Podcast Summary
From small spa beginnings to building multiple successful businesses: Determination and resilience led Marcia Kilgore to build multiple successful businesses in various industries, starting from a small spa and offering facials in a rented room.
Marcia Kilgore, a Canadian entrepreneur, has had a successful career spanning over 30 years. She started her journey in New York in 1992 by offering facials and eventually opened a small spa called "Let's Face It." In 1996, she founded Bliss Spa, which she sold to LVMH in 1999 and then to Starwood Hotel Group in 2004. She also started Soap and Glory, Fit Flop, Soaper Duper, and Beauty Pie. Marcia's experiences with Bliss taught her the importance of building a successful brand. Before Bliss, she had a small spa and started offering facials in a rented room. She was born in Outlook, Saskatchewan, Canada, and came to New York to attend Columbia University but had to drop out due to payment issues. Instead, she worked as a personal trainer and bodybuilder. Marcia's determination and resilience led her to build multiple successful businesses in various industries. Her latest venture, Beauty Pie, is a disruptive buyers club for lovers of luxury cosmetics.
From weightlifting novice to entrepreneur: Starting with good technique is crucial, but continuous learning and adaptation are necessary for growth and success in various ventures.
Starting with good technique is crucial in any endeavor, but evolution and adaptation are necessary for growth. The speaker began as a novice in weightlifting, focusing only on the upper body. Through experience and learning from others, they recognized the importance of proper technique and evolved into a personal trainer. Later, they identified a personal need for skin treatments and turned it into a business, starting from scratch and building organically. Throughout their journey, they've been an entrepreneur at heart, starting with odd jobs as a kid and continuing into adulthood. The themes of technique, evolution, and entrepreneurship have remained consistent in their four businesses.
Overcoming adversity shapes success: Adversity can lead to resilience and determination, shaping individuals into successful entrepreneurs. Word-of-mouth and media coverage can help grow businesses.
Adversity can be a catalyst for success. Marcia's father's passing at a young age forced her to learn resilience and figure things out on her own. This experience shaped her into a strong and determined individual. The adversity she faced with the long waiting list at her facial business led her to expand and open Bliss, a spa aimed at providing clients a moment of bliss in their busy lives. The success of Bliss came from a combination of word-of-mouth and media coverage, particularly from magazines. Despite the challenges, Marcia continued to expand the business, opening more rooms and securing more press coverage. Through it all, she remained focused on providing the best experience possible for her clients.
Growing a business without external funding: Entrepreneurs can build successful businesses by focusing on frugality, hard work, and staying true to themselves, even without external funding.
Executing on your hopes and dreams, even without external funding, can lead to building a successful and enduring business. Marcia Kilgore, the founder of Bliss, shared her experience of growing her company during the late 1990s New York startup boom without borrowing any capital. She emphasized the importance of frugality, hard work, and staying true to herself, even when faced with offers from larger companies. Kilgore's story underscores the idea that entrepreneurs don't need to live extravagantly or pour all their profits back into their businesses. Instead, they should focus on building something that resonates with people and is timeless. The memory of her modest living conditions while growing Bliss still brings her joy, and she encourages entrepreneurs to prioritize their own needs and sacrifices over external validation.
Choices and Sacrifices for Success: Success requires intentional decisions and a willingness to prioritize what truly matters, with no shortcut to achievement except hard work and sacrifice.
Success in life and business comes with making choices and sacrifices. The speaker emphasized the importance of water pressure and wifi in his personal life, and shared his experience of buying real estate in Brooklyn when it was up and coming. When asked for advice for aspiring entrepreneurs, he emphasized that there is no shortcut to success and that one must work hard and sacrifice. He recommended the book "The Road Less Traveled" to illustrate the point that every choice comes with the sacrifice of not being able to do something else. Ultimately, the speaker's message is that success requires intentional decisions and a willingness to prioritize what truly matters.
Understanding the sacrifices involved in making choices: Making meaningful choices and living authentically requires acknowledging the sacrifices involved and approaching every interaction with sincerity and generosity.
Every choice comes with a sacrifice, and it's essential to understand this before making decisions. For instance, starting a business might mean giving up a glamorous lifestyle or social life. Similarly, selling something requires believing in it enough to buy it for yourself. The current state of entrepreneurship might seem glamorous, but the freedom and authenticity of making your own decisions can outweigh the potential financial rewards. Giving without expectation is a powerful tool, but it requires genuine selflessness and practice. In essence, making meaningful choices and living authentically requires understanding the sacrifices involved and approaching every interaction with sincerity and generosity.
Buying luxury products directly from the source: Beauty Pie's unique business model offers consumers access to luxury beauty products at lower costs by cutting out retailers, marketing, and middlemen, providing transparency and authenticity.
