Building a Business Step by Step Ch. 7: Verify the Business Model

Building a Business Step by Step Ch. 7: Verify the Business Model
Category: Interviews
Author: Jon Eckhardt
Tags: Startups
Published: November 28, 2021
Updated: June 28, 2024
Views: 70867
Downloads: Full Article PDF

 

EIX is featuring interviews that explore the principles outlined in Steve Blank and Bob Dorf's book, "The Startup Owners Manual: The Step-by-Step Guide for Building a Great Company." This discussion with Jennifer Lane and Priyanka Jarh, co-founders of the Laquerus nail salon, focuses on Chapter 7: Verify the Business Model and Pivot or Proceed.

The two co-founders turned down job offers and suspended their MBA programs (which they later finished) to start their Madison, Wisconsin-based salon, which combines the accessibility of inexpensive salons with the pampered setting of a high-end salon, all at a good price point. They talked with potential customers before the launch to find out what they liked and disliked about getting their nails done. Based on feedback, they tweaked the original model to incorporate services that don't use water or toxic chemicals, that offer appointments with no waiting, and that prioritize safety and hygienic processes. The salon, located on the University of Wisconsin campus, today is a destination for students, local professionals and young moms. Lane and Jarh are considering opening more salons.

In this video interview and podcast Lane and Jarh talk about how their business evolved and what comes next.

 

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Jon Eckhardt
Jon Eckhardt
Richard M. Schulze Family Foundation Distinguished Professor / Wisconsin School of Business & Wisconsin Institute for Discovery / University of Wisconsin-Madison
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Cite this Article
DOI: 10.32617/719-61a3be417a0ce
Eckhardt, Jon. "Building a Business Step by Step Ch. 7: Verify the Business Model." FamilyBusiness.org. 28 Nov. 2021. Web 17 Jul. 2024 <https://eiexchange.com/content/Building-a-company-step-by-step-ch-7-verify-the-business-model>.
Eckhardt, J. (2021, November 28). Building a business step by step ch. 7: verify the business model. FamilyBusiness.org. Retrieved July 17, 2024, from https://eiexchange.com/content/Building-a-company-step-by-step-ch-7-verify-the-business-model