How Malcolm Fontier learned from a failed business to build a brand focused business – Malcom Fontier Ep79

Why You Should Build A Business Around Your Passions

Thinking of starting a business, how about starting one that aligns with your passion? The truth is that you’re more likely to succeed in what you enjoy doing than in something you don’t.

In this episode of the Page One Podcast, Luke Peters speaks with Malcolm Fontier, an industrial designer environmentalist and the founder of Pakt & SeaHive. Pakt creates thoughtfully designed and responsibly sourced travel accessories, while SeaHive helps prevent plastic waste from entering the oceans. Malcolm explains the lessons he learned from a failed business and then designed a business built around his passions.

Listen in to learn the importance of a work-life balance to ensure you remain efficient and productive in both areas. You will also learn why having fewer options in your business will make it easier for you to operate it successfully.

Key Takeaways:

• The importance of developing a work-life balance to ensure efficiency and forward progress.
• Understanding how having fewer options in your business make running things easier and efficient.
• How to create a brand that is more human and is focused on creating great relations with its customers.
• The power of optimizing and delegating to be productive, not just busy.

Episode Timeline:

• [1:46] Malcolm explains the travel products his business produces, plus the direct-to-consumer business strategy they use.
• [4:16] He describes his small team and the tech tools they utilize to run the business.
• [6:10] How they give priority to profit margins, sales margins, and producing quality products as their three main KPIs.
• [9:00] Malcolm narrates what led to the failure of his first business and how it contributed to him venturing into sustainable travel bag production.
• [14:58] How Malcolm balances his work and life by giving his all to both.
• [17:18] Why he doesn’t think of his business as a lifestyle business but as something they can build and hopefully sell in the future.
• [19:37] Malcolm explains the few options that have made business operations easier for him.
• [21:59] How to establish a community of customers around good and long-term relationships.
• [26:18] He explains why they focus on being profitable on the first order and breaks down the conversion rate of their products.
• [30:59] Why you should pursue a business that aligns with your passion, plus work smart to free up your time.

Quotes:

• “Whatever business you’re going to pursue, make sure that the core business activity aligns you’re your strengths and interests.”- Malcolm [31:01]