A. Yes, this was my first business venture. However, I was very familiar with the business when I bought it because I had worked at M.D. for five years.
Q. How did you know starting a business was right for you?
A. I had just graduated from Texas A&M University Corpus Christi in December 1998 with a business degree in marketing. The opportunity presented itself to buy the shop, and I had always wanted to open my own business. With my previous experience, I knew the operations of this business inside and out.
Q. What steps were the most important in your business start up?
A. The first step was financing the business. This was the toughest part and did take some time: Approx. six months. The second step was trying to regrow the inventory. This was tough because I didn't have "extra" money to spend. I had to be very selective, efficient and patient. The third step was building a knowledgeable staff that worked hard and helped the business grow.
Q. What have you learned from your experience as a business owner?
A. I have actually learned quite a lot in the past three years, more than I can mention. But, I have learned that being the owner of a business is a huge responsibility. It is constant problem solving and new issues arise frequently.
Q. What has been your biggest challenge so far?
A. The biggest challenge so far has been budgeting. Knowing what to buy, when to buy it, and how much to buy is the name of the game. This is an ongoing challenge because fashion trends are always changing.
Q. What advise would you give a new business owner?
A. My first advice would be that you must be passionate and knowledgeable about the line of business you choose. You must be patient with the ups and downs of the business. You must learn to trust and believe in yourself and the decisions you make. Trial and error is the only way.
Q. What single thing keeps your business alive?
The most important thing in my business or any successful retail business is a strong customer base. I was fortunate enough to purchase a business with a strong existing customer base. However, I want to continue to draw in new customers. Without your customers, you have no business.
