Wednesday, June 17, 2009

My First Business Consultation

Ok so today I decided not to wait for someone to return my call at the GIDC. I went to the GIDC offices after I buying fabric. When I first got there, I didn’t know what to think. There was no door bell, just a printed sign outside the door labeled GIDC. I was so tempted to just walk away but I decided to go through with it and I knocked. A girl answered the door and I didn’t even know what to say but I asked if there was someone available for me to talk to regarding starting up my business. She mentioned that they normally require an appointment and gave me her card so I could email her my ideas and she could set-up an appointment to meet with me. I left very discouraged and disappointed.

As I started heading toward the train, I received a call from the person I had previously left a voice mail on at the GIDC (I had forgotten his name earlier when I was in the office). I told him I was just around the corner and I went right back to their office. He was very helpful. He sat down with me and listened to all my ideas, challenged me a bit and gave me all his attention, It was a good start.

Ok so here’s the deal:

First step is to get a job. I’m gonna need to save some money to build a sample line and maintain my self of course. He said I can’t quit my day job until I’m making at least $500K in profit and I’ll need about $20K for a sample line and look books.

Second step is to do market research on demographics and who is my target customer. I felt so unprepared, naive and so stereotypical entrepreneur when he asked me about what my price point would be, and who the customer was.

Third step is redesign my line. The current line I have is inspired by my desire to go on vacation, styles I would like to wear but probably wouldn’t on a regular basis. I think I’m going to focus on styles that I would wear for my lifestyle. Styles that reflect my personality and can go from day to evening. More tailored yet beautiful and flattering to almost any figure.

This morning I was on a high, when I left the GIDC the first time I was somewhat disappointed but after going back and talking to the director of sourcing I feel that this is completely something that I can do. I’m back on a high!

Check back soon for new developments and pics...



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