Stacey Cohen Design + Room Edit + DYB
Stacey Cohen, the creative force behind Stacey Cohen Design, has transformed her passion for design into a successful entrepreneurial journey. With a deep-rooted desire to help people, Stacey has not only established a luxury design firm but also launched two additional ventures to make interior design accessible and profitable for a wider audience. This draft delves into Stacey’s inspiring story, her challenges and triumphs, her impact on the industry, and her advice for aspiring entrepreneurs.
Brief Introduction and Entrepreneurial Journey:
Stacey Cohen, a talented and visionary entrepreneur, leads a team of creative individuals at her firm, Stacey Cohen Design. Growing up in an environment surrounded by art and design, with an artist mother and a father who designed and manufactured products and was a successful entrepreneur. Stacey inherited a natural affinity for creativity and entrepreneurship. Her journey began with early entrepreneurial ventures, selling handcrafted items and starting a swim school. However, it was at the age of 26 that Stacey decided to channel her passion for design into an interior design firm, capitalizing on her innate talent and industry knowledge.
Recognizing a gap in the market for affordable interior design, Stacey launched ROOM EDIT in 2019, offering accessible online interior design and decorating services. Through this platform, clients receive personalized room designs and a clickable shopping list, instilling confidence in their furniture purchases. Furthermore, Stacey recently introduced DYB, a workshop that equips fellow designers with the tools and strategies to run organized and profitable design firms.
Inspiration and Challenges as a Female Entrepreneur:
Stacey’s entrepreneurial spirit was fueled by her observations of her father’s success and her own natural inclination toward independence. While she believes that challenges are inherent to entrepreneurship, she didn’t encounter specific hurdles due to her gender. However, the balancing act of running a business and raising children presented significant challenges, as the absence of traditional maternity leave required Stacey to adapt both mentally and physically. Nevertheless, the flexibility that comes with being a business owner provided her with a newfound work-life balance.
I think success is achieved through small efforts day in and day out. It is becoming the best version of yourself, pushing yourself to reach your full potential and earning respect in your industry.
Current Business Venture and Impact:
Stacey’s business comprises three distinct ventures, each making a unique impact. Stacey Cohen Design caters to clients undergoing custom home building or major renovations, offering a stress-free and streamlined process. Room Edit provides affordable online interior design services, empowering clients to envision and purchase furniture with confidence. Additionally, DYB offers workshops and resources to help designers run organized and profitable businesses. Stacey’s commitment to helping others, combined with her expertise, drives the positive impact of her ventures.
Definition of Success and Strategies to Achieve It:
For Stacey, success is the result of consistent daily efforts aimed at personal growth and reaching one’s full potential. In the context of her design work, success means fostering strong relationships with clients and vendors, building a loyal and committed team, maintaining profitability, showcasing beautiful work, receiving referrals, and earning industry respect. To achieve these goals, Stacey puts her utmost effort into every task, values her team and their contributions, and upholds a standard of perfection in designing for her clients.
Key Skills and Qualities Contributing to Entrepreneurial Success:
Stacey attributes her success as an entrepreneur to several key qualities and skills. These include perseverance, adaptability, commitment, the ability to pivot when necessary, self-reflection, a continuous desire for improvement, and a strong work ethic. By embodying these traits, she has established herself as a respected entrepreneur in the interior design industry.
Role of Networking and Mentorship in Business Growth:
Mentorship has played a vital role in Stacey’s entrepreneurial journey. She has cultivated relationships with like-minded individuals who have provided valuable advice and support during challenging times. These mentors have served as a source of guidance and inspiration, helping Stacey navigate obstacles and refine her business strategies.
Ensuring Innovation and Adaptability in a Competitive Market:
To stay ahead in a competitive market, Stacey prioritizes innovation and adaptability. By pushing the design envelope and staying up to date with the latest products and materials, she ensures her designs are both beautiful and functional. Additionally, her team’s ability to tailor their approach to each client’s unique needs sets them apart from competitors, making their services valuable and unique.
Overcoming Obstacles and Setbacks:
The initial months of the COVID-19 pandemic posed significant challenges to Stacey’s business. Being a tactile industry, the sudden shift to remote work and limited face-to-face interactions required quick adaptation. Stacey and her team overcame these obstacles by implementing new systems and internal communication tools. The experience of navigating the pandemic has made their organization stronger, showcasing their resilience and ability to thrive in the face of adversity.
Social and Environmental Initiatives:
Giving back to the community holds great importance for Stacey. Through projects like “Design for Hope,” she and her team have renovated homes for families in need and revitalized portions of women’s shelters. By utilizing their design skills for social good, Stacey and her team have made a meaningful impact on the community and fostered collaboration within the Toronto design community.
Work-Life Balance Strategies:
Maintaining a work-life balance while running a successful business requires effective time management and planning. Stacey plans her schedule months in advance to ensure realistic goals. In the early years, finding balance was challenging, but as her business grew, she implemented systems to maintain a healthier work-life balance. By designating specific times for work and family, keeping work-related devices away during personal time, and working from home with a structured approach, Stacey has achieved a better work-life integration.
“Hard work and perseverance are essential lessons for aspiring entrepreneurs.”
Gender-Related Challenges as a Female Entrepreneur:
Stacey hasn’t faced specific gender-related biases or challenges throughout her entrepreneurial journey. However, she recognizes the unique difficulties of balancing business responsibilities with raising children, which necessitates finding innovative solutions and utilizing the flexibility that entrepreneurship offers.
Approach to Risk-Taking and Significant Risks Taken:
Stacey approaches risk-taking by carefully evaluating the potential benefits and outcomes. Her most significant risk to date was launching her e-design services, requiring considerable investment of time and capital. However, the risk paid off, proving to be a worthwhile endeavor.
Key Lessons for Aspiring Entrepreneurs:
Throughout her entrepreneurial journey, Stacey has learned valuable lessons that can benefit aspiring entrepreneurs:
– Hard work and perseverance are essential.
– Don’t be afraid to pursue new and uncharted paths.
– Balance excitement and disappointments to maintain stability.
– Reflect on experiences to identify areas for improvement.
Advice for Young Women in Entrepreneurship:
Stacey advises young women considering entrepreneurship to prepare for hard work and understand that true freedom comes as a reward earned over time. She encourages aspiring entrepreneurs to embrace challenges, stay dedicated, and continually strive for personal and professional growth.
Future Goals and Aspirations:
Looking ahead, Stacey’s goals include further developing her existing businesses, Stacey Cohen Design, Room Edit, and DYB. Additionally, she aims to create additional revenue streams while staying at the forefront of innovation and design in the industry.
Stacey Cohen’s entrepreneurial journey is a testament to the power of creativity, adaptability, and a genuine desire to help others. Through her various ventures, she has made interior design accessible, empowered fellow designers, and positively impacted her community. With her unwavering commitment to excellence and continuous improvement, Stacey continues to inspire and pave the way for aspiring entrepreneurs in the industry.
“Embrace challenges, stay dedicated, and continually strive for personal
and professional growth.”