Hello Modish Biztips Readers!
We were invited by Jena (thank you Jena!) to share our first hand experience setting up our retail brick and mortar store. Before we get too far, I should really explain who we are and what we’re doing.
My name is Lili Nedved and my partner’s name is Henry Sinha. For about 4 months, we have been planning to open a fabric shop here in Vancouver, Canada. Henry and I hope to take the best from our jobs in the past and work together as a business partnership – we already make a cute couple.
You may have seen me around online before. I have a handbag company, iglubu, which has helped me learn a lot about online marketing, e-commerce and of course fabric. Henry brings technical and customer service skills to our business from his experience in engineering support.
Right now, we are actively looking for the perfect retail storefront (which we’ll talk about more in the future). Henry and I both have retail experience, but neither of have owned a shop before! Through this column we hope to provide a first hand, in depth look at what its like to open and run a shop. We have a few ideas for posts already, but we’d love to hear from you. In the comments below if you have any questions or topics you’d like to see covered, let us know!
Laying the First Brick:
To start off on a solid foundation, the most important thing we’ve done for our business is write a business plan. I know, I know, writing a business plan is about as exciting as it gets and it’s no problem convincing you to write one! Oh wait, you even hate the idea of writing a business plan? We felt the same way. In fact, shhh… don’t tell anyone, but I never wrote one for my handbag business. Now, after writing one for our shop I really wish I had.
There are a few good reasons for any business to write a business plan: