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Business 101 – Lessons from One Year in Business

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05 / May / 2014

jasmine

This month our client Jasmine Bailey and her partner Darcy celebrate one year since they purchased the unique Edwards Modern Vintage clothing shop.  Jasmine spoke to Mel about what she’s learned over a busy 12 months.

Mel:  Tell me about your decision to buy Vintage and Modern.

Jasmine:  My shop was established six years ago and when my sister-in-law bought it 3 years ago I started working for her casually.  I’ve always loved the store, so when my sister-in-law decided to sell we looked at the figures and thought…. why not buy it?

Mel:  Has it been everything you expected?

Jasmine:  I didn’t realise how much hard work it would be.  She had made it look really easy.   But I’ve worked really hard all my life for other people; so to now be working hard for myself is a nice reward.

Mel:  Have you made any first year mistakes?

Jasmine:  We took on too much at the start.  We wanted to put our own stamp on the shop.  And we had such high expectations.  We really thought that we’d just come in and it would be amazing.  And we overstocked the shop.

Mel:  Did that cause cash flow issues?

Jasmine:  Absolutely.  You order twice as much and you’ve got to sell twice as much.  We didn’t.

Mel:  What have you learned from the experience?

Jasmine:  To be less emotional.  We’ve put the right computer systems in now and we run reports daily and weekly on what’s selling. We can project what sales will be for the next 12 months, which lets us know how much money we can spend on stock.

Mel:  So are you able to make all your decisions without emotion?

Jasmine:  No, not always.  I fell in love with this brand Spell and the Gypsy Collective from Byron and I really wanted to get in.  That was an emotional decision.  But it was a business decision as well because it’s great to jump onto a brand when they are just exploding.  That decision has paid off 10 fold – so sometimes emotion is a good thing.

Mel:  How important has the success of Spell and the Gypsy Collective been to your business?

Jasmine:  It really resurrected my confidence.  You question yourself on a daily basis.  At the end of the day it’s just you making the decisions.  I went out on a limb and tried something that wasn’t mainstream – and it paid off.  It’s amazing how important frame of mind is in running a business.

Mel:  If someone told you they were about to buy a retail business, or any small business for that matter, what would be your advice?

Jasmine:  Go with the figures.  Have a plan.  Dream big but be realistic.  Seek advice.

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