Simpson got the idea after moving her mother from Georgia to Michigan. “My plan was to put everything in a truck and send her on her way,” she recalls. But her mom walked Simpson through her home and said, “Here’s what’s going to happen. I’m selling this, keeping that, and I am giving this away.” A certified trucker, Simpson initially planned to run her business as a packing service for senior citizens. But once she realized seniors’ needs, she shifted gears.
With revenues of $400,000, her Stone Mountain, Georgia–based firm specializes in relocating seniors, providing value-added services such as antiques appraisal, estate sales and transport of clients and their pets.
Step 2: TACKLE THE PROPOSAL
While studying apparel manufacturing and management at the Fashion Institute of Design and Merchandising (FIDM), Kumar had worked on a business plan for the company. And since graduating in June 2005 she had been shopping around for bank financing. But it wasn’t until she became a jackpot winner, hitting $286,656 in Vegas, that she had the necessary seed capital. “The ironic thing is that after taxes, it ended up being just $200 off what I had projected in my business plan,” says Kumar, whose plan also calls for expanding outlets nationwide within the next five years and adding footwear and accessories to the mix. “It was like divine intervention.”
Now the 26-year-old entrepreneur is offering women, from high school graduates to corporate execs, something that men have always had—convenient choices in their work wardrobes. Kumar likens the business model for The Suit Closet to the national apparel chain Men’s Wearhouse.
Step 3: ACCESS START-UP CAPITAL
“I presented to an audience of 1,000, who voted on the winning entries,” explains the 52-year-old single mom. Simpson won a $45,000 loan and a year of business coaching. After she spent five years in business, her company has seen significant growth, covers the entire Southeast, and employs a staff of about 20. A franchise model is currently in the works. Next year Simpson believes the business is poised to make $1 million.
Step 4: PROMOTE YOUR BUSINESS
Create marketing materials. Attend trade shows and conferences and bring glossy postcards, letterhead, invoices and so on with a slogan or one-sentence business description and your contact information. Also include product news inserts, customer testimonials or an event mini Web site using software programs such as Microsoft Office Publisher or FrontPage. Get some press.
In her book How to Be an Entrepreneur and Keep Your Sanity (Amber Books), Paula McCoy Pinderhughes suggests reaching out to local newspapers, radio and television stations. Promote yourself as an expert by sending news releases, press kits and videos announcing your next appearance, speech or the launch of a new part of your business. Check the mastheads of publications and create relationships with appropriate editors.
Excerpted from Essence Magazine. Read more of this article, and "Sister Icon & Go-Getter" Tyra Banks in the new issue of Essence Magazine.
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"Don’t be into trends. Don’t make fashion own you, but you decide what you are, what you want to express by the way you dress and the way to live." - Gianni Versace
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2 comments:
thanks for the comment on my blog. great one here. and yes today is a better day!:)
What a great concept Vani took on with The Suit Closet. A one-stop shop for women's careerwear and women's suits - that's a fantastic idea! Thanks for posting this article. truly inspiring!
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