I’m sure most people are aware that starting your own business is not going to be an easy ride. For celebrities though, this experience should be a lot smoother-or so you would think. Celebs tend to already have the capital to establish a start-up, they have contacts in the business and media world to help them out and to create some awareness of what they are doing, and they should have an in depth knowledge of the industry in which their business is going to be.
The perfect foundations from which to build a successful business then, right?
Although a lot of celebrities have turned their hand to the business world with great aplomb, there are so many more that have fallen flat on their face as if they’d caught their heel in their dress whilst walking the red carpet. A combination of a lack of business nous, sky-high expectations and fundamentally bad ideas meant that these celebrities’ business ideas were left floating helplessly in an icy sea like a scene from Titanic.
Here’s how not to do it:
In 2002 Britney decided she wasn’t content with success in the pop world and thought she would try to conquer the gastronomy world too. The restaurant was in the Dylan hotel in Manhattan and rather strangely served food that was a mash up of New York and Louisiana cuisine, hence the name Nyla.
I mean, who doesn’t like southern fried pizza? Not surprisingly, the adventure didn’t last long as health violations and bad reviews lead to Britney severing all ties with the business just six months after laying name to it.
I’m sure I’m not the only person to not quite know why these sisters are so famous but I’m one million per cent sure that it’s not because of their knowledge of the finance industry, and you will be too after reading this. 4 years ago they bizarrely tried to enter this industry by launching a prepaid debit card known as the ‘Kardashian Kard’.
I know, right. How could this fail? Well it did. Unreasonably high fees, which the girls claimed to have known nothing about, and the fact that it was criticised for being aimed at a young market meant that the sisters had no choice but to cancel their contract.
In recent years the name Hilton has become more synonymous with debauchery, tiny dogs and well, being famous for no reason; but the most successful thing to come out of the Hilton family is undoubtedly their chain of hotels. With this in mind, when Nicky Hilton (sister of Paris) announced she was starting a business in the form of another hotel franchise, Nicky-O Hotels, everybody held their collected breath in anticipation of another prosperous business.
However, it never even opened its doors to the public. Despite hiring Italian fashion designer Roberto Cavalli to design the suites and planning an opening to coincide with the super bowl, the project filed for bankruptcy in 2007 with the developers claiming that Nicky neglected her contractual duties to promote the enterprise.
This is possibly the most outlandish and incomprehensible business venture on the list and was always doomed to failure. In 1989 the former Bond girl made the bizarre decision to buy a whole town with the view of turning it into a tourist attraction.
The town in the frame was Braselton in North Georgia, USA and it cost Basinger and her investors around 20 million dollars to acquire. It soon became apparent though that the project was futile as the actress found it difficult to transfer her ideas from her head into reality. There was no other option but to sell the plot, netting Kim and her associates a shocking 19 million dollar loss.
Starting your own business is always going to be hard but some of these celebs obviously missunderestomated the extent of this fact. It turns out just being well known isn’t enough to make it in the business world; who knew?
Can you think of any more examples of celebrity business ideas that have flopped? Post your comments below.
Guest Author: Chris Mayhew writes here on behalf of New Business. Visit their website to see the vast range of business related advice they have on offer, from legal to accounting and much, much more.