Interior Design Business Podcasts - Episode 40
Interior Design Business Podcasts Episode 40 - December 13, 2022
Just 2 interior design podcasts to share today :)
Happy listening…
A Well-Designed Business - LuAnn Nigara - Paul Mencel: Rockstar Advice, From a Real Life Rockstar On Running a Profitable Business - 54 min
Business Building By Design - Emily Janzen McGrath - Distractions In Your Business & Other Sparkly Things - 13 min
A Well-Designed Business - Paul Mencel: Rockstar Advice, From a Real Life Rockstar On Running a Profitable Business - 54 min
In today’s episode, host LuAnn Nigara is joined by Paul Mencel, a former rock star and the craftsman/entrepreneur behind the gorgeous handmade furnishings at Philadelphia Table Company. What started as a side job between his music tours has grown into a seven-figure business, and Paul is here to tell us how important it is to hire wisely, pay attention to the business end of operations, and price your goods and services appropriately in order to remain profitable.
Paul believes in asking for help when you need it, learning from your mistakes, and the power of mindset. He says that everything he knows about business he learned by being a rockstar, so this is a really fun conversation.
Highlights
[4:28] Paul talks about being a working musician and starting his woodworking business to support himself in between tours and gigs, explaining how the business has grown to a team of six with Paul admitting he is now the least talented member of the team.
[9:10] Paul talks about learning and growing the business through trial and error, and how skills he learned during his career as a rock star transferred into his current business
[15:00] LuAnn explains about learning from mistakes instead of processing them as failures, prompting Paul to tell the story of his $100K “business school lesson”
[19:30] Paul and LuAnn discuss sustainable pricing, being willing to accept “no”, and knowing your value and worth
[29:35] Paul explains the abundance theory, relating his mindset shifts around the uniqueness and luxury of his products, his responsibility to his employees, and how these are both important parts of his pricing structure
[38:20] LuAnn shares her own perspective on the importance of operating within sustainable profit margins
LuAnn Nigara and Paul Mencel's Ah-Ha Moments
“We're trying to build something that's bigger than ourselves. And in order to do that, we need to hire people that are bigger than ourselves. So I give my team a ton of credit.” – Paul Mencel
“You kind of have to stay humble and admit what you don't know. And really just kind of ask for help when you need it.” – Paul Mencel
“That's how I was brought up too. Anytime I like made a mistake, or something, my dad would be like, well, that's a $500 lesson on how to not pop your tire…this is a $5,000 lesson in, you know, not to use this type of wood again.” - Paul Mencel
“The through line, the result [of getting more “no’s” than you are used to] is that the yes’s are your ideal client and they have a better appreciation, and they probably are much more enjoyable to work with.” – LuAnn Nigara
You can check out this podcast episode here:
Business Building By Design - Distractions In Your Business & Other Sparkly Things - 13 min
As we approach the Christmas season, there are so many things that can be distractions…Whether it be parties, meeting end of year goals to get that bonus or just thinking, whew, I need to be doing something else with my life!
Host Emily Janzen McGrath is here to tell us that distractions in your business are real and can quickly have you spinning in the glitter.
Here are some of her tips to help you stay focused:
Keeping your work flow consistent – Yes some of us like to take off during the holidays to be with family or just for a much needed break. But let me tell you to plan for this! If you know you’re going to be off for a week or maybe even 2! Plan ahead! Batch some of your projects, make sure your team knows and they are equipped to handle things in your absence.
Stay focused! – This is something that is particularly difficult for me. I love all the pretty sparkles and I LOVE to try new things. So this can be quite difficult when I am working toward a goal. You may think that I’m silly or think, “you really have to do that!” But, yes I am a very visual person so I post and write my goals EVERYWHERE!! I write them in my journal over and over, I pin pictures in my phone, I create albums in my phone, I tape them to my dash in my car or to my mirror in my bathroom. Maybe you’re really great at staying focused or you have a technique that works for you (and I would love to hear how you handle staying focused). This is what helps me!
Stay connected – Staying connected to your mentor or business coach can also keep you on track. Run ideas and opportunities by them. Sometimes having someone from the outside looking in is a great way to “see” what’s right in front of you. Even opportunities that are to good to be true are sometimes not what is right for us at this particular moment. I can remember when I had my shop, I was killing it! I had an investor from out of town want me to open another location and I’m telling you that the offer was almost to good to turn down. But after prayer and thinking long and hard, it was going to put a strain on me and my family, not to mention my other shop. It literally made me cringe to turn it down, but in the end it was the best thing for me, my family and my business.
Meditation, Prayer and Self Reflection – If you don’t hear me say anything else, hear me now!! Meditation, prayer, and self-reflection are a MUST for anyone! Whichever you choose, I do all 3, take some time to meditate on your thoughts; pray, pray, pray; and take time to reflect. Reflection can be done daily, but also take a look back each month at your business, then each quarter, then each year. I keep a personal journal as well as a business journal. I also keep my date books (which I write notes, things I should have done and other thoughts) so that I can revisit them to increase my productivity the following year.
You can check out this podcast episode here:
