DTC POD - #227 - Gretchen Hollingsworth: Ink + Alloy - Wholesale 101 For DTC Brands

1️⃣ One Sentence Summary

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Ink and Alloy founder discusses wholesale strategies for DTC brands.

🎞️ Clipfinder: Quotes, Hooks, & Timestamps

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Gretchen Hollingsworth 00:03:40 00:03:56

"Business Growth and Personal Shifts: That business got massively big, and I always told people it kind of felt like selling your business felt like you got to be the nanny. It's like your kid grew up, but now he's not really your baby, but you're the nanny."

Gretchen Hollingsworth 00:05:56 00:06:08

"Starting a Business: They would represent your brand. And so first thing I did was I was fortunate that I live in Atlanta, which happens to be the biggest gift mart in the country. So I was able to go down there and secure a relationship with a sales group."

Gretchen Hollingsworth 00:08:47 00:09:04

"Adapting Business Models in Startup Culture: I think what's been nice about having 25 years of experience but then having a startup again is you have this 25 years of experience, but you also can pivot and move much faster than trying to transform a business that's been around for so long."

Gretchen Hollingsworth 00:12:13 00:12:50

"Adapting Business Strategy During COVID-19: So we instantly launched wholesale. We did all the major shows, new York, Now, Coterie Apparel shows, all the showrooms. And at the same time we built our Direct to Consumer website so that we were positioned when COVID happened, that was kind of our next know, we're going to diversify. And we did a little Direct to Consumer, but our business was heavily, heavily wholesale and we just pivoted when COVID happened, focused some resources there where we normally would have focused those resources on those wholesale shows."

Gretchen Hollingsworth 00:17:11 00:17:16

"Importance of Strategic Partnerships in Business: But if you're partnered with the right people, you could be trying to go it alone."

Gretchen Hollingsworth 00:21:29 00:21:38

"Entrepreneurship and Teamwork: I just my whole life I've built out and just I don't want to say it's just me because I have an amazing group of 16 women that helped me along the way."

Gretchen Hollingsworth 00:24:12 00:24:48

"Wholesale Business Strategies: 'But if you are going to go the wholesale route, I can give the advice that things that are going to drive your sales reps crazy and your boutiques is you got to deliver on time, you got to pay. Your reps. You've got to come out with new and interesting products every twice a year, and you got to give them the right sales materials to sell it. So you've got to be ready to like, we produce 100 page catalog. We didn't at the beginning. It was more like 20 pages, but now we produce 100 page color catalog for them to actually show their customers.'"

Gretchen Hollingsworth 00:24:49 00:24:54

"Success in Business: So if you're not willing to do those type of things, you're not going to be as successful because that's the way they work. You really kind of have to work in the system because they've been doing this for so long."

Gretchen Hollingsworth 00:32:36 00:33:01

"Direct-to-Consumer Business Strategy: 'Because wholesale was more intuitive for me and just kind of like building those relationships and growing where when you did direct to consumer, you could see, okay, I'm going to spend X on ads and I'm going to get X in sales. So how many dollars do I want to put on ads to get sales until iOS and all that stuff. But really it's a little bit more black and white, so to speak.'"

Gretchen Hollingsworth 00:39:26 00:39:41

"Innovative Business Solutions: 'So we're like that's really going to let us tip our toes in the water to see and test some locations. So if we went, oh my gosh, that tuk tuck goes crazy in New York City at Chelsea Market, well, shoot, let's see if we can get our own brick and mortar.'"

🔑 7 Key Themes

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1. Wholesale route strategy and logistics. 2. Journey of Patty Wax and Ink + Alloy. 3. Showrooms and sales reps' role. 4. Direct-to-consumer versus wholesale channels. 5. Product diversity and inventory management. 6. Innovative mobile retail strategy. 7. Personal passion and business alignment.

💬 Keywords

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Gretchen Hollingsworth, Ink and Alloy, Patty Wax, wholesale market, sales reps, Direct-to-consumer, Direct to Consumer website, digital marketing, DTC sales, bootstrapping, retail strategy, pop-up shops, tuk tuks, mobile retail, jewelry products, women's accessories, boutiques, sales materials, product lines, product mix, inventory management, order fulfillment, shipping costs, entrepreneurship, domain expertise, business growth, business profitability, ROI in advertising, charity partnership, Commit to Change.