Beauty Pie, a buyer's club for luxury beauty products, offers consumers a unique value proposition by allowing them to buy directly from the source without the added costs of retailers, marketing, and middlemen. This model, which is similar to Costco but focuses on luxury items, provides transparency by showing customers the exact cost of making the product. Members pay for a membership that covers the brand's margin, providing access to high-end products at a lower cost. The speaker, Marcia Kilgore, emphasized that this model is not about discounts but about authenticity and transparency. By eliminating the middlemen and providing clear pricing information, Beauty Pie offers consumers a fair exchange and a more satisfying shopping experience.
Transparency and Value: Keys to Business Success: Transparent pricing and offering value to customers can lead to a loyal customer base and successful business model. Use membership models, first-party data, and negotiations to pass savings onto customers and provide additional perks.
Transparency in pricing and providing value to customers can lead to a successful business model. The speaker, who has experience in the cosmetics industry and runs a wine business, emphasizes the importance of knowing the true cost of products and passing those savings onto consumers. This can be achieved through a membership model, which allows for better pricing and access to exclusive products. The business can then use its large customer base and first-party data to negotiate better deals and offer additional perks like events and exclusive access. This approach not only benefits the business but also creates a loyal customer base. The speaker's experience starting a business in the UK and dealing with initial skepticism from customers who assumed lower prices meant lower quality, highlights the importance of educating customers about the true cost of goods and the value they are receiving. The speaker also shares his advice for a young caller who is considering joining the military to pay for college and start a business later. He encourages the caller to explore different options and consider the long-term benefits of each path. Overall, the discussion emphasizes the importance of transparency, value, and customer loyalty in building a successful business.
Is college worth it without a clear goal?: Considering military to pay for college? Have a clear goal before committing. Companies don't always require degrees. Try jobs, find what you enjoy, then decide on college.
Going to college just for the sake of having a degree may not be worth the investment, especially if you're considering joining the military to pay for it. The speaker argues that you should have a clear idea of what you want to do before committing to college, and that there are alternative ways to gain skills and experience. He also points out that many companies no longer require a college degree and that you can even find jobs through social media. The military, while providing valuable training, is a significant commitment and comes with risks. Instead, the speaker suggests trying different jobs and finding out what you enjoy doing before deciding to go to college. Ultimately, it's important to have a clear reason for pursuing higher education and not to be swayed by societal pressure or perception.
The Importance of Self-Awareness: Stay independent as long as possible, self-awareness is crucial, and the value of a college degree is decreasing.
While education, entrepreneurship, and the military all have their merits, self-awareness is the most valuable asset. Gary Vaynerchuk expressed his love for various paths, including the military and entrepreneurship, but emphasized the importance of self-awareness. He argued that the value of a college degree is decreasing and that staying independent as long as possible is crucial. When it comes to funding a business, he and Marcy both advocated for using one's own resources as long as possible, as it fosters responsibility and strategic thinking. The allure of external funding can lead to wasteful behavior, and the longer one operates on their own money, the more valuable it becomes.
The Importance of Perseverance and Independence in Building a Business: Persevering through challenges and staying independent can lead to exponential growth and meaningful value creation in business. Not every business needs external investment, and alternative methods like saving money and self-reliance can be effective.
Perseverance and independence are key to building a successful business. The speaker shares his experience of struggling for a year to get his platform going and making sales, but encourages himself and others to keep going and not give up. He emphasizes that suffering for another year could lead to exponential growth and independence allows for more meaningful value creation. The speaker also shares his perspective that not every business needs external investment and that there are alternative ways to build a business, such as saving money and figuring things out on your own. The speaker and interlocutor connect on their shared practicality and the importance of having a clear north star or goal for their businesses. The meaning of life and business can be interpreted in different ways, but having a clear direction and persevering through challenges are essential for success.
Embracing the journey of growth and evolution: Focusing on the love for the process of personal growth and helping others, rather than external validation, leads to a fulfilling life.
Enjoying the process of growth and evolution, rather than the end result, is the key to a fulfilling life according to the speaker. They emphasized that they don't care about trophies or external validation, but rather the love for the journey and the struggles that come with it. The speaker also shared their admiration for individuals and initiatives that make things easier for others and lift them up. They mentioned Robert Smith's work on paying off student loans as an example. The speaker also shared their love for AirPods, despite the criticisms against them. They consume content, particularly TED talks and podcasts like "How I Built This" and "Freakonomics," and recommend Ray Dalio's book for entrepreneurs. Overall, the speaker's mindset is focused on personal growth, helping others, and finding joy in the process.
