oh so nice to have a break...
but onwards and hopefully upwards.
firstly, let me wish you a contented, happy and, if you're good, a prosperous 2011!
we've just had a look at the 2011/12 winter collection from our major winter gear supplier and it's made us feel a bit odd, to be honest. we're in the middle of the earliest, coldest and toughest winter in scotland on record and it's only early january. we've seen -10C as a maximum daytime temperature in cupar. cupar! we're a stone's throw from the ever-warm east neuk of fife, yet i have never, ever seen temperatures like that outside the highlands. bbrrrrrrr
but we're into 2011 now and all that it holds for us. we're hyper-excited! online store, agentship, well-loved local children's clothing store... oh, did i say "agent"? almost skipped over that one... ;-) oh, and online store...
but time for a bit of reality. if you're going to ditch the corporate life, here are 3 big lessons/ warnings...
1) it's not cheap - in fact, it's very expensive. you're going to have to put £20k+ into the set up. we live in the ar$e end of the UK but still, a nice corner of scotland. refitting a shop, buying stock and all the other expenses will reach at least this level, minimum.
2) it's not cheap - not again! yup, more money. you won't make enough money to live on in the first year. you'll need to balance the cash you have coming in against the amount of stock you need to keep buying. in the first 6 months (and probably 12 or 18) you will have to live off either your savings or a bank loan or both.
3) it's not cheap... ... ... boring isn't it? but your cashflow is critical (point 2 but from another perspective). if you don't sell enough, you won't have the cash to buy the next load of stock... plan ahead and always low-ball your turnover by a big degree. it's not sandbagging when it's your own business!
don't get me wrong. i LOVE what anne and i are doing, we have a great vision and we're making it happen but if you need to borrow a lot of of money to do it, at the moment, don't do it! the bank will shaft you on interest; they'll view you as a massive risk and of all their assets, you will be the first one they pull the plug on.
you need to be able to set up and cover your own personal costs for about 12 months WITHOUT relying on a tossing bank. they're awful mercenaries and they'll not wince as they strip you and your family of every last penny and then charge you interest and fees on that.
but, if you've the will, the finance and the sheer bloody-minded determination (for those who know anne, you may recognize some characteristics!), then there is NOTHING like breaking out on your own.
oh, that "agent" thing... one of our suppliers has asked to act as their agent for the UK. another string to the bow and given the feedback and sales of their clothes, we're delighted.
so, wishing you a fab 2011 and keep your eyes on the website in the next 2 months for the online store to appear.
always think laterally, never linearly!
g
