In our brand spanking new Skimp or Splurge series, some of our favorite self-employed folks offer their tips on running your own business. They share their wisdom on what aspects of your business you can skimp on, and what can loosen the purse strings and splurge on. It’s not just where to spend your money, but also how to best use your time and creative juices. I’m excited that Amina and Sal Mucciolo of Studio Mucci are our first entrepreneurs to be featured in the series.
I became friends with the phenomenal Amina and her adorkable husband Sal a few years back through one of my good childhood friends. Donned the “Tassel Fairy,” Amina creates colorful creations of whimsy in the form of tassel garlands, unique party wares, and apparel. I’ve had the fortune of seeing their business explode the last few years. What was a humble business run entirely by the married pair in Oklahoma is now a full-stop operation at their lovely loft in Downtown Los Angeles.
They’ve been featured in every bridal, design, and lifestyle magazine that’s worth being noted in, and their luxury paper wares have been sold at Free People, Urban Outfitters, and Brit & Co. They’ll be doing a lookbook with ModCloth this summer, and just recently launched their lifestyle blog for lovers of pastels, unicorns, and all things fun and magical.
Here are their tips Sal and Amina has for those growing their Etsy stores:
Photography: Splurge
Photos are very important. Rather than spending a lot of money on an expensive photographer you can use your smartphone—the iPhone’s camera is as good as many consumer cameras you can purchase. You also don’t need expensive photo editing software opting for less expensive app options.
Takeaway: Photos are a great part of building your brand. Be resourceful, but make sure your photos are stellar and appeal to your audience.
Online Advertising: Skimp
Paying for online advertising is risky and can be very expensive. In many cases the ads you can afford aren’t worth it. Sending out free items can be an inexpensive way for people to learn about your shop. We send out free items all the time; it’s an easy way to establish connections and relationships with other small businesses. Instead of spending $300+ on a banner ad, it makes much more sense to spend $25 in inventory and shipping to someone with a large following who will advocate for you and the experience you provide.
Takeaway: Traditional advertising, like banner ads, is a thing of the past. Instead, gain visibility for your brand by sending free items to blogs and businesses you admire and that attract the same targeted audience.
Social Media: Splurge
Making social media your hobby really helps your shop because it gives you a platform for sharing yourself and your items with the world.
Takeaway: Social media determines whether your small business will sink or swim. So get on it, suckas!
Quality of Products: Splurge
It’s important to invest what you need to in the items to make them truly great. You can’t compete with the price of sweatshop labor, but you can compete by creating amazing high-quality items that cannot be easily produced by a sweatshop.
Takeaway: People nowadays will pay for artfully crafted, unique products that they love.
Quitting the Day Job: Splurge
Once you’ve got a product, and you’re getting into the swing of things, “splurge” by quitting that day job and focusing on your real career. You want to spend all the money you’re saving on doing things to make your business better, taking it seriously, and making it the focus of your efforts.
Takeaway: Get a roommate, move in with your partner, move back home, if you can…even if you can’t quit work fully, the more time you can focus on your work, the more successful you will be.
Other entrepreneurs in the Skimp or Splurge Series: Downeast Cider Boys
