We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do but before you get ahead of yourself, let’s start at the beginning. To kickstart the process (and ease some of those first-time founder nerves) we’re asking successful entrepreneurs to share their story in our new series, From Scratch. But this isn’t your typical day in the life. We’re getting down to the nitty-gritty from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves, we’re not holding back. If you want to know how to start a business, you’ve come to the right place.
Photo: Courtesy of Sophie Monet
Being inspired can be a tricky process. For some, inspiration has to be sought after and requires focus. For others, like jewelry and accessories designer Sophie Monet, it was a mix of her childhood environment and her tendency toward all things creative that ensure the perfect storm of opportunity and inspiration.
Growing up with a sculptor father, Monet spent much of her childhood in his studio surrounded by all types of artistic mediums including wood. Fascinated by the infinite design potential a single piece of wood beheld, and having values toward sustainability and the environment, Monet felt inspired and began creating the jewelry that has grown to become Sophie Monet Jewelry.
In our chat, Monet discusses risk-taking, the well-known concept of “ignorance is bliss,” and the foundations that are essential to building your business.
Read on, and maybe Monet’s story will inspire you to start creating your own!
CREATE & CULTIVATE: Did you write a business plan?
SOPHIE MONET: I started my business when I was 22. At the time, I didn’t write a business plan nor did I have financial support or partners. While I was starting to develop my brand, I was simultaneously building a website, designing products, acting as my own sales rep, and producing the collection, I was still working my first full-time job at a fashion tech startup. That job was critical to my growth and really laid the groundwork for me and the business I was creating. It gave me the opportunity to experience all of the different roles that go into creating—and sustaining—a small business, and the key marketing tools I would need to build my own jewelry brand. This was what really prepared me to take the leap and begin designing jewelry full-time.
How did you come up with the name? What was the process like?
The name came naturally because it’s my first and middle name, Sophie Monet. I wanted to use a name that was timeless and limitless when starting the business. I remember trying to think of different names but kept coming back to my own. It was consistent and didn’t reflect a single category, which also gives me the ability to expand into different product categories later on.
What were the immediate things you had to take care of to set up the business?
The first thing I did was secure my web domain and social handles. Then I got a DBA and resale license so that I could buy the materials I needed at wholesale cost. As soon as I had those pieces set up, I designed a cohesive first collection, which included taking product photos and building out my website.
What research did you do for the brand beforehand? Why would you recommend it?
Photo: Courtesy of Sophie Monet
I guess ignorance is bliss, I didn’t do very much research, which was to my advantage. I loved fashion and following the runway shows and reading about different designers and their brands, which was a bit of unofficial research. Being excited about fashion and accessories was what motivated me. Reading about other designers’ stories was part of the realization that I could do this too if I really put my mind to it.
Why did you decide to manufacture everything in-house?
We manufacture everything in-house at my studio in Venice, which is a bit of a family affair. I work very closely with my dad, who is a master crafter and highly experienced woodworker. He taught me everything I know and helped me become comfortable using certain tools and machinery. My advice is to keep production as local as you can. It keeps your lead times short and production more manageable, and you get to see, touch, and feel each and every piece as soon as it’s made.
Did you self-fund the company?
By the time I eventually decided to begin working on my company full-time, I had saved 20K. I moved out of my parents’ house, got an apartment, and set up my showroom and workshop in my dad’s art studio in Venice. I had learned enough creative fundamentals that I could do the job on my own which was a huge undertaking. Knowing I had the cushion to protect me in case I had any unexpected expenses was so helpful in the beginning and allowing me to experiment as I grew. I think it’s great to start small and save little by little until you’re really ready to take the leap. When it’s your own money that you are spending and investing, every cent counts and you care so much more about what you are putting out into the world and how you can best achieve your goals.
How much did you pay yourself?
In the beginning, I didn’t pay myself. Everything went back into the business I was building. I didn’t focus on this so much. I was just focused on being profitable and keeping my overhead low.
How big is your team now? What has the hiring process like?
I have a team of two production assistants and two who help with marketing and PR. I’ve been fortunate enough to meet people through friends that I’ve made over the years. It’s so amazing to have a network of designers and friends in the industry that can be a resource, and lend a hand or an ear when needed. My sister also happens to have her own fashion recruiting agency called The Workshop LA ( theworkshop.LA. We run our businesses side by side in the same building and she’s been so helpful over the years in helping me grow my business and find talented people for me to work with.
“I like to show where my inspiration and designs came from, the craft that I practice, and the California lifestyle that is part of both me and my brand’s DNA.”
Did you hire an accountant? Who helped you with the financial decisions and set up?
Yes, It’s incredibly important to find a good accountant and bookkeeper. I found my accountant through my sister, who set up her own business not long after I did. I highly recommend QuickBooks as well to help organize your finances and expenses.
What has been the biggest learning curve?
Because I started my business on my own and juggled so many different roles at first, I’ve found it hardest to give up certain pieces of the business. But as I’ve grown, I’ve found it necessary to have others come in and assist me in order to grow and expand. Time has always been a challenge for me. It’s always a struggle to balance time for creativity, development, and business all in one day.
How did you get retailers to start stocking your product?
When I first started my business I would cold email, call, and even walk into stores to get in front of buyers. I was told “no” all the time. But I grew a thick skin early on. As soon as I got into a few popular LA stores, buyers would leave the companies to work for even bigger stores, and fortunately, they took me with them! Jewelry is meant to be playful and fun, so if a store wanted to alter a style or give me unsolicited design advice (which, as a designer, you will constantly), I would take it with a grain of salt and move on. There are plenty of stores, pop-ups, websites, and venues to show your designs. You just have to find the ones that support you, those that are honest and encouraging.
Do you have a business coach or mentor? How has this person helped?
Having support from family has been the biggest aid in building my business. I work closely with my dad, who is my mentor, teacher, and design guru. My mom and my sister are both incredibly business savvy, fearless, and determined, which is endlessly inspiring and empowering. Being surrounded by them on a daily basis is what has kept me strong, happy, and ultimately successful.
How did you promote your company?
I think social media is the best way to express who you are to a public audience. I like to show where my inspiration and designs came from, the craft that I practice, and the California lifestyle that is part of both me and my brand’s DNA. I think it’s important to be authentic and transparent with customers and that’s my constant marketing goal.
Photo: Courtesy of Sophie Monet
What is one thing you didn’t do in the setup process, that ended up being crucial to the business and would advise others to do asap?
I think it’s really important to manage your money and make sure you know what you are spending to fully understand your overall profits and losses. Because I’m more of a creative person, I didn’t pay as much attention to the finances in the beginning. But as my business has grown, it’s become so important to stay organized, which informs me to make better business decisions, all of which will help me further expand and grow the brand.
For those who haven’t started a business (or are about to) what advice do you have?
Don’t hesitate, take your time, take risks, take criticism professionally, not personally. Be humble and grateful that you get to do what you love most as a career. If the passion and product are there, the rest will come.
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