IIn this episode of the SME Growth podcast, we hear from Vicky McKenna, who shares her remarkable journey from telecom project manager to fashion brand owner. After experiencing a life-changing stroke at 33, Vicky leveraged her savings and project management skills to pursue her dream of creating a workwear fashion line, later pivoting to include activewear just before the pandemic.
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Key Topics Discussed:
- Career Transition After Crisis Discussion of how a major health event led to a complete career change and the start of a new business venture.
- Starting a Fashion Brand Detailed exploration of the challenges and complexities of establishing a fashion brand from scratch, including:
- Initial business planning and research
- Finding industry connections
- Product development and manufacturing
- Website development and marketing
- Business Evolution and Adaptation How the brand evolved from high-end workwear to include activewear, and how this diversification helped sustain the business during lockdown.
Quotes to Remember:
- "Everyone's on their own timeline. Someone might feel like when they're 20 'God, I can't work for anybody anymore' and that's fine, or it might be when you're 60 - it doesn't really matter."
- "You need to research the market... are you solving a client's problem and what is that problem that you're solving? Because if you don't know what that is, you're sort of finger in the wind."
- "It's a lifechanging thing not working for somebody else... in terms of being able to change yourself and change your life."
Top Takeaways:
- Market Research is Critical Thoroughly research your market and understand the problem you're solving for customers before launching.
- Niche Down Focus on a specific market segment rather than trying to sell to everyone. Understanding your ideal customer is crucial for success.
- Embrace Adaptation Be prepared to pivot and adapt your business model when circumstances change or new opportunities arise.
- Strategic Investment Carefully consider where to invest resources, particularly in the early stages of business development.
- Personal Growth Starting a business is as much about personal development as it is about professional success.
- Network Value The right connections can be transformative for your business - sometimes coming from unexpected places.
- Cost Management Understanding true start-up costs and having adequate capital is essential - especially in manufacturing-based businesses.
- Business Evolution Be open to diversification and changing your original business plan based on market demands and opportunities.
This episode provides valuable insights for anyone considering starting their own business or making a major career transition, emphasising the importance of thorough planning while remaining flexible enough to adapt to changing circumstances.