blank slate in the car while she is driving. That is when she came up with the name for Spanx. So, she takes the long route (or a fake route as her co-workers call it) to work in the mornings. She’ll leave an hour earlier when the office is only 6 minutes away.

When you let yourself daydream or let go, you can creatively let your mind explore all the potentials and possibilities, without the pressure of your inner critic discouraging you that it’s not good enough.

“I live really close to Spanx, so I’ve created what my friends call my ‘fake commute,’ and I get up an hour early before I’m supposed to go to Spanx and I drive around aimlessly in Atlanta with my commute so that I can have my thoughts come to me.” — Sara Blakely

Filter Your Ideas When You Go Back To Them

When you go back and look at your ideas, you should take into consideration the time, money, and resources needed. How hard is it going to be to make this product? How much will it cost to make? How big of a team do I need to support me and this idea?

When you ask these questions, you should look up resources or persons that can help you. Luckily, we can just google those questions. But, another suggestion is to also connect with those in the industry. You can either reach out through email or a message on LinkedIn. You will get replies and you won’t. However, most people do like to get a chance to talk about themselves and their work, so don’t be afraid to ask. This way, you can get a more personal idea of their day-to-day tasks and responsibilities.

“It’s important to be willing to make mistakes. The worst thing that can happen is you become memorable.” — Sara Blakely

Name your brand To Give It Energy

Sara discusses that one should give their business a name in the early stages. When you give your business a name early on, you manifest it. When it has a name, your business feels real. You give it its energy and soul. Sara didn’t market her product much; it was the catchy name of Spanx that became her calling card.

When thinking of a name, take your time, let your mind wander (as did Sara when she came up with the name while driving).

Some interesting tips are that she states, “the bests brand names had at most two syllables and at least one “exotic” letter, like an x or a k.”

“My saddlebags are why ‘Spanx’ exist! Now that I have a baby I also have a muffin top.” — Sara Blakely

Finding The White Space To Distinguish Your Difference

As I have mentioned “white space” before, it refers to a lack of solutions to a problem. When making your product or coming up with your blog, it is important to take into consideration both the “white space” and need of what you are selling or informing.

Sara had gone from shop to shop asking sales associates that “If women had pantyhose without feet to wear under white pants, would that help?” and she received the resonated answer: yes.

Then establish your difference. What makes you different from other companies and brands? Luckily for Sara, she was the first to the market with her Spanx. Which is what produced some easy attention to her product and business.

However, if you are not the only one in the market and there are similar products and businesses, you need to get to know your competition. Look for what could make you stand out against the rest of them. So, when someone makes a comparison or asks you “what so special about your company”, you can easily and quickly answer… and BOOM! Another person who may be willing to buy your product or follow your blog.

“My advice for an entrepreneur just starting out is to differentiate yourself. Why are you different? What’s important about you? Why does the customer need you? “ — Sara Blakely

Be Picky When It Comes To Sharing Your Ideas

Sara claimed that she waited a year before sharing it with friends and family so that she wouldn’t waste time defending the idea instead of pursing it. Our friends and family are our other biggest critics other than ourselves. They might share some doubt in your idea if it isn’t well-formed. Or you may not have all the answers, and that will discourage you. So to save yourself from that pressure and stress, you should first take the time to understand your business.

If you take the time to work on and develop your idea. By doing your market research, asking yourself all the questions regarding your time, money, and resources, you’ll then have all the answers ready when friends or family come at your with their skepticism.

Sara mentions her term that we should strive for, “sweat equity”, which means, investing so much time and effort in your product or service that when someone challenges your idea, it won’t necessarily disrupt you from pursuing it.

“I made a conscious decision not to tell anyone in my life. Now I tell people — don’t tell anyone your idea until you have invested enough of yourself in it that you are not going to turn back. When a person has an idea at that conception moment it is the most vulnerable — one negative comment could knock you off course.” — Sara Blakely

Sara Blakely’s company was a lucky idea that came to her on a whim. But, don’t let that deter you from putting more time and effort to come up with your design. Still, you should let her story inspire you because she had no prior experience and a degree in entrepreneurship. But, what is significant is that we have many resources available to us online, in libraries, and or through friends and colleagues if you put your idea into strategic action, who knows what you can accomplish!