Podcast Summary: The Unshakeables – "From Earrings to Entrepreneur: Nickel & Suede"
Podcast Information:
- Title: The Unshakeables
- Host/Author: iHeartPodcasts
- Episode: From Earrings to Entrepreneur: Nickel & Suede
- Release Date: March 4, 2025
- Description: The Unshakeables podcast by Chase for Business and iHeartMedia's Ruby Studio explores pivotal moments that define small business owners. Hosted by Ben Walter, CEO of Chase for Business, the show features intimate conversations with entrepreneurs who have navigated significant challenges, emerging stronger and more resilient.
Introduction: Meet Kylie Nichols and Nickel & Suede
The episode opens with Ben Walter introducing Kylie Nichols, the founder of Nickel and Suede, a thriving earring business based in Kansas City, Missouri. Kylie’s journey exemplifies the quintessential small business story—starting from humble beginnings and facing unexpected challenges that test her resilience and adaptability.
Notable Quote:
- Kylie Nichols [00:08]: "Just a few months after I launched Nickel and Suede, we made our first major hire—an accountant. My husband Soren and I were thrilled to share the heavy load of running a small business."
Early Success and the First Major Challenge
Nickel and Suede experienced rapid growth right out of the gate, which is a double-edged sword for many startups. Kylie shares the exhilaration of success and the subsequent hurdles that come with scaling a business.
Notable Quote:
- Kylie Nichols [02:13]: "A lot of my businesses came out of a desire to create what I didn't see or what didn't exist. It was really inspired by my sons."
The $20,000 Scam: During their first busy holiday season, Kylie recounts a harrowing incident where their newly hired accountant fell victim to a phishing scam. An urgent email seemingly from Soren instructed him to wire $20,000, leading to a critical financial loss.
Notable Quote:
- Kylie Nichols [00:42]: "I need you to go wire $20,000 to this account, like, immediately. We're behind on something."
Ben Walter elaborates on the gravity of the situation, highlighting how such financial setbacks can be devastating for small businesses.
Scaling the Business: From Home to Retail
Despite the scam, Kylie and Soren persisted. The business continued to grow, necessitating a move from their home-based operations to a dedicated workspace. However, their expansion faced another setback when the building they were renovating collapsed. Undeterred, they pivoted to opening a retail store, which quickly became a success.
Notable Quote:
- Kylie Nichols [10:38]: "It sounds so bad, but it did feel like we were printing money back then. We were one of the fastest-growing companies in the U.S."
By 2018, Nickel and Suede had earned a spot on the Inc. 500 list, boasting over a million dollars in sales within two years—a testament to their product's popularity and market demand.
Challenges in Management and Leadership
As Nickel and Suede expanded, Kylie encountered the complexities of managing a growing team. Initially, they hired a COO with corporate experience, but misaligned visions led to friction and eventual parting of ways. Recognizing her gaps in leadership, Kylie sought expertise from seasoned professionals to build a cohesive management team.
Notable Quote:
- Kylie Nichols [21:17]: "I really felt like I needed to hire some experts from industries that were tangent… to help create more of a culture and set up the business."
Ben Walter and co-host Unique Jones Gibson discuss the importance of self-awareness in leadership. Ruby, the co-host, shares her own journey of becoming more decisive and setting clear boundaries, resonating with Kylie’s experiences.
Notable Quote:
- Ruby [24:18]: "I've become a lot more decisive. Making the right decision for the business doesn't necessarily make me a bad person."
Implementing Business Protocols and Coaching
To address operational shortcomings, Kylie hired a business coach, a former Procter & Gamble executive, who emphasized the necessity of structured processes such as job descriptions, regular meetings, and clear objectives. This mentorship was pivotal in transforming Kylie’s approach to leadership and business management.
Notable Quote:
- Kylie Nichols [27:22]: "Management of people was probably the biggest one. Learning how to give feedback, how to set somebody up for success…"
Kylie admits the ongoing struggle with providing feedback but has developed a strategy to address issues promptly and compassionately.
Notable Quote:
- Kylie Nichols [27:40]: "I try to give feedback really early when it's not a big deal at all."
Pivoting to New Markets: Embracing Sports Licensing
Facing market commoditization, Kylie pivoted Nickel and Suede towards sports licensing, targeting college apparel markets. Despite initial rejections, her perseverance led to successful partnerships with 18 schools, expanding her brand’s reach and diversifying its product offerings.
Notable Quote:
- Kylie Nichols [29:44]: "I learned the entire industry in a weekend, and then we just started pursuing licensing. So we have 18 schools now."
Vision for the Future
Looking ahead, Kylie envisions Nickel and Suede continuing to evolve within the fashion industry while maintaining core values centered on creativity and confidence. She underscores the importance of aligning personal and business brands to foster authentic connections with customers.
Notable Quote:
- Kylie Nichols [30:35]: "Keeping our core business of leather and custom and creative… will translate through whatever products we continue to shift into."
Key Takeaways and Lessons Learned
- Resilience in Face of Adversity: Kylie’s ability to recover from financial scams and operational setbacks highlights the importance of resilience.
- Importance of Structured Management: Transitioning from a creative founder to an effective leader requires implementing structured business protocols and continuous learning.
- Adaptability and Pivoting: Embracing market changes and diversifying product lines can sustain growth even when original markets become saturated.
- Building a Cohesive Team: Surrounding oneself with experienced professionals from relevant industries can enhance business operations and culture.
- Brand Authenticity: Maintaining a genuine connection between personal and business brands fosters customer loyalty and brand strength.
Notable Quote:
- Ruby [33:27]: "When you don't have a blueprint, it's easier to stumble your way to success versus having a blueprint or having a guide… creating your way as you go along."
Conclusion: Embracing the Unshakeable Spirit
Kylie Nichols’ journey with Nickel and Suede embodies the essence of being one of The Unshakeables—entrepreneurs who confront unexpected challenges with determination and adaptability. Her story serves as an inspirational blueprint for small business owners navigating the complexities of growth, management, and market dynamics.
Final Quote:
- Kylie Nichols [35:29]: "My advice would be to ask questions to everybody that you can. People will help you, and you can ask questions and it can really make you move so much quicker."
Reflection from Hosts: Ben Walter and Ruby commend Kylie for her candidness and self-awareness, emphasizing the delicate balance between creativity and structured leadership. Ruby highlights the common struggle entrepreneurs face when transitioning from founders to effective CEOs, underscoring the importance of continuous personal and professional development.
Closing Thoughts: The episode underscores that success in entrepreneurship is not just about innovative products but also about the ability to lead, adapt, and build resilient business structures. Kylie Nichols’ story is a testament to the unyielding spirit required to thrive in the dynamic landscape of small businesses.
End of Summary