Going into business for yourself can be a difficult decision, but when you know you have the right idea at the right time, you will break through any barriers to make it happen.
Our next guest will take you through the highs and lows of her fascinating 20 year journey…
Please introduce yourself to our readers…
My name is Stacey Mitchell.
I am from Chester County, Pennsylvania, in the borough of Downingtown. I live with my husband Kevin, two parrots named Harley and Greenie, and an old cat, Billie.
You once started your own business – what was it?
In 1992, I decided to open a small salon called Nails Plus specializing in nails, skin care, tanning and massage therapy. This was at a time when nail salons were few and far between. It was a specialized field and most manicures and pedicures were done within hair salons, so, opening a nail salon was new and unique then.
What made you decide to go out on your own vs work for someone else?
Prior to my decision to go into business for myself, I was working full-time as an Administrative Assistant for an environmental consulting firm and also working part time doing nails two nights a week and on Saturdays. Working so many hours for others was the key point in my decision to open my business. I figured that I could work just as many hours as I do for others, only I could have the benefit of it being for myself.
I was 25, fearless and had boundless energy. I had no earlier business experience. I knew very little about launching, operating and maintaining a business. No one in my family had business experience. In fact, I come from a family that has only been employed by companies – there are no business owners among us.
My family was very concerned for me and my new venture, but they knew me well enough to understand that when my mind is made up, it’s a done deal.
Did you take any outside funding?
An in-law gave me a $3,500 loan to build the inside of the salon. My family did not have the means to fund my start-up costs. Conventional business loans were out of the question and I didn’t have any credit cards at the time.
I had my monthly expenses calculated and I knew exactly how many clients that I would personally need to service daily to pay the monthly bills. I worked on clients through most of the construction phase so that I could pay the largest part of the expenses, the rent!
Did you have any partners?
I had no partners.
What was your vision/goal for the company?
My goal was to have a salon that was a staple in the community and provide jobs for others. I started solely working alone for the first 6 months. I was lucky enough to recruit an employee from the salon that I had previously worked and through the years my staff evolved into up to eight full-time technicians.
What was your company culture like? Did it ever change?
The company culture was one a that reflected the vibe of the salon, comfortable, flexible, and customer service oriented. I allowed for flexible work schedules for the staff so that they were more in control of balancing life with work. I always promoted and maintained that customers were first priority when servicing them and we would do whatever we could to give them the best service possible. This culture remained in effect permanently.
The goal was to create an atmosphere were clients would feel welcomed, relaxed, and at home.
Why are you not with that business anymore?
In September of 2011, my salon suffered from smoke and water damage from a neighboring restaurant fire. There were months of investigations from multiple insurance companies about overhead sprinkler systems and who was at fault. During this time, staff and clients had moved on.
When I was finally given the permission to start reconstruction, it was in mid-January of 2012. Too much time had passed, so essentially I would have to build a brand new business from scratch. We decided against it since the market for nail salons was already completely saturated. After almost 20 years, shuttering the business was a difficult but necessary decision.
Would you do it again?
Yes, of course, and we are in another business venture now.
What are you doing now?
My new company is called FlipCase International. We manufacture patented laptop and tablet carrying cases that are designed to “work from the case” quickly and easily. My husband and I have patented, designed and engineered, prototyped, sampled and now going to market with FlipCases.
We are a budding company trying to build the brand and develop distribution. Currently FlipCases can be purchased through Amazon or per request on our website.
What advice would you give to someone thinking of starting their own business?
No one or nothing can really prepare you for starting and growing your own business. You will get tons of advice from every direction on what to do and what not to do. Follow your instincts, research as best you can, and keep positive even when things look bleak. It will be a roller-coaster ride of emotions from the highest of highs to the lowest of lows, but high risk can also give high rewards.
What is your favorite song?
U2 – It’s a beautiful day!