6 Lessons For Online Companies From Offline Shops — With Ann Siner
on Sep 4, 2009 - 9:01 AM PSTSetting up an online business is a snap compared to the work involved in building a brick and mortar company. So I figured we internet companies could learn from Ann Siner, the woman who built My Sister’s Closet, a chain of designer consignment stores.
Read on (and listen to the full program) for some of the lessons Ann learned as she built 11 stores with $11.2 million in revenue.
The FULL program
Video excerpts
About Ann Siner
Ann Siner is the CEO and founder of My Sister’s Closet, where stylish women buy and sell designer clothes and accessories. The company also owns, My Sister’s Attic, which features home furnishings, Well Suited, which specializes in men’s clothes, and Small Change, which consigns and sells recycled kids’ stuff.
6 Lesson From This Program
1. You don’t have to invent your business ideas
Ann got the idea for My Sister’s Closet from visiting a similar store in San Antonio, Texas. It opened her eyes to how stylish and chic a used clothing store could be. So she brought the idea back to Phoenix and opened her first store.
A while back I created a list of the way past Mixergy entrepreneurs came up with their business ideas. Most did something similar. They took an idea that already existed and made it their own.
2. Before you have customers you have friends.
Because Ann’s vision was to sell used clothing on consignment, she couldn’t fill up her first store with clothes bought from a wholesaler. When I asked her how she got her first inventory, she told me that her friends opened their closets and found clothes to bring into her store.
This is similar to what Jon Bischke told me he did to get the community started on eduFire when he launched it. He asked his friends to kick off the conversation on his site and help create an active, thriving community for new people who discovered his site.
3. You don’t have to be 20 to be an entrepreneur
There’s a myth that only single men in their early 20s can start a company. Ann launched her company when she was 32. She told me her previous years of experience as an employee made her a better entrepreneur.
I talked about this myth in my interview with Owen Byrne, the developer who was hired to create the first version of Digg.com. He’s an older developer who was left out of the Digg story to make way for a PR story that fit our expectations of a young entrepreneur who whips up an internet company that becomes an instant hit.
4. Build a recession-resistant business
Despite last year’s bad economy, Ann’s sales grew over 20%. Her business is built to do well in bad times. It sells brand name items at low prices because they’re used, so recessions can actual help increase sales.
I don’t think I’ve ever interviewed another entrepreneur whose company benefits from a recession. If you know of any online companies that do well in bad times, email me about them.
5. Create multiple brands
Her first store was called “My Sister’s Closet,” a name that women loved because it was reminiscent of how fun it could be to share clothes with a sister. Obviously men don’t have the same association, so Ann created a separate brand for them, called “Well Suited.” She did the same thing for kids with Small Change, and for furniture with My Sister’s Attic.
I interviewed Matt Mickiewicz of SitePoint, he told me when he spun off the design section of his site into a new business called 99designs, it took off. Before the spinoff, his design customers were turned off by all the tech talk on SitePoint. The spinoff allowed him to communicate a clear message to each customer.
6. Take time to yourself
I usually do my interviews at 11AM Pacific, but Ann wouldn’t do an interview before 11:30, which was fine with me, but I was curious about why the half hour matter. In the interview, I put her on the spot and asked her about it. She explained that she always took time to herself in the morning. Setting that time aside helps her enjoy her day, and often leads to new ideas that she wouldn’t have come up with at her desk. (Haven’t you found that too?)
If you read my bio, you know that I lost my energy when I ran Bradford & Reed because I spent years working non-stop. I used to think that breaks were for people that couldn’t keep up. After talking to entrepreneurs like Ann, I’m realizing that breaks can bring out the best in me.
Full program includes
- You’ll hear details of how Ann built her company with her sister and co-founder.
- You’ll see me get a little personal with Ann so I can give you a more complete understanding of the entrepreneur behind the company.
- You’ll learn how Ann convinced a landlord to give her space when she was new and unproven.
Suggested comments
- If you see any typos or other errors, could you try using this new tool to let me know?
- How useful is it for you to hear from non-internet entrepreneurs like Ann?
- What’s your most valuable takeaway from this program?
Thank you @MoniMay for suggesting this interview!
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September 4th, 2009 at 2:08 pm
I enjoyed this interview, but would have liked to hear more about how Ann managed to build the brand locally. We've all seen in our own hometown/neighborhood that clever little store that simply folds because they can't get the word out. It seems that unlike most of the other guests of Mixergy, this is a very “analog” business, which makes me all the more curious as to what tactics were successful.
It also turned into a very different sort of show towards the end when discussing entrepreneurs who chose not to start families, etc. Compelling programming of a different nature. Maybe that can be a new podcast, all about the human side of business and less to do with numbers.
September 4th, 2009 at 2:34 pm
It's good to see diversity in the people you interview and the types of businesses they started. I'm curious to learn a little bit more about Ann's marketing and advertising, because she's obviously doing a great job at it.
