Small Business Owner Interview Cindy Solomon, Accent Interiors, My Mother Matt Solomon, Nichols College, MGMT 100-08
The BusinessType of business structure (Sole proprietorship, Partnership or Limited Liability Partnership, LLC, S Corporation, C- corporation) Partnership Why did they choose this structure instead of another?At the time there were more advantages to setting up the business regarding responsibilities. Product Custom Window Treatments How long they have been in business? 14 years
Background of Business How did they get started?Started sewing window treatments for each other and decided to start working out of the house and making window treatments for others. How did they finance their purchase of the business? Invested as they went along Why did they start the business?Looking for a part time business where they could make their own hours and earn some extra money. What is the owner’s training or background in the business? Always very creative and liked to sewHow does the company today compare to the company when it started? It has slowed down due to the economy.
Successes What have been the successes? Happy customers and plenty of references. Grown by word of mouth. What is the most rewarding aspect of running the business? Why?Seeing how happy people are when they like the work that is done.What are the critical success factors for this type of business? None
Challenges What have been the challenges?Familiarizing one-self with the latest trends and techniques.What is the most challenging aspect of running the business? Why?That she has to be dependent on others to do well and when they mess up it is a reflection upon her. How did they overcome the challenges? Staying on top of the employees. What are the fatal flaws in this type of business? If you make a mistake it’s all on your head.
Competition Who do you consider two of your closest competitors? NoneHow does the business try to achieve competitive advantage? Customer satisfaction and lower prices.How do you keep your customers satisfied? How do you build customer loyalty? By ensuring quality and being dependable and reliable.
Marketing and StaffingWhat type of strategies do you employ to market your business? No marketing When considering new employees for yourbusiness, what type of qualities and fit are you looking for? Dependability and reliability
The Future Does the owner plan to stay in business for the extended future and, if so, what are some of theirfuture plans/goals for the business?Yes, maintain the high quality that you are known for.
Unique QuestionsWhat unique interesting questions did you ask and what were the responses? (Ask at least three questions of your own.)Are there any unusual strategies you applied? Is it a business that you would recommend others to get into?Have the changes in recent tax laws affected you in a major way?
SummaryWhat advice does the business owner have for the members of this class? If you start a small business makesure its something you’re passionate about. What did you learn? That her business is a partnership.