Interview Breakdown

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In this episode, we welcome Gretchen Hollingsworth, founder of Ink and Alloy, as she shares her journey in growing a successful business and her insights into the wholesale industry. Her story uncovers vital strategies that every direct-to-consumer brand should consider when building their own path to success. Today, we'll cover: - Gretchen’s entrepreneurial journey starting from Patty Wax to founding Ink and Alloy. - The importance of investing in high-quality sales materials and leveraging sales reps for wholesale success. - The innovative strategy of using mobile retail with tuk tuks to explore potential retail locations. - How both wholesale and direct-to-consumer strategies can accelerate brand recognition and growth. - The importance of passion, alignment, and not taking oneself too seriously while building a successful brand.

📚 Timestamped overview

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02:59 Investment partner changed dynamic of patty Wax.

04:43 Scaling ink and alloy in a competitive sector.

08:25 Great start, scaled, focused on wholesale. Left Patty Wax, now exploring various business channels.

13:44 DTC as a channel, wholesale also critical.

16:18 Contract sales reps sell diverse products in specific territories.

20:25 Launching jewelry brand, operations, planning, team building, bootstrapped funding.

24:03 Basic operations, timely delivery, growing product range.

25:29 Build strong relationships, trust, and provide resources.

29:38 Business success relies on people and processes.

33:47 Sound fundamentals, reinvesting profits, sustainable growth, investment areas.

37:59 New exciting out-of-home marketing channel for brands. Additionally, retail expansion beyond wholesalers?

39:48 "Bootstrap, find hacks, pop-up on wheels."

43:01 Thanks for joining us, valuable insights. Exciting growth.

❇️ Key topics and bullets

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1. Introduction - Presentation of the host and the guest - Background Information on Gretchen Hollingsworth 2. Gretchen's Entrepreneurial Journey with Patty Wax - Starting the Patty Wax business in a greenhouse - Rapid growth and recognition from major retailers - Expansion of Patty Wax's warehouse and employee base - Selling Patty Wax and staying on with a partner for five years 3. Formation and Growth of Ink and Alloy - Gretchen's decision to start Ink and Alloy - Focus on women's accessories and jewelry - Relationship with boutiques across the country - Launch as a wholesale brand and work with showrooms in major cities - Building of a Direct-to-Consumer website to diversify their efforts 4. Navigating the COVID-19 Pandemic and Further Growth - Pivot to digital marketing during the pandemic - Recognition of the importance of wholesale and Direct to Consumer channels - Observation of the wholesale landscape and its players - Collaboration with the right groups or showrooms to scale the business - Use of Direct-to-Consumer and wholesale strategies to boost brand recognition 5. Business Model and Practices - Start with 200 product lines and scale to 1000 different items - Partnership with Indian charity organization, Commit to Change - Focus on numbers and ROI in advertising and sales - Bootstrapping approach prioritizing profitability over customer growth 6. Mobile Retail Investment and Plans - Investment in tuk tuks for mobile retail and pop-up shops - Consideration for partnering with retail stores for parking the tuk tuks - Exploring the viability of retail and expressing the brand through a hybrid model 7. Future Prospects - Prospective considerations to expand to brick-and-mortar stores - Importance of bootstrapping and capital efficiency in business 8. Personal Insights and Advices for Entrepreneurs - The importance of having fun and personal alignment with the business - Passion as a significant factor in building a business and brand 9. Closing Remarks - Information on how to connect with Gretchen Hollingsworth on social media - Hosts' gratitude for the insights Gretchen provided and commendations for her business growth.

🎬 Reel script

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"Hey listeners, we just wrapped up an insightful chat with Gretchen Hollingsworth, the mastermind behind Ink and Alloy. Today, we delved into the importance of delivering on time, building ironclad relationships with reps, and of course, having that killer product selection. Gretchen unpacked her wholesale strategy, highlighting the synergy between wholesale and DTC, her successful bootstrapping journey, and the innovative pop-up shops in tuk tuks. Gretchen's biggest takeaway? Always stay aligned and passionate about your mission. Make sure to catch the full conversation on episode #227 of DTC Pod."

