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Designing Jewelry the Codi Way
by Jay J. Car
Hobbies. For some people it can be playing golf, for others its putting together model airplanes. Nonetheless hobbies have been an avenue for millions of aspiring entrepreneurs. Thus is the case with Codi Jewelry (www.codijewelry. com) Founded by Courtney Hennessey.
Like many college students Hennessey found that a simple hobby could ultimately be a career move, one which she has made and never looked back. The hobby, making fine jewelry, has translated into a successful at-home business. Less than five years removed from St. Louis University, this budding jewelry designer has had her designs adorned by some of Hollywood's finest celebrities including Brook Burke and Kelly Ripa. Her journey began as a hobby, making jewelry primarily as gifts to friends and family. Initially a $400 charge to her father's credit card seemed extreme for some materials for her hobby. The reaction to her designs prompted her to seriously look into this potential business. After a few months, the “buzz” carried out by a huge word-of-mouth campaign, launched Codi Jewelry. Codi, derived from the first two letters of her first name and the first to letters of her middle name (Diane), is currently generating sales close to the midsix figures.
Below we dive into the path and journey Hennessey took in order to achieve the success she has obtained.
CBC: How did you run your business as a college student?
CH: Well I rearranged my class schedule so that I would have classes only certain days of the week and only in the mornings. I would then schedule appointments to look at jewelry in the afternoons. I was living at my parent's house at the time and would take home appointments and shop at my parents house.
CBC: How were you able to secure clients at the time?
CH: People I would meet out and about would approach me from time to time. Also, referrals from friends and family, but mostly word of mouth. I have a large family that would wear my jewelry and they would refer potential clients to me.
CBC: At what point in college did you say to yourself that you could do this fulltime?
CH: Right away. With the instant attention the line got, I just knew I had something because I couldn't go anywhere without people stopping me and asking about it. So I just knew. I even considered taking a year off school, just to take advantage of it while it was hot, in case it was just going to be hot for a little while.
CBC: How supportive has your family been?
CH: I don't think there was anyway they could not have been supportive, because they saw what was taking place. And they saw how successful it was right off the bat. And if you are making money at something you love, you can't ask for anything better.
CBC: What are your short term and long term goals?
CH: I would like to continue doing what I am doing, which is to sell to retail stores across the country. My long term goals is to set-up a Mary Kaye-type business plan, where I have sales reps all over the country that do the same thing I have been doing for the past few years, like doing jewelry parties out of the house. Since we haven't been able to travel as much, we started sending our jewelry to customers to host their own parties. Right now we are making a line each season and send our line sheets out to stores. That way I can still send the line as samples and they can sell it from that.
CBC: Any plans to sell your line to a larger company?
CH: That's always an option down the road. Ultimately I think that would be the goal for the right price. Its like my baby, it would just all have to work out. But ideally, yeah.
CBC: What were some of the obstacles you had to overcome and what advice would you give to others?
CH: Probably not to feel discouraged from other peoples comments. You'll hear other peoples comments along the way, just negative comments and most are out of jealously. Don't let the negative comments out weigh the positive comments.
CBC: How were you able to establish placing your products into retail stores?
CH: My husband and I have lived in Jupiter, Fl, Aspen, Co and Los Angeles and were always seeking out boutiques and new customers through jewelry parties. Customers would also recommend various locations where they could see the jewelry fitting. And I would then approach the store or in some cases the customers would have a relationship with the store and they would get in touch with me. We went into a Ritz-Carlton Signature shop while on vacation and asked to speak with the buyer and she ended up buying a bunch of jewelry right then and there. Many different ways
CBC: Do you ever plan to open up your own retail store?
CH: Not any time soon. Its always an option in the future, but I say why fix something if its not broken. The set-up I have right now is great because I don't have the worries of operating a store, overhead and trusting employees. Running a store is a full-time job in itself and I already feel like I have more than a full-time job, doing what I am doing. Down the road it's always an option.
CBC: What type of advice would you give to young entrepreneurs?
CH: I would say that if you have an idea, that is something you have always dreamed of doing since you were young, or an idea you just dreamt up in your sleep, and your wondering why someone hasn't done this yet, and it seems like such a great idea…don't be afraid to go for it. You have nothing to lose especially if its something you enjoy. I just stumbled across this a hobby and turned into a business.
CBC: What are the biggest misconceptions people have about young entrepreneurs? For instance we have an associate who dropped out of college for a year and failed miserably. When he came back to school, he was ridiculed to no end.
CH: They probably doubt them because they don't have the experience. They will put a negative connotation on the whole thing. I wouldn't look down on those people because they are go-getter's. They are out there trying to make it happen unlike some kids who are not motivated and just doing what it takes to get by. Once they get their diploma they feel they are done. I respect someone who takes the risk and has the courage to go out there and do it.
CBC: Who has been your entrepreneurial mentor?
CH: My dad owned his own business, so I would always ask him business questions and how to get a sales tax identification number or turning your company into a real business, stuff like that. I will always ask my dad for advice. But my main motivator and support system is my husband. During our conversation I could hear the clanging of jewelry as this former North American Global Student Entrepreneur Award (www.gsea.org) winner is constantly working. Thus far we have profiled some interesting people. One thing they all have in common is their passion to do what they enjoy and their drive to succeed. These entrepreneurs are a testament that you don't have to be rich or have the most original idea. You need the tenacity, self-discipline and passion to make your idea and business work for you. Being an entrepreneur is a responsibility to yourself. Hennessey, like other entrepreneurs, definitely have what it takes to make things happen for themselves..
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