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For entrepreneurs trying to create a unique niche in a traditional industry, it can be an uphill struggle. But it can be done if you figure out how to turn challenges into opportunities for your business, says Dermalogica founder Jane Wurwand.
In this 'Trep Talk Extra, Wurward shares how she overcame the three biggest challenges when building her skincare business and growing it into a global company.
The U.K.-born multimillionaire emigrated to the U.S. and started the International Dermal Institute with her husband Raymond in 1983. The goal was to train professional skin therapists and focus on skin health not beauty. Three years later, the couple started skincare company Dermalogica, based in Carson, Calif. Wurwand's non-profit program joinFITE also helps women business owners with small loans to start or grow businesses.
Today, their products are sold in more than 28,000 salons and spas in 86 countries. In 2011, annual sales topped $260 million. The company has never taken a bank loan or brought in outside investors, according to Wurwand, now 54.