Claire Drescher
27
Source Collective (www.source-collective.co.uk)
Online Lifestyle Boutique
March 2006
I studied fashion design after leaving school and always wanted to launch my own clothing label at some point in the future.
After a few career diversions into IT and then freelance writing I decided to team up with my mother in a joint venture that combined both our skills. She has a background in finance and accounting and was equally enthusiastic about fashion and design.
Source Collective is an online boutique which retails fashion, accessories and design-led gifts. The store is primarily aimed at young women who are looking for an alternative to the high street.
Our company also takes a special interest in giving a showcase to fresh new design talent – often commissioning one-off pieces direct from studios and at new graduate events.
Yes, Source Collective was my first business idea. Initially I had planned on opening a boutique in Nottingham city centre but found barriers to entry with high commercial rents and long leases. Opening a store online was the perfect solution!
My grandfather was a successful businessman and my father had just started his own genealogy business - both were huge inspirations for the venture. Also reading entrepreneur success stories sparked my interest in creating the start-up and working for myself.
From market research into Internet statistics, I found that online sales have increased steadily year on year and are predicted to continue in this way. Most people I know regularly purchase products online and see it as a way of finding unusual items and fitting shopping into hectic lifestyles.
A lot of time had been spent ensuring that Source Collective prices were competitive to give customers good value for money, even for the more exclusive designer items.
The first step was to research the market and then develop the business plan. I also attended business workshops through my local Business Venture scheme, sessions included: successful selling, marketing, accounting and business administration, ITC for business and financial planning.
I’ve always kept up-to-date with the latest trends in the fashion industry through style presentations and fashion journals such as Draper’s Record.
Prior to the launch I spent a year researching the business concept. This involved many train journeys to London to visit trade shows and source products for the website.
Between the two of us, we also sought out many independent labels and new designers that we felt offered innovative design at affordable prices.
I approached Business Link for advice and also received a great deal of help from Emtex (East Midlands Textile Association) and the Nottingham Designer Forum – luckily I fell into their catchment area for support.
I got a pack at the bank with a CD-Rom to help write the business plan but found it was a bit too general so located a framework on the Internet which was easier to adapt. It took time to write but helped me have a clearer focus on the business direction and set specific, timed goals.
The process of making the plan was an extremely useful experience. It also highlighted a few areas that I’d not thought about before. I refer to it every now and then to make updates but on the whole the value I gained most was in its creation.
The business was jointly funded by myself and my partner, from personal savings. We were lucky enough to avoid having to approach banks for loans.
At present our overheads are low so our income has covered our outgoings. The only exception to this has been a few cash injections to purchase new stock items.
