GradStreet

UCLA was listing a cheap polyester gown for over 40 bucks. You wear it one day and you're done with it. No buy back, no rental. 40 bucks down the drain. After 4 years of bleeding money to this university, this is how they repay us? I was outraged. And as I looked into it, I learned that 40 bucks is actually on the low range of prices in this market. Universities are taking advantage of this haughty ceremony to force students into one last outrageous purchase on their way out the door. Seeing this reality, I had to do something about it.

As an entrepreneur, I've changed a lot over the years. I loved the ease and excitement of e-commerce. But now I'm focused on other things, namely recruiting. I've discovered a passion for helping my peers find meaningful work, and I'd like to explore that interest without anything holding me back!

• Exploring new college markets
• Coordinating with local ambassadors
• Responding to customer service inquiries
• Processing inventory before and after the season
• Running digital advertising campaigns

I spent the first three years tying it together, doing what doesn't scale to bring this business to the tipping point. The grunt work is done. Now it's time to expand nationwide. Within the last year, I've made scalability the top priority, and the future owner of GradStreet should do the same. The reality is that the product isn't a premium product. The margins are moderate. However, that reality is sweetened by the fact that this is a product that consumers need to buy. Graduation gowns are so ingrained in the culture of American academia that it can be counted on to persist year after year, regardless of changing tides in the economy or culture. As a business owner, you should paint with long broad strokes. Squeaky wheel markets should be avoided at all costs. It's very easy to get bogged down in minutia - instead keep your head up and focus on the long haul. There's nothing stopping this business from taking a huge chunk out of the old and dusty world of graduation regalia.

In my opinion, a successful owner of GradStreet is... (1) Organized: there's a lot to keep in mind here. Lots of different schools, different graduation dates, different sales channels. An organized leader can keep this under control and thrive in this context. (2) Creative: College businesses are about attention. How can you attract the attention and maintain it? How can you set yourself apart from competitors? (3) Ambitious: Graduation gowns is the bread and butter. What else can accompany that service? Accessories, photography, even career matching is within reach. I expect that these horizontal expansion opportunities will be thoroughly explored by the next owner.