| Looking for mentor and very serious |
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eagerbeaverlisa
New Member
Cash: $ 0.00
Posts: 8
Joined: 09 Mar 2004
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| Looking for mentor and very serious |
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I've always been interested in business and have always had the right stuff to be successful but never really knew what area I wanted to persue. Now I do but first I need a mentor to help me prepare for my venture so that it is a successful one. I want to open a JJill botique in Maine but do not want to approach them until I am fully prepared as this is something that I am very passionate about and are willing to do whatever I have to do to make it real. I'm not interested in this company for just the money because if you do a little research you will find it is a pretty safe bet. I care about this company and all they do, I love all of their clothing and how they give back to people in need. Which you can read about on their web-site. My problem is that I have no college degree or capitol. However I have done a lot of self teaching in the business field myself and have researched this company as far back as possible making sure that I know everything that there is to know about the company, the people on the board and where they came from. I just want to make sure that when I do approach them they know I'm a safe bet because I am and this is why I am here looking for a mentor. Thanks for your time
Lisa
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Tue Mar 09, 2004 1:47 pm |
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Andrew
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Hi Lisa,
Doing your homework before undertaking any business venture is a good idea, and it seems that this is what you are doing. A college degree isn't necessary at all, so I wouldn't consider that an issue for you in this case. Capitol on the other hand is going to be very important if you want to open a brick-and-mortar store, like a clothing botique. Obviously, you are going to need a location, and you will probably be renting space for this. I don't know how J. Jill handles their franchises, but there are going to be tons of startup costs in setting up your store with signs, display racks, your opening order of stock to fill-out your store, point of sale systems, advertising, bookkeeping, etc.. Looks like you are in a good situation in Maine, as I didn't see any competing stores in your state. Is that correct? How familiar are you with garment retail? What are your plans for raising the money needed to start your store? Do you have a written business plan?
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Tue Mar 09, 2004 3:19 pm |
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eagerbeaverlisa
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Cash: $ 0.00
Posts: 8
Joined: 09 Mar 2004
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Thanks for the reply Andrew!
I've been considering the location and there are a few that would have good potential but I myself have choosen to focus on the old port since I have lived in this state since I was six yrs old I'm very familiar with the area and the people. It will just be a matter of keeping an eye out for an opening and there is always heavy on foot traffic in this area, lots of corporate offices and upscale shops and most recently a Hilton hotel which I'm sure has raised rent in the area. Currently there are no jjill stores in Maine and their goal is to go national, this is another reasoning for my efforts because I have complete faith in them. To date I would say that they do not have any competition as they have filled a gap that all other retailers have failed to meet. Their focus is 35 to 55 year old women consisting of casual yet dressy clothing, a romantic style I would say. I too do not know yet how they handle franchises but I do know they have their own venture capitol analyst. I just want to make sure that I know what I'm talking about so the red flags do not get raised. Also they have their own people to set up the stores and the man most recently appointed as vice president of visual merchandising has held high positions with disney,gap and banana republic stores. If and when I get in the door I will have some of the best teachers in the field. And finally as for the business plan, I'm currently studying like a nut, I now know jjill, now I need to study the business side.
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Tue Mar 09, 2004 3:53 pm |
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Andrew
Admin
Cash: $ 467.10
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Joined: 02 Nov 2003
Location: Texas
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Sounds good. I don't claim to be an expert at anything financial, but I do have a year of experience running an online retail store. It is nice to not have to deal with having to cover your business rent and utilities, before making a profit, and it helps to have a larger customer base, but of course there are downsides too. Some manufacturers require a physical store. Sometimes the product demands it.
I would try to make friends with someone in your area who does run a retail store to try to pick up some tidbits of info. If you have any more questions though, post 'em...
Last edited by Andrew on Wed Mar 10, 2004 5:16 pm; edited 1 time in total |
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Tue Mar 09, 2004 7:46 pm |
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Euler
Senior Member
Cash: $ 76.16
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Joined: 06 Nov 2003
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| Contacts are *everything* |
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I'm sure you've thought of these things. But they bear repetition well.
Do you personally know anyone associated with JJill? If there is any way to find a link, it is much more likely to be a good experience for you. Even two degrees of seperation are enough. If you can avoid it at all, you don't want to approach them cold.
If you have to go in cold, it's still okay. There is, I notice, lots of good information (that you've prolly seen) on this page:
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=JILL&script=2100
Use their own language when talking to them. Understand the local market where you intend to open. Obtain demographics of your area and focus on women 35-to-55. Compare this with the relevant demographics in areas where they have built stores.
I notice 2003 and 2004 has been rough on JJill earnings and stock price. This suggests that they perceive problems. Your whole pitch is growth and expansion. Be prepared that they may not be ready for growth and expansion during their current crunch.
Best of luck. JJill would be fortunate to have a motivated person like you. And I think they'll recognize that.
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Wed Mar 10, 2004 5:08 pm |
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eagerbeaverlisa
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Joined: 09 Mar 2004
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Thanks for the support!  I know exactly what you are saying and I have been working on all of the above and already have the perfect area picked out that would not only meet their needs but would also secure business myself. I've been trying to think of everyone I know that has contacts or knows someone else that does. I once heard " The only thing that keeps you from learning another man's knowledge is your own desire.
As you have noticed their stocks are a bit in the ups right and that is due I'm sure to a lawsuit filed against them in May of 2003. I did some checking a few weeks ago and this still has not been settled. I have complete faith that they will come out on top and if not it will surely not slow them down to much.
I will be very careful in my approach not only to ensure a future with them but also to protect myself. I've been told several times by many people that I should be a sales person but always laughed. Now that I've found a company and product that I am passionate about my stomache says to stay by their side.
Once again I would love to thank you for the advice and please know that I take it all with me as I continue my studys, because teachers are mentors and if someone is willing to let you in on what they know you can bet I'll be listening more intently than the rest.
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Thu Mar 11, 2004 1:34 am |
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myfashionguru
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Fri Apr 16, 2004 1:46 pm |
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eagerbeaverlisa
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Thanks for the tip but I've been working really hard towards gettting my own botique and nothing is going to derail me from it. But I am however starting to make necklaces and will plan to sell them in many differnet locations one being ebay but I'm not interested in making it a career. I will say you are right, if people have a good product or just simply alot of them you will indeed make pretty good money.
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Fri Apr 16, 2004 3:12 pm |
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