Alright – so today we’ve got the honor of introducing you to Marsha Guillory. We think you’ll enjoy our conversation, we’ve shared it below.

Marsha, thanks for taking the time to share your stories with us today Growth is exciting, but from what we’ve seen across thousands of conversations with entrepreneurs it’s also dangerous if costs aren’t watched closely – sometimes costs can grow out of control outpacing revenue growth and putting the viability of the entire business at risk. How have you managed to keep costs under control?

Since Guillory Candle Co. is growing, it is an exciting time, so cost management is essential to ensuring success. We have put the following advice into practice:

• Set a budget and track spending. This helps identify where money is being spent and to stay within budget.
• Take advantage of economies of scale. Purchase materials and supplies in bulk.
• Use local resources for supplies or materials whenever possible. This can help save money on shipping costs.
• Utilize online marketing and advertising. Take advantage of free or low-cost sources of advertising. Free radio promotions, newspaper ads, and local publications to help reach potential customers. Afterall, customers are essential to growth and success.
• Outsource or hire contractors for non-core tasks. This saves time and other hiring costs while accessing specialized talent. It allows you to spend more focus on core activities.
• Negotiate with vendors. Do not be afraid to negotiate prices and terms with your suppliers to get the best deals. Subscribe to stay informed of sales or promotions.

Managing costs and effectively budgeting is essential for any business, especially one that is growing. One of the most important ways to keep costs under control is to understand where your money is going. Create a budget and stick to it. This will help you identify expenses that may be unnecessary and can be eliminated. Additionally, look for ways to save money by reducing costs. Try to negotiate better prices with suppliers and vendors or consider using alternative suppliers and services. With careful budgeting and planning, you can help keep costs under control and support your business’s growth.

Marsha, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

I am Marsha Guillory, PhD., and CEO of Guillory Candle Co. I am delighted to be part of this community. I have always adored the atmosphere and ambiance that candles bring to any room, so when I started my medical coding company from home, I made sure to have a candle burning. Unfortunately, most candles sold in big box stores contain hazardous chemicals. After thoroughly researching the market, I decided to take the plunge! We sourced natural components, experimented with different fragrances, and am working hard to build another successful business. Our premium bougies (candles) are 100% coconut soy wax, wooden wicks, and contain no color, paraffin or phthalates. Even our packaging is environmentally friendly and can be recycled or repurposed! The soft glow of the candlelight from the crackling wood wick creates a cozy atmosphere that is perfect for relaxing, entertaining, and even sleeping. The luxurious scent fills the room with a unique blend of fragrances that will leave an impression. Whether you’re looking for a romantic setting or just want to light up the night, our candles will make any room feel more inviting! We’ve expanded our product line to include plant-based body products (hydrating wash, moisturizing lotion, renewing scrub & luscious lip balms) We have hand packed gourmet coffee pods roasted for Guillory Candle Co. Available in French roast or Breakfast blend. We aim to Ignite an Ambiance!! I’ve recently started a blog called: “Candles and Coffee Conversations” where we share tips and tricks about candles, coffee, and LIFE! It is in its infancy stage but has been a fun endeavor.

Can you talk to us about how your funded your business?

When I made the decision to start Guillory Candle Co, it was self-funded by liquidating an investment account. I collaborated with my financial advisor to ensure I was making the right decision and maximizing the return on my investment. Once I had the money, I was able to purchase supplies and equipment to get the business up and running. With careful planning, the business launched without taking out any loans or incurring debt. I was adamant about making self-funding successful. To attract new customers, free internet advertising via social media, blog posts, and word-of-mouth was employed in the beginning and continues today. Collaborations formed with local businesses, who earned discounts on large orders. This made it possible to pay for supplies and offered a source of revenue. GCC was able to introduce additional products, and the profits from those sales were reinvested into the company. The secret to having difficulties is to have an intense sense of discipline and resolve. Set a spending limit and adhere to it. Be mindful of your expenditures. Prioritize what is essential and avoid superfluous spending. Self-funding has sustained thanks to a mix of tenacity and wise monetary management. I would not change my company funding strategy since there is nothing better than being your own ROI (return on investment). I would however, recommend that new business owners research options to secure funding such as applying for grants, taking out loans, or seeking investment from venture capitalists to give their business the best chance of success.

Can you share a story from your journey that illustrates your resilience?

It was devastating to experience the departure of a partner I placed my trust in to help with the business. It feels overwhelming and daunting trying to do it all by myself. I must remember that no matter how tough things get, there is always a way to push through and come out stronger on the other side. Stress and fatigue can quickly sap your energy and motivation, so you must take a break to recharge and relax. You have to learn to celebrate small victories: Every small success is a step in the right direction, so take the time to recognize and appreciate even the smallest of wins. Focus on the goal: Keep your eye on the prize and remember why you started in the first place.

I had to find new ways to work with others who are passionate and dedicated to the same goals. It’s also rewarding to collaborate and problem-solve with people who have the same vision and passion. It creates a great atmosphere of support and motivation.                      

This serves as a reminder to up-and-coming entrepreneurs to never give up! Adversities and roadblocks will emerge but press forward and come back stronger!

Contact Info:

• Website: www.guillorycandleco.com
• Instagram: @guillorycandleco