Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Facing Success: Creating a Multi-Million Dollar Business During Tough Economic Times
    Facing Success: Creating a Multi-Million Dollar Business During Tough Economic Times
    Facing Success: Creating a Multi-Million Dollar Business During Tough Economic Times
    Ebook112 pages1 hour

    Facing Success: Creating a Multi-Million Dollar Business During Tough Economic Times

    By Kristy Murrow

    ()

    Read preview

    About this ebook

    It was 2009 and the country was caught up in a devastating economic downturn.

    Four savvy professionals with many successful businesses decided to take a risk and
    venture into an industry new to them. Unfortunately, all did not progress as hoped.

    Nonetheless, Kristy Murrow, a physician assistant, ex-school teacher and soldier bravely took over management as managing partner of Mariposa Medspa, the enterprise that had only been in operation for 18 months and had never made a profit. Before she could do so, however, she had to convince the owners to give her six months to turn things around instead of closing immediately as they’d planned.

    Her gamble, and efforts, paid off. In less than four years Mariposa was making millions
    annually.
    LanguageEnglish
    PublisherBookBaby
    Release dateJan 5, 2016
    ISBN9781483562858
    Facing Success: Creating a Multi-Million Dollar Business During Tough Economic Times

    Related to Facing Success

    Related ebooks

    Women in Business For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      The Rule Of 72 Can Help You Plan

      Sep 30, 2020

      Many people don’t appreciate the way super compounds, says financial planner Nicole Heales. “When I do projections for people I use the rule of 72, which says if you can make 7% on your money in a super fund it will double every 10 years. And that’s

      1 min read

    • Article

      Breaking Free From The Debt Cycle

      May 10, 2020

      — Have you ever felt absolutely overwhelmed by the burden of debt? You are not alone.  Debt is a pervasively significant stressor with household debt in the U.S. recently reaching record levels surpassing $14 trillion.  And while managing and reducin

      4 min read

    • Article

      How To Establish A Small Fashion Business

      Jan 7, 2021

      Imogen Driver and her sister Leonie Taibi have seen Little Cotton Clothes grow steadily since it was founded in 2016. They explain their approach… BELIEVE IN YOUR PRODUCT ‘We only make clothes we genuinely love,’ says Leonie. ‘Otherwise it’s hard to

      2 min read

    • Article

      Carving A Path To Success

      Oct 2, 2020

      Carving A Path To Success
      1 min read

    • Article

      Fund a Home Business!

      Oct 18, 2019

      Fund a Home Business!
      9 min read

    • Article

      AESTHETICS: PROS & CONS

      Sep 24, 2019

      AESTHETICS: PROS & CONS
      4 min read

    • Article

      So, You Want to Start a Foundation? Great!

      Jun 21, 2019

      For some business owners, the American dream is more than the freedom to achieve prosperity. To these entrepreneurs, it is the ability to have a real impact on individuals in meaningful ways. Often, they accomplish these goals by starting some kind o

      3 min read

    • Article

      Recovering After Birth

      Jul 22, 2019

      Recovering After Birth
      3 min read

    • Article

      The Profit Multiplier Strategy + Innovation

      Jun 26, 2019

      The Business Tornado, driven by the four buyer forces unpacked on page 4, is further impacted by a business landscape littered with low-growth or no-growth markets that are impacting the ability of companies to deliver sustainable profits. Profitabil

      2 min read

    • Article

      When Athletes Go From 0 to 60: Managing a Sudden Influx of Wealth

      Feb 21, 2019

      Professional athletes who manage wealth wisely understand it requires budgeting, planning, financial analysis and trustworthy experts in your corner. I tell my clients if they can be as disciplined with their money as they are with their athletic tra

      3 min read

    • Article

      7 Ways to Utilize Your Life Insurance Policy’s Cash Value

      Apr 23, 2021

      Permanent life insurance policies—like universal, variable and whole life—offer more than a death benefit. Some include cash value, which is a pool of money you can use while still alive.  If you’ve had a policy for years, the cash value could be con

      1 min read

    • Article

      Beating The Business Misfit Blues

      Oct 20, 2021

      Beating The Business Misfit Blues
      1 min read

    • Article

      Live Well For Longer

      Nov 4, 2020

      Live Well For Longer
      4 min read

    • Article

      Ayanda Borotho

      Jul 30, 2021

      Ayanda Borotho
      1 min read

    • Article

      Uber-izing Spa And Wellness

      Jun 1, 2017

      Uber-izing Spa And Wellness
      3 min read

    • Article

      How to BUILD A BEAUTY EMPIRE

      Oct 21, 2021

      How to BUILD A BEAUTY EMPIRE
      2 min read

    • Article

      Millionaire Secrets

      Nov 12, 2021

      Millionaire Secrets
      2 min read

    • Article

      Insider Tips

      Jul 9, 2020

      Insider Tips
      1 min read

    • Article

      Financial Wellbeing

      Jan 20, 2022

      Financial Wellbeing
      2 min read

    Related categories

    Reviews for Facing Success

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Facing Success - Kristy Murrow

      anyway!

      Chapter One

      SO MUCH TO CELEBRATE

      Our last guest had just left the building. After topping off our glasses, Tobi, Mariposa Medspa’s wonderful practice administrator, and I sank onto chairs in the lobby of our midtown Oklahoma City location and grinned at each other in triumph. She and I had worked overtime for weeks preparing for what is always our biggest occasion of the year. Now that it was over for 2012, we were both almost too tired to speak.

      However, we were far too happy—and much too grateful—not to recognize and celebrate the moment.

