Welcome!
I'm Tami Parks, fourth-generation entrepreneur and small business person. I love small business and consider it the heartbeat of America's marketplace. My family has been involved in real estate, service, and retail; we're just regular people who have a passion for serving others and being our own bosses.
My husband and I have made a committment to run our business, Great Lakes Wedding Gown Specialists, LLC, as a debt-free business. This blog is our accountability partner!
In my own business,
September's Bride, I can make marketing decisions and change things up at will. If something does not work or I decide that I do not like the way it looks, I can change it again.
However, I also help my parents' in their business, Lemon Fresh Cleaners. At Lemon Fresh, Dad is the boss and even my best ideas have to get past his approval before being tried or used. Personally, I can get very frustrated by this; but then I remember that the accountability is good for me. I have to think through my ideas and proposals and present them concisely.
Something I have been working on is a new, "fresh" logo for Lemon Fresh Cleaners! My criteria from the boss was that it had to include a lemon and the same colors as the previous logo that we have used for 35 years. Both my parents and I are happy with the finished product, pictured above.
Do you like our new logo?
What are your challenges in a family business?
How do you handle working with your family?
Every business has ups and downs. There are times of the year when cash flow is wonderful and times when cash is very tight. In my world, the bridal business, September through December is usually tough. "Bridal season" is over for the year, and next year's brides are not buying in droves quite yet.
When running a debt-free, cash-only basis, it is absolutely necessary to prioritize your payables during this time. You cannot pay invoices based on which vendor is "yelling the loudest". When you have a great day and have some cash, you must be careful to thoughtfully manage the influx of money so that you can get through next week, when you may not have those sales.
I have a prioritized list that I follow when paying bills and invoices. I work through the list as the money comes in. At the top of the list is rent and utilities. Most of my inventory suppliers are paid on a COD basis, but those that send me invoices are next on the list. Advertising, office supplies, and other non-essentials follow.
During our "high season", I try to pay all my bills BEFORE they are due. In this way, I am building a relationship with my vendors that allows me to ask for extra time and grace when things are slow. They know that I will pay and will pay early when I can.
When is your "down time"? Do you have a plan for it?
Being in the bridal business, I know that many customers will shop their local stores for the gown they want and then they will purchase that gown from an internet vendor. Of course, they have used the purchased inventory, time, and resources of the local store to make their decision. Obviously, this does not sit well with me.
So, over the past three years, I have re-evaluated my own purchasing habits. In my "old life", when I used credit cards for purchases, I was an impulse shopper (still am, a little). Now that I am careful to only spend what I have budgeted for an item, it is tempting to turn to an online vendor to find it "cheaper" than I can find it locally.
However, I have purposed not to buy anything online that I can buy from a local store. Sure, I may pay a little more, but I know that I am supporting my local economy, my neighbors, and the customers who will buy from my store. When I shop at my local yarn store, fingering the beautiful skeins in their inventory and asking advice from the manager, it is only right to reward them for their time and investment with my purchase. I feel it would be ethically wrong to go home and purchase the yarn from an online site.
Do you buy local? Imagine what would happen if all Americans supported their local merchants!
This weekend, we have been in Chicago for the National Bridal Market, buying gowns and accessories for our bridal store. As any of you who go to conventions or buying markets know, it's fun, but it's hard work, too.
As my assistant and I were finishing our day today, we shared an elevator with an older couple. The husband and wife looked as tired as we felt, and we shared some comments about making merchandise choices, being on our feet, etc.
I then said something like, "it's a lot of work spending that much money". The husband just shook his head and said, "it's lots of work to just get further in debt".
I found it so sad that they had to look at it that way. I never use credit to purchase merchandise for my store. I go to Market with a budget and stick to it. Sure, it's hard. But, it's fun to go home without buyer's remorse!
I started this blog this past spring with a general topic :: small business.
However, "small business" and "entrepreneurship" are such wide topics. I want a personal blog, so I've narrowed the focus of my blog to "running a debt-free small business". This is my accountability partner, but also my way to challenge conventional thinking.
Over 80% of small businesses fail within their first two years. I don't think this has anything to do with a lack of hard work, good ideas, or committment. I believe that most of the failures can be tied to poor money management and overuse of credit.
I will not borrow money or use credit to run my business. If I cannot pay for something, I don't purchase it. This committment helps me make good decisions and gives me a true compass for my business. Rather than being limiting, it is a freeing value!
Sometimes business gets in the way of business. Prioritizing and making choices is a way of life for an entrepreneur.
Back in May, before bridal season really got started, I had time to sit and write about my thoughts and ideas. Lately, I've hardly had time to sit for supper.
This will change as summer turns to fall. I will have more business ideas to share and things to write about.
Enjoy the end of summer and know that busy is good!
When is the last time that you wrote a "Thank You" note to your customers?
Some of the business people that I follow on Twitter have been excited lately after receiving nice notes of gratitude from their clients. It is fabulous to know that someone appreciates your expertise and time.
However, we ARE in business to please our customers, and they do pay us in cold, hard cash (most of the time). So, let's thank them for their business.
When a customer visits my store for the first time, we send them a hand-written note as well as an e-mail note, thanking them for their visit, inviting them to return, and offering our assistance as they plan their weddings.
After a customer makes her purchase, we again send a hand-written thank you note. We usually send one more note in the months after the wedding, again thanking the bride and groom for their business and wishing them well in their new life together.
In these days of electronic communication, a "real" note in the "real" mailbox is always a delight!