✏️ Custom Newsletter

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Subject Line: Unleash your DTC Power with Gretchen Hollingsworth! Hey there, DTC Pod Family! We're excited to share Episode #227 with you today as we sit down with Gretchen Hollingsworth, the entrepreneurial mastermind behind the sizzling brands, Ink+Alloy and Patty Wax. Tune into this riveting episode as Gretchen navigates us through her journey, right from making candles in a greenhouse to creating diverse product lines for a nationwide audience. What's in store for listeners in this episode? 1. Uncover the importance of delivering on time andappreciating sales reps in the wholesale route. 2. Delve into the need for fresh and efficient sales materials, and the power conferred by a vibrant product catalog. 3. Explore firsthand how an inventory house and mixing of products can maximize efficiency. 4. Discover the practicality of jewelry logistics over other products, and stocking practices that ensure buyer satisfaction. 5. Get crucial insights into CEO and founder roles, learning the importance of developing multi-area expertise. Our fun fact from this episode: Gretchen started Patty Wax with just a handful of scented candles made in her greenhouse, which led to astounding success, generating $150,000 in sales within just six weeks! In this episode, you also get a chance to hear Gretchen's enthusiasm as she talks about the brand's latest project - mobile retail via 'tuk-tuks', bringing an engaging new twist to outdoor marketplaces, and festivals - Stay tuned! To wrap up, Gretchen ends on a note encouraging entrepreneurs to enjoy the journey, stay passionate about their vision, and importantly - to not take themselves too seriously in the industry. As always, we greatly value our pod community's energy and engagement, and we can't wait for you to listen to Gretchen's golden insights on DTC POD Episode #227. So hit that play button, and let's dive into the magical world of DTC brands! If you love our content and want more behind-the-scenes insights, follow us on our social media channels. And don't forget to reach out to Gretchen on LinkedIn. She would be thrilled to connect! Keep listening, keep learning, and stay fabulous! Cheers, Blaine and Ramon P.S. – Be sure to subscribe to our email list if you haven't already, to get the latest updates and exclusive content from DTC Pod!

🐦 Business Lesson Tweet Thread

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1/ Idea for today - The power of staying nimble, understanding your market, and embracing adaptable strategies. Learned this in a chat on the DTC POD with Gretchen Hollingsworth of Ink + Alloy. 2/ Gretchen talked about the strength of the wholesale route. Paying sales reps on time, empowering them with solid sales material - that's what builds relationships. 3/ Relationships are vital. Not just with reps, but with other brands too. Team up with the right people and you can scale faster. 4/ Get this - Ink + Alloy stored their entire inventory in one space. They crafted a product mix that excited retailers. 50-100 items an order. That's power. 5/ The almacen matter too. Jewelry results in lower logistics and shipping costs than other alternatives. The margins, friends, are in the details. 6/ From zero to 200 product lines in record time. Gretchen spent 25 years in the industry before Ink + Alloy, but here's the kicker - her brand feels fresh, unencumbered by legacy. 7/ Balance is crucial. Ink + Alloy recognize this. Wholesale or Direct to Consumer - they blend both channels harmoniously to expand brand recognition. 8/ Adapting under pressure, like during the COVID-19 pandemic, is another key. Ink + Alloy swiveled fast to digital marketing. The mix of contemplation and execution is what sets the great ones apart. 9/ Gretchen believes in growth borne of profitability, not just selling for the sake of vanity metrics. Earning your keep - it's a principle easy to forget in the rush for growth. 10/ Never heard of tuk tuk retailing yet? Well, Gretchen is onto it. Mobile retail enables them to test waters without committing to permanent locations. 11/ The Indian charity initiative, Commit to Change, is a golden nugget too. An alliance with them supports education for girls in poverty. Businesses can be profitable and purposeful. 12/ Bootstrapping, always keeping a check on numbers, and investing in ROI - that's Gretchen's mantra. A crafty hybrid retail model like a pop-up on wheels, serves double-duty as an ad platform. 13/ Be it Gretchen's story or any other, the same rules apply: Adapt, Innovate and Have Fun! Money will follow. And yes, don't forget to place passion at the top of your startup toolkit. 14/ Sublime insights from Gretchen today. Staying nimble, understanding the market pulse, and flipping strategies - that's the entrepreneurial game! 15/ Plug in your passion, nurture relationships, and stay tuned to the business minutiae. Celebrate small wins, learn from missteps and keep the grind alive! 16/ That's it for today! Keep dreaming, keep hustling and remember, the best way forward is found off-trail. Find your unique path in 'business-land'.

