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In this ongoing series, we share advice, tips, and insights from real entrepreneurs who fight business battles every day. (Answers have been edited and condensed for clarity.)
What is your elevator pitch for your business?
I’m Anna Herman, co-founder and CEO of Studs. The company combines consulting and expert needle piercing services with a wide selection of affordable and on-trend earrings in an experiential retail environment primarily aimed at Gen Z and Millennial customers. This made me reconsider ear piercings. This month (March), we opened our 23rd store, with more stores scheduled to open in 2024.
What inspired you to start this business?
In 2019, when I was 34 years old, I went to get a second piercing at an upscale piercing parlor, inspired by a friend who had nice ear piercings. I knew the wait would be several hours and the price of the earrings was going to be high, so I left. I wanted to get my ears pierced with a needle instead of a gun, so my friend (and now co-founder) Lisa Babers came with me to a tattoo parlor in downtown New York to get my piercings done. Although the piercing practice was healthy and safe, I felt out of place in the environment and didn’t like the jewelry selection. So Lisa and I started researching what options were available and discovered this hole in the market. The landscape for ear piercing using a needle (as opposed to a piercing gun) was fragmented. Customers would go to a local tattoo shop and once the piercing had healed, they would go to a mass retailer to buy the piercing. Actions were disconnected. Our goal is to provide an end-to-end Her Earscaping® experience, connecting ear piercing, ear piercing healing, and earring purchasing.
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Tell me about a very difficult moment that you didn’t see coming and how you reacted.
Studs were still in their early stages when the COVID-19 pandemic struck. Shortly after we opened our second store, the world shut down. Our business started strong with packed stores and excited customers. Then the pandemic hit the brakes. We lost nearly all of our revenue and faced her dual challenges of adapting her business and welcoming a newborn. E-commerce, which was not previously a focus area, has become our lifeline. Surprisingly, earrings have flourished in the Zoom era. Earrings weren’t an obvious category for people who buy earrings when they’re sitting at home, but as it turns out, when you’re sitting at home you’re always watching videos, so you know you want earrings. I did. It’s an accessory that helps you dress up and feel like a human again, when others might be wearing sweatpants. The store soon reopened, and to his surprise, customers returned to Studs’ studio for piercings. Although the pandemic has changed things, our business has shown resilience. Challenges still remain, but we are fortunate to be one of the lucky companies.
What advice would you give to entrepreneurs looking for funding?
I think the VC investment landscape has changed dramatically in our category, consumer retail, over the last few years. Investors used to invest in great founders with great ideas. Investors are now looking for real confidence in a product’s market fit, a business model that generates healthy revenues and profits, and proven leadership and operational capabilities before investing. If possible, entrepreneurs should bootstrap until they have early indicators of product market fit and revenue, and then have complete conviction and confidence not only in their idea but in their business model and market opportunity. I think you should go to investors.
Related article: All true entrepreneurs share this one personality trait, says Spicewell founder
What does the word “entrepreneur” mean to you?
A person who takes risks and dances, not a person who gambles. They have a vision, understand the potential pitfalls, and are willing to step outside their comfort zone to chase that vision. It’s not about recklessness, it’s about calculated risks and the courage and guts to overcome them.
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What do many aspiring business owners think they need, but don’t actually need?
Many aspiring entrepreneurs fall prey to the lure of big budgets and flashy marketing campaigns. While these may come in handy later on, the truth is that organic growth through word-of-mouth experiences is often your most powerful tool, especially if you’re just starting out. If you focus on creating products and services that people love and rave about, they will become your biggest supporters and spread the word about you without spending a dime.
Is there a particular quote or saying that you use as personal motivation?
As Kelly Clarkson sang, “What doesn’t kill you makes you stronger.” That really resonates with me as an entrepreneur. Her core message about overcoming challenges is inspiring. Businesses face setbacks, criticism, and market changes. Accepting these as learning opportunities and bouncing back shows resilience, a key trait for success in building a brand and business.
Are you aiming to match Anna’s success? Keep an eye on her in the future Entrepreneur+ In this article, Anna shares valuable advice tailored to small business owners.Please check again March 26th When the story begins to move.
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