Gwyneth Paltrow is one of the most recognizable actors in Hollywood, having appeared in films like Iron Man, Shallow Hal, and The Royal Tenenbaums. She is best known for her work on screen, but she has used her success as a springboard for other projects as well. In recent years, she has put a greater focus on her business pursuits.
Paltrow’s main business is Goop, a lifestyle company she founded in 2008. The brand started small and went from strength to strength, and now even has a Netflix series. Anyone wanting to start a lifestyle company should look to Paltrow’s Goop for inspiration.
Paltrow Founded Goop in 2008
Goop started off simple. Paltrow began a newsletter that would give readers advice about a variety of topics, centring on a healthy lifestyle. The information was built around new age concepts such as getting in touch with one’s inner self. Early readers were fans of Paltrow and her work, and they signed up to get an insight into the legendary actor’s daily life. It allowed people to model her behaviours and habits, while at the same time feeling closer to the star.
After gaining a lot of followers, the brand turned into a real eCommerce business. At that point, Goop collaborated with fashion brands and other companies, setting up pop-up stores, podcasts, and various other offshoots that allowed it to grow into a global brand. The Netflix series has helped it gain even more attention. The Goop Lab with Gwyneth Paltrow was released in 2020 and gave viewers a taste of the inner workings of the company. This also led to a spinoff, Sex, Love & Goop, which hit the platform in 2021 and gave Goop more exposure.
Small Businesses Can Learn a Lot from Goop
Starting a lifestyle business or eCommerce site is a highly viable career opportunity for women in 2022, and Paltrow’s business could act as a great model to follow for anyone who wants to pursue such a dream. One of the key things to learn is that she started off simple and gained a following before expanding. Indigo9Digital has commented on the incredible growth strategy that Goop used. The newsletter gathered pace quickly and had more than 150,000 subscribers in its first year. Within a decade, it had eight million. All the attention Paltrow got from this enabled her to easily market other aspects of the business.
Anyone aiming to start a new business should take note of this clever marketing strategy. It is important to start off simple and have a clear focus in the early days. Pick a niche for your business and master this first, attracting a large customer base that’s interested in it. From that point, it is much easier to expand. If you try to do too much too early, you may find that your business fails to take off at all.
There are various forward-thinking aspects about Goop that business owners should look to incorporate in their own companies. For example, Paltrow is a well-known advocate of cryptocurrency. The digital payment method is something that all online businesses should look to integrate, as it could well be the future of payments. According to a handy infographic from bitcoincasinowiz, thousands of retail stores are Bitcoin-ready, with Japan the furthest ahead in the world. Bitcoin’s rarity has been compared to gold, suggesting that it could play the same function in the economy as gold has for so many years. Businesses that accept it now could be well placed for the future.
The wellness industry is definitely a good sector to get into as well, and Paltrow’s success has highlighted that. According to McKinsey & Company, the market will be worth $1.5 trillion in the future. There are various branches of it, so you can easily pick an area to focus on in the early days of your business. Once established, you’ll be able to venture into different offshoots.
There’s no doubt that Paltrow’s success as an actor helped her company to gain attention in its early days, but that doesn’t mean that others can’t replicate her path. Thanks to social media, it’s easier than ever for anyone to gain a following online.