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FEATURED MOM INVENTORS > STEPHANIE TAYLOR
A few years ago Stephanie Taylor noticed a gap in the marketplace for totes that could help busy women get organized - and look fabulous at the same time. She set out to design a functional yet fashionable handbag that women would love. And love it they did. Since then, her line has expanded into multiple handbags and accessories that are beautiful yet highly functional. Her business has allowed her to realize her passion, and at the same time create a schedule that allows her to spend most days with her 23-month old daughter Cameron (with another baby on the way!)
Describe your company and your product (or product line). Taylor Bags is a handbag company specializing in "fashionable yet functional" totes, handbags and accessories. The most popular product in the collection is the Austin tote, which contains nine interior pockets and a unique zip-out lining. Each Taylor Bag is specifically designed for the "woman on the go." I am the founder and designer, and I wanted to create handbags that fit today's women... women who juggle everything from careers to families to social commitments. The Taylor Bags collection now includes eight styles of handbags and a full line of accessories. Why did you start this company and when? I started the company in late 2002 while working full-time in the financial services industry. I was getting close to starting a family and I knew that eventually I would like to have my own business in order to be closer to home to raise a family. I saw a void in the market for tote bags that really fit most women's lifestyles. I wanted a tote that was more functional yet fun to carry. I sat down and began to sketch what is known today as the "Austin" tote. I wanted more pockets for organizational sanity. I wanted an interior lining material that would stand the test of time and I wanted an exterior material that would remain clean and classy so that all kinds of women could tote it...mommies juggling children, corporate professionals or the savvy traveler. I spent the first year searching and researching sources for the finest leathers and materials. I searched for a quality manufacturer that I could grow with over time. I worked on sketches with my father who has a background in architecture, and I tapped my mother's fashion background to help determine the best colors and textures. We built a prototype and began to have women of all ages and backgrounds carry them for "market research." Finally, we held a trunk show in Dallas, Texas with just over 40 handbags to test the products' marketability and ended up selling out. 
What were your initial goals?
My initial goal was to build a unique tote bag that women could use for the demands of their particular lives. I wanted to create a product and see it come alive on a shelf at an upscale retail store. I wanted to create a company that could be a family business and that would allow me to be a wife and mother, but with a schedule that I could control. Describe yourself and your family. What is your background and how does it relate to your company? I am married and have a 23 month old daughter - Cameron. I am currently pregnant with our second child who will be born in October. We also have a wonderful golden retriever named Nike who is also one of our children and whom we adore! I am 34 years old and live in Dallas, Texas where I was raised from the age of 4. I am a graduate of Arizona State University where I studied Broadcast Journalism and Marketing. I spent 11 years working in the financial services industry focusing on marketing and sales. That background has helped me tremendously in working to build my own business. My husband is an investment banker, which really helps in providing guidance with the financial side of the business. My mother and father (who also reside in Dallas) have helped as well with both design and running trade shows. I feel very blessed to have had the family support as I ventured out of my comfort zone to bring Taylor Bags to life. Have you ever experienced an epiphany that changed the direction of your life? I have loved handbags since I was a little girl. One day in early 2002, while working full-time, I realized I was searching for the "perfect" handbag that would fit my lifestyle. I was also looking for a great "mommy" bag at the time, as many of my friends were becoming new moms. I became frustrated, as I couldn't find a tote or a handbag that would work for either lifestyle. So, one weekend, it came to me that the "gap" I was looking to fill was a tote bag that had a very unique interior with many organizational compartments. Sure, there were handbags and totes on the market with pockets, just not enough! After I sketched what I considered to be the ideal tote, I couldn't look at a tote or handbag the same way when I would go shopping. This was the point that I decided to take my love of handbags from merely a passion to starting a full-fledged business. Months later, the "Austin" tote was born with nine interior pockets....functional for women of all ages juggling many different roles in life. 
What process did you follow to develop a prototype?
After refining a sketch of my first tote bag I asked my father to help me build a cardboard model of the handbag. I took the cardboard model and began to search for a pattern maker. Once my pattern was made, I took it to a friend who was studying fashion design at the time. My friend and I stayed up many late nights working to perfect our prototype. What process did you follow to determine your product's marketability? I had several handbags made for friends to carry in order to provide me with feedback. I asked friends of all ages and backgrounds to tell me what they would look for in a tote bag. I asked them what they didn't like about the various handbags they carried and how they thought they could be improved. I also took a trip to New York with my first prototype and began to knock on doors of fabric manufacturers and retail boutique owners for input on product design. This proved to be immensely valuable. Any specific lessons learned from this NYC trip? Specifically, I learned to really listen to customer feedback. And because the Manhattan retailers were so receptive to my design, I also learned that I had a product that was different from other totes. I learned a lot about networking within the fashion industry - one particular fabric manufacturer was open about sharing reputable fabric suppliers, pattern makers and potential sources for hardware for my designs. Finally, I learned that I was entering a very competitive market, but I still felt encouraged to move forward. What process did you follow to find a manufacturer for your product? I began to ask people I trusted in business if they knew of anyone that understood manufacturing. I eventually tapped a friend who was born overseas and who had a great deal of knowledge about how to get a product manufactured. I also got in touch with the trade commissions of several countries to find out if manufacturing handbags and leather goods was an area of expertise within their particular regions. 
Were there any setbacks in product development that had to be overcome?
