Now here is another small business doing well... competing on design. And do I not make exactly these three points, among many others, in my seminars?
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What’s your advice to people trying to start a business?
I never borrowed any money; I started with something like $5,000. I didn’t get ahead of myself, I grew in a very slow manner. One mistake I did make was having too much inventory with one customer. There was a problem with money.
My advice would be to create a broad base of small stores and whatever large department stores you can get, but don’t put all your eggs in one basket.
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2 comments:
Almost, but not quite there yet, I think (read further dow in the article): "... but we operate on a very small profit margin." -Shouldn't we have a larger profit margin for our first-ever, unique, rich-people targeted products? (when compared to regular, mass-marketed, produced products sold to big, high-volume, mass retailers?) She also appears to be making her products herself, violating the best-producer, supplier in the world paradigm that we should follow (?).
Perhaps what she calls small is in fact what everyone else would call large. Who knows? Or, she is working the profit margin to make the biz support more of her lifestyle and she pays less in taxes.
How do you know she did not check the best place in the world, USA and overseas, to make the product, and find in fact a quonset hut in San Rafael is the very best?
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