Andrew – one thing I couldn't agree with you more about is making time for yourself. As an entrepreneur it is TOO easy to forget about it and just work, work, work. It's something I myself forget about all the time and end up getting burned out. Taking a little bit of time out of the day for yourself is a lot more beneficial than you can imagine.
September 4th, 2009 at 2:57 pm
My wife harbors dreams of doing something like this, this'll be a good resource for her. Also, the tone of the interview and the questions were spot on.
Unfortuntely, the audio was going out for me…but the recap was handy so no worries. Finally, you asked about non-Internet entrepreneurs being useful or not. Absolutely useful.
September 4th, 2009 at 3:43 pm
I loved this interview. I found the idea of creating multple brands very useful. Internet and non-internet entrpreneurs have a lot to contribute to either side. I thought this interview showed that. Thanks for the useful info.
September 4th, 2009 at 7:48 pm
From my biased point of view, this was the best interview yet!
I saw this today and immediately linked it over to my Mom. I also thought that with an interview like this you were much more candid and relaxed. I liked it better as a result.
Certainly not the most technical of all interviews, but those have their place. What this really did which I liked was that it wasn't too long, and that it is the kind of interview which makes people in the same boat decide to do something unique. I'm sure many women in the same position as Ann once was will benefit from this.
Thanks again for a great interview!
September 5th, 2009 at 11:25 am
Andrew – Great interview. This site is awesome. I love all the real-life business advice I get from your interviews. You said you used Skype this time. What do you normally use? How do you record a webcam chat? Have you considered using the split display where it is 50% you and 50% the interviewee? Keep up the great work!
September 5th, 2009 at 10:22 pm
Great call on mixing it up Andrew. I would have also liked to of heard about getting the word out. What medium with what message was used to attract both vendor and buyer. Or was it simply a matter of putting the storefront on the busiest street?
It's nice to hear about businesses thriving during “difficult” times.
September 6th, 2009 at 7:07 am
I like interviews about offline businesses. The interview was good, and very useful to a lot of people. However, I think you could have done a better job on this one because it felt like you were sort of looking for the right questions. It felt like you weren't fully prepared. Maybe that's because the business is offline and of less interest to you, or maybe it's because you haven't visited the company. I think you will agree you've done better.
And bring back the split screen.
September 7th, 2009 at 1:05 pm
You're right. I should have doug in deeper on the marketing.
I'd love to talk more about the personal side of business. I wonder if
enough listeners appreciate hearing it though. I'll keep doing it and ask
for feedback.
September 7th, 2009 at 1:18 pm
I'm seeing from the comments that I should have asked more about the
marketing. I'll stress it more on future interviews.
And you're right about time off, though I still have to wrestle with myself
to do it.
September 7th, 2009 at 1:18 pm
Glad to hear it. Let me know if I can introduce your wife to Ann by email.
Sorry about the audio. I wonder if others had the same issue. I'll check it
out.
September 7th, 2009 at 1:19 pm
It's counter-intuitive because online we assume that the site with the most
traffic wins. And every new brand could syphon off traffic. But in reality,
site traffic isn't the most important metric in business.
September 7th, 2009 at 1:20 pm
Wow! That's great to hear. I wasn't sure if you'd like it. I assume that
people only want me to talk to internet entrepreneurs. Thanks for this.
September 7th, 2009 at 1:22 pm
I meant to say that I always use Skype and the video from it is
unpredictable.
I'll switch to a side-by-side layout soon. I did this interview (and a bunch
of others) before I heard from viewers that they prefer the side-by-side
layout. I think I have another 5 or 7 interviews to post with this layout
before I can use the new one.
September 7th, 2009 at 1:24 pm
Thanks K.
I had a few sheets of notes, but maybe I could have been more prepared. I
don't know offline businesses nearly as well as online ones. Maybe a
pre-interview would have helped me.
September 7th, 2009 at 1:26 pm
I'm glad I keep asking for input. I never would have realized that I didn't
ask enough about marketing. Good catch. Thanks.
September 8th, 2009 at 6:16 am
Listened to this interview last night. What I wished for is that you would have asked Ann more questions about the logistics of growing a business. Do Ann's employees have health insurance? If so, where does she buy it? Does she belong to a health insurance co-op? Are Ann's employees eligible for a 401K? If so, or not so, how/when did she make that decision? How did she set it up? Etc.
I think many first-time entreprenuers will struggle figuring out the answer to some of these questions. It would be nice if you sprinkled in these type of questions in your next appropriate interview.
Thanks, and keep them coming.
September 12th, 2009 at 6:47 pm
Thank you for trying to bring more women to Mixergy. I am interested to see more women as well. Btw can’t find the interview with Ali ( Alexandria, I think ).
Congrats on the Fresh book deal
September 14th, 2009 at 8:26 am
Great advice. I think these things apply to every entrepreneur, regardless of whether you are based entirely online or not.
September 16th, 2009 at 11:19 am
[...] The actual interview with video, audio and text is here. You should start with [...]
