How Problems Can Make You Rich

This is the New Money Talks Newsletter, the newsletter packed with entrepreneurs' personal stories, financial tips, and more!

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Ever had one of those days where a tiny mishap unexpectedly spiraled into a great experience?

It’s like spilling coffee on your shirt in the morning, only to find it’s the start of a day that’s for the memory books.

But let me introduce you to the story first…

Picture this: You have lost your glasses just before the start of a new semester.

You don’t know what to do and your head is SPINNING in all directions.

You’re a student, and the cost of replacing them is SO HIGH that you decide to go through the semester without them…

This was the predicament faced by one of the founders of Warby Parker, a predicament that sparked an idea that would DISRUPT the WHOLE eyewear industry.

Warby Parker was born out of a simple problem: Glasses were too expensive.

The eyewear industry was dominated by a single company that kept prices artificially high, leaving consumers with no alternatives.

But Warby Parker dared to challenge the status quo. They bypassed traditional channels, designed glasses in-house, and engaged with customers directly.

This allowed them to provide higher quality, better looking prescription eyewear at a fraction of the going price.

Customers LOVED their idea…

But company owners didn’t stop there.

They believed that everyone had the right to see.

So, they partnered with organizations worldwide to ensure that for every pair of glasses sold, a pair is distributed to someone in need.

To date, over 15 MILLION PAIR OF GLASSES have been distributed through their Buy a Pair, Give a Pair program.

But you may be wondering how they achieved that success.

Well… It is SIMPLE. 

Warby Parker was not afraid to challenge the status quo and experiment with a new business model.

And here is a piece of advice from my personal experience.

DON’T pocket your profits… 

Reinvest profits back into the business, especially in the EARLY STAGES, it will lead you to long-term growth.

Commit to a schedule for CONSISTENCY.

Consistency in product releases, marketing efforts, and customer engagement can build trust and loyalty.

Build out your channels from day one.

Warby Parker focused on building a strong online presence from the beginning.

And the MOST important…

Start building relationships with relevant influencers.

Influencer marketing can be a VERY powerful tool to reach a larger audience.

It made many brands SUCCEED, and make TONS and TONS of money.

So, remember: Every problem holds within it the seeds of a million dollar idea.

It’s all about PERSPECTIVE.

Keep your eyes open, your mind curious, and who knows?

The next Warby Parker story could be yours…

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See you on Wednesday:)