467: Taylor Spellman: Hard Truths on Why You Need to Manage the 80% Business

Welcome to the show! We have another one of those rare shows today, where our guest bravely pulls back the curtain and talks to us openly about what it's like to be an entrepreneur, and to go through very tough times where everything is on the line. Taylor Spellman, the CEO and Creative Director of Taylor Spellman New York, previously appeared on the podcast in episode #106. She's back with us today to talk about an eye-opening lesson she recently learned about running a business. Taylor wanted to share this lesson with you so that you might not have to make the same mistake in your business. Tune in now, to learn something very important from Taylor. Taylor is a #smart lady, and she's really funny too! Her firm specializes in a concierge level of project management. At any one time in her business, Taylor has upwards of fifty million dollars of real estate interior architecture and design under her direction, as well as all the press and the Bravo TV shows that she has. Tune in today, to hear about the grave challenge that she recently faced and overcame. Show Highlights: Taylor explains what happened when LuAnn called to ask her to do LuAnn Live. Taylor talks about the things that caused the very difficult time that her business went through. Why you have to be very clear about what you want to do with your money. The importance of being prepared. Learning to trust the right people. Why you need to have a finger on all your accounting systems. There's a fine line between negligence and malicious intent, but the results are often the same. How Taylor's ability to value the privilege of having a home has shaped her work. Taylor learned the value of money the hard way. Taylor tells a cautionary tale about the hazards of hiring friends. Learning to run her business from her brain, rather than her heart. Getting rid of all her staff and hiring new people. The importance of tracking and checking everything in your business. Protecting your business, and your staff, with accountability. Keeping up with your goals as they unfold. Realizing who you are and moving forward. Bio: As CEO and Creative Director of Taylor Spellman New York, Taylor’s client-centric focus is bold and eclectic, showcasing the personality of the inhabitants of the spaces she creates. At any given moment, Taylor has upwards of fifty million dollars of real estate interior architecture and design under her direction. The firm specializes in a concierge level of project management with TSNY’s team of designers, contractors, and architects directing each phase of production from conception to completion at the top commercial, residential and new development properties throughout Manhattan and Brooklyn. Taylor has been featured in The Real Deal, Architectural Digest, The New York Times, E! News, Elle Décor and People Magazine in addition to hosting her own design show on BRAVO. You can meet Taylor, in person, at High Point, with LuAnn, Sandra Funk, and Lori Paranjape, on Sunday, October 20th, 2019, at Suria, at 2 pm. This panel, titled Confidence Sells, is co-sponsored by MyDoma Studio and Suria. Links: Website: Taylor Spellman Facebook: Taylor Spellman Instagram: Taylor Spellman Would you like to meet Luann in Connecticut on the 10th of October, 2019? This outstanding full-day event is co-sponsored by The Stanford Waterside Design District and Aspire Design and Home. The first 100 RSVPs that also show up will receive a free copy of LuAnn's second book. To RSVP, go to Luann Nigara, and look for the event in the Events and Coaching tab. Previous shows mentioned in this episode: Elissa Grayer #451 Wendy Glaister #386