At the point that I knew I was entirely committed to moving forward with my vision of opening my fragrance boutique, the gravity of what it would take to implement this plan truly set in. Many of the aspects were exciting and fulfilling such as making a list of which fragrance lines would be part of our selection as well as designing the boutique space, including such details as the lighting, color scheme and my personal favorite, the library ladder. Other requirements were much more challenging such as finding the right space for the shop and where to acquire funding for my unique concept.
In all honesty, I was somewhat delusional in believing that getting a loan would be a smooth, direct process in which all of the pieces would magically come together and I would walk out victorious with a check in hand to execute my dream. The harsh truth was that although my concept was strong, on paper I did not present well. Although I had worked at the same job for over twenty years, I was severely underpaid and undervalued. Even several years in when my duties increased and I was managing the shop, I did not receive a raise or any other financial benefits such as a decent bonus or a 401K option. I was humbled and honestly embarrassed when I saw the look on the face of the bankers that would review my numbers and then express their confusion on why my income was so low. It was then that I realized that getting the funding that I needed to launch my shop was going to be a lot more challenging than I had initially thought.
One of the things that I had going for me was a very thorough and well laid out business plan. I had done my research regarding competitive analysis, target markets and projections. A competitive analysis involves finding other businesses in your area that are offering the same or similar services. This was a bit of a challenge as there were very few fragrance boutiques in Portland, and none doing business in the manner that I envisioned. I ended up exploring shops that typically had a small offering of fragrances but specialized in other things such as clothing or home goods. Overall, finding comparisons was minimal which served me well in terms of proving my point that what I had to offer was unique. Creating projections was the most difficult aspect of the plan and through the advice of different financial advisors and bankers, ended up being the section of my plan that received the most tweaking in order to be accepted by those that I sought to support me financially. I even had one loan officer tell me to significantly raise the numbers in my five year projections in order to be taken seriously. I was told, “It’s all an estimation anyways, we would like to see confidence not hesitation in your numbers.” She explained that there was a sweet spot where the numbers were strong but not unrealistic. Although her institution wasn’t willing to support me financially, I took her words to heart and revised the projections to represent a more optimistic view of the future.
I reached out to traditional banking institutions as well as smaller lending companies in my quest for financial backing. I was turned down again and again and I can candidly admit that I had a few serious meltdowns in which I considered giving up on my dream altogether. Rejection is painful and it’s tempting to believe in other’s limiting ideas of what you are capable of. I look back with pride in myself that I continued to stay true to my vision and chose to listen to my intuition, believe in myself and be confident in my own potentiality. It was on my seventh attempt that I finally found a lending company that was willing to stand behind my vision. The interview was particularly daunting as I presented in front of a panel of representatives from various lending institutions (ten individuals in all), and needed to show knowledge and conviction that my dream was worth believing in. In addition to the moral support I had from family and friends, I chose to wear the fragrance that always makes me feel empowered “Borneo 1834” by Serge Lutens. Throughout the presentation, I would get slight whiffs of this gorgeous fragrance and each time, it would give me a slight boost and felt like a good friend was there to shadow me in this very stressful moment. I admit that some of the questions caught me off guard but I was able to confidently handle it and when I didn’t have a sufficient answer, I committed to getting back to them with one after the interview. I wrapped up the interview by handing out bags of various fragrance samples to each of those that were in attendance, both as a thank you gift and an opportunity to acquaint themselves with niche fragrance.
Within two weeks of the interview, I received a call from Micro Enterprise Services of Oregon (MESO), that they would indeed be funding me for my boutique. They explained that they don’t typically provide loans for the large amount that I was requesting, but were so impressed with my interview that they would be dispensing three separate loans in all that would take care of all my needs. They have been an integral part of not only helping me to launch Fumerie Parfumerie but also providing business resources and emotional support along the way. I am forever grateful for their support and confidence in my vision.
Realizing opening a business is both stressful and exhilarating. I truly had no idea when starting out the many ways that this experience would challenge me and how I see myself in this world. Through this experience, I have forced myself to face some deep fears and insecurities and at the same time discovered the depths of my own strength and perseverance. I was drawn to write this post to share my personal experience of opening a business and the challenges as well as the rewards of what this venture was truly like. I encourage you to respond with your own insights as well as any questions that you might have regarding your interest in entrepreneurship.