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FEATURED MOM INVENTORS > MARY FRANCES SHAFFER
In the late 1980s, Mary Frances Shaffer began designing costume jewelry and handbags as a hobby. Her creative spirit quickly led to a full-time business - she founded Mary Frances Accessories in 1989 with a relatively small investment of around $10,000. Since then her sales of uniquely embellished handbags and gift items have grown to $13 million per year. It's no wonder - her handbags have been spotted being worn by today's most high-profile fashion icons, including Paris Hilton, Oprah Winfrey, Jessica Simpson and Queen Noor of Jordan.
Describe your company and your product (or product line). Mary Frances Accessories (www.maryfrances.com) provides a line of embellished handbags and gift items. We have been in business for 17 years. For the past two years we have been on the Inc. 500 list of the fastest growing companies in America. We are known for providing handbags of beauty that have a "big" look - without the big price tag. We employ 27 women in our corporate office, 13 sales reps, and over 700 people in production in the Philippines. What were your initial goals? My initial goal was to be in business for myself, and I really wanted to be in the accessory business. At the time I really just wanted enough to make a modest living, but I soon realized I loved the whole "game" of business. I also became very excited about providing a product that made women happy. Describe yourself and your family. What is your background and how does it relate to your company? My father was an artist and an entrepreneur with his own company. So I have followed some in his footsteps. I think that growing up in the Berkeley, California area and seeing the street artists sell their goods impressed me from a very early age. Today I live in Orinda, California with my 8 year old son, Gabe, and my husband, Ron. We have a lovely Havanese puppy named Rezzy. I would say that I am high energy and have learned the knack of weaving creative work into a good business model. I am very happy at what I do for a living and also have a very rich personal life. It all flows into my existence together, and not as two separate categories. Have you ever experienced an epiphany that changed the direction of your life? I was in a very tragic car accident in which my father was killed. From that point forward I realized that life was short. On a day-to-day basis I feel that I want to live this day as much as possible. I like to go for the "gold ring" when I see an opening for it. 
What process did you follow to develop a prototype?
This has been a very hand-in-hand process with my manufacturers. I usually send them my designs and raw materials and then work from there. In some instances I go to the Philippines, where it is a much more hands-on experience. Being a very tactile person, this is what works best for me. What process did you follow to determine your product's marketability? I literally went out with a suitcase and cold-called stores to get a reaction. I soon rented a booth at a trade show and from there hired numerous sales reps. All of this happened quite quickly, since I had the good fortune of having a great response to my product. What process did you follow to find a manufacturer for your product? I went to the country I was interested in and interviewed many manufacturers. I also elicited the help of the country's export board. Once I found the right manufacturer, it really became a point of strengthening our relationship over the last 17 years. This has been a huge key to our success. I would not do business with anyone who I did not feel comfortable communicating with every day. Were there any setbacks in product development that had to be overcome? Not any one thing, but there is always an issue with staying on top of quality control. What was the biggest learning curve in terms of developing your product? Really having to be personally aggressive with staying on top of the trends. It was imperative to find the right resources and avenues that could keep my ideas fresh and unique. Through what markets are you selling (retail, wholesale, internet, specialty sales)? We are wholesalers and sell about 70% of our product to boutiques. The rest is through department stores, TV retailers and Internet. What secrets have you learned in terms of publicity and marketing your product? I hate to say it, but publicity is all about which movie stars are carrying your handbags right now. For marketing, I am a big believer in marketing to your own current customer base. Keep them strong and supporting your product! What was the biggest learning curve in terms of marketing your product? I think it was accepting the idea that brand recognition was super important. I took my time doing this because my sales were always strong, but I now realize that brand recognition will carry my line into the future. I also am always seeking the biggest bang for my buck in terms of marketing, it's so hard to measure. How long did it take to get your product from idea to market (conception to product launch)? Not that long - probably about 6 months. That is also the amount of time I currently give a new project that I plan to add to my line. 
How have you managed to juggle the roles of business owner and mom? What falls by the wayside (laundry, work-out, etc. etc.)?
What falls by the wayside is that I am probably not the most "known" mom in my son's school because I can only participate there so much. I also learned to get help when needed - ie: house cleaning. Yes, I'd like to work out more but a treadmill and getting back into running has helped. I also have absolutely no hobbies except hiking. What kind of support system do you have in place personally and professionally? Personally I have an incredibly supportive husband who basically runs the household. When we decided together that he'd move away from his work world, our whole life starting running more smoothly. My friends are a great support as far as being a fun neutral grounding in my life. Professionally I feel that after an uphill battle, I've now found the right "click" in my office. My current staff is greatly responsible for the personal pleasure I get from my work! How did you finance your business (personal contributions, loans from friends & family, loans from bank, credit cards, outside investors?) It was all personally financed. What is your company's current financial picture and what are your projections? We currently are doing great, with approximately $13 million in sales. I've had a huge growth spurt over the past 5 years. I feel that things may level off some, but I am adding a new line to my collection so you never know! What has been your greatest success or "high point" in the process? There have been many. One of them was when I walked into a room in the Philippines to discover 700 people working on my products - this had grown from 30. I felt such a huge sense of joy and pride for providing this living from the vision I had. I actually burst into tears! Another high point was winning Accessory Designer of the Year at the 2004 Dallas Fashion Awards. I really felt like I was chosen for originality, which so many people shy away from now a days. Being on the Inc. Magazine 500 list for the past two years has also been thrilling. And finally, when I am sitting in my office and I hear happy employees around me, I just have to smile. Have you experienced a "low point" and if so, how did you rally yourself to get back on track? My lowest point was feeling totally overwhelmed, which came with the growth. Taking a vacation and hiring more powerful people to surround me was my ticket to getting back on track. What keeps you going? I just LOVE what I do for a living. I look forward to it every day. Did anyone in particular help you along the way? I would have to say that my sidekick at work, Carolyn Miller, definitely always kept everything in perspective for me and helped fill my days with joy. My husband Ron is also a huge help. What advice would you offer other moms developing their products/ideas? Be realistic about what it might be like if you are successful. Make sure you are up for that. Make sure you want that. Also some advice I always give is, "Don't like your product too much." If the marketplace isn't responding to it, move on or shift it. Is there a resource that proved to be invaluable that you would like to share with other moms? I really don't have one in particular. I guess just being resourceful is the biggest. With the Internet at our fingertips there is just SO much open to us. Also talk, talk, talk to other people in the field you are interested in. Is there anything else you would like to add? Enjoy the ride!! It's not always going to be smooth but you can derive so much pleasure from all the ups and downs. Nothing is worth too much worry or you might miss all that shines! | ||||||
