BUILDING A PRODUCT BUSINESS WITH ELLA BING FOUNDER

Building a business can be the most challenging experience, yet the most rewarding. I talk with Brent Kraus of the enormously hip, creative and ever-evolving Ella Bing. He runs the show in this family business and has his toe more than dipped in, Ecommerce, retail and wholesale.  What started as a business building bow ties by the hands of his mom and dad has turned into a venture that now also adds to the repertoire outsourcing product production and bringing in microbrands to their storefronts.

We talk so many things (as product is my love):

• Outsourcing, private labeling, microbrands
• Not trying to compete on price with mega brands
• Margins, margins, margins and extending as many revenue branches as possible and in line with the brand
• Cost of customer acquisition
• Don't be afraid of Etsy
• Social media strategy and the "popularity contest"
• Family business (there is the love, but there are also unique challenges)
• It all comes down to marketing budgets (and how much can you risk to get eyes on your brand)

We also talk about the immediate and direct feedback he receives in store to continue building the brand and bringing in the best products to suit his customers. Online reviews can take awhile to receive and are harder to obtain. The capabilities of testing new product with in store customers is key.

Tip: If you are thinking about starting a brick and mortar, know the industry, know the product.
Tip: Pivot or don't exist. You have to pivot during these trying retail times.

Links: Website, Instagram, Twitter, Unofficial Mascot Mimi, Beer and Bow Ties Fundraiser

Ella Bing is a family owned business based in Tampa, Florida specializing in both cloth and wood bow ties, as well as other male fashion and lifestyle accessories. They run retail stores, an ecommerce site and a very fun string of social media pages.  The company was founded after the loss of Brent Kraus’ brother, Matthew. The Kraus family honors Matthew's fun spirited personality and love of fashion with handmade custom bow ties, much like Matthew himself would have worn. Ella Bing’s work is centered around quality, presentation, attention to detail and customer service.

Ella Bing organizes a well known fundraiser, Beer and Bow Ties every year for the Crisis Center of Tampa Bay. While they realize that a bow tie might not save a life, they hope that it can at least help someone in need.