Ep 156 | Sarah Davis
How to Stop Overthinking & Get Started, Turning Your Passion into a Real Business
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Sarah Davis is the Founder and President of FASHIONPHILE, the leading resale platform for pre-owned, ultra-luxury accessories
Back in 1999, Sarah realized that luxury handbags and accessories maintained their value on the secondary market better than just about any other category, so she started selling handbags on eBay to make some extra cash.
From what began as a startup operation in Sarah’s house, grew into a 30,000 sq. ft. headquarters in Carlsbad, California, and brick-and-mortar showrooms across the country. Under Sarah’s innovative leadership, Fashionphile is paving the path to revolutionize not just re-commerce, but the entire retail industry with a 2019 investment and minority stake in Fashionphile from global retailer Neiman Marcus Group. The strategic partnership makes Neiman Marcus the first major luxury retailer to expand into the pre-owned market, a move that includes the opening of physical Fashionphile Selling Studios inside Neiman Marcus locations nationwide.
In our episode, Sarah discusses the significance of taking action, regardless of how small it is, in order to start a business. She also shares a step-by-step approach to how you can stop overthinking and start taking action to see results.
Sarah walks us through how she decided to go all into her business despite being a recent law school grad and getting a lot of pushback from her family and friends. Sarah's journey is incredibly impressive, she talks about how she self-funded the business for many years, how she structured her partnership with her brother-in-law, and how focusing on each customer was really the marketing engine for her business and helped them grow to multi-million dollars in revenue. We also talk about how to find your passion and your edge, and how that could be your biggest competitive advantage when starting a business, and so much more.
Show Notes:
Businesses grow through iteration; you don’t have to create something perfect the first time around! [03:44]
Experiences from Sarah’s childhood that helped to cultivate her entrepreneurial spirit. [05:26]
The career path that Sarah was pursuing prior to founding Fashionphile. [08:00]
Where the initial inspiration for Fashionphile came from. [11:24]
The interaction that catalyzed the growth of Sarah’s small eBay business into the leading luxury resale platform it is today. [19:24]
Backlash that Sarah received for her decision to not become a lawyer. [24:34]
What made Sarah stand strong in her decision to follow her dreams with Fashionphile despite what the people around her were telling her. [26:00]
An overview of the evolution of Fashionphile over the past 20 years. [30:51]
How Sarah’s business partnership with her brother-in-law, Ben, came about and why it has been such a success. [38:11]
The funding strategy that Sarah and Ben chose for Fashionphile. [48:47]
What Sarah has loved about being an entrepreneur. [56:00]
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Follow Sarah:
Website: https://www.fashionphile.com/
Instagram: https://www.instagram.com/fashionphile/
