In this day and age, we live in an era where celebrities are more than just entertainers.
Many have begun to diversify their portfolios to include entrepreneurial and commercial endeavors.
However, the number of celebrity CEOs will astound you.
Not only do these celebrities manage their own businesses, but they are also incredibly excellent at it.
In this post, Digital Resource, a Florida internet marketing company, will look into the trend dubbed as "celebrity entrepreneurs."
And if you're wondering how this relates to you as a small business owner, believe us when we say that this is vital knowledge if you work in the online business market.
But before we reveal the five celebrity entrepreneurs who have built highly profitable enterprises, let's first define what a celebrity entrepreneur actually is.
Celebrity entrepreneurs, in a way, are just like any other regular entrepreneurs. The difference, though, is that they have amassed a considerable number of followers -- thanks to their stardom.
Celebrity entrepreneurs, like Hollywood stars or influencers, are products. Some may believe that this group of entrepreneurs is selling you a lifestyle and the dream that comes with it.
Most importantly, this generation of online business superstars becomes wealthier as a result of their fame in the business world.
Because most of them have become household names, they have served as role models for other business entrepreneurs in similar circles.
They're famous entrepreneurs, and they're here to market the dream of commercial success.
Kim Kardashian is a socialite and a TV personality who first stepped into business in 2014 when she released her smartphone game Kim Kardashian: Hollywood. In its first five days of release, the game grossed an estimate of $1.6 million.
Over the past several years, she has established herself as a business force to be reckoned with in the fashion and beauty industries after launching KKW Beauty and KKW Fragrance.
In 2019, she experienced outrage for branding her shapewear line "Kimono," and she replied by renaming the company "Skims." The brand allegedly generated $2 million within minutes of its formal debut in September 2019.
In 2021, Forbes announced that Kim K is officially a billionaire!
Kim's companies, KKW Beauty and Skims, her reality show, endorsement contracts, and several other modest ventures, were identified as significant contributions to her assets by the business magazine.
The Takeaway: Use the Power of Publicity to Your Advantage
Kim K has been involved in many controversies, yet she has managed to capitalize on the media attention.
An innovative public relations strategy is invaluable to every business. Kim, without a doubt, has an incredible PR machine behind her, and every business should, too.
Mark Wahlberg is an actor-producer known for his work ethic and early-morning workout regimen. But, what most people don't know is that he is also a prolific investor and an entrepreneur.
Wahlburgers is one of Mark's early business ventures, which he co-founded in 2011 with his brothers Paul and Donnie Wahlberg. The business presently has more than 55 sites in 22 states as of the last quarter of 2021.
His brands and investments include the fast-developing gym company F45 Training, in which Wahlberg invested in 2019 after cutting a check for at least $5 million, and which already has over 2,800 franchisees in 63 countries.
Meanwhile, Wahlberg's 4-year-old supplement company, Performance Inspired Nutrition, has welcomed pro golfer Bryce DeChambeau as a new investor.
The Takeaway: Take Strategic Risks and Diversify Your Portfolio
Oftentimes, small business owners become trapped in a rut of repetitive processes, selling the same stuff, and never considering how they may pivot their brand.
Mark Wahlberg is an excellent example of someone who understands the value of variety.
For instance, aside from his notoriety as an actor-producer, he established a chain of gyms, F45 Training, which also advertises his supplement brand, Performance Inspired Nutrition.
Having your hands touch several slices of the cake will definitely pay you handsomely.
Robyn Rihanna Fenty is a Barbadian singer who began her business career in 2011 by introducing her debut fragrance, Reb'l Fleur.
Fast forward to 2017, and RiRi has achieved enormous success in the cosmetics industry with Fenty Beauty, the beauty brand she co-owns with luxury goods giant LVMH. It was estimated that the brand earned $570 million in revenue in 2019.
A year later, she collaborated with the Los Angeles-based online fashion company, TechStyle Fashion Group, to enter the fashion industry and introduce her lingerie collection, Savage X Fenty.
In 2019, she launched Fenty, a Paris-based fashion business under the same premium fashion conglomerate as Fenty Beauty.
The majority of her wealth stems from the value of Fenty Beauty, which she owns 50% of. Her share in Savage x Fenty is valued at $270 million.
In 2021, Forbes called Rihanna a billionaire, with an estimated net worth of $1.7 billion, making her the world's wealthiest female musician.
The Takeaway: Find a Market Niche
Since the release of her debut fragrance, Rihanna's entrepreneurial path has constantly evolved. She has pursued a business in the fashion and beauty industries while making music.
Although her music is now out of the spotlight, she still has continued success with her brand, Fenty.
Focusing on a niche is typically more profitable than attempting to be everything to everyone. Having a thorough grasp of your consumer, from what they read to where they purchase, is an excellent method to increase sales and concentrate on your target market.
Dwayne Johnson has been the world's most prominent action star and Hollywood's highest-paid actor for the last two years in a row.
However, Johnson wants to be renowned for more than just those titles.
He aspires to be a successful business owner.
He's building a name for himself in the beverage industry after making a significant investment in a Norwegian-based premium water company, Voss, in 2019.
In 2020, Johnson launched Teremana Tequila, which sold 1.4 million cases in its first 16 months, making it the quickest liquor launch in industry history.
And he didn't stop there.
He joined the energy drink business in 2021 with the debut of ZOA, touted as a health-conscious solution for pre- and post-workout routines.
As of the third quarter of the same year, ZOA is available at 26,000 retailers, surpassing 100,000 points of distribution.
And if you're wondering how he's done so well in sales across all of his beverage businesses in the last two years, you should look him up on Instagram.
As of this writing, he boasts a staggering 286 million followers, making him the second most followed account on Instagram!
The Takeaway: Use Social Media to Your Advantage
Getting social on social media is an art form in and of itself, and The Rock has mastered it to a tee, communicating with his followers through platforms such as Twitter and Instagram.
It's difficult to overstate the value of a dedicated following on your selected platform.
Whether you want to introduce a new product/service or just do consumer research and development, you must choose the best strategy to reach out to your social media audience.
The notorious Oprah Winfrey is at the top of the list. Her enormous net worth of $2.7 billion puts her well ahead of other celebrity entrepreneurs.
She rose to fame and money due to the successful Oprah Winfrey program, and she now runs her own network.
Winfrey is entirely self-made; she became the world's most powerful woman from a poor upbringing.
Her media empire began when she was appointed as a news co-anchor at 19. She eventually founded her own production company, including conventional television shows, movies, magazines, and websites.
After she retired from talk show television, she has remained in the public spotlight.
Oprah is so powerful that a consumer effect is named after her, "the Oprah Effect," when she promotes a product and sales skyrocket.
She also maintains her generous charitable activity.
The Takeaway: Establish Your Brand
Oprah is undeniably a success story. One of the reasons she's such a successful businesswoman is her ability to effectively articulate what her businesses stand for - their similarities and contrasts.
When starting your own company, you must clearly identify your mission, know what you stand for, and distinguish yourself from competitors.
A set of brand rules is essential for each business, spokesperson, or celebrity. How can anybody else know what you stand for if you don't know what you stand for?
If yes, than have you figured out what they have in common?
They have a marketing strategy, and you should have one, too!
If you own a small business, you need to master the fundamentals of digital marketing to expand your brand, and we're here to help.
Digital Resource is a Florida internet marketing company that provides expert search engine optimization, digital advertising, and social media marketing services to small business owners.
Our mission is to help you achieve competitive search engine rankings, increase brand awareness, and convert leads into actual revenue.
Contact us today to learn how we've helped small businesses rank to the top of Google search results pages and how we can do the same for you.