🎓 Lessons Learned

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1. "Wholesale Sales Reps Importance" The guest discusses the critical role sales reps play in wholesale, their need for proper product materials, and timely payment. 2. "Building Effective Rep Relationships" Strong relationships with sales reps and equipping them with the right materials can significantly improve business performance. 3. "Inventory Management and Product Mix" Efficiently managing a central inventory space and a diverse product mix is key to success in wholesale business. 4. "Logistical Advantage of Jewelry" Jewelry offers excellent logistical advantages related to shipping costs, making it a favourable option for wholesale and DTC sales. 5. "Mastering Multiple Business Domains" The hosts emphasize on the importance for entrepreneurs to have domain expertise in multiple areas of their business. 6. "Rapid Growth and Expansion" Gretchen shares her experience with Patty Wax, from its start in a greenhouse to significant expansion and recognition. 7. "Transition from Wholesales to DTC" Experiencing the transition to DTC firsthand, Gretchen reveals valuable lessons about customer growth and profitability. 8. "Innovative Retail with Tuk Tuks" Gretchen’s brand is set to revolutionize retail by using tuk tuks for pop up shops and advertising. 9. "Testing Retail Locations Cost-Efficiently" The guest plans to cost effectively test different retail locations before committing to setting up permanent brick-and-mortar stores. 10. "Maintaining Passion and Fun" Gretchen expresses the importance of personal alignment, passion, and not taking oneself too seriously in business.

💎 Maxims

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1. Delivering on time and paying sales reps accordingly helps forge and maintain healthy business relationships. 2. Always equip your sales reps with fresh, interesting products and ample sales materials. 3. Providng sales reps with comprehensive resources, like catalogs, can enhance customer engagement. 4. Maintaining a single warehouse for your inventory can lead to a centralized and efficient product mix. 5. Encourage your salespeople to carry a variety of products in their sales kits to meet diverse customer needs. 6. Utilize products that have logistical advantages, like jewelry that is cheap and easy to ship. 7. Always have enough stock to meet buyer demand and constantly innovate with new product lines. 8. Appreciation and respect for your team’s expertise is crucial for business success. 9. As an entrepreneur, it is valuable to possess a wide range of domain expertise. 10. Wholesale market strategy utilizing sales reps and showrooms can lead to substantial growth. 11. Pairing with the right group or showroom can help your brand scale and integrate with compatible businesses. 12. A balanced approach between Direct-to-Consumer and wholesale can help accelerate brand recognition. 13. Regularly analyzing ROI and sales numbers can guide business growth strategies. 14. Profitability should be prioritized over customer growth in the absence of profitability. 15. Unconventional modes of retail such as mobile pop-up shops can serve as cost-effective advertising. 16. Consider partnering with local establishments to increase brand visibility and share profits. 17. Trying different formats like pop-up shops before committing to a brick-and-mortar space can save money and time. 18. Businesses should be built around personal alignment and passion. 19. Striking a balance between professional growth and personal enjoyment is key to business longevity. 20. Being open to connect and engage with your audience on social media can foster brand engagement and loyalty.

🌟 3 Fun Facts

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1. Gretchen Hollingsworth made an impressive start with her first business, Patty Wax, generating $150,000 in sales within six weeks. 2. While being in the jewelry business, Gretchen and her team are inventively investing in mobile retail using tuk tuks, aiming to create visible pop-up shops in various locations. 3. Despite her vast experience and success, Gretchen emphasizes the importance of enjoying the journey and not taking oneself too seriously in the industry.