      We’d just hosted over 400 people for our fourth annual Client Appreciation Holiday Event. We started these come and go celebrations in 2009, the year I was hired as CEO at Mariposa Medspa and was lucky enough to bring Tobi with me from the practice where we’d met and first worked together.

      Every year I’m still surprised by how many people show up, I admitted as I eased my high heels off and rubbed my aching feet.

      I know, me too, Tobi said as she slouched back in her chair. Think we’ll have as many as 500 next year?

      I wouldn’t bet against it.

      People do love our gift bags.

      That they do, I agreed with a nod.

      But what’s not to like, we said simultaneously, making ourselves laugh.

      Free for every partygoer, our holiday gift bags are filled with products we sell at Mariposa. Each package typically holds items like make-up and skincare sample sets, plus a gift card for a specified amount off the regular price of our services, which include Botox injections and other aesthetic and cosmetic-related treatments.

      The gift bags for our parties are worth more than $250 each. Our guests often seem astounded when they peek inside and see everything we’re giving them. That night had been no exception. However, I was, and continue to be, convinced that this is a small price to pay for all the success we’ve enjoyed as a result of the patronage of the people who’d celebrated the holidays with us that evening.

      Many had used our services for several years. Some had been our clients for the entire time Tobi and I had been involved with the practice.

      Hard to believe, isn’t it, Tobi said to me with a smile as she looked around the room where the caterers were making a valiant effort to clean up after a party of epic proportions. If we hadn’t taken over when we did, this place would have closed five years ago due to a lack of business, without ever making a profit.

      Filled with emotion, it was all I could do to smile and nod. Tobi was absolutely right. Prior to our taking over management of Mariposa Medspa in January of 2009, its owners had planned to close up shop.

      Not a surprising decision since, up to that point, the practice had been hemorrhaging money. Their accounts payable had equaled approximately $150,000 for the entire sixteen months Mariposa was open before we stepped in. Yet they’d spent two to three times that amount purchasing equipment, setting up the facility and keeping the doors open.

      By comparison, we brought in over $450,000 during 2009 alone. Just five years later, by the end of 2013, we were a multi-million dollar enterprise.

      Recession…What Recession?

      People often ask me how we accomplished this type of growth during one of the toughest US economies since the Great Depression. Especially since everything we offer is elective.

      Trust me, I’m under no illusions. I fully understand our clients feel and look better with our products or services, but no one is going to die without them.

      My answer to the question of how we managed to flourish during tough economic times has always been that We chose not to participate in a recession!

      Please don’t misunderstand. I certainly don’t mean to downplay the fact that there were many people out of work or struggling financially during our early years. Still…well, I’ll explain exactly what I mean about our not participating in the recession in upcoming chapters.

      It Wasn’t All Champagne and Party Favors

      Another reason Tobi and I felt so blessed following our 2012 holiday party was because we both knew the incredible struggle it had been for us to reach this time of absolute success and celebration.

      The previous four years hadn’t been all parties and good times; far from it! As much as we’d enjoyed ourselves and were truly thankful for the many blessings and moments of grace we’d experienced along the way, we’d definitely faced our share of difficulties as well.

      These had included, but certainly weren’t limited to:

      •  Discovering embezzlement by a former employee that went undiscovered until we took over operations and had a chance to study the records.

      •  Sabotage by that same employee that resulted in our being unable to use the computer system or access records for the first few weeks we ran the business.

      •  One of the owners wanting us to expand into another location far earlier than we considered wise.

      •  Although the majority of our staff were and are WONDERFUL, some of the employees we hired after being in business a few years were a serious detriment to our practice.

      So Many Lessons, So Much Knowledge to Share

      It’s been said that we learn more from our mistakes and failures than we do from our successes. I don’t know if I agree with those sentiments completely, but I do believe that lessons come from everything we experience, good or bad.

      During my time at Mariposa Medspa, I’ve learned a great deal, both from the happy times and from those I fervently hope to never experience again.

      Part of my purpose in writing this book is to help others avoid the same pitfalls I fell into. I also want to help you, the reader, to replicate the successes we’ve enjoyed.

      Therefore, at the end of each chapter I’m including a Lessons I’ve Learned section that will highlight the knowledge I gained from my experiences. I hope you’ll carefully review these tips so you can learn what I now know, without having to experience the same things firsthand. This could save you a great deal of time, heartache and lost revenue along the way.

      After all, every one of us can benefit from some shortcuts in life. At the very least, whatever type of business you’re in or hope to someday operate I hope you’ll read and consider the advice I’ve offered. Those ideas you find of benefit, please take, modify for your personal needs and use.

      None of the suggestions I give in this book are brand new or likely to be something you’ve never heard before. After all, sound business advice has been pretty constant over the years, at least when it comes to non-technical, day-to-day operations.

      But good advice bears repeating, especially when it works. What I’ve included here for your review is what has worked for me…along with a heads up about what hasn’t. I hope you find learning both valuable.

      It took me several years to get to the point where I could personally face my own success. As I’ll explain later in this book, I believe it’s especially difficult for women to sometimes allow themselves to succeed. It’s my prayer this book will help you to do just that.

      Chapter Two

      AS ONE DOOR CLOSES, ANOTHER OPENS

      ONTO MARIPOSA

      A Going-Out-of-Business letter was my introduction to Mariposa Medspa. Its owners were offering the chance to purchase some of the facility’s assets and fixtures at a fraction of their value and original cost.

      Looking back, the timing couldn’t have been better.

      I’d spent the past year creating an aesthetics practice from the ground up. But, I’d just learned the partnership I’d originally been offered in that business wasn’t going to materialize as promised. So,

      Enjoying the preview?
      Page 1 of 1