How Can I Make That Vision Possible? An Inside Look at a Small Indianapolis Business

I’ve come across many women who have entertained the idea of starting a business. Their statements always start the same, “I’d love to start a business, but…” This statement leads into uncertainty of their entrepreneurial abilities. One thing I’ve taken into account is all the women who have entertained this idea always have amazing concepts that would make a great business, but don’t have the information or confidence to make the jump.

As a way to empower women and elicit confidence, we went to Erica Walaskowski, owner of a small clothing store, Niche Boutique, in Indianapolis, IN. We asked her for advice in taking a visionary idea and approaching the necessary steps to running a successful business. We also wanted to see what makes small businesses an amazing opportunity for women.

1. Have An Understanding in the Business You Want to Start

Clothing boutiques, coffee shops, or even selling homemade natural supplements all are a marketable arena that have consumers to which these objects appeal. In the case of a small, locally owned boutique, Erica explained before opening her boutique she worked full-time in a management position at department clothing store. During this time, she began planning for her own future business. She explained that:

"I considered the 10 years of retail management and buying my research. I would never recommend starting a retail business without any relevant experience."

2. Create a Business Plan

A business plan is your own personalized approach in starting your business. The great thing about a business plan is it is whatever you want it to be. If a paragraph sums up what you the foreseeable future of your business is, great! If it’s a thirty page comprehensive plan, even better! It is entirely up to you.

Erica knew that she wanted to own a clothing boutique that she wanted to finance on her own; therefore, her business plan began with saving money. She also knew her business was going to start small and grow. Her business plan included actions she needed to take to obtain her boutique, research of the market-base she wanted, and her financing needs. These are a few ideas that anyone can implement into their own business plan to propose to venture capitalists, bankers, or even family members who want to invest in your perceived business.

3. Weigh Your Pros and Cons in Your Start-Up

Erica opted out of a small loan to kick-start her business. She explained both the benefits and the drawbacks with regard to using personal savings versus taking out a loan.

"If you start with a giant loan, you have money right off the bat to go full throttle. You can have a full staff of experienced salespeople, buyers, accountants, etc. with their experience comes connections, contacts and relationships with vendors, manufacturers and reps that would take one person decades to establish. But you also have more to lose and a huge amount of money to payback if it fails." 

While there are great benefits to owning your own business such as agency, contacts, and even establishing your own brand, there are large investments that need to be made, devotion of your time and energy, and the risk of the unknown with regard to potential profits or a consumer base.

4. Budget and Save When You Can

Once you have invested in your small business and have completed all the legal necessities, your personal interests can be poured into your business. If you have a friend, a family member, a random person on the street who is willing to help, utilize their offer! To Erica, saving right off the bat was a necessity:

"My husband and I built all of the racks out of copper pipe and shelves. I spent weeks sanding and staining while my husband and a co-worker did the electrical. We stained the concrete floors. We even hired a homeless man to help us prime the walls."

Erica explained the importance of budgeting once her business was up and running. Creating a budget plan can be nerve racking but here’s a few short tips Erica suggests to make it less stressful.

• Understand why you need to engage in a budget for your business. Are you having trouble meeting goals? Do you want to expand? Are you wanting to invest more into your storefront?
• Spreadsheets are an organized tool that aid in figuring out the percentage of revenue that needs to be allocated to other costs.
• Small business, especially boutiques, have many options to choose from once their storefront is established. Erica explained the cost/benefit of seeking out smaller designers, which at first cost her every spare cent she had. However, "because they were unknown labels, they would give me a discount and I could get a higher margin."

5. Market

Owning a small boutique can only get so far without marketing. Erica offered three free examples to easy marketing:

• Email: Turning to email allows you to market the name, location, and brand of your business. Statistics show that consumers prefer email when receiving marketing messages. MailChimp.com offers free marketing via email.
• Social Media, Social Media, Social Media. The benefits of using social media are that its free and just about everyone has some form of it. Engaging in social media allows you to build your brand at your own rate. Erica began by sharing small snippets of her business, and when her consumer base grew, she started posting daily.
• Utilize Other Small Businesses: If your location is much like Erica’s, surrounded by other small business, make friends! Say there’s a local coffee shop nearby, exchanging information and letting others know you’re in business can help spread the word around. Connections and a good reputation will help create a strong base for the future.

6. Don’t Fall Subject to Misconceptions

Many times women feel they cannot engage in a small business because it will affect time with their family. However, through proper planning, organization, and time-management, having a family and a small business is not only practical, but also possible.

"When I found out I was pregnant, I didn’t know what to expect. I had two stores at this point. I decided to create a plan for the next year of my business and my personal life. By the time my daughter was born, I was able to take the maternity leave I needed by hiring an interim manager. When I felt ready, I began working again bringing my daughter with me."

A small business can allow a woman to balance work and life while challenging herself and following her passion. The statement “I’d love to start a business… but” is outdated for women. Any woman with a basic, fundamental understanding of the business they want to start can do so long as they have the passion and drive.

Citations:

• Edgar Schein, Organizational Culture and Leadership
• Tony Wagner, Creating Innovators
• Mansel G. Blackford, A History of Small Business in America, Second Edition