Running your own business, it sounds so romantic and is often glorified, but is it really always such a treat? In this series, ELFIN looks for inspiring stories from entrepreneurs. This time we speak to Mélanie Pigeaud of the jewelry brand of the same name, Mélanie Pigeaud Jewelry.
Photo from
lifsaga.co.uk
Mélanie Pigeaud quit her corporate career in 2018 to start her own jewelry brand. Her company makes sustainable jewelry from recycled gold and silver, manufactured in a fair trade manner. And on top of that: all of her pieces are
greedy
.
From the corporate world to a creative profession and own business, tell me?
‘Mélanie Pigeaud Jewelry originated from a hobby. I took an evening course in goldsmithing because I missed being creative with my hands. During the day I was in the office, at night I was forging my own rings, necklaces and bracelets. I started wearing my jewelry myself, and people around me started asking if I could make it for them. There’s something in this, I thought at the time. But then how, and then what? I decided I wanted to take this further and add a sustainable component in the world of jewelry. In March 2018, I quit my job and went full steam ahead.
How long did it take for you to think ‘yes, this is how my business is doing well’?
‘You should write down when you are successful for yourself,’ was people’s advice. Success for me was when I could pay myself the same salary as in my previous job. I wanted to be able to make a living from my business.
It took at least a year and a half to get there. After 8 or 9 months, I even applied for a part-time job. Entrepreneurship was so tough, and every euro I earned I had to put back into the business. Then I hired a financial advisor. We made a very tight financial plan for 6 months, it was do or die. After those 6 months, I succeeded and achieved my goal and got a grip on my business. And even when this financial milestone was reached, the uncertainty remained: will I manage this next month? Running sales and finding new customers is and will remain uncertain.
Also, a collaboration with the Bijenkorf was a big moment for me. When talks began there to sell my jewelry at the Bijenkorf, that’s when I felt ‘it’s happening now!’
What can still give you a stomach ache?
‘I think it’s important that people are satisfied. When a customer comes for repair I can really get a stomach ache. And I compare other entrepreneurs’ successes to my business too much. I know this is nonsense because everyone walks their own path and has their own troubles, but still it happens to me.
Do you celebrate successes?
‘Yes, although I’m not very good at that. Fortunately, my friends force me to open champagne occasionally and take a moment to reflect on how well things are going. lt is tempting to want to move on quickly.’
What do you think is the biggest misconception about running your own business?
‘That it’s quick money. I sometimes get comments like ‘so, that’s going well huh, that must be doing well financially.’ People often don’t realize how much money has to be continuously put into a business. You see a lot of promo on the Internet about ‘if you want 100k sales in 3 months, do this and that’, but that’s unrealistic. Especially if you make a physical product and work with a team.’
How do you handle the financial side of your business?
‘I can really lose sleep over that…. Pension, AOV, safety net, tax: how do I do this? Especially during Covid-19 it was huge switching. E-commerce took off and I piggybacked on that. But it also made me realize how fragile everything is and that I really need to have a buffer. My partner is a real excel guru and he helped me tremendously, because I find it quite difficult. What are the runners, where are the most costs, where can I best scale up? Understanding this gives me guidance in making decisions.’
Do you have a buffer?
‘Yes, I have a buffer. I try to work hard on this for uncertain times, but I also don’t want to hold on to the money too much. A healthy buffer is important, I want to be able to cover six months, but otherwise I invest as much as I can. I want to grow my business and that takes money.’
Can you distance yourself from your business? What do you do to relax?
‘I try to meditate every morning and exercise regularly. My 2021 theme was ‘more freedom’ and I am succeeding. At first I worked in the store on weekends, but I have staff for that now. That was a very important moment for me. And I have to take 25 vacation days from myself. I didn’t do that for the first two years, but then you’re not going to last long term.’
Best advice ever received?
‘You don’t have to do everything yourself. You think at first you know best, because it’s your business, but you’re not good at everything. So invest in help and people who are better than you on certain topics.’
Worst advice ever received?
‘Funnily enough, I didn’t get that much bad advice. Or I haven’t remembered them well. I think still the “Are you sure?” questions from my immediate environment when I was about to quit my job.
And what advice do you like to give yourself?
‘Go for it! Very cliché, but have faith and
just show up
. Show up every day and go for it. Stay very close to the WHY. Why are you going to do this? Why did you start this business? That’s why people are going to buy something from you.’
Which female entrepreneur do you personally admire a lot?
‘For the owner of Oh My Bag. Very cool how she incorporates sustainability into her brand in many facets. And Emilie Sobels I find very inspiring. She shows her personal life and is very open about what she struggles with with her business.