📓 Blog Post

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Title: Harnessing Wholesale and DTC Channels for Business Success - Insights from Gretchen Hollingsworth Subheader: A Masterclass in Building Brands from the Ground Up Introduction: In a recent episode of DTC POD, we welcomed Gretchen Hollingsworth, founder of Ink and Alloy, a women's accessories brand. Gretchen has forged a successful entrepreneurship journey with more than two decades of experience in the industry. She offered insightful tips on leveraging both wholesale and direct-to-consumer (DTC) strategies for business success and growth. The Evolving Journey of Entrepreneurship: Gretchen began her business journey by creating Patty Wax, a candle-making business, in her own greenhouse. Her business evolved dramatically from its humble beginnings, growing to become a widely recognized brand with a 10,000 square-foot warehouse and 30 employees. After her successful venture with Patty Wax and its sale, Gretchen was keen to make a fresh start with her new venture, Ink and Alloy. Balancing Wholesale and Direct-to-Consumer Strategies: In an age where DTC and e-commerce are growing prominent, Gretchen stressed the importance of not discarding the value of the traditional wholesale model. Her experience with Patty Wax demonstrated the rapid success achievable through sales representatives and store showrooms. Ink and Alloy initially launched as a wholesale brand working with showrooms in major cities. However, recognizing the evolving market landscape, they also built a DTC website to broaden their reach and adapt to the digital shift. Surviving and Thriving During the Pandemic: The COVID-19 pandemic impacted many businesses. Gretchen and her team’s experience in differing sales strategies allowed Ink and Alloy to pivot during this challenging time and redirect their focus on digital marketing. By understanding how DTC and wholesale approaches can complement each other, they leveraged this strategic mix to their advantage. Being Cost-Effective and Innovative: In their quest to explore broader retail opportunities, Gretchen shared an intriguing strategy her brand is pursuing. The company is investing in mobile retail through the use of tuk tuks, which can be set up as pop-up shops in various locations. This shows the importance of bootstrapping and finding capital-efficient methods to build and evolve a business. The Importance of Alignment and Passion: Gretchen's commitment to alignment and passion are evident in every aspect of her work. She stressed that while the numbers matter, it's equally important to have fun and enjoy the journey and process. Gretchen is also passionate about making an impact beyond the business realm, partnering with Commit to Change, a charity based in India that focuses on supporting girls' education. Conclusion: Gretchen’s journey with Ink and Alloy is still in full swing. Her extensive experience and insights into wholesale, direct-to-consumer strategies, and creative, cost-effective ideas serve as inspiring lessons for aspiring entrepreneurs. Her story underscores the importance of adaptability, coupling business acumen with passion, and the power of both traditional and modern ways of doing business. At the end of the day, the key takeaway from Gretchen’s story is clear - there’s no one-size-fits-all route to success. It’s a combination of passion, innovation, and the willingness to leverage every available channel that makes an entrepreneur’s journey uniquely rewarding.

🎤 Voiceover Script

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In this episode of DTC POD, our guest Gretchen Hollingsworth, founder of Ink + Alloy, shared insightful learnings from her entrepreneurial journey. From the successful wholesale strategy of her first venture to the innovative mobile retail model and direct-to-consumer pivot during the pandemic with Ink + Alloy, Gretchen emphasizes the importance of product quality, delivery timeliness, and building strong relationships with reps. Highlighting the advantages of a DTC model, honing in on various sales channels, and the value of personal alignment and passion in business, this episode is brimming with entrepreneurial wisdom. Tune in to learn more!

🔘 Best Practices Guide

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The episode from DTC POD with Gretchen Hollingsworth offers invaluable insights into balancing wholesale and DTC strategies in the accessories industry. A well-timed product release is crucial, as is nurturing strong relationships with sales reps and supplying them with high-quality sales materials. Maintaining an organized inventory and ensuring there is enough stock to fulfill wholesale and DTC orders is important. Despite logistical and shipping advantages, a brand requires passion and personal alignment for longevity. Adaptable strategies, like using tuk tuks for mobile retail, can provide a cost-effective way to test marketplaces and reveal retail potential. Focusing on return on investment rather than blind customer growth is key. Finally, never underestimate the power of having fun and maintaining an entrepreneurial spirit. Find a brand's unique ethos and consistently deliver it through both wholesale and DTC channels.

