Hybrid Business

After several months researching on and offline and consulting friends and family on the opportunity of starting-up a business based on my online store experience, I participated in an ecommerce expo and forum and got fired up about the future of online sales here, (+17% internet shoppers in Spain in 2005) and after spending a week in Fort Worth at industry-related exposition and a forum, complete with start-up workshops, and machine and software demos, I got convinced about the future of a hybrid company, offering it's own products and a branded line wholesale and retail, online and direct from my own production brick and mortar shop.

• Opting for vertical integration and multi-channel distribution would offer maximum control and flexibility. I would exploit my online business experience, geek smarts, multilingual and artist skills.
• My niche: personalized embroidered home linens, clothing and accessories to businesses, associations and individuals.
• My Unique Selling Proposition: making use of the latest high tech computer assisted machines and software. Creating unique designs and producing embroidery on site to match customer specs.
  

The idea of running my own business has been a perennial dream for several years but have never had the funds or the contacts to make it happen. I finally got that opportunity when, through friendly local suppliers, I decided to create a website and online shop, a lowcost adventure I could budget into my personal monthly expenses.

I started from scratch with no previous business experience, webmaster, computer tech experience or sales knowledge. I took the website from a being a “home” page buried under millions of g**gle results, to being number one for my product and thousands of visitors to a tri-lingual store with customer service in Spanish, French and English. Now over 3 years later, a working webmaster and computer geek, I am starting-up on a new scale, adding a production unit and brick-and-mortar store to the equation.

The month of December 2006 saw me totally occupied with two priorities: Christmas orders from my online store, and preparation of a complete business plan with the guidance and counselling of a new business consultant organism funded by the European Union.

Yesterday, January 2nd, was my D-Day, the day I handed in the complete 60 page business plan for review and approval. It included, apart from the lengthy business plan fill-in, a financial plan bursting with numbers and graphs for the first five years, an initial marketing plan, a first year time schedule for deployment of the plan, sample promotional brochure and business card, studies and white papers to support the business idea, suppliers offers and of course my resume.

My business consultant was impressed with the professionalism and completeness of the projects compared to the mainstream coming through his offices. He requested I email him my financial and marketing plans to accompany the request for funding from a government organism. He said I may get funding as an innovative entrepreneur or a woman entrepreneur, depending on the rates and amounts available. There is also a possibility of funding through a bank Foundation. All in all his comments were very encouraging.

Now comes soliciting the business name. It's been the hardest finding a name that says something about the business and that has not been taken. I need to submit three choices. The business advisor will be the one making the request and completing the paperwork for setting up the business which, by the way, will be a LLC or (SL, Sociedad Limitada).

When I left to the States on vacation this Fall to visit relatives, I was seriously considering starting up there, where new business are easier to start and where I might once again spend time on the soil that saw me born. However, since returning to Spain, and I have taken the time to weigh the advantages: being "home" again in starting-up in a small business-friendly climate, against the disadvantages: the huge financial burden and logistics of moving overseas, setting up a new business and buying a home solo in a location with no existing social or business contacts (moving where relatives are is out of the questions for financial cost-of-living reasons).

Reluctantly at first, I came to the decision that expanding my business here, building on my knowledge of the sector and contacts and saving all my energy and financial resources for the start-up would be the best option for success It is a plan that especially allows me to use all my skills, from art and languages to computer maintenance and webmastering. I'll be wearing alot of hats and I like that too. I have even already a few potential wholesale customers.

Once I took the decision, I've become more and more convinced and happy with it. Heh, there'll be time in the future to sell the business and move back to the States if I still so desire.

It going to be a hybrid business high tech coupled with a centuries old product: embroidery, selling online and offline, including a production unit selling our own private designer line as well as other brands, selling to businesses as well as to the walk-in customer, wholesale and retail.

What's next...wait and see.