Matt Boden on How To Bounce Back Stronger in Business
Matt Boden is the Franchise Owner of Fresh Coat Painters of Tampa Bay and knows what it takes to face challenges in business and bounce back stronger. They took some time out to share their insights with The Industry Leaders.
Can you start by telling us a bit about your journey as an entrepreneur, focusing particularly on your experiences with setbacks and challenges? How has this shaped your understanding and mastery of resilience in business?
I started my career in the restaurant industry where I was fortunate enough to own and operate my own business at the age of 26. I had an amazing journey that took me all over the US, to places like Nashville, Atlanta, and eventually brought me here to Tampa. In March 2022, my father passed, and during that time I realized how important my family is to me. I was ready for something new, and that’s how my hobby of painting turned into my new career path in the painting industry. Coming from the restaurant industry to the painting industry was a setback in not really knowing the new industry right away. I had much to learn but I knew I wanted to apply my hospitality skills and put my employees and customers first.
In the world of entrepreneurship, failure is often seen as a stepping stone rather than a dead-end. How do you perceive failure, and can you share an instance where a failure led to an unexpected growth or success in your business?
Failure, to me, is not being able to provide for my employees. They are the front line - they see more than me, and if they aren’t being taken care of then my business will fail. In my first project I fell on my face a lot. I was still learning the industry. From learning how to order the correct products to where to find the best supplier, I had to spend countless hours learning and pushing through failure. Without this stepping stone, I wouldn’t have the great success I have today.
What strategies have you employed to cultivate a culture of resilience within your organization? How have these strategies made your team more adaptable and innovative, especially during trying times?
I put my clients and employees first. Coming from the hospitality industry, I knew I wanted to bring that skill set over to this business. Being able to listen to the client and fully understand their needs before moving to the business aspect has allowed me to build that personal connection and trust with clients. Putting people first has allowed our business to be very close-knit.
You've spoken about bouncing back from failure, but I'm curious to know if there is a methodology you follow to analyze what went wrong and how to correct it. Could you describe your process for assessing and learning from mistakes?
I think analytically. Remember you will make mistakes but if you don't stop and fully learn from them, you won't be able to move forward. I tell my employees to stop, fix, and then move on. You can’t let past mistakes hinder you. I like to listen more than speak. I learn more and fully understand this way. When you take the time to listen, especially from your employees, you can learn a lot and fix mistakes a lot more quickly.
Many entrepreneurs fear failure to the point that it paralyzes them. How do you balance taking calculated risks with the fear of failure? What advice would you offer to other entrepreneurs who struggle with this?
My advice to new entrepreneurs is to welcome failure because it actually is the ultimate achievement. Everyone fails, but it’s how you perceive it that matters. You need to learn from and adapt to what the failure was. It’s not a negative thing, it’s a stepping stone. So be ready to fail, question it, and push through it.
Sometimes, resilience requires knowing when to pivot or even walk away from an idea. How do you recognize the difference between a challenge that requires persistence and a situation that necessitates a change in direction?
Pivoting is vital. It’s important to not get stuck in your ways. I constantly remind myself that my way is not the only way. Since I’m newer to this industry, I know my employees are the tools and resources. My company keeps an open door, allowing employees to let me know when something isn’t working for them so I know it’s time for change.
The global economic landscape is always changing, and recent years have seen some extraordinary disruptions. How have you adapted your business to overcome unexpected global challenges? What were the key factors in your successful navigation of these waters?
Since I started this company a year ago, I fortunately haven’t had to overcome any of the global challenges. On a smaller scale, I see the mom and pop shops who are trying to survive week to week and facing constant competition. I don’t have the lowest prices, but what I do offer is reliability, a relationship, and the ability to understand the client’s needs.
Resilience in the face of failure is often linked to personal growth as well. How have your business experiences shaped you personally? Can you share a moment where your professional resilience translated into a personal transformation?
In the restaurant industry, I was spending evenings and weekends away from my family. Now I get to have family dinners, weekend outings, and for the first time, I was able to spend Mother’s and Father’s Day at home. This change in my life has shaped me into who I am becoming.
Your insights on resilience have been incredibly enlightening. For our audience who might want to learn more about you, your business, or perhaps even reach out for mentoring or collaboration, where can they find more information or get in touch with you?
Connect with Matt Boden on LinkedIn my searching "Matt Boden". Follow along on Instagram @freshcoatpaintersoftampa.