More Than WE Know

Most entrepreneurs will tell you that they are interested in success. But as I frequently remind Women Entrepreneurs - even more important than achieving success, is achieving success that is sustainable.

Sustainable success requires the ability :

• to plan your business and then stick to that plan
• to keep a financial safety net and a realistic growth plan
• to say yes to intelligent risks and say no to foolish ones
• to focus on your strengths and rely on others to contribute theirs
• to ask for help when you need it and to help others when they need it
• to keep an eye on long-term gains and not worry too much over short term challenges

Beth Falk, owner of Stone Soup - Jewelry for the Real World, has built a business that is based in the real world. Her business goals focus on sure, steady growth that enables her to remain true to her artisan self.

Beth, tell me about your business

I’m a jewelry designer and silversmith. I sell my handcrafted jewelry online in my shops at Etsy and Smashing Darling, through several retail shops, and in person at craft shows in New England. My company name is “Stone Soup Jewelry,” inspired by the classic folk tale.

What is your best holiday item?

My sterling Snowflake Pendant has been popular; my best seller year round is my Lotus Blossom Pendant.

What inspired or motivated you to start your business?

I’m a stay at home mom, and while I love being with my kids, I need to have something that’s “mine.” I’ve been involved in several small entrepreneurial ventures throughout my career, and I’ve hit on something that I truly love to do, that feeds my creativity.

What keeps you motivated?

The fun that I have working with metal – that and the fact that I love, love, love quiet time to myself in my workshop.

How did you fund your business?

My funding so far has been relatively small scale. I used some personal savings to buy my first rounds of supplies and tools, and now I put the proceeds from my jewelry sales right back into the business.

Good tools are so critical to my work that I know they’re a worthwhile investment, and I’m giving myself a couple of years to turn a significant profit.

Who is your target market?

Women age 18-50, for the most part.

What percentage of your business is online? What is your ideal percentage?

At the moment, I’d say that no more than 20% of my sales come from my online shops.

The bulk of my sales are through my wholesale accounts with other retailers and direct sales at shows.

But my website is critical in promoting my business, because I have a photo gallery and lots of information about my work there. Ideally, I’d like to get to the point where at least 50% of my business is conducted online.

Where do you get most of your customers?

Word of mouth – I have some loyal repeat customers who have brought me lots of other sales, and I often hear from people who’ve seen my work in a retail shop and then come directly to me to buy more jewelry.

I find that paid advertising is probably my least effective marketing tool.

Networking and making sure I have a presence in my community (whether that means the town where I live or the online communities in which I participate) have been critical.

Even if you’re a one-woman show, you need to think about developing your brand and getting people to recognize it. I don’t expect immediate returns from some of the networking that I do; I expect that people will remember my name, and that often generates a sale far down the road.

What is the biggest challenge you faced and how did you overcome it?

Finding the time to learn my craft and to keep up with my work. For the most part, I overcome that obstacle by sacrificing sleep, unfortunately. Lately, I’ve become better about asking friends for help, whether that means watching my kids or promoting my work for me.

What was the best unexpected thing that happened to you?

Developing a wholesale relationship with a large national retailer. I submitted photos of my work on a whim, and thought I’d never hear back, and now I’m working on a line of jewelry that will be exclusive to that retailer. It was such a great boost for me to have someone significant appreciate and respond to my designs!

How do you manage a wholesale distribution as a one-woman business?

My relationship with the retailer is a work in progress, really. It’s a company that works with quite a few individual artisans, so the buyer understands the limitations of a one-woman show - and the company’s repeat customers also understand that items aren’t always available because they’re not dealing with mass producers.

I’ll be creating all the pieces myself (I don’t have any plans to create a production line, as that would take a great deal of the fun out of this for me). At the moment, neither of us is concerned about supply. My plan is to produce a few samples, and then to set aside blocks of time to produce the pieces, but I feel comfortable that I won’t get in over my head.

When I first started talking to the jewelry buyer for this company, I gave her some numbers that felt realistic to me, and she was OK with them. My goal for the relationship is to create a solid wholesale account that will give me some guaranteed income. It won’t be enough to supercede everything else that I do, but if it can cover my supply costs for a year, that would mean some significant progress for me.


How do you see your business growing over the next few years?

The question of scale is such a critical one for entrepreneurs. The actual metalwork that I do is something I love, and I’m not currently interested in giving that up in order to grow the business. I know that means I’ll have some limitations - I have only two hands and only so much time - but that’s OK with me for now. At the end of this year, when I sit down and look at my sales figures, I’m planning to re-visit some of my business goals so that I understand what I can expect from my work and whether I need to make
sacrifices to get it.

This business is never going to be our family’s primary source of income, but it’s also very much a part-time job, and so that’s OK.

But I would advise women in business to think carefully about what they can accomplish as a one-person company, and what it means to start hiring employees or subcontractors, and to get advice about the costs and benefits of all that as they begin to draft a business plan. It’s hard to figure out some of this stuff on the run, though one learns a lot that way.

What do you wish you had known when you started?

I wish I hadn’t been so hesitant to ask for help and advice. I’ve found that almost every “expert” I’ve approached has been quite generous in providing information.

When I was new to wholesale marketing, a shop owner sat down and explained the whole process to me, and gave me lots of advice about how to structure wholesale contracts, how to approach stores, how to think about pricing my work, etc.

Do you have kids? Do you work at home?

I have two daughters, ages six and three. My six year old is in school all day, and my little one goes to preschool two days a week. My workshop is in my home.

What is the biggest challenge of being a work-at-home mom?

Time, as one would expect. I need time and space to myself to maintain my sanity, but I don’t want to feel as if I’m shortchanging my kids. The reason I decided to give up work outside the home was so that I could focus on them, and sometimes I have to remind myself of that.

How have they helped you be a better entrepreneur?

My older daughter often talks about how “cool” it is that I make things, and she loves to come to craft shows and help me. She’s so proud of what I do that it makes me realize it’s OK to have some work of my own. And I do think it’s a good model for her to watch me work.

How has being an entrepreneur helped you be a better mom?

When I take the time to focus on my own work, I find that I’m better able to give back to my kids and appreciate the time with them. The balance that my business provides gives me more energy for parenting.

What advice do you have for other Women Entrepreneurs, or Entrepreneur-wannabe’s?

Don’t be afraid to actively seek out help and advice from other business owners. Don’t assume that your competition won’t share anything with you – and remember that the best way to learn is to ask questions. And don’t dismiss your own abilities and talents!

To see more of Beth’s hand-crafted silver jewelry, visit Stone Soup.

To get my special report on 7 Steps to Sustainable Success for Women Entrepreneurs -> Click Here.

If you have a business that sells gifts online and would like to be profiled on More Than WE Know this holiday season, please contact me at Liz (at) Morethanweknow (dot) com.

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