How does it feel when you’re at a crossroads with your business? Do you look for investment, continue as you are, or even fold the business? That’s the topic of discussion this week on Start Scale Succeed as Nicole is joined by Nicky from Wilder Ones, who is at that crossroads with her business right now.

 

KEY TAKEAWAYS

 

• Wilder Ones started as a unisex childrens clothing company and then launched some women’s wear which really took off. It got to the point where children’s clothing wasn’t scaling with the rest of the businesses so now it’s now just women’s wear.
• Cash flow can kill businesses, big and small. After you've gone through your initial investment and don’t have another investor lined up, your cash becomes tied up in stock very quickly and one sale pays for the next purchases.
• Running ads can be a case of trial and error and if you don’t have the cash flow to pay for that marketing you might find growth minimal.
• To keep the product line fresh, Nicky was dropping new lines every month or so.
• If you don’t want to carry on your business, that’s fine. Your business should be for no one but yourself and if it’s not bringing you joy then why do it? Nicky ultimately decided that she’s learned so much from Wilder Ones and wanted to continue that journey.
• As Nicky didn’t have any experience in the fashion industry, she made some mistakes in the beginning. One of her mistakes was over ordering 50 pieces in each size, this led to her having to donate stock.

 

BEST MOMENTS

 

‘Organic growth is so slow so you have to advertise’

‘Pre-orders can help with cash flow’

‘You’re better off ordering less and making less profit to test the market’

‘Learn from it, now push on’

‘Take it one step at a time, slowly more has happened and I’m comfortable with the decision’

 

EPISODE RESOURCES

 

Wilder Ones

 

VALUABLE RESOURCES

 

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ABOUT THE HOST

 

Buying & retail expert Nicole Higgins spent the last 18 years working for companies such as Primark, M&S, Debenhams and Asda, sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line.

Nicole now uses that experience and works as a consultant and coach for entrepreneurs and small to medium sized business owners, helping them start and scale their product businesses as The Buyer And Retail Coach (TM)

Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme: thebuyerandretailcoach.com/startscalesucceedwaitlist

 

CONTACT METHOD

 

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