Navigate / search

[115] Business Intensive with Steph Wallace

Sometimes, we just need to share our thoughts with someone else.

It gets us out of those endless loops inside our mind – where we go round and round on a decision without actually making one. Getting those thoughts out of our heads and sharing them with others can be just the ticket to finally breaking through and moving forward.

This week, I’m sharing another Business Intensive with you. You may remember this one with Judy Carlson from episode 110. This week’s guest is Steph Wallace from Mostly Miniature.

She discusses some challenges – such as the fact that she has been getting too busy in her business, and that this, along with caring for her child, is causing stress – as well as some ideas she has for alternative income streams.

It’s another fascinating opportunity to get ‘behind the scenes’ of another maker’s business!

 

Quotes & Highlights:

  • Steph Wallace is the founder of Mostly Miniature, creating handmade modern furniture for contemporary dollhouse renovations.
  • Mostly Miniature has reached a point of performing better than anticipated however Steph does not have enough time in the day to grow the business in its current state.
  • ‘Even if I had my child in childcare, a point would come where I have no more hours in my day to trade for money.’ {Steph}.
  • Consider bringing on employees to train and produce your products to free up valuable time in your day.
  • The choice comes down to, do you want to keep growing or do you want to maintain the business in its current state?.
  • ‘If you have reached the point where you are going to bring on someone there is an adjustment period that is painful because you have to spend the time not only making the product but teaching someone else to do it.’ {Jess}
  • An alternative option to employing people is to consider outsourcing components of your business to give you the freedom and flexibility to focus on your core strengths.
  • Other product options for your business may include digital products, craft kits or eCourses that do not consume as much time as your current product.
  • Start small and learn from that!
  • Having another business option is a great idea as it gives you another income stream and variety in your work.
  • ‘There is something we are passionate about, something we really enjoy and we want to share it with people. However we share it with people is what we need to decide’. {Jess}
  • Picture yourself in the future and determine which decision is going to give you the results you want!
  • ‘Making is secondary. It’s the running the business, forming communities and doing the marketing/storytelling that lights me up. The product is secondary.’ {Steph}
  • There is nothing wrong with capping your growth if you decide that you don’t want to employ people and expand.
  • ‘Sometimes it’s difficult to ask yourself those questions, you can get really good at avoiding them’ {Steph}
  • You are the only person that can make the decisions in regard to which direction you want your business to take – determine your overarching core values and make those decisions that support and reflect them!
  • Check out my past podcast episode with Steph here – How to Grow your Instagram Account.

 

Download or listen to this episode.

You can also subscribe to the podcast and listen to this episode on iTunes + Stitcher)

Jess

Van Den has written 371 posts in this blog.

Jess Van Den is the editor of Create & Thrive, and has been a full-time creative entrepreneur since 2010. She makes eco-conscious, contemporary, handmade sterling silver jewellery under the Epheriell label, and blogs about her jewellery and other beautiful things at Epheriell.com. You can catch her on twitter @JessVanDen.

What say you?