When you first see those names, several movies and television shows probably come to mind. We could list dozens of additional actors and actresses that are well-known for their famous roles and Hollywood credits.
But, the names above, along with many more, are also associated with everything from gin and tequila to diapers and restaurants.
It’s not uncommon for celebrities to have major business empires. Typically, it’s not because they need the extra money or want some kind of “side gig.” Rather, they get into different business endeavors because they’re passionate about certain things. Once you get Ryan Reynolds talking about his gin, for example, you’ll see that for yourself.
One of the reasons why it’s so easy for famous people to start successful businesses is because they have the funding to do so.”
But, do actors and actresses actually make good entrepreneurs? The answer is almost always “yes”. There’s a reason why so many of their businesses are successful.
They’ve Got the Capital
One of the reasons why it’s so easy for famous people to start successful businesses is because they have the funding to do so. When it comes to starting a business, everyone has to go through the same steps, including:
- Having a solid plan
- Gaining funding
- Registering the business
- Creating checklists of what’s needed
- Tracking data
- Learning and growing their skillsets
For most actors and actresses, money isn’t a problem. They can either pay for the startup costs themselves, easily get a business loan, or count on help from their celebrity friends to support their endeavor.
Getting enough money to start a business is one of the major challenges people face, so when it’s not an object, it’s easy for an empire to get off the ground quickly.
That doesn’t mean that actors don’t have to weigh out the potential risks of starting a business. No matter what type of industry they’re in, chances are they won’t be there 24/7 managing everything themselves. So, they still have to consider everything from physical risks to location issues. Several celebrity businesses have failed, despite having the funding to get them off the ground. Just ask Lindsay Lohan about her beach house…
They’re an Established Brand
Most actors and actresses are known for specific things. Most are associated with certain films or television shows (although Lindsay Lohan might be known for other things). In this world of social media, they might also be known for working with different companies and organizations. Essentially, every celebrity is a walking brand.
Many actors and actresses are also becoming known as great business and community leaders. They have to be able to manage their acting careers by making smart decisions and not letting themselves get “walked on” within the industry.
Those leadership skills are great for boosting their brand even more, especially when it comes to business endeavors or becoming entrepreneurs.
Take Jennifer Aniston, for example. She’ll always be known as Rachel on “Friends,” but over the years, she’s been a spokesperson for St. Jude’s Research Hospital, as well as other charities and organizations. Most notably, however, she’s been a beauty icon in the industry for decades. There was even a haircut named after her character. This year, she launched her own beauty brand, LolaVie.
Aniston has spent years establishing who she is in Hollywood. Since so many people trust her (and would kill for her skin tone), her business is more likely to be successful, because it’s associated with her personal “brand”.
They’ve Got Juggling Skills
Actors have to wear many hats — sometimes literally and figuratively.
Entrepreneurs also have to wear many hats, juggle several things at once, and know how to manage people.
Notice the crossover?
Actors already have many of the skills necessary to own and operate a business. That doesn’t mean they shouldn’t hone in on them and get the proper education, but things like networking and marketing should already be in a celebrity’s wheelhouse. Some of the most important skills for running a business include:
- Time management
- Strategic thinking
- Communication
- Resiliency
- Efficiency
Again, see some similarities? Actors need to use almost all of those skills both while shooting a film or show, and when it comes to managing their brand to the public. They know how to manage their time effectively to get as much done as possible, they are typically great communicators, and every actor has to be resilient, or they would never keep auditioning for things after getting rejected.
Does every actor or actress have what it takes to be entrepreneurs? Probably not. But, those who truly want to be entrepreneurs can lean on their skills, their finances, and their fanbase to be successful from the start. Chances are, some of your favorite brands have famous faces behind them and you may not even realize it. Do a little digging to see which actors own major corporations, and now you won’t be as surprised to find out why they’re so successful.
Article contributed by Frankie Wallace.
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