The opinions expressed by Entrepreneur authors are their very own.
CBD can provide relief from stress, heart disease, and pain, among other advantages CBD sales are almost $5 billion in the US itself. Still, people have questions about how to use it and why it works. So for this episode of The CEO Series, I sat down with Coco MeersCEO and co-founder of the company Balancea women-focused company specializing in CBD products for answers about its products and its role in the industry.
“We love focusing on women because CBD helps restore balance in the body,” Meers told me. “And name a woman who balances only one thing? Our task is to explain this mystery to them and help them live higher. That’s why Equilibria exists.”
Watch the video above to hear her insights on the company’s mission and growth, and read below for highlights from this conversation, which have been edited for length and clarity.
Business breakdown
“Equilibria is a 360-degree wellness platform for women. We connect premium products to wellness goals reminiscent of sleep, stress, balance and mood. More importantly, we connect them with a certified wellness coach who ensures they use these products appropriately. CBD is an incredibly effective functional ingredient. Instead of being a cure for the body, it actually treats the root cause.
Creating company culture
“If there’s one thing we do, it’s help our members know that it’s okay to not feel good. As CEO and co-founder, we have the privilege and responsibility of creating a culture of support. We have created great systems and processes for asynchronous, highly autonomous work, so people can work in their own way and on their own time. I’m really proud of it. Being a mother makes me a much better leader and a much more empathetic founder. I’m much more patient. I am not an effective leader if I do not have contact with children. When I’m at home, I put my phone down and take meaningful technology breaks for bedtime or for family dinner, I’m present with my kids, and when I get that time, my batteries refill.
CBD as a lifestyle
“We introduced the idea early on that wellness is not just about products. Wellness is a lifestyle. Wellness is education. Wellness is about understanding how these ingredients work in the body and why they are important. It gives you a sense of empowerment to create your own decisions about your wellness journey. As a wellness company, I take the mission very, very seriously. This is what we do when we get up. We are a data-driven, science-backed product company. We are seeing more and more companies starting to introduce service platforms like ours that educate their members. We are happy that education is important in this industry. Should I start with 10 milligrams or 100? Should I use a patch, soft gel, or oil under my tongue? There are a huge number of questions about how to incorporate a functional ingredient into your wellness routine.”
Advice for CEOs and founders
“Optimize for profits reasonably than profits. This is not rocket science. Unit economics must be your motto morning, afternoon and evening. Can you get a customer for lower than you make from them the first time? If not, are you sure you’ll bring them back to generate profit. It’s extremely difficult to acquire and retain clients in a nice and lasting way, so chances are you’ll fall in love with your model, but make sure you are each in love with it? your heart and your head are aligned and that the model you are in love with is one whose unit economics will work now and in the future.
Advice for your younger self
“I wish I had known when I started in the business how to ride the lows a little higher and the highs a little lower. Just when you think everything is going well, you feel the hockey stick and you’re on top – see, back off because there’s something lurking just around the corner. And it’s when you’re in the depths of despair and your entire team is gathered around a room in the boardroom brainstorming because something is terribly wrong, I promise you that you will do your best. The idea of many things is beyond our control The only thing we can do every day is maintain the culture, keep everyone aligned around one vision, one mission, and focus heavily on data to make sure that our valuable time and resources are on track with a plan. forward against this mission.”