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Small Business Credit Profiles

Banishing insecurities and embracing success

Taking matters into her own hands, Daisy Jing created Banish – a natural skincare product line

Summary

The skincare line, Banish, is a multimillion-dollar production and founder Daisy Jing has been featured in Forbes and had her own TEDx Talk. Here’s how credit cards help her run the business so there are no bumps – for anyone.

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Daisy Jing

Daisy Jing

Can acne be an asset? It was for Daisy Jing. This young entrepreneur founded Banish, a natural skincare line developed to combat the types of skin eruptions that plague countless individuals.

“I realized that many current skincare ingredients, such as fragrances or fillers, break out my skin – so I created my own products in my kitchen,” says Jing.

“There was never really a moment when I decided to start a skincare business, I never read entrepreneurial books or made a business plan. It kind of just happened because I wanted to solve the problem for my own skin, and I couldn’t find the solution out there. When I did, I documented my struggle on my YouTube channel. Eventually, my followers saw my great results and encouraged me to launch my own business. Now we are a diverse team focused on inspiring confidence in others.”

Today, Banish is a multimillion-dollar business. Jing was included in Forbes 30 under 30, and she recently shared her experience at a TEDx event.

Her smart use of credit cards, then and now, has helped her soar to where she is today.

See related: How credit and creativity were sewn together for success

How did you start out?

Banish

I had already built a dedicated social following, so it was fairly natural to start selling my own products online. I have over 700 videos on YouTube with over 70 million views about skincare, so I know quite a bit about the beauty industry and skincare in general!

In the beginning, we had a hard time reaching influencers, though, and they’re important in this business. They get too many requests, so a lot of mine were filtered out.

So, last year, we put more effort in reaching micro-influencers with a big following, good content and great marketing skills.

This year, we are focusing on real stories from our customers. We noticed that this tactic actually works. Whether big or small – as long as we are authentic – we have a big impact.

More difficulty came when scaling the business. I think in the beginning, it’s all about getting things done and being productive. But the next step is learning how to manage and lead employees, how to hire really amazing people and be more strategic.

At first, I was in the “get things done” mode, but I’m trying to transition into a more strategic way of operating.

Any unexpected financial problems you had to overcome?

Yes! One of the most difficult things was having $50,000 worth of inventory completely destroyed because I didn’t have the right paperwork to get it approved.

At the time, I didn’t know what I was doing. I thought I was going to fail, that I was so naive for thinking I could start something on my own.

But the biggest thing that kept me going was to focus on the next step, placing one foot in front of the other and staying focused on my vision instead of worrying about what would happen in the future.

How have you used credit cards for the business?

To start the business, my grandma gave me some money and I used savings from my first job, but I also purchased supplies on a credit card.

Today, credit cards help me run the business. With them, I can buy things and pay for them over a 30-day term with no interest added.

For me, credit cards shouldn’t be used for borrowing money. They are used for convenience and a better way to spend money with the bonus points I collect. I redeem those points for tickets and other items – for both personal and business use.

I also transfer my rewards to travel partners and use them to book flights or for upgrades. It’s cheaper to buy flights using points than cash – especially for last minute bookings.

I put different types of purchases on different types of credit cards. I really like the cards that give me 3 points per dollar on flights and business expenses, which are the American Express® Gold Card and the Ink Business Preferred Credit Card from Chase.

I use the Gold Card for Facebook and digital marketing and the Chase Business Preferred for shipping expenses. I also have The Platinum Card® from American Express that I use for travel and lounge access.

It’s important to me that I keep track of what I’m spending on the cards. So to stay debt-free, I just autopay.

What are the future plans for the business?

I plan to come up with more exciting and innovative products that will empower women to feel good about themselves. I dream to see my team grow and for more customers to be motivated and engaged.

Any lessons you’ve learned about starting and running a business that you can share?

Entrepreneurship is about taking risks and giving up everything to do what you believe in.

The shift in mindset can be quite hard, but you have to cross over from focusing on security to focusing on creativity instead. If you can do that, a new world full of opportunities will appear!

You also have to take care of yourself. Avoid getting sick at all costs. Eat fruits and vegetables, take your vitamin C and get enough sleep.

Everyone thinks that if you’re an entrepreneur, you must be very busy, like work for 20 hours a day. That’s not sustainable – or even possible. There’s no way anyone can do that and still be in good shape. Prioritize your health because without it, you won’t be able to create wealth or even enjoy it.

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The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Small Business Credit Profiles

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