Entrepreneurship Zone: 06 February 2020: This 56-Year-Old Serial Entrepreneur Is Taking The Fitness Industry By Storm

[Bulls n Bears]

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Laura Schmitt’s enthusiasm and love of running is infectious. She is a cofounder of Thoroughbred, an extremely popular new treadmill studio startup with a cult-like following. The brand appeals broadly from folks just starting to run to elite running athletes. With community and kindness as core values of the company, Thoroughbred is taking the fitness industry by storm. 

Schmitt spent 35 years coaching high school cross country and track teams before cofounding Thoroughbred with her son and elite runner Jake Schmitt in 2016. Their next Thoroughbred location is opening on San Francisco’s Polk Street in March 2020. Recently, I spoke with Schmitt about her entrepreneurial journey, love of running, community building, and her advice for other founders. Here are highlights from our conversation: 

Hayley Leibson: What was your journey to founding Thoroughbred?

Laura Schmitt: I went to Redwood High School and Cal [UC Berkeley], and ran at both schools. The year I graduated Cal, I came back to Redwood and became the Head Cross Country and Track and Field Coach. Running is a huge part of my life. I coached for 35 years. 

Way before founding Thoroughbred, I was looking at preschools for my oldest son Jake. I decided to open my own school called Marin Enrichment. That was my first real business that I opened, and it’s been in existence now for 30 years and we still have all of the same staff. I really went through all the unglamorous trials and tribulations of starting your own business. The late nights and early mornings, figuring out what works and doesn’t with people, budgeting, etc. 

Fast forwarding twenty years—my son Jake ended up having an incredible entrepreneurial spirit, and we would go on runs and talk about different business ideas. They all tied into running. He graduated from the University of Washington Seattle, and we talked about starting a treadmill studio business. Nothing like that existed in California. 

Jake decided to go to Salesforce and work in marketing. He came to me two years later and said, “Mom, I want to do Thoroughbred.” I was 100% in. I knew this was the right thing, and didn’t hesitate. Jake was willing to leave a career, an income, and all of the joys of working in San Francisco in order to take on this venture. We opened the first studio in 2016.

Leibson: What were the early days of Thoroughbred like?

Schmitt: We were working around the clock. We made a plan for the business and started looking for real estate. We wanted our first location to be in Marin because we both coached together at Redwood and this is our community. We found a building and went from there. 

It was hard. We ran out of money, and our family ended up having to paint the upstairs of the studio ourselves. That’s what starting your own business looks like. You need an incredible amount of perseverance. You have to look forward and expect unexpected things to come your way. Everyone is going to give you their opinion. 

You also have little blitzes of success. For example, the first time we had a class sellout and people were waiting outside the door. When this happened, I thought, “Oh my god, I want to start crying. This is going to work!” We’ve had people finish our classes and cry while thanking us. These things make you realize why you started the business.

Leibson: Has your relationship changed with your son since becoming cofounders? What has that experience been like?

Schmitt: I 100% believe in Jake and not just because he’s my son. He has qualities that I know should be shared with others. I know when he’s talking to someone, he’s using the conduit of running but communicating so much more. He connects with others on a level that really benefits people. We’re very fortunate in that regard. 

Leibson: How do you think of community building for Thoroughbred?

Schmitt: Jake and I spent so much time incubating what we wanted to give our community, and we wanted to be careful that we didn’t just attract elite runners. Our goal was to attract everyone. We want to give everyone the joy of running that elite runners already receive. It’s our opinion that everyone can run—even people who think they can’t run. Everyone can have the elite experience. Our objective with Thoroughbred is to give everyone the same experience that an elite Olympian athlete receives. 

At Thoroughbred we have track practice outside Tuesday mornings, rain or shine. We have non-elite and elite runners like Jake all running together and you know what? They all get the same benefits and  joy. When I was a coach at Redwood, my goal was to have the best runner in the county, state, and nation training with the person who’s going to finish the county league in last place. I want to coach the gamut.

Leibson: What is your fitness and nutrition philosophies at Thoroughbred?

Schmitt: We believe everyone is an athlete. Everyone who works for us is a coach, not an ‘instructor.’ So if you walk into our door and take a class, from there on out, you’re an athlete. People start believing in themselves, get more excited about it, and start to have results.

With regards to nutrition, we answer questions and have group talks. What we don’t do is preach. If someone wants to eat a hamburger, they’re going to eat a hamburger, and God bless them. We’re not going to tell someone that a food is bad for them. Rather, we’re going to introduce foods that are good for them. Whether you’re a high school athlete, collegiate athlete, or just a person wanting to feel better—I’m not going to tell you not to eat a hamburger or not to do something. I’m going to say, “Hey, I feel great and this is what eat.” It works beautifully. That’s how I operate.

Leibson: Any tips on hiring?

Schmitt: I majored in psychology deliberately to be able to connect with people. How you connect with someone is the most important element of hiring because how a person connects with me is how they’re going to connect with other people in our business. If someone doesn’t know something, I can teach that. What is challenging to teach is kindness. That’s what we hire for.

Leibson: What books do you recommend?

Schmitt: Rich Roll is great for the climate right now. He made a big change in his life, and I think that’s wonderful. He showed that it doesn’t matter who you are, you can make a change in your life. If you’re trying to become a better runner, read Jack Daniels—he’s more scientific and running-based. How Not To Die is a great nutrition book. The movie that just came out called Game Changers is so inspirational. Deana Kastor’s Let Your Mind Run is a great book on setbacks and how she found the love of running. If you have the love of running, every day is a success. I’m very competitive and in the right arena, I want to win. I want my athletes to win. But that’s not the end all and at the end of the day, you’ve got to love what you’re doing.

Leibson: You knew from an early age you wanted to be an entrepreneur. How did that factor play into choosing a life partner?

Schmitt: I met my husband Tom at a high school track meet. I just saw him and thought, ‘He’s a gorgeous human being racing. I would like to date him.’ When we started dating, he knew I was entrepreneurial. He is the most steady, stable, contributing, and giving human being. He’s like a quiet storm. From the get go, I’d wake up and say to him, “I think I’m going to do X business.” He would say, “That sounds great. Let’s do it.” He was my biggest supporter. 

We started out with no money. We had my son Jake when I was in graduate school, and I wanted to start a business. We would funnel money into that business, and Tom was working full-time and putting part of his money into whatever ridiculous thing I was doing. He trusted me, and we are both each other’s biggest supporters. His entire life and career, he has been there for all of the kids 100%. 

Leibson: Any other advice you would like to share?

Schmitt: I speak about delayed gratification a lot; it’s a big component of my coaching. Delayed gratification is an incredible motivator for me and underutilized in my opinion. Take some quiet time for yourself. Surround yourself with people are doing good and being kind. Never once did Jake or I say to each other, “Let’s make a bunch of money.” When I opened my school, I never once think or say that. Rather, I wanted to surround myself with people who are doing good and being kind, and give something of myself to my community.—forbes.com 



Laura Schmitt, Cofounder of Thoroughbred

 THOROUGHBRED

 

 

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