September 22nd, 2009 at 2:24 am
OMG! I saw her site and love it! Guess I know where I'm doing my Christmas shopping this year; starting with a little something-something for myself :) Plus, it's a green business and I'm all about that.
I thought it was really cool that she was so honest about choosing between business and children. I feel the same way about my life's missions, but it's rare to hear such sound rationale when it comes to that topic. People sometimes look at us women like we are here to be baby machines or we can't be fulfilled without children. Obviously, this is not the case.
Also, as usual, Andrew took the questions out of my head as he went along and got the answers I was looking for; refreshing interview.
September 25th, 2009 at 11:09 am
Very helpful! It is definitely true that you do not have to be 20 to be an entrepreneur. A great business venture can begin at any age.
December 13th, 2009 at 5:37 pm
What a great interview! You asked a lot of really good questions and got some good feedback as well. I like that Ann has had some good and bad experiences, where she was able to provide a well balanced synopsis of her entrepreneurial experience. I like the idea that she started her company without prior attempts of being an entrepreneur. It really shows that having a simple idea and working to make it happen is really possible for women and men alike and that it can turn into something successful. This gives awesome insight to the starting of a business.
You have a great personality for interviewing in addition to having a great idea for your website.
Thanks for what you do in bringing this and others like this to us.
February 1st, 2010 at 10:29 pm
Andrew:
Happy to see that you and Ann Siner were able to get together!
I'm delighted I was able to bring this successful entrepreneur to your attention!
As you can see, she is certainly an extremely talented entrepreneur, who also happens to be a woman!
As a fellow female entrepreneur, I can appreciate Ann's journey.
I launched my company MoniMay, Inc. in 2008, and the first year or so has been somewhat overwhelming, coming at the same time as one of the worst economic recessions in history.
I created an innovative product that is really 3 products in 1 – HAIR SHADZ. A dry shampoo, covers roots and grey, and provides SPF 15 protection, it is the only product designed specifically to protect the scalp from harmful sun's rays.
Mom of 2 Builds a Business on a Beauty Product That Could Save Lives | Mom Invented
http://bit.ly/18Qlbt
Though we are not a classic internet company, it has turned out that the internet has played a considerably major role in our development. We decided that the company would pursue a social media marketing program almost exclusively, and that has proven to be both challenging and rewarding.
We have just launched in select Whole Foods Markets and we are delighted to be part of their team.
Like Ann, I've relied on friends, clients, and other folks to help make MoniMay's vision possible, and the advice and experiences I've read on Mixergy have been instrumental in helping us evolve.
I've learned that your business strategy must adapt and be limber enough to take advantage of opportunities, and that sometimes it just takes the right person bringing you to the attention of the the right person, to help you move forward.
I for one, think interviewing entrepreneurs of all types is extremely helpful to all of us. Internet companies have to get their products to the public, just as bricks and mortar ones do, and we all face many of the same issues.
In this day and age traditional companies have an internet operation as well, and of course internet companies have the same goal: get your product in front of your intended market.
I enjoyed your interview with Ann Siner of My Sister's Closet very much, and look forward to the insightful mentoring your followers have come to rely on.
February 2nd, 2010 at 5:29 am
Andrew:
Happy to see that you and Ann Siner were able to get together!
I'm delighted I was able to bring this successful entrepreneur to your attention!
As you can see, she is certainly an extremely talented entrepreneur, who also happens to be a woman!
As a fellow female entrepreneur, I can appreciate Ann's journey.
I launched my company MoniMay, Inc. in 2008, and the first year or so has been somewhat overwhelming, coming at the same time as one of the worst economic recessions in history.
I created an innovative product that is really 3 products in 1 – HAIR SHADZ. A dry shampoo, covers roots and grey, and provides SPF 15 protection, it is the only product designed specifically to protect the scalp from harmful sun's rays.
Mom of 2 Builds a Business on a Beauty Product That Could Save Lives | Mom Invented
http://bit.ly/18Qlbt
Though we are not a classic internet company, it has turned out that the internet has played a considerably major role in our development. We decided that the company would pursue a social media marketing program almost exclusively, and that has proven to be both challenging and rewarding.
We have just launched in select Whole Foods Markets and we are delighted to be part of their team.
Like Ann, I've relied on friends, clients, and other folks to help make MoniMay's vision possible, and the advice and experiences I've read on Mixergy have been instrumental in helping us evolve.
I've learned that your business strategy must adapt and be limber enough to take advantage of opportunities, and that sometimes it just takes the right person bringing you to the attention of the the right person, to help you move forward.
I for one, think interviewing entrepreneurs of all types is extremely helpful to all of us. Internet companies have to get their products to the public, just as bricks and mortar ones do, and we all face many of the same issues.
In this day and age traditional companies have an internet operation as well, and of course internet companies have the same goal: get your product in front of your intended market.
I enjoyed your interview with Ann Siner of My Sister's Closet very much, and look forward to the insightful mentoring your followers have come to rely on.
Monica Sanders
CEO
MoniMay, Inc.
http://www.monimay.com
@monimay on Twitter