Launched at its founder’s lowest point, Australian online retailer Showpo is now set to make $100 million in revenue by 2020.
Founder Jane Lu spoke to Your Money Live on Tuesday about how she went from an accountant who hated her job to the chief executive of her own multi-million dollar business.
However it wasn’t an easy road, with Lu’s first business being a complete flop.
“I decided I was going to quit [my corporate accounting job] and follow my dreams and it just failed, it bombed, it blew up in my face,” Lu said. “All of a sudden, I lost all the money I had saved up. I was unemployed in the middle of the GFC, my first business failed, [and] I had hit rock bottom.”
“By default, I had no other option than to start another business.”
This second business was to be her masterstroke, creating Showpo, an online retail store that was fun and accessible.
Despite her current success, the path she took was a difficult one, often finding herself short of options.
“I couldn’t use any traditional forms of marketing because I couldn’t afford it,” she explained. “I used [social media] as my main marketing tool again by default because it’s all I had, it’s all I knew.”
This back-to-the-wall approach to entrepreneurship has worked wonders for Lu however, with the company having amassed an enormous dedicated following on social media.
Watch the full interview above and tune into Your Money Live each weeknight at 5.30pm AEST on free-to-air 95, Foxtel 601 and the Your Money livestream.