The Achievement Index
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Outside the Box Entrepreneurship with Yosef Martin
Originally from Israel, Yosef Martin serves as a visionary founder behind BoxyCharm, an online subscription beauty service headquartered in Miami, launched in 2013. As the CEO, his outside the box approach quickly transformed BoxyCharm into a disruptor within the online subscription beauty box industry and gained the status by being the first brand to offer its members full-size products.
Before BoxyCharm, Martin graduated from Florida International University - College of Business in 2007. While Martin did not set out with the intention of venturing into entrepreneurship, his path through business school ultimately prompted him to launch his first business with a few hundred dollars. This experience has enabled him to develop business foundation and crucial skills, including internet marketing. Later, Martin successfully scaled the business, achieving sales of up to 100 million dollars.
In 2012, his client introduced him to the subscription box market. Recognizing a flaw in the concept of subscription box business, he chose to enter the market as a second-mover, making modifications to the business model and striving to do it better.
Officially entering the beauty industry and establishing BoxyCharm in 2013 with limited knowledge, Martin perceived himself as an outsider, which positioned him with a competitive edge. “When you are an outsider, you have knowledge, think of it as superior technology that someone else does and they do not think of integrating that,” he explained. Martin went on to discuss Elon Musk's entry into Tesla and SpaceX, changing the automotive and aerospace sectors. “He [Elon Musk] was an outsider in every way, shape and form. And he brings his knowledge into the new world.”
BoxyCharm, under Martin’s leadership, gained millions of social media followers and attracted over 10 million monthly online visitors. In 2020, Beauty for All Industries (BFA) acquired BoxyCharm for an estimated of $500 million and integrating its beauty innovation platform alongside IPSY.
Martin's approach for establishing a sizable online community of customers was to develop it organically, a practice done by many companies. “It all comes down to who has a better product and who has a better community.” Additionally, he actively engaged in Facebook groups for community building and generated momentum for monthly products in the subscription box, making the community influential.
In order to scale the business effectively, Martin chose to build the foundation by appointing a key individual who is capable of expanding the organization under him, rather than hiring additional managers or directors. “It was a decision that took a little bit of time. If you can find COO/President, in our case it was a COO that have been in a growing organization from say 150 million to billion. Which is very hard to find especially in Florida.” In addition, to ensure employee alignment with the company's vision, Martin emphasizes the importance of simplifying goals. He advises in clarifying the company’s purpose “what are we here for and how are we going to get there.”
An advice Martin imparts to students and aspiring leaders is to have a diverse skill set. This involves honing the ability to listen effectively and developing a deep understanding of your business at all level. “You need to be proficient in many things; it is not easy, but you must do it.”
Listen to the full episode: Podbean, Apple Podcast, Google Podcast, Spotify.
By Patthara Chandaragga
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