I am laughing as I type this answer, as there have been several setbacks along the way. My husband has always told me, "Honey, if it was easy everyone would be doing it!" We have had to overcome quality control issues, timely delivery of the product, sourcing of leathers and other fabrics and international trade regulations, to name a few. What was the biggest learning curve in terms of developing your product? The manufacturing process and the sourcing of materials was a huge learning curve for me. I didn't come from a fashion background so I was not used to this process nor did I have relationships to tap into from the beginning. Through what markets are you selling (retail, wholesale, internet, specialty sales)? Primarily through upscale specialty boutiques around the country and online at www.taylorbags.com. I am finding that the online business is growing quickly as the "woman on the go" can easily shop online. What secrets have you learned in terms of publicity and marketing your product? I have learned to be creative to stretch our limited marketing and PR budget. We always try to take advantage of free PR or marketing opportunities that arise to help spread word about Taylor Bags. We have also tried several "guerilla marketing" tactics to come up with unique ways to showcase our products. Can you share any specific guerilla tactics? We have successfully implemented several guerilla tactics in the past. We have worked with an organization of high-level female executives to provide gift bags and other promotional items at various regional and national conventions for this organization. We also made sure to include marketing material and website information with the giveaways. We have created a "try a Taylor Bag" program for several large corporations in the Dallas-Ft. Worth area that was aimed at allowing women employees to "test drive" a Taylor Bag for a week. We also have sponsored charitable programs and offered creative discounts for shopping on the web. What was the biggest learning curve in terms of marketing your product? Trying to strike a balance between grass roots or "guerilla" marketing with traditional PR and focused marketing strategies aimed at my target market. How long did it take to get your product from idea to market (conception to product launch)? A full year!!!! 
How have you managed to juggle the roles of business owner and mom? What falls by the wayside (laundry, work-out, etc. etc.)?
I have a sitter two days a week and I tend to work on company business at night and during my daughter's nap times. I am not willing to sacrifice time with my kids so they get all of my attention during the day. My husband is a huge supporter and my mother and father help out a lot when I need extra time. Cooking, laundry etc....tends to fit in when I can get to it. I try to plan the week's menu on Sunday so we know what we will be eating all week, which helps a ton. What kind of support system do you have in place personally and professionally? My faith in God has really guided me and my family is the biggest support system and the most important thing in my life. I have friends who have also been such big supporters of Taylor Bags and who have believed in me from the very beginning. I thank the Lord every day for my family and friends as that is all that really matters at the end of the day. I lost a brother in a car accident at the age of 18 and that tragedy forever changed my views on the most important things in life. The Austin tote was named in his honor. How did you finance your business (personal contributions, loans from friends & family, loans from bank, credit cards, outside investors?). The business was funded out of our savings with a contribution from my parents who have an ownership stake in the company. How much money have you invested so far? How do you feel about that? We have invested about $30,000 since inception. While it was a lot of money for us (and my parents), we believed in the product and the company and felt it was worth the risk. What is your company's current financial picture and what are your projections? The company has turned a profit since 2004 although all profits are re-invested into the company to help grow our product line, purchase inventory and expand our market presence. We expect revenue to grow by 50% this year over 2005. What has been your greatest success or "high point" in the process? Seeing the Taylor Bag logo on a handbag and walking into a store and seeing it on a shelf. I also smile when see someone I don't know carrying a Taylor Bag. 
Have you experienced a "low point" and if so, how did you rally yourself to get back on track?
Like with most new businesses, there have been many trials and setbacks from the inception of the company. However, I wouldn't classify any of them as low points, just opportunities to prove to myself that the company could succeed with hard work and determination. I always tell people who are interested in starting their own business that is will not be easy but it will be rewarding. Who has been your biggest source of inspiration? What keeps you going? My biggest source of inspiration has been my family - my entire family. They have believed in me and encouraged me to "just do it." (a phrase coined by Nike but also the name I chose for my beloved Golden Retriever). My husband has helped me so many nights and weekends after his long hours at work. My parents have traveled with me to trade shows around the country while still managing to run their business and play the role of full-time grandparents. Did anyone in particular help you along the way? I will always remember my trip to New York with my prototype. I met with a man from a fabric manufacturing company in Manhattan. He was so kind to me and gave me very sound advice on design, sourcing, and manufacturing. All I had to show him was my cardboard prototype yet he encouraged me to keep going. I will also remember the owners of a wonderful boutique in Manhattan called Verve. They provided great advice and even showcased my handbags within their store that next season. I will also remember the owner of the boutique Talulah Belle in Dallas, Texas. She had so much trouble selling handbags of any kind in her store yet she saw something in my design to give me a shot. Talulah Belle has remained my number one store in the country for sales of Taylor Bags. I will also remember those friends who came to my first trunk show in Dallas who quickly bought their first Taylor Bag. They had great advice to give and encouraged me to keep going. What advice would you offer other moms developing their products/ideas? Take one day at a time in order to not get too overwhelmed. Know that it will not always be easy. The easy decision is to just "stop" and put off creating your idea (especially when you are tired at the end of the day taking care of your family). It takes determination and faith in you to keep going. Also, remember that you might be creating a wonderful business that your children can be a part of some day. Most importantly, do what makes you happy and what you believe in! Is there a resource that proved to be invaluable that you would like to share with other moms? I think this depends on what type of business you are trying to create. For me it has been to really LISTEN and KNOW who you are targeting for your product or service and not to veer from that direction. Is there anything else you would like to add? Even if your product or service doesn't "make it big" within the marketplace, no one can take away from you what you learn from creating a product from scratch and bringing it to life within the marketplace. I have learned so much these past few years building Taylor Bags. | ||||||
