Interested in starting your own entrepreneurial journey in clothing but unsure what to expect? Then read up on our interview with Tanya Vaughan, Owner of The Bali Market, located in Boise, ID, USA.
What's your business, and who are your customers?
My business is called The Bali Market. We specialize in Turkish towels and other high-quality Turkish cotton goods and only sell via eCommerce and marketplaces. I am also a partner in another completely unrelated business which is a brick-and-mortar called Ink Spa. That business offers premium tattoo services for busy, high-earning professionals - https://inkspa.com.
Tell us about yourself
I've spent my career in finance and marketing for both DTC e-commerce and B2B. I started my career with a Fortune 100 company and have transitioned to smaller and smaller companies, finally taking the leap to run my own.
What's your biggest accomplishment as a business owner?
I bought a supplements business in 2019, made some changes so it could be managed remotely from anywhere, and sold it under 2 years later for a large profit. I enjoyed adding value and flipping that business, and I hope to do more.
What's one of the hardest things that come with being a business owner?
Time constraints. Knowing when to hire and pay someone else to do the work you can do. Because I like being hands-on, I tend to want to do it all. Unfortunately, time constraints make it impossible to do it all well. Knowing when to outsource or hire is key to not overworking myself or, worse, doing a disservice to my businesses. I have another business I run with a partner called Ink Spa, so I really have to be disciplined with my time as there's always something to do with both.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Consider buying your first business. You can learn a lot by taking over something, and then you'll be better suited to start fresh when you're ready to launch your own big idea(s).
- Find people you can ask about business in general or the specific industry you're in, even the market you're going after. A caveat that friends will often encourage you, so try to get away from your close friend group if you're determining market need.
- The devil is in the details. Get some help with a business startup from an accountant/bookkeeper and another small business owner who started their business. Making sure you have your sales and use, payroll and income taxes, EINs, and permits all in place will save you headaches after opening.
Where can people find you and your business?
Website: https://thebalimarket.us/
Facebook: https://www.facebook.com/thebalimarketus
Instagram: https://www.instagram.com/thebalimarket/
LinkedIn: https://www.linkedin.com/in/tanyavaughan/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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