While Nipsey Hussle may not be a household name to some, he’s a veteran emcee with an amazing discography. Nipsey’s also shown himself to be a shrewd businessman. Here are some lessons we’ve learned from him in the past few months.
1. Reinvest in your neighborhood
Nipsey and his crew used to hussle outside of a strip mall on Crenshaw. And, while their initial success was subverted by local police, shop owners, and other parties who would confiscate their product, or make them move their setup, it didn’t deter Nipsey and his team from coming back to their block and reinvesting it when they had the means to do so. Essentially, the renters became owners, and it worked because they know the area so well that they know the consumers and his/her needs.
2. Fans will Pay You Your Worth, So Put a Price on It — $1000 Album
In 2013 Nipsey did something unprecedented in the music world by offering his album Crenshaw to fans at the modest price of $100. At first glance, you’d think that fans would scoff at paying $100 for a CD, but Nipsey proved all of the doubters wrong by selling over 1,000 units; Now, if you’re like me and you suck at math, I’ll break it down to you.
Selling 1,000 CDs at $100 a piece means that Nipsey grossed $100,000 on his Crenshaw album. Moreover, when Nipsey decided to offer his next project for $1000 he sold 60 units and grossed 60k. Doing so shows the power of having a dedicated fan base. And more importantly, it shows that people will believe your art is worth buying if you believe it’s worth buying. So put a price on your product. Charge what you believe it’s worth, don’t settle for what you think they’ll pay.
3. Crypto-Currency is the Future: Follow coin
Unless you’ve been living under a rock, you’ve seen the news on various blogs about bitcoin and crypto-currency. While many people have been hesitant to invest in crypto-currency given its volatile nature Nipsey has been heavily involved in the crypto community and is even doing work with the brand Follow Coin.
Hearing Nip’s perspective on crypto-currency will, at the very least, make you want to learn more about blockchain. And with tons of info on blockchain currency out there, I suggest you start with the video above and move from there. After all, this article is about Nipsey, and he is a trusted source on these matters, right? Right.
4. Tech is the future
On the subject of Nipsey buying back the block, we have to acknowledge how innovative The Marathon Store is. Not only are consumers able to look at merchandise for color and fit, they are also able to interact with the tags, and even the wall in the front of the store to access premium content that’s ONLY AVAILABLE AT THE STORE.
The idea works because it does two things:
1. It drives store traffic which inevitably leads to more sales.
2. It allows Nipsey to connect with hardcore fans who visit the store specifically to interact with his content; creating that kind of relationship with fans will also lead to more revenue.
And that’s all folks. As you can see, Nipsey is a very shrewd businessman and an inspiration for rappers who hope to hop into the world of entrepreneurship. All it takes is that first step. Remember, it’s a marathon, not a sprint.
— SnobHop