Welcome to “Founder Finances,” a new Insider series discussing founders’ monthly budgets.
In this story, the founder of a luxury loungewear line shares her $2,000 monthly budget.
She credits much of her business growth to her investments in public relations and social media marketing.
After Diandra Harvin spent countless hours working from home in loungewear during the pandemic, she decided to create a clothing line that would help her and other women feel confident, beautiful. and productive.
“The pandemic has put things into perspective as to what matters to me,” Harvin said. “I realized there was something bigger inside me that I wanted to share.”
In October 2021, Harvin, 30, launched Noite Rose, which sells satin garments like rompers and bathrobes that cost between $80 and $160. Harvin used $14,000 in personal savings to start his business, which allowed him to partner with freelance marketplace clothing designer Fiverr to turn his sketches into viable patterns, purchase samples and materials, and follow a 90-day crash course for fashion entrepreneurs.
Diandra Harvin, founder of Noite Rose.
courtesy of Harvin
Noite Rose made over $11,000 in sales between October and December last year. Today, Noite Rose has reached nearly $25,000 in lifetime sales.
Harvin said a key part of her success has been allocating $2,000 a month to marketing and promoting her business, especially as she runs the business alongside her marketing work. ‘business. This includes social media collaborations, experiential marketing, and hiring a PR firm.
Insider verified the founder’s sales, revenue, and budget with documentation.
Here is the budget breakdown
This table reflects Noite Rose’s April 2022 budget. Harvin said she’s increased the company’s budget slightly since her first month and plans to expand it further as her business grows.
Harvin’s average monthly budget hovers around $2,000. Every four to six months, Noite Rose releases new products that can increase its costs by around $2,500 per style.
The importance of investing in PR
Harvin allocates $1,000 a month to the PR firm she hired, which she says is needed to grow the business.
Harvin understands how to build social media strategies and marketing campaigns. But as a secondary hustler, she doesn’t have enough time to do most of the work the PR firm does for her. For example, Harvin said his PR agency turns its founder’s story into media pitches and opportunities.
Harvin said his mentor suggested he invest in public relations. “She made me realize that there were a lot of things I couldn’t do on my own just because I didn’t have the connections.”
Harvin encourages entrepreneurs in all industries to budget for public relations because of the ability to grow a brand’s customer base and audience, she added.
“I would definitely recommend it to someone who is comfortable sharing their story,” Harvin said. “You must be prepared to be vulnerable, open, expressive and to share your story and that of the company.”
Noite Rose clothing is available in several colors.
Pink Night
Social media and pop-ups attract new audiences
Harvin added that his marketing plan includes social media strategies and pop-up stores.
“Every time I have a feature on one of these platforms, I see an influx of subscribers coming in, people reaching out to me via direct message,” Harvin said.
Harvin said Instagram has been the most effective for sales, but partnering with influencers on platforms like TikTok also increases brand awareness. She recently spent a total of $225 on a Mother’s Day promotion where she partnered with a site for moms, a video for a site targeting married millennials, and a collaboration with a business page to connect with followers interested in supporting local brands.
Pop-up stores are another investment Harvin is making to grow Noite Rose. A successful pop-up store will typically produce four-figure sales and connect it with customers who may not have known its brand before, she said.
Harvin determines whether a specific pop-up store will be worth the time and money based on factors such as season, pop-up theme, location, and expected foot traffic volume. She typically spends around $100 a month to host pop-up events.
“There have to be hundreds of people walking around for me to get my minimum sales,” Harvin said, adding that his minimum means selling more than the cost of attending the pop-up.
If you are a founder interested in sharing your monthly budget and financial tips, please email ayork@insider.com. See more stories about founders’ finances here.
