From $5,000 to Billion-Dollar Shapewear Empire: The Inspiring Story of Spanx’s Sara Blakely
The Start of Spanx
- Sara Blakely, the ingenious mind behind Spanx, turned her modest earnings of $5,000 from selling fax machines into a world-renowned shapewear brand. By keeping her concept under wraps initially, working tirelessly in department stores, and never accepting outside investors, she built the Spanx brand on her own terms. Her unconventional, innovative approach eventually brought her a staggering $1.2 billion payday when she sold her company in 2021.
Betting on Herself
Aspiring entrepreneurs aiming to create the next big thing must make numerous bets—including on their idea, the founding team, and even the business name. But for Sara Blakely, the ultimate gamble was believing in herself.
The Power of Storytelling
“Never underestimate the power of storytelling. You are your greatest competitive advantage,” Blakely shared with Fortune. This belief enabled her to convert her $5,000 savings from selling fax machines into a $1.2 billion dollar shapewear empire for women.
Keeping Ideas Secret
In the early days of Spanx, Blakely was careful to conceal her idea—even from her nearest and dearest. She shared with the School of Hard Knocks in an interview, “Ideas are the most vulnerable in the moment you have them. I waited a year before I told any friends or family what I was working on because I didn’t want to involve my ego too soon.”
Building a $1.2 Billion Empire with ‘Unhinged’ Tactics
Blakely didn’t let the lack of initial support dampen her spirits. Her self-belief ultimately bore massive fruits. Over two decades, she transformed Spanx into a globally recognized brand with zero external investment. The eventual sale in 2021 reaped a phenomenal $1.2 billion—a 240,000x return on her initial $5,000 investment.
Getting Noticed
Blakely isn’t shy about sharing her struggles in establishing her business; She took unique measures to get her brand noticed. In her early days, this meant personally marching into Neiman Marcus stores and moving her product closer to the checkout counter. Despite not having the authority to do so, it didn’t stop her. “I always say, ask for forgiveness, not permission,” she expressed.