Millennial mom Ellie Diop used her $1200 stimulus check as capital to start her coaching business. Ten months later, her business hit the seven-figure revenue mark, Business Insider reports.
“I leveraged my experience in the corporate world to get started,” Diop told Business Insider. “I spent 45 days scrolling through Instagram every day, researching, following hashtags, before making my first post. It is important to look at who is having success in the field, analyze what they are doing that is working, and identify which needs they are not meeting.”
From Stimulus Check to Seven Figure Business
In 2019, Diop was laid off from her job. After applying to over 50 jobs and seeing no progress, she realized it was time to take full ownership of her career to support her family.
Unfortunately, the pandemic made job hunting even more challenging. After a year of being unemployed, Diop flirted with the idea of entrepreneurship. Managing a family on top of funding startup costs seemed impossible during a pandemic.
Fortunately, the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) provided relief that helped millions of families cope during the pandemic: stimulus checks. This financial boost was exactly what Diop needed to invest in her business.
“You can either build someone else’s dream your whole life or start to build your own,” Diop posted on Instagram.
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Diop used her stimulus funds to invest in good lighting, a website, and graphic design tools. She spent $170 on two ring lights, $145 to purchase her domain name and hosting, and $120 for a Canva pro membership. Diop built her own website to save money on marketing expenses.
Launching a Million Dollar Coaching Business
After Diop did her research and invested in the right products, she was ready to execute her strategy. Known as “Ellie Talks Money” on social media, Diop has accumulated over 160,000 followers. She’s a business coach in Los Angeles who has garnered attention by identifying knowledge gaps on social media and developing the solutions in a creative way. Over the last year, she’s helped millennials start businesses, understand business credit, and gain access to grants.
“I saw a lot of unanswered questions,” Diop told Business Insider. “So many business coaches were either men or single women without kids or women in a relationship without kids. I did not see anyone who could offer my point of view, so I decided to become that person.”