Every business requires the entrepreneur to put in countless hours of hard work because it is no easy task. It takes countless hours of sweat, sleepless nights and long-drawn flights and travels to make your dream a reality. Most entrepreneurs work harder than most of their employees to ensure the success of their company. Tradesy CEO Tracy DiNunzio remembers her early years, wherein she worked over 18 hours a day and gave out her bedroom on rent to make ends meet. The founder got candid about how she slept on her couch for months to make sure she is able to pay her bills on time. Here’s a look at how this woman grew Tradesy into the stellar success it is now!
Foundation Behind Tradesy
Before starting out with this endeavor, Tracy was an artist who was looking for a career change. In 2009, once she finalized her idea, she launched a trial version named Recycled Bride. She then taught herself how to manage a website, maintain a blog and even SEO Optimisation. As Tracy herself lived on a shoestring budget while trying to set up her fashion empire, she realized how important it is to be able to create a good wardrobe while on a budget. It is exactly this need that Tracy tried to fulfill with her company Tradesy.
The company essentially acts as a bridging platform between buyers and sellers, making it easy for women to buy and sell their clothes. The company handles all the logistics involved in such a trade, such as online payment, return, exchange, and even shipping. Tradesy’s growth was a result of several years of hard work and commitment, and it wasn’t easy by any means. Tracy grew the company on her own, from a one-person venture to a successful business that employs over 100 people and serves more than a million people. The best thing about this being that Tracy did all this within a meager span of three years.
Story Behind the Success
The first step for Tracy was identifying her strengths, weaknesses, and passions. She then looked for how she could use her strengths to capture market share and solve a problem that exists, and in this case, it was building a good wardrobe at a low price. So, from the get-go, Tracy’s primary goal has been to help women like herself dress well at affordable prices, and this is one thing that hasn’t changed, even when the company grew. Once she knew which problem she wanted to help solve, she began researching the fashion industry to understand the market better. She began to identify key interest areas, market trends, and opportunities for her business, thanks to her qualitative research. She also went out and spoke to women from around the country to understand their needs better, and to figure out how she better the consignment industry.
Biggest Factors for Success
Tracy grew Tradesy from zero to a 10-million-dollar company within three years, and she believes this was solely because of the hard work of her staff. Tracy believes that luck favors the tenacious, as she recalls early days wherein she worked 18-hours a day, trying to figure out how to run a digital business, without knowing much about web design and development. In order to save money, she rented out her bedroom and slept on the couch for months! The biggest challenge she faced was self-doubt and secondly, fiscal deficit as she didn’t have much money on her.
To manage her self-doubt, she broke down big tasks into smaller, more manageable ones so that she could channel her energy more positively. Furthermore, to earn more money, she sold her car and some of her clothes and even took up data entry jobs. Founder of Daily Candy, Dany Levy was Tradesy’s first investor, and over the years, she has become an integral mentor for Tracy. Another important guide was the man who handled Tradesy’s first investment round, Jim Andelman, who is involved with Rincon Venture Partners.
What started as a small project in 2012, has grown into a multi-million-dollar business headquartered in Santa Monica. The company raised over $75 million through funding, with Richard Branson being a major investor. They recently acquired Fitz, which helps with closet organizing and has launched the service in New York. Tracy plans on expanding the model to other states and even wants to try her hand at men’s and children’s clothing soon enough. Furthermore, they are expanding their listing, in an effort to make the experience more customer-friendly. With global sales amounting to over $1 billion, it is quite safe to say that Tradesy is here to stay for some time now, thanks to the grit, hard work and commitment of its leading lady.
Being a cinephile with a love for all things outdoorsy, Athulya never misses a chance to chase inspiring stories or poke fun at things, even when the subject is herself. Currently pursuing a degree in mechanical engineering, she is someone innately interested in technical and scientific research. Music reviews and op-eds define her as they allow her to explore different perspectives. Though sometimes she thinks she makes more sense playing the guitar than she does while writing.