Rachel Liverman, the co-founder and CEO of the facial chain Glowbar, valued at $13 million, highlights a valuable lesson that many entrepreneurs typically learn through experience rather than foresight. She managed to transform a stressful situation into a significant business opportunity.
While a meticulously crafted business strategy may seem crucial for success, entrepreneurs often discover that unforeseen events can reshape even the best of plans. This was the case for Rachel Liverman, CEO and co-founder of Glowbar, a facial chain worth $13 million.
Liverman stated to Fortune that while it is possible to plan extensively, external circumstances can render those plans moot, a truth not often shared by experienced founders. She noted that Glowbar, among the most popular facial chains in the United States, operates 18 locations on the East Coast, with plans to open five more stores this year. Between 2023 and 2024, Glowbar’s membership doubled, and its studio locations followed suit. Over six years, the chain provided more than half a million facials and emerged as one of the fastest-growing facial studios in the country. In 2023, Glowbar secured $10 million in Series A funding in addition to $3 million from prior family and friend investments.
However, the journey to success was fraught with challenges. Liverman launched the business in 2019, but soon after establishing a location in Tribeca, the unforeseen COVID-19 pandemic forced her to adapt. Reflecting on the experience, Liverman described it as a true test of her entrepreneurial capabilities, acknowledging that despite her preparations and investor backing, the pandemic altered her entire plan.
In compliance with New York’s pandemic mandates, Liverman temporarily closed Glowbar for over six months and had to furlough staff until operations could resume. To support her employees during this period, she initiated a GoFundMe campaign.
Despite these setbacks, Liverman turned the difficulties into opportunities, emerging from the pandemic more robust than before.
As many were conserving finances amidst pandemic unpredictability, leading to a $2.1 trillion increase in savings, Liverman viewed it as a prime opportunity to expand. With only one operational store in Tribeca and another in development, she sought growth during this period. Observing a downturn in rental prices as landlords struggled to fill vacant spaces, she seized the moment and secured advantageous lease deals in 2020 and 2021, including a prime location on Fifth Avenue and 16th Street—a strategic move that now serves as Glowbar’s headquarters, which she credits to favorable COVID-19 deals.
Liverman’s strategic decisions during turbulent times proved beneficial. She advises entrepreneurs facing difficulties or stagnation to seek support from others, emphasizing that assistance can offer solutions or, at the very least, essential support.
"Understanding the power of asking for help can unlock significant potential for entrepreneurs," Liverman remarked. She encourages being open and seeking guidance rather than feeling compelled to have all the answers. Employing a supportive team is invaluable, as the collective wisdom surpasses any single individual’s capabilities.
This article originally appeared on Fortune.com.
