In this episode Louisa Eyler tells how she went from being a college professor to selling shoe laces. But not just any shoe laces, she sells Lock Laces which are the worlds top selling performance shoe lace. In fact, it is now #6 top selling item in the Sporting Goods category on Amazon.com. She also distributes other products as well, many of which did not get a deal on the hit TV show, the Shark Tank.
Career: Owner of a product distribution company
Previous employment: College Professor, Social Worker
Louisa wakes up at 5am, prays, goes for a run, packs her son’s lunch, walks to the office, and starts making deals all day until about 5pm. Then tries to run again, eat dinner, help her son with his homework, play games like Life or Monopoly. She then watches TV from 8pm – 10pm to see what other companies are doing to sell their products and tries to do what they do on a smaller scale. On Friday nights she watches the Shark Tank and she contacts every person that doesn’t get a deal. She has helped several people who were on Shark Tank with their businesses:
- Rebecca Rescate – CitiKitty Cat Toilet Training Kit and Hoodie Pillow
- Bea Arthur – Pretty Padded Room
- Squirrel Boss Bird Feeder
Tip: She gets in touch with clients by looking at the contact info on the domain registration.
She was a relationship expert at one point. She was a ghost writer for a show called “Say it Now” as well as Bravos “Love Calling” TV show as a relationship expert. She also has a Reality TV show about her weight loss journey on Nuvo TV called “Operation Osmin“.
How did she get to where she is today?
Louisa says the best way to figure out what you want to be when you grow up is to do everything and start by process of elimination.
She also mentioned that it doesn’t matter what you do, as long as you do it well, you are going to be successful. It’s important to do one thing and do it really well, once you do that, you can repeat it.
Hardest part about what she does
To just say no. You have to learn to say no. As a business owner if there is a deal that you want to do but the numbers don’t add up, you have to learn to say no.
She operates her business using the “tell” versus “sell” mantra. She believes that if you inform people with enough information they can determine whether to buy it or not.
She also says she never works harder than her clients. If her clients aren’t willing to put in the time and effort to make their product successful then that doesn’t work for her.
In addition, just because you have money coming in does not mean that you have positive cash flow. Louisa says that your two best friends should be your accountant and your Financial Adviser.
When you worry about the pennies the dollars add up.”
The Secret by Rhonda Byrne
How to Talk So Kids Will Listen & Listen So Kids Will Talk by Adele Faber
How to get into product distribution
Louisa encourages you to watch people and what they are doing and try to align yourself with them. It is the whole “observation before action” approach. She says that for her it was like she was conducting a research project. For instance, she had a problem: how to sell more Lock Laces. Her hypothesis was that if she increased the distribution and better managed the supply chain, she could dramatically increase sales. This theory was proven when the sales started coming through the door.
Louisa went to a trusted friend that she knew for 20 years who used to be the president of a bank and he ended up providing the capital to get started. She notes that you should make sure that you’re hanging out with eagles and not turkeys and you will always get ahead.
Tips to find a job that you love
Be patient, do what you love and the money will come. Be willing to work for free. If a company that you are interested in working for doesn’t have the money to hire you, offer to work for free for 30 days. Let them know that if they no longer need you after 30 days, you will go your separate ways. Louisa has done this on five occasions and they continued her employment after 30 days every time.
Even if you are in your 40’s or 50’s consider doing an internship at a place to do what you love. Louisa mentions the movie below as an example:
The Internship – Movie with Owen Wilson and Vince Vaughn
Most recent project
- Wonder Laces – Geared towards the soccer market and the senior market.
- Cardio Canine – The worlds first comfort, hands free dog leash
- Stretch-EZ – Helps prevent plantar fasciitis
How to get in touch with Louisa
Get 50% off any order at LockLaces.com using the promo code “wellkeptwallet” until 5/31/2013