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A tailor plans for high-end children's clothing store

Location
CompanySpencelayh Fashion
Industry:Arts, Entertainment and Recreation
City:Victoria, British Columbia
Amounts: various  Find what funding programs you qualify for

Making a business plan for a start-up business

Three years ago, Laura Spencelayh's interest in fashion and her experience with children came together in a flash of inspiration. "Iíve worked with kids a lot," she says. "I worked in a kid's store, and there was never anything for the kids to do. Maybe a little kind of lame toy area, but there wasn't really anything for them to do when the parents shopped. I thought it would be kind of cool to have more of a focused play area that would go with high-end clothing, because people that buy high-end clothing at the store are willing to do whatever for their little kids. And because there were so many times where kids had to be dragged in because they didnít want to be there, I thought parents would be likely to come if the kids wanted to come. I thought that I could target them both." Making a business plan with the help of a professional company proved helpful to Spencelayh.

The first step to owning a business: Education

Armed with a vision, she took the next steps to bringing her small business dream to life, enrolling in a fashion merchandising program in Vancouver. "We learned how to start a business and the business side of the fashion industry," says Spencelayh. "And we had to do some projects, so I made all my projects toward my idea." That work formed the foundation of a business plan, but she needed to take it further. "It wasn't quite in depth, and after graduating, I was working full time and didn't have time to do it," she says. "I thought it would be amazing to have someone help me write it and be able to take it and apply for grants and those type of things."

Gathering work experience

She continued to work on researching her concept by amassing more experience in the industry. Initially, she managed a high-end clothing store in Vancouver. "I did everything except the buying trips," she says. Among all the other aspects of management, she was responsible for tracking and ordering merchandise. After a year, she returned to her home town of Victoria, and began working in a day care. This provided additional research. "I'm seeing what kids are wearing and what's lacking, what parents are looking for and what's impossible to find here in Victoria."

Making a business plan opens doors to various opportunities

At this point, armed with a detailed business plan with assistance from the Centre for Business Plan Development, Spencelayh is poised to either open her own store or purchase the one she ran in Vancouver. She suggests that other young entrepreneurs don't skimp on learning. "Research, research, research, research, research. You can never do too much research."

Imagine how a professionally prepared business plan could help grow your business. For a free consultation, call 1-800-481-8434.

Please note our Centre is not affiliated to programs profiled in the above article and no claim is made that funding is due to our Centre unless stated.
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