Starting a business can be such an overwhelming process that many people forget it is only a first step, just as a wedding ceremony is simply the start of a lifetime with that special person. Once that online clothing business is up and running, there are new problems to face and new joys to discover. Consuelo Bova, CEO of Forthefit.com, shares more of her knowledge of running a successful e-tail clothing operation in this interview about growing an online business.
What One Thing Do You Like Most about Owning an Online Clothing Business?
“Positive feedback. It makes my day to hear from someone who writes in telling us that for the first time in decades their pants fit properly. Their new-found confidence jumps out at you from the letter and it makes me feel great.”
Do You Have Employees? If So, How Did You Handle the Transition from Working Alone to Supervising Other People?
“We do not have direct employees. I have worked with many contractors, though, since we started this business in 2005. It's a bit less challenging than supervising others in a corporate context, I'd say. The difference is that in owning my own business (as opposed to working for another company) I get to choose my direct reports. The difficulty in working with others is quickly communicating your vision, your requirements, and your urgency to others. I try to gauge how well I can communicate and connect with an individual during the interview process. Sometimes, based on diligence and organization in making the initial appointment, timeliness in arriving for an interview, etc., I know before I've met them whether it will work out or not. If you find individuals you see eye-to-eye with, and whose ideas and creativity you appreciate and respect, the transition to supervising is seamless. “
Do You Review Your Business Plan Each Year and Make Adjustments to it?
“Absolutely. The business plan is key because ideally, you wrote it when you were excited about the business, but still somewhat neutral and not yet invested (neither financially, nor emotionally). As time goes by, you become more and more emotionally invested in your business and it is easy to become frustrated or stressed by a perceived (or actual) lack of progress or overly enthusiastic about what are actually small gains. I check back on my business plan at least once a year to gauge my actual progress. Am I where I thought I would be? Ahead? Behind? Why? It's an excellent barometer for actual performance and I use it to re-direct my efforts if necessary, but more often, just to take a deep breath and relax- realizing that I am, in fact, right on track!”
What Do You Wish You Knew Before You Started an Online Clothing Business?
“I wish I had a more realistic idea about timing. Everyone dreams of being an overnight sensation, but the more you study and learn about some of the business world's truly great leaders, the more you come to understand that it takes serious time, commitment, and perseverance. We were excited we made it through year one (everyone knows the sad statistics about small businesses). But I was unaware how slow and hard the next few years would feel. Again, it really helped to be able to reflect on that business plan and the projections we had made for where revenues would be in worst, average and best case scenarios.”
Consuelo has a final tip for people who want to grow their online fashion related businesses. “I keep a running list in my head of CEOs who have made what I consider to be serious mistakes in growing their businesses. Their mistakes are my cautionary tales -- I learn from their mistakes so that hopefully I make fewer of my own.”
Katelyn Thomas - If you can't find me in the spring, I'm out hiking through the wood with a few pounds of photography gear strapped to my back. In the ...
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