🎆 Social Carousel: Do's/Don'ts

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1. Cover Slide: "10 Essential Wholesale Tips for DTC Brands" 2. Title: "Neglected Reps" Instead: Cultivate strong relationships with your reps and provide them the necessary sales materials for success. 3. Title: "Random Product Mix" Instead: Make sure to keep your products new and fascinating. Curate your mix to appeal to varying customer tastes. 4. Title: "Disorganized Inventory" Instead: Take control of your inventory. House all your items in one organized space for efficient product mix. 5. Title: "Unsupportive Sales Kit" Instead: Arm your salespeople with a kit containing varied products. Make sure they're fully equipped to make sales. 6. Title: "Ignored Logistic Costs" Instead: Consider the product's shipping needs. Jewelry, for instance, is advantageous due to lesser logistics costs. 7. Title: "Limited Channel Focus" Instead: Diversify your efforts. Wholesale and DTC can complement each other and amplify brand recognition. 8. Title: "Unmonitored ROI" Instead: Keep an eye on numbers. Focus on ROI for ad campaigns and sales. 9. Title: "Rushed Retail Spaces" Instead: Explore affordable ways to test locations before committing to a full-fledged retail store. 10. Title: "Entrapped By Seriousness" Instead: Enjoy the journey! Don't be too serious—align your passions with your business for a fulfilling experience.

🎠 Social Carousel

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Slide 1: "10 Lessons Every DTC Brand Needs" Slide 2: "Timely Delivery" - Ensure prompt order delivery and timely payment for sales reps. Slide 3: "Product Range" - Continually introduce fresh and interesting products to motivate sales reps. Slide 4: "Excellent Marketing" - Equip sales reps with high-quality marketing tools, like a comprehensive product catalog. Slide 5: "Inventory Management" - Maintain your inventory efficiently. The mix is crucial. Slide 6: "Small Orders" - Stores typically order 50-100 items. Always be prepared. Slide 7: "Product Choice" - Jewelry has logistical and shipping advantages compared to other products. Slide 8: "Multifaceted Expertise" - Important for founders/CEOs to have domain expertise in multiple areas. Slide 9: "Test Efficiently" - Try mobile retail or pop-up shops before committing to brick-and-mortar stores. Slide 10: "Build with Passion" - Align your values with your brand and keep the fun in business. Slide 11: "Stay Tuned to DTC POD" - Want more insights like these? Subscribe today for the latest in DTC strategies.

One Off Tweets

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1. Taking wholesale routes for DTC brands? Don't forget the element of punctuality. Great work pays, but delivering on-the-nick seals the deal. 2. New and interesting products - that's the secret sauce for wholesale reps to do wonders. Better the sales materials, higher the sales! 3. Huge inventory? House it in one space. Mixing things up not only makes it easier but also contributes to better product mix. 4. Jewelry over other products - not just for style but also for the ease of logistics and cost-effective shipping. Interesting, isn't it? 5. Domain expertise - That's what separates a founder or a CEO from the rest. Knowing your niche can make your entrepreneurial journey smoother. 6. Life after selling a business? Gretchen Hollingsworth shows how one can always start fresh. Sold Patty Wax, and began Ink and Alloy. Now that's a comeback! 7. Collaborations can work wonders. Right group or showroom can help you scale faster and create synergy. Think smart, build bigger. 8. Direct-to-consumer & wholesale strategies can complement, not compete. Brand recognition? Accelerate it with the right blend of DTC and wholesale. 9. Pop-up shops on wheels? Ink and Alloy is all set to redefine retail with tuk tuks. Testing locations before brick & mortar - that's calling the shots like a boss! 10. Passion trumps all in business. Loving every aspect of what you do? That's Gretchen's secret and now you know it too. Remember, have fun and don't take yourself too seriously. Success will follow.

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