This weeks participant in our entrepreneurial mums feature is Debbie Rose who runs Lottie & Thomas, an independent retailer based in Thames Diton, Surrey who also sells online. She’s mum to Thomas, three.
Why I started my business: I’d always had a desire to run my own business and after having my son in 2005, it seemed that setting up a business would allow me to achieve that “work/life balance†that we all strive for – particularly working mums. Having Thomas made me realise that I needed the flexibility of being my own boss, but also gave me that elusive “light bulb†moment of what my business would be.
There is a huge gap in the market place for good quality, original, kid’s clothes that don’t cost the earth. Currently there are two main choices; the bland offering from the high street chains or the high priced designer collections. I wanted to offer a choice of fabulous clothes that sit somewhere in the middle, price wise, backed up with fab facilities for parents, including the novelty of a kids clothes shop that you can actually get a buggy into (!), and a truly personal service.
Toughest Challenge: When Lottie & Thomas was launched, I had a business partner, with whom the business was split 50/50. On paper this seemed a perfect solution as we both had small babies. Unfortunately, four months into the start of our business she had a change of heart and withdrew, forcing me to take on the business single handedly. This was a very difficult time and presented some huge challenges, both professionally and personally, however I am delighted that I have been able to continue with Lottie & Thomas, and to see it grow into a successful business. The purchasing of stock for the shop continues to be a challenge, albeit an exciting one. As I buy for whole seasons six months in advance, I have to get it right to ensure my collections will sell. As the bar has been set high for the collections that are available, my customers now have very high expectations, which I continually have to rise to! Setting up and running the web site for the business has also been hugely challenging as it has taken me completely out of my comfort zone and into business areas that in the past have been outside of my remit – the thing with running your own business is that you have nobody to delegate to!!
What I enjoy most: Developing personal relationships with my customers and seeing their bumps become babies and their babies growing into little people, is just so special. It’s so great to have a business whereby I am on first name terms with my customers, and whose children greet me like a favourite auntie. The most rewarding part of my business is being able to back up my products with a truly personal level of service and customer care, that I feel is sadly missing from the high street. I want customers to leave Lottie & Thomas not just feeling that they have made a purchase, but that they have had a truly enjoyable shopping experience, and their needs have been put first, every time.
My advice for someone thinking about starting their own business: This is always a difficult question to answer, as it naturally depends on the type of business they are setting up, but in general terms, I would say take your time, do your research, set, review and review again your budgets, and ultimately, if it is your hearts desire, then go for it!! In financial terms, I would recommend that a “Working Capital†budget be set aside and to keep the focus firmly on the Cash Flow of the business, as I believe this is more important in the early years than profitability. Finally, make sure you have the full support of family and friends, as setting up and running a new business is all consuming and will invade hugely into your personal life.
Check out the other mums that we have featured so far. If you’d like to take part, get in touch at features AT bambinogoodies.co.uk
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