Christine Hutchison, Five ACCESSORIES
Five ACCESSORIES in Chicago, Ill., was started in March 2006 and is a social enterprise offering eco friendly and fair trade handbags, jewelry and home decor from five global locations: Bali, Cambodia, India, Honduras and at need areas of the United States.
‘Ah ha’ moment that led to launching the business: While traveling to Bali on my honeymoon, I met a Balinese tour guide who told me how much difference five dollars a month can make to a family in Bali. While admiring the beautiful handbags and jewelry made by local artisans, I had the idea to start Five, a company that embodies both my entrepreneurial and philanthropic zeal.
Ideal customer: The college through late 30′s marketplace who want to ‘do good’ with their eco-chic yet reasonably-priced new accessory item or people who buy gifts for them.
Landing first customer: After traveling back from our Honeymoon with a suitcase full of bags, I realized that my friends could not stop talking about how cute and unique the bamboo clutches were. I sold out in two days.
Measuring Success: Success is not only running a sustainable business, but also being able to meet that triple bottom line, thus making a social difference in someone’s life. Our first substantial donation back to Bali to fund schooling of at risk children was a huge milestone. I have a handwritten from these children trying to say “thank you” in English.
Biggest Struggle: The retail marketplace during the past four years. I feel like we do everything by the books – yet the numbers are still not as strong as we hope them to be. We have overcome it by researching the marketplace and understanding how to differentiate ourselves.
Getting Sales: We offer a clear, concise message and communicate it in everything we do. I do a lot of networking with other women business owners. That message and networking is paying off with some very strategic sales relationships.
What I wish I would’ve known: When we first started, I spent too much money on our website that was scratched twice and SEO that was not relevant.
What keeps you up at night (business-wise!)?: Trying to figure out how to build a national eco-friendly and fair trade brand that will be an inspiration to future generations and change the way we shop.
Ever tempted to throw in the towel and just get a job? I have been there and done that. This is new and exciting and everyday it is MINE to create. I love what I do and what we stand for.
Pricing, Getting it Right: My advice to woman business owners is to not cave in too early. We have a tendency to offer a discount even before someone asks for it. If someone is trying to pull you down on pricing, pause, tell them you will get back to them and make them want it more by showing the value in what you are offering.
Funding: I know that this current economy is tough to secure traditional funding. However, this current economy also breeds many low-cost opportunities to start a business such as bartering for business services and using college interns. I learned how to be very resourceful early on. I was also fortunate enough to be able to self-fund the start-up costs from savings from my prior business life.
A Few Good Tips: Find a similar company that has already paved the way. Research how they are doing it. No need to re-invent the wheel if you know something is working.
Must-Read Online Resources: I keep up with many fashion and fair trade blogs.
The absolute best part of owning my business is: creating my own path and leaving my own legacy.
If I had to start over again, I would: have focused more on creating a break through product early on.
I never imagined: retail would be so difficult.
If standing on a rooftop facing crowds of aspiring or struggling small business owners, I would shout: “‘Dessert’ is the word ‘stressed’ with the letters scrambled. Take everything in stride, make sure to breath easy and take the time to have the dessert.”
