Carol’s Daughter is an American multi-cultural beauty brand headquartered in New York City. Its founder and president, Lisa Price, established the brand in 1993 in Brooklyn, New York. Price named the brand after her mother, Carol. The beauty brand offers a range of hair, body, and skincare products.
In the 1980s, Lisa Price hatched an organic skincare and haircare line out of her kitchen when she was working on the set of The Cosby Show.
The line went from selling at flea markets to mail-order catalogs, then launched as two retail stores in New York City. Today, Carol’s Daughter reaches a national audience with placement in chains like Macy’s and Sephora.
Based on that, it might seem that Price, who has appeared on everything from the Oprah show to QVC, has arrived, so to speak. But as she sees it, “I’m still a work in progress.”
For Price, running a business meant learning to spend judiciously. It’s a practice that can be applied to managing personal finances as well.
“When your business is small, you have to get a return on investment on every purchase. You have to be very careful about what you buy and when you buy it,” she says. “You spend out of need and not want.”
And whether you’re running a business or building a career, make sure you cultivate a support network that challenges you, Price says. “It’s important to have the right team around to push you to think bigger.”
Price also pushes herself to do things that seem daunting, like public speaking. “You push yourself to change,” she says.
When it comes to managing your personal finances, one cannot underestimate the importance of saving — “no matter how little,” because it adds up, Price says.
Don’t fall into the trap of thinking that if you can’t save 10% of your income, the recommended amount, it’s not worth stashing money away, she says. Instead, save for things large and small, which can be a simple as putting aside the change in your pocket.
Price and her family conducted an experiment to see just what saving a nickel here and a dime there could add up to.
“We put change in a jar, and after about four months, we bought a video game console, a new TV when the old one died and a boat rental for a day while on vacation,” she says.
And while it might sound overly wholesome, adopting an attitude of gratitude is key to nurturing economic well-being. “If you’re constantly thinking about what you don’t have, it’s hard to get excited about the blessings you do have,” Price concluded.