Is It Worth It?

by Tammy Gentry, CEO of CMD Gifts, Makers of Penny Stones

When I started making Penny Stones about a year ago, I had no idea how much work I was getting myself into. A couple of summers ago, I came across these wonderful ice breakers with phrases printed on glass stones at a friend’s house. They started such great conversations around my dinner table that I started making them as gifts. After I gave them to two friends, I received calls from five ladies in my neighborhood to find out where they could buy them. I knew I had a new product that struck a chord with American families and I wrote my business plan.

This past January, I launched five editions of Penny Stones (“A penny for your thoughts…”) at AmericasMart in Atlanta, the largest gift trade show in the country. It was an intimidating and exciting experience. I met so many other mom entrepreneurs and was impressed with their creativity and knowledge of the gift industry. I never realized how many products in gift stores today have just a few people behind them, like myself. I was encouraged to see so many mothers taking the risk of going out on their own and growing their businesses.

With a background in advertising and product management, I thought I knew the basics for running a business. But this past year, I have had to learn about: finding suppliers, working with contract workers and time studies, gift trade shows (10×10 booths for $3,000), QuickBooks, accepting credit cards, hiring and working with regional sale groups, managing inventory, shipping costs, creating and maintaining a website, creating a blog, LinkedIn, Facebook, Twitter, networking, the difference between public relations today and when I stopped working 10 years ago, printing costs and options, banks (and some of their unfriendly policies), finding my right target market, trademarks, patents and copyrights, and so much more. Some days I was overwhelmed with all I didn’t know. And there were many nights that I couldn’t sleep because of all I was responsible for. But I’m now settled with the basics of running a business and am honestly excited to learn the next level.

Since January, Penny Stones have been more successful than I ever imagined. They’re now in more than 400 gift shops across the country. We’ve sold over 8,000 sets with almost $60,000 in sales. What I find most rewarding are the Penny Stones stories I get to hear. Customers have shared memorable conversations that were started by a Penny Stone. They have connected with their family on a deeper level. Or they found out something they never realized about a loved one. And whenever I hear those stories, I know that Penny Stones are helping people develop deeper relationships. It’s the most satisfying feeling! So, when someone asks me “Is it worth it?”, I say “Absolutely!”

One quote I’d like to share with any mom who is starting her own business is “Do the best you can with what you have.” I try to keep this in mind when I’m wishing I was further along or not satisfied with how things are going. It’s helped me to keep my expectations in check with reality. If you’re doing the best you can with what you have today, you really can’t ask for any more.

Thanks for reading my post! If you like what you’ve read, please check out my blog, www.blog.pennystones.com, or my website, www.pennystones.com. You’re welcome to Link with me on LinkedIn (Tammy Gentry), follow me on Twitter (PennyStones) or connect with me on Facebook (Tammy Guilian Gentry).