Episode Transcript
[00:00:00] Speaker A: Elizabeth Scott, I'm so thrilled to be with you. Thanks for taking time.
You have such an interesting background and how you pivoted your career. So you started, as I understand, as a developer, home developer, doing lots of flips in the recession, and then became an interior designer. So what I'm curious about is how did you take a model, which was very rinse and repeat, which, as I've learned, is one of the nirvanas of business, and then turn it to a fully custom business.
[00:00:26] Speaker B: So what I did is when I started the flipping process, it is rinse, repeat. Right.
I realized my heart wasn't in it like I did it. It was great. It was wonderful. I was able to use my tier design skill set, but then I really wanted to kind of maneuver a little bit more into the custom side. So I, Lily, just started going and doing larger homes. I did spec homes, I did custom homes with clients and developers then. And I was really able to kind of hone what I love to do, which is really envision a home from the ground up and make it beautiful.
[00:00:57] Speaker A: I think it's interesting because as we get further into our career, we get to decide what are the things that really charge our battery. And you uniquely took something that may have been on the outside, very profitable, kind of go go and took the hard part. But it's your passion and creativity is so in your dna.
One thing I thought you did really well is maybe just talk a little bit about your product line, which is a way to rinse and repeat within your business.
[00:01:24] Speaker B: So when we do custom large homes, multimillion dollar homes, we're able to always create custom pieces, whether it's a sofa or a chair or a coffee table that will envision the look of each room. So we've done that for years. So I just took that one piece and said, okay, why don't I do this over and over and over again? So let me partner with different companies or create my own side company to then be able to do that over and over and over again. So in the past, I don't know, ten years, I have a fireplace around line, I have a furniture line, I have a partnership with a company that does cabinetry pulls and really able to just take one piece and blow that up and have that be passive income.
[00:02:07] Speaker A: Yeah. It's important, I think, for all of us to think about different distribution channels, different integrations, so you can have somebody that buys your surround, that doesn't buy design services from you, or somebody that buys a coffee table, and that's brilliant. Because multiple streams of revenue is such a good way to secure yourself against things. That unexpected turbulence which happens every other year, it feels like. And I really like that as a designer, I find a lot of people don't know the business side as well, and I appreciate that you really take time to learn about that. Maybe tell us, in looking out, what are the two or three things you're looking to accomplish in the next couple of years?
[00:02:45] Speaker B: I always have things on the horizon that I want to do. I always have, like, top five projects more in addition to my core business, which is my interior design business. I'm always wanting to grow it. I'm always wanting to connecting with different builders or architects to grow that and blow that up even more. But I always have on the horizon a couple of new product lines that I want to do. And it's just kind of bringing those into the fold when it makes sense to not overwhelm our crew and the vision of what it takes to launch that. But I have a couple more products in line that they're on the horizon.
[00:03:16] Speaker A: They're going to come out soon, I have no doubt. I. Yeah, I think you're never satisfied. You're always truly a creator. And I appreciate you bringing us up to speed on the Elizabeth Scott design group. Congratulations on all you're doing.
[00:03:29] Speaker B: You're so welcome. Thank you so much.
