By Amanda Lea

Are you starting your own business in the Chicago Fashion Community? Jim Wetzel and Lance Lawson, Tricia Tunstall, Lee Allison, and Lana Fertelmeister on the ins and outs of running your own fashion business.

Here's a question you do not hear every day: “What made you jump off the cliff?” However, this was precisely the question that Amy Olson was asking of the members that made up the panel at one of Mayer Daley's seminars for the Chicago Fashion Advisory Council. Lance and Jim are the owner's of Jake, a successful boutique on Southport, along with several other's they have sprouted up. Tricia is the owner of P-45, a ten-year-old Bucktown boutique, and winner of the style-maker award. Lee Allison, amongst many things, is an established tie designer and Harvard Business School graduate. Lastly, Lana is the foundation of a jewelry line that is available at over 100 retailers, including Neiman Marcus and is the founder of The Chicago Fashion Foundation.

All fashion businesses are not created equal. The most important piece of information is “…having the passion, identifying that passion… You have to revisit that passion. Your vision sometimes changes, and that's okay.” This is the initial key piece of information. A working knowledge of business skills, including finance and marketing, is also key. Lana believes that the majority of her success included “80% business skills.”

SUCCESS

Success does not come easily. In fact, Lana Fertelmeister expands on this idea when she tells the group that, “I think you're born with talent, and it takes time to develop it.” But even with talent, the state of the economy can halt your business endeavors. Lana explains that, “After 9/11/01, if you were a designer, the world of fashion stopped for you.” As for Jim and Lance, their initial success has enabled them to open four new stores in only three years, and employ more than 35 employees. The inspiration for their success was to “embrace the art of retailing.” Additionally, they were looking for a “co-ed shopping experience.” Their friends were all taking shopping trips to New York to achieve this ideal, so the two thought, let's make it happen in Chicago! How did they make this work? They worked to see what was working in over 200 stores that they spent time shopping in, traveling to, and observing. Lastly, they said “we wanted it to be an extension of our home… we have champagne all the time.”

COVER YOUR BASES

Some commonly overlooked areas in the fashion industry were discussed by Lana Fertemleister. Maternity, though becoming more readily available, is a highly untapped market. This along with plus sized clothing, as many manufacturers do not have the equipment to make these bigger sizes. Another tip from Lance and Jim is the importance to “get revenue high enough to justify decisions. It's emotional - then analytical.” This alludes to the fact that a great idea starts with creativity, and then is made possible through strategic planning and analytical decision-making.