Septic Tanks & Retail Ladies Wear - The Creating of a Retail Institution

 

Dreams of owning a business is as far as many people get.

What is it that makes one person move heaven and earth to live their dream of starting a business and someone else who seems determined stay an employee?

One woman?s story?

In 1976 a motor home rolled into a small town outside a major North American city. The driver was a woman in her late 40?s, a single parent, traveling with her youngest son. She left everything else behind on the Prairies. The motor home was their home and transportation on their trek west.

There was never any question that she would work for anyone else. The business she had experience in, the manufacture of concrete septic tanks, was not something she wanted to pursue in her new life.

One of the first things she had to ask herself was, ?Do I start a new business and wait for cash flow to start happening or do I buy an existing business??

Starting a new business meant deciding on a concept, finding a location and negotiating a lease. Then the real work would start in the build out and buying furniture/fixtures for the location.

Buying an existing business would provide immediate cash flow, however a business owner often has a vastly different opinion of the value of the business than the prospective purchaser has. It would also take money up front.

A little thing like having no money didn?t stop this determined woman. With diligent research she found a business that had been for sale for awhile. The vendor was anxious to move on. She traded her motor home for his ladies wear store without even doing inventory because she could see the first thing that needed to happen was a Big Clearance Sale.

The women?s fashion industry is one of the toughest businesses to survive in and very unforgiving of purchasing errors. A few mistakes in buying can quickly wipe out any possible profit. The years that spring, summer, or winter don?t arrive when expected, or don?t arrive at all can leave one with a store full of clothing and a bank account empty of cash for the subsequent seasons buying. And she had no experience, just her eye for fashion.

There were a lot of ups and downs, especially during buying season when she traveled, suitcase in tow, sometimes getting off a plane in Toronto in the morning, spending the morning quickly making decisions on what and how many of each to buy, in which sizes and then getting on another plane to fly to Montreal and/or New York and begin the whole process again.

She persevered. There was no other option but to succeed. And she thrived. Her talent for buying led her to become the fashion leader in the much larger metropolitan area near her small municipality. The store was a destination and she became a local legend.

One day when she and I were out driving through a retail area, she stopped and suggested I go in and look at a store. The owner started chatting with me and I said I couldn?t stay that Ella was waiting for me in the car, the owner asked, ? The Ella??. A true sign of a legend!

Business Startup Tips for Entrepreneurs

Start with the intention to create a viable business.

Always be gracious but determined.

Remember failure is not an option.

Get involved in the community, donate to charity events, put on events, mentor others in areas related to your business.

Join the area merchants association and other professional associations.

Look for businesses/people you can collaborate with so you will both be stronger. Don't consider anyone in the same business a rival.

Lobby City Hall or any other organization that can make changes that will help your business and your customers.

Make things happen, don't wait for them to happen.

When you make a mistake don't dwell on it, figure out how to get beyond it.

Fine tune the target market and product marketing based on facts gleaned from systems set up to handle the businesses growth.

30 years have passed and she is still going strong. There have been occasional trips to designer shows in Paris and Milan; Toronto, Montreal and New York remain dependable sources. Her vision has not wavered. Her eye for fashion and her knowledge of her customers is in harmony and it shows in the results.

Nancy Fraser, Nota Bene Consulting, All rights reserved

For over 25 years, Nancy Fraser has worked with business owners to improve their marketing and advertising results. If you are struggling to build your business and not getting the results you want, sign up for the Notable News for FREE Advertising and Marketing tips or contact Nancy and her team to work with you to ramp up your results. http://www.notable-marketing.com