Gemlet founder Michelle Hung never intended to be an entrepreneur.
But she long held a passion for jewellery design. While studying biochemistry at the University of Waterloo, she would make jewellery in her dorm room. It was a hobby; a creative escape from academic coursework. Her friends loved her designs, and they encouraged her to sell some of her pieces on an online platform for makers.
“That first sale, where someone actually wanted to pay for something I made; that was a really cool feeling,” she said.
She’s been chasing that feeling ever since – and she’s likely not alone. According to a new survey conducted on behalf of TD, 1 in 4 Gen Z and Millennials say turning a passion into income is their main motivation for starting a business.
Hung, a TD Small Business Banking client, has expanded her business to include 60 employees at six bricks-and-mortar storefronts across two provinces, with a seventh location set to open soon. She received a crash course in business along the way, learning all about marketing, HR, finances and more as she hit new milestones with Gemlet.
Gemlet, she said, fills a niche with what she described as “demi-fine” jewellery—it’s more affordable than fine jewellery, and crafted with everyday wear in mind. She and her team are quick to act on trends and bring what they see peaking on social media into their physical and digital storefronts – from crystals to charm necklaces.
When certain pop stars play stadium shows in Toronto, for example, Hung will try to have themed charms available in her Union Station location’s charm bar. For tourists visiting the Toronto's Distillery Historic District, a pedestrian-only neighbourhood characterized by 19th century architecture and cobblestone streets, Hung has Canadiana-inspired charms.
Along with its aesthetically pleasing interior design, Gemlet is perhaps best known for its permanent jewellery, or clasp-less chains that get welded around a customer’s wrist (or ankle) for a customized fit.
Many customers, Hung said, choose to mark special occasions with permanent jewellery – like birthdays, graduations, engagements, corporate events and weddings. Her business is growing beyond retail locations, reflecting how her customers are choosing to celebrate milestones.
Growing Gemlet from an online retailer to a Canadian mini-chain
Hung’s been part of countless customer milestones, and she’s celebrated her fair-share, too. Like, the decision to pursue Gemlet full-time.
In early 2020, she was working as a quality analyst at a cosmetics company. When Covid-19 restrictions shut down her lab, she found herself temporarily laid off. While her physical world shrunk, Gemlet grew online; she used her time off to go all-in on her side hustle. When the time came to head back to lab, she decided to resign to devote her attention to Gemlet.
That meant more pop-ups when Covid-19-related restrictions began to lift. She took a big step forward when she signed a one-year lease in the Distillery District. Next, she had an opportunity to lease a space in CF Sherway Gardens, a shopping mall in Toronto’s west end.
Building a community of support
As she expanded, she leaned on her mentors – fellow business owners – and more recently, her TD Account Manager Small Business (AMSB), Ryan Motamedi.
Many young Canadians want to follow a path similar to Hung’s, reveals new TD survey data. Nearly 3 in 4 Gen Z Canadians surveyed find the idea of starting their own business appealing. But, two-thirds of them are not actively seeking support from their banks.
TD Small Business Banking colleagues, like Motamedi, work to help support entrepreneurs.
"As an Account Manager Small Business, my role is to support, give tailored advice, practice fiduciary responsibility, and help businesses, and more importantly the small business segment, in different stages of their life cycle,” said Motamedi.
Motamedi is a Women in Enterprise, or WE, accredited SBAC, which means he has a particular focus on women-led and owned businesses. According to Innovation, Science and Economic Development Canada, only 17.8% of small-and-medium-sized Canadian businesses are owned by women.
The TD Women in Enterprise team aims to help women business owners start, grow and expand their businesses. This includes hosting educational events.
Motamedi met Hung while he was giving a seminar on understanding credit for women entrepreneurs. Over the past few months, Motamedi has become a sounding board for Hung as she opens locations in new Canadian markets. As her business grows, so do her banking needs. And Motamedi can provide her with tailored advice about the banking products she might need.
As she readies her seventh bricks-and-mortar location, in CF Masonville Place in London, ON, Hung said she finds it helpful to have someone to help her manage credit-based products, such as a small business loan, which can help her cash-flow during an expansion.
That way, she can focus more on her passion: adding a bit of sparkle to Canadians’ everyday-ware.