"My mantra for business success: FAIL FAST. FIX FAST. LEARN FAST" with Madeline Fraser,

Gemist is disrupting the jewelry industry and completely changing how you shop for it online. Founded by three-time entrepreneur Madeline Fraser, the site and app are literally giving you the power to design your own ring, offering a 100% customizable experience with options for the cut, setting, metal, stone, band, and size. Through its unique “Try-On” feature, the brand will send you Gemist rings straight to your home at no cost so you can be sure they fit, look, feel, and experience is exactly what you want before buying. Gemist recently launched its first earring collection, and all stones and jewelry are ethically sourced and handcrafted locally in Downtown Los Angeles.

Can you tell our readers about your background?

I’m a three-time direct-to-consumer founder – Gemist is my third start-up. I’m passionate about solving problems through technology in spaces that need refreshes. I never thought I would be an entrepreneur but I fell into it in college when I created my first company, and now I never want to stop.

What inspired you to start your business?

All my businesses started with an idea that came out of a problem I experienced first-hand. With Gemist, I tried to design a custom ring when I was getting engaged. It was a confusing, overwhelming, and very manual experience. There were no digital platforms where I could easily visualize my idea and then see it in person before buying it. I knew this was necessary and would be a huge disruptor for the jewelry space. In my mind, jewelry is one of the most intimate and personal items one can have, so I was shocked that there was no simple and easy way to create custom jewelry. The only option was going in-person to a jeweler. I was hooked and dove in headfirst to start Gemist. 

Where is your business based?

Los Angeles, CA 

How did you start your business? What were the first steps you took?

1: Understand your market and the competition – is your idea really unique and something you can realistically build and get people behind?

2: Create the pitch – this comes from creating your first pitch deck and becomes your business plan.

3: Create the prototype – you’ll most likely need an example of what you’re creating. This is probably something you’ll have to do out of pocket. 

4: Find your team! Start building your team and start surrounding yourself with the people who’ll be able to help you take this to the next level. 

5: Raise funding: Start selling. Get your idea out there and start getting money to get started. 

6: Hit the ground running and move as fast as possible to get to the market. 

What has been the most effective way of raising awareness for your business?

In no particular order:

1: Die-hard consumers, great reviews, and referrals

2: Digital advertising 

3: Affiliate marketing 

4: Press 

5: Branding and content creation  

What have been your biggest challenges and how did you overcome them?

Raising money is one of the hardest things you will ever do, especially as a woman. It’s unfortunate, but it’s true. We are still a big minority in the world of venture funding. You have to remember that it only takes a few people to say yes. You will get 200 “no’s” and one “yes” on most days. You need to stay positive and resilient, it’s a serious rollercoaster. 

How do you stay focused?

Passion. If you don’t have passion, you won’t be able to do this. The work ethic and persistence alone will be too much. You have to give this your all and fight very hard to make it work. You will be challenged every day but it will be worth it because you’re creating something new, something special, and something only you and your team could build. 

How do you differentiate your business from the competition?

We are the first platform where you can design your own jewelry and try it on at home before you buy it. 

What has been your most effective marketing strategy to grow your business?

Marketing is tough – there’s so much smoke and mirrors. It’s very hard to attribute exact ROI to every funnel you test, and then brand awareness changes up the data even more! You will have to try different things to see what works. When things work, you need to expand them and focus on them. The key is to get to a place where you’re seeing a large enough return on spending to get to cash flow positive and then ultimately to profitability. That takes time and is hard to do, but you can do it. It’s a giant puzzle that’s different for every business model. The best strategy is to be agile, smart, and not spend too much too soon. Understand your messaging, your consumer, and have a strong brand voice to get out there. Find the BEST people to help you and you will be ok. 

What's your best piece of advice for aspiring and new entrepreneurs?

Find advisors and mentors who have done this before. If I had had an ego and said I could do any of this alone, I would never ever be on my third startup. Realize that you don’t know that much and find others to inspire and help you. Understand your strengths and weaknesses and surround yourself with a team that complements them. Hire people who are smarter and better than you – never think you’re the best. Be humble, be determined, move straight ahead, and inspire those around you. 

My mantra for business success: FAIL FAST. FIX FAST. LEARN FAST. 

What's your favorite app, blog, and book? Why?

I typically listen to audiobooks in my car on the way to the office. Now that I’m at home, work and home are blended and it feels like I never stop. Books I’ve loved over the years are Purple Cow: Transform Your Business by Being Remarkable and The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers. I also LOVE the NPR podcast, How I Built This. I can wholeheartedly relate to those founders’ stories.

What's your favorite business tool or resource? Why?

My mentors and advisors. They know me, know what I’m dealing with, and will advise me much more than any tool/resource.

Who is your business role model? Why?

My mother. She created two huge women’s cancer foundations including Stand Up To Cancer all while battling breast cancer for 17 years. My life is a cakewalk compared to what she went through.

How do you balance work and life?

I never take myself too seriously and I laugh a lot. My family is awesome and supports me unconditionally, so they make it easy because I work a lot. My mantra for work/life balance is “enjoy the journey”. If you are in this for the end result, you’ll never get there. Have fun and enjoy this crazy ride!!

What’s your favorite way to decompress?

Taking a bath and having a glass of rosé is my favorite thing to do. 

What do you have planned for the next six months?

Keep growing, keep pushing, and get through this crazy time.

How can our readers connect with you?

Instagram @madfraser and @gemistco