MN: Is Posh Entertainment profitable? Did you see success right away, or was it a slow build?
PT: Yes, we have been profitable. And we’re learning about ways to be more profitable. We always create a budget before every event to see our expenses but also how much we want to earn. [We also look at] what we have coming up or what we want to invest in so that we can make sure that we have the funds to cover it before paying ourselves.
MN: What were some of the challenges to launching Posh?
PT: We were so busy with our careers and social lives; sometimes we let things fall through the cracks [in the beginning]. Now we over communicate. We make sure that everyone is looped in on tasks and conversations through email or conference calls. We also try to make it a point for all of us to be on calls concerning new business and initial meetings with our clients. Since we launched, we have gotten so much better and seen the difference in how business is conducted.
MN: How has the racial division you started your company to combat impacted your business?
PT: Some venues that typically cater to a white crowd or may have even had a bad experience with an African-American marketing group were hesitant. However, those face-to-face meetings, and having references, help in moving forward with business.
MN: How has your experience been being women in a male-dominated industry like nightlife promotions?
PT: We’re finding that men would rather work with men and often do not think that we have the knowledge or the experience about running a business. Often, it’s men in these positions where we have to negotiate bars, venue spaces, and sponsorships. When we’re in these meetings and these managers see the resume and we tell them our own experience, they are at ease knowing we have the resources and the plan to execute a successful event.
However, being women has worked in our favor. Women see the small details and have a better understanding of what people (men and women) look for. If we’re planning an event, it is more than if you like red velvet cake. Do you prefer cupcakes, cake balls, or cake pops?
MN: What is it like running a business with three other women?
LM: These girls are like sisters to me so I know how to handle the personalities or moods between the three of them and I know it’s all love at the end of the day. I am not sure what we have as partners and great friends could work for everyone but it works for us. We made a promise at the very beginning to keep the friendship separate from the business. It was very important to protect the friendship before we all agreed to start Posh. Since we value and love one another it makes our business even stronger!
PT: What I have found is that we are beginning to grow closer as we grow our business. We spend countless hours together, emailing, phoning, and meeting. We are fully dedicated. It’s like we’re raising a child together and we each are committed to seeing it grow to its full potential and reach success.
DI: It is definitely a balancing act. Time management is key here, we have to find a balance with personal career goals, personal lives, and relationships, as well as feed our entrepreneurial side. I must admit that God is our most valuable business partner. Without him we would not have gotten as far as we are today.
MN: What’s the most important business lesson you have learned since starting Posh?
KK: Communication is key! You can’t be successful without it, and having a clear understanding of skills and goals is really necessary in starting your own business.
LM: I have learned to really communicate and to not be afraid to ask different venues or companies for exactly what we want. The biggest thing they can do is say no, but if I don’t ask I would never know.
DI: Follow through. Always follow through on what you say, and do not be afraid to over communicate.
PT: Building relationships are key. Not just with vendors, venues, or other businesses, but especially with our consumers. It feels good to get to know the people who are attending our events. We don’t want it to appear as if we show up halfway through our event or leave early. We’re there from beginning to end, networking because we never know if they may be a blogger or even a potential client who may need an event planned. I think it helps in building our brand and business.
MN: What advice would you give to other women looking to get into events/promotion?
KK: Plan, plan, plan ahead! It may be easy to throw one party or one event, but you have to look at the bigger picture. Branding is more important than most realize, but you have to know who you are and where you want to go before you can advance.
DI: Find your “it” factor and go with it. Do not let anyone tell you something different than what you believe. It will be a lot of naysayers but keep your eye on the prize!
PT: Whether a male-dominated field or not, just step out on faith and follow your dreams. Continued faith in yourself, with a strong support system that includes a mentor, will definitely help. Make sure that you’re offering something different from the competition that will help your brand stand out.
LM: Make sure you know exactly who you are or this business will tell you! And also make sure you know your vision and align yourself with people that know and support your vision, because if you don’t you will end up in the wilderness! The vision and intentions for your company will always pull you forward and in the right direction!