Interested in starting your own entrepreneurial journey in designer bags but unsure what to expect? Then read up on our interview with Elizabeth Hardy, owner, and CEO of ESPE, located in Toronto, ON, Canada.
What's your business, and who are your customers?
Espe is a Canadian brand that designs cruelty-free, PETA-approved, vegan handbags and accessories. We create bags that are fun, functional, and full of style. I design without age boundaries - our bags are literally for all women. I don't believe there are rules to fashion anymore - it's about choosing brands that speak to you and that you can believe in and rely on. Our unique whimsical designs have a loyal following from women who have been "collecting" our bags for years. We also have great fashion styles that channel vintage vibes that are loved by all ages.
Tell us about yourself
My entire career working in fashion has led me to ESPE. After 25 years as a CEO of an international fashion brand, I decided it was time to own my own business. Espe was born from my lifelong love affair with fashion and my lifelong love of animals. Running a business later in life has had its challenges and its rewards. I love the freedom to create what I love and the knowledge that my years of experience pay off for myself and my family.
What's your biggest accomplishment as a business owner?
Navigating the choppy waters of COVID - a month after purchasing this business was not for the faint of heart. I used all the tools I had to keep the business going. I kept everyone employed and used the downtime to streamline and improve operations. Two years later, we have come out the other side stronger, and the demand for ESPE keeps growing every day.
What's one of the hardest things that come with being a business owner?
Balancing family and business is the hardest thing I have had to do in my life. I have regrets about not spending more time with my children. But I made sure I prioritized my family outside of work and made sure I was a present mother. My house was not the cleanest, and I didn't spend much time socializing - but I knew everything that was going on with my kids and always made sure our connection was strong. That's the best I could do, and they seem to have turned out OK in the end!
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Two words. Cash Flow. This is the one ball you cannot take your eye off as a business owner. I keep a six-month to a one-year view of my cash flow at all times. A piece of advice I received years ago has always stayed with me - Turnover for vanity, profit for sanity.
- Move out slow-moving inventory to free up cash. No point in sitting on inventory that is not moving - better to have cash in the bank to invest in fresh stock.
- Don't think success will happen overnight. It is a process that could take years. Make sure you are ready for the long haul and enjoy the ride!
Is there anything else you'd like to share?
As women, we need to keep supporting each and lifting each other to new heights. We have come a long way, but there is still a long way to go to ensure our daughters' futures are safe and equitable.
Where can people find you and your business?
Website: https://espe.ca/
Facebook: https://www.facebook.com/espebags
Instagram: https://www.instagram.com/espebags/
LinkedIn: https://www.linkedin.com/in/elizabethrhardy/
If you like what you've read here and have your own story as a solopreneur that you'd like to share, then email community@subkit.com; we'd love to feature your journey on these pages.
Feel inspired to start, run or grow your own subscription business? Check out subkit.com and learn how you can turn "one day" into day one.
