From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Jim Markham is an award-winning serial entrepreneur with an innovative mind and passion for his craft. He started as a barber charging $1.50 a haircut, and made the jump to salon owner, celebrity stylist and creator of a haircare empire that includes 5 brands including PureOlogy Serious Color Care (which he sold to L’Oreal in 2007 for $280 million) and his current venture, ColorProof Color Care Authority. Together his companies account for $1.2 billion in combined retail sales. Jim recently added author to his list of accomplishments, publishing his first book called Big Lucky – a hybrid memoir and entrepreneurial self-help guide designed to help spark your entrepreneurial fire.
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Resource
Big Lucky – Serial Entrepreneur Jim Markham’s Secret Formula for Success!
3 Value Bombs
1) If someone you admire is making more money than you in the same profession, learn from them.
2) Think long-term. Ask yourself, what can you do today that will position you 5 to 10 years down the road.
3) Find your niche. What can you create that doesn’t exist yet?
Sponsors
BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Made to Win: How to Turn Your Passion And Grit into Success with Jim Markham
[2:06] – Jim shares something interesting about himself that most people do not know.
- He played checkers for a living for about 6 months when he first moved to California.
[3:09] – Jim shares a snapshot of his early days.
- Many interviewers call his life a rags to riches story.
- He grew up in New Mexico, he got married at 15 years old, he had a child, and went to barber school to support his family.
- He started cutting hair at $1.50 a haircut when he was 15.
[4:10] – How did you make your first leap?
- He went to a hairstyling school to become a men hairstylist.
- Jumped from a $1.50 to $5.00 haircut.
- He won a silver medal in the Hair Olympics, The National Haircutting championship, and several state championships.
- Markham Money-making Tip #1: If someone you admire is making more money than you in the same profession, learn from them.
- He became Jay Sebring’s protégé, and things are going great until August 9th,
[6:50] – August 9th, 1969: A turning point.
- Jay Sebring was murdered by members of the Manson family.
[7:45] – How did the Manson Murders affect your career?
- He moved to California and he took over the Sebring business, he bought Jay’s car, and he lived in Jay’s house for a while.
[8:56] – How did you switch gears to product development?
- He realized that product sales and distribution is where the money is at.
- Markham Money-making Tip #2: Think long-term. Ask yourself, what can you do today that will position you 5 to 10 years down the road.
- Jim saw his future in creating and distributing products, and he sold the Sebring business to start his product line in 1972.
[10:30] – A timeout to thank our sponsors!
- BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
[13:24] – Why and how did you transition to the women’s market?
- When he got into product sales, he realized that the women’s market was much bigger.
- You need to know who your customer is, look at your market, and know your demographics.
- Markham Money-making Tip #3: Find you niche. What can you create that doesn’t exist yet?
[15:34] – Following your 3rd company – Abba – you thought you would retire, but you didn’t. What Happened?
- It started with a phone call. His wife’s best friend had Ovarian Cancer, and she asked him to create a product that she can use.
- Jim developed a product that can be used by cancer patients and made it exclusively for color-treated hair.
- PureOlogy Serious Color Care was launched in 2001 and it was sold to L’Oreal in 2007 for $280 million.
[18:27] – What was the inspiration behind the book – Big Lucky?
- His inspiration was his life story – his successes, and failures.
- Markham Money-making Tip #4: It does not matter what industry you are in, you need to have passion, believe in what you do, and love what you do; understand the cash flow, and surround yourself with good people. Listen to recommendations and find your niche.
[20:43] – If readers can do one thing differently after reading your book, what would it be?
- One of the biggest lessons: Do not quit.
- Remember that you are made to win and you have to work hard.
- Find your mentor.
[22:51] – Where can Fire Nation go to find your book – Big lucky?
- Big Lucky – Serial Entrepreneur Jim Markham’s Secret Formula for Success!
[23:42] – Thank you to our Sponsors!
- BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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