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Lessons from Rihanna’s Billionaire Status


Rihanna Robyn Fenty known in the entertainment industry as Rihanna is one heck of a go-getter. The highly celebrated songstress and fashion icon answers to a new name now...billionaire! Among the businesses that have contributed to this new feat is her cosmetics brand Fenty Beauty in 2017 which was launched as a way to cater to the beauty needs of women of colour. 


The first-ever female musician to become a billionaire did not achieve this status through her music. According to Forbesthe bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which she owns 50%. Much of the rest lies in her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.

 

The Barbados-born beauty has shown us that truly the path to having more money isn't in staying on one path. Here are a few lessons we've picked from her:

 

Don’t rely on only one source of income 

She's Rihanna, she doesn't have to work a day in her life to live comfortably! But she understands the power of wealth creation, probably recognises that developing yourself inevitably pays off. What can you do? Start by rendering services for a skill you already have if you do not want to use too much capital or you have none. Take a few lessons to develop the skill professionally. Do not worry if there are already people doing what you intend to start, there were big cosmetic brands before Rihanna started but she believed in what she was offering, stuck to her guns and it has paid off beautifully.  

 

Monetize each aspect of your brand

Before you can do this, you probably must have personally branded yourself well, or maybe an entrepreneur of some sort. Whichever group you find yourself in, monetization is a key component to actualizing your financial goals. In your line of business, you may probably provide goods and also render services using a skill or passion you have acquired. A wardrobe stylist may most likely have outfits or accessories, she can rent out, sell them or even make money for styling an individual who procures her services. 

 

Market your brand

There is a phrase in Ghanaian local parlance that says “adepa na eton neho” which translates; a thing of inestimable value markets itself. You know what you're selling and you believe in the value your product or services carry, do yourself a favour and market it well. Exploit every avenue available to you to make it as visible as possible, you never know when you will get that big opportunity; you need to be prepared for it. Nobody will believe in your dreams more than you so do not worry if you're your biggest cheerleader at the beginning, people will notice with time, so don't give up.

 

Capitalize on your online presence

What if I have a few followers? No matter how many followers you have, every follower is a potential customer. Be nice and approachable no matter how many times you're asked about what services you offer or what the purpose of your products is. Again, you can ask friends and family to help you advertise your services for a nice discount whenever they need them. Do not work for free, but discount your services in exchange for visibility on their social media platforms. (You will need an attractive business poster or flyer for this if you do not have one already). Social media is a powerful business tool in today's business world, take advantage of it. 

 

Build a niche 

Yupp!! Your niches can fetch you a decent amount of money regularly, if only you will recognise them for that. This cannot be overemphasized; Rihanna is proof that your "side hustle" can bring more to the table than your career. Harness the potential that you have, be committed to developing it and watch it work for you.


Invest in collaboration & partnerships

We cannot underestimate the power of collaboration which is one thing Rihanna has continued to leverage on in her career including partnerships with big brands like LVMH, Armani, Puma,River Island, Manolo Blahnik, Dior, Chopard among others.

 

Start a business/side hustle

It is obvious that if you don't have one now, you need to be working on starting a business. Do not just jump into any business because you want to prove yourself or you've seen it work for someone. We're built differently. This is where you sit down, address your strengths and weaknesses, work on strategies to overcome those weaknesses while enhancing the strengths. You can take a few classes as well, talk to a resource person in the area of business you want to start, do a market survey and take that leap of faith. You will thank yourself for doing this. I'm guessing your question is what if it's too late to start, it isn't, the most important thing is that you start and remain focused. If you'll ever look at your competition, let their successes motivate you and learn from their mistakes too. 

 

Now, you may not be Rihanna, but best believe you can have multiple wealth creation avenues if only you will take advantage of all the resources open to you. 

 


 

Content created and supplied by: miss_amofa (via Opera News )

Barbados-born Fenty Forbes Rihanna Savage

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