Seth Wells: Palette Collective
In this episode, Kyle and I talk with Seth Wells the co-founder and managing partner of Palette Collective. Palette Collective splits large retails spaces into smaller luxury suites for small business who want a place to invite their customers. Seth shares candidly some of their growth challenges, their strategy and the impact that Covid-19 has had on Palette Collective.
Seth Wells is the co-founder and managing partner of Palette Collective, which offers fully customizable studios to entrepreneurs out of larger retail spaces. They offer studio spaces for lease to small business entrepreneurs in hair, beauty, food, beverage, and retail. Palette has locations in 5 different cities across the Phoenix valley.
Seth began his career as a worship leader at a church, but transitioned his career once he met his business partner, Brett. Seth and his business partner began working together first on real estate projects, and later, they decided to create the Palette Collective concept.
Seth’s perspective on hiring:
“I’m a huge believer in hiring or working with people that are good at what they do, giving them the freedom to do what they do best.”
His thoughts around partnership:
“So many people have huge opinions of ‘Don’t get a partner’ but I feel like that’s the age old thing. There’s almost more negative talk around partners than there is positive.”
Seth describes his current role in Palette Collective:
“It’s shifted a lot over the 5 years. As of right now, I’m definitely more in vision-casting and trying to figure out what we’re doing and where we’re headed - a lot of strategy around growth. I’ll probably be more involved in site selection and growth strategy. The rest of it is mostly marketing and team development.”
How Seth’s goals have changed since the conception of Palette Collective:
When they started the business, they did market research that showed there is plenty of room for them to have a competitive business in this industry.
“There were aspects of our original goal [of 100 locations] that made us realize we need more baby steps and more tangible, more realistic ‘now’ goals. I’m the type of person that gets antsy and bored with stuff. If a goal gets too big or too abstract, it will lose me. I’ll start to get discouraged and frustrated, so I think our goal of 25 is way more doable.”
What business looked like during the COVID pandemic:
“For the most part, we were able to retain a lot. We had to do some pretty big high risk moves in order to keep our tenants feeling good and feeling calm. We offered a full month free to our tenants. We have about 200 tenants… We had a lot of tours we were giving even during quarantine. We were doing virtual tours for people. There were people that were in circumstances that they hated more so than normal, and they were looking for outs. We became an ‘out’ for people.”
Follow along with Palette Collective on Instagram: https://www.instagram.com/palettecollective/
If you want to learn more about Palette Collective you can find them at their website here: https://palettecollective.studio/
During the show Seth mentions a book called "Clockwork" which Kyle and Tyler have been reading and really enjoying. It can be found here:
Seth has been recording his own podcast with Gil Sandoval from Sandoval Design and can be found here: https://podcasts.apple.com/us/podcast/seth-and-gil-podcast/id1502458673