Written by Lauren Wolfe ’20 (Failure Fund Recipient)
Last spring while browsing the internet for a birthday present, I found the perfect gift on Etsy—a customized bracelet with my friend’s initials. After I saw her wearing it, I realized I could make the same bracelet for a fraction of what I paid. I started researching exactly what I needed to make and sell stamping jewelry myself.
Serendipitously, I learned about Davidson’s Failure Fund at the same time. I wrote up a proposal to cover the cost of the materials (steel block, hammer, stamps, ink, bending tools, bracelets and discs) and was thrilled when they approved my idea. I ordered all the tools and started making jewelry.
One thing I learned running my Etsy shop was how quickly expenses can add up. I originally thought I only needed the tools previously mentioned. As an inexperienced seller, I never thought about things like jewelry boxes to put the finished pieces in, jute twine to wrap the boxes, poly mailers, packing tape, jewelry pliers, shipping label pouches. Or the cost of the wasted raw material I had to discard when the personalized pieces I stamped were not ‘perfect’ enough to be sold.
With the support of the Failure Fund, I learned to think more thoroughly and comprehensively about running a small business, from how one should request samples of the raw material before purchasing in bulk to packaging and shipping, and the importance of carefully budgeting for every step in the process.
Now that everyone is in quarantine, I noticed that loungewear is really popular. My Instagram explore page is inundated with expensive (and mostly sold-out) tie-dyed sweatshirts and sweatpants sets. Based on my jewelry-selling experience, I was pretty sure I could run a profitable tie-dye loungewear business. I bought a few crewnecks and some Rit dye in colors I thought would be popular. I loved the way they turned out! I thought other people would too, so I applied for the Failure Fund again. I’m unbelievable grateful Davidson offers a grant like this that encourages students to explore their dream business opportunities by offering start-up capital. Thank you so much, Failure Fund!