Q+A with Fancy Dresser

[shoutman]

The next candidate to be thrown down the well is Fancy Dresser of http://www.thecostumeshop.ie/ fame.

As with all other Q+A sessions, Fancy Dresser is in control with regards to what questions are answered.

I'd like to take this opportunity to thank Fancy Dresser for accepting the invitation to do a well session.

Now down to business, keep it civil and get the questions firing.

[shoutman]

Very quiet around here today,

I'll start things off.

1: Could you give us a brief history of yourself, how you got into your present business.

2: Is the costume shop the only business you are involved in? Do you have any ambitions to spread your wings elsewhere?

3: What is your biggest selling item on the costume shop?

4: What was the last thing you wore to a fancy dress party?

5: Do you have a favourite quote that can be applied to business?

Thanks

[TheCostumeShop.ie: Ronan]

OK, here we go:

Originally Posted by shoutman

Very quiet around here today,

I'll start things off.

1: Could you give us a brief history of yourself, how you got into your present business.

Names Ronan O'Brien. Serial Entrepreneur, degree in Commerce from UCD, also spent a year teaching Applied Business Competencies in UCD Quinn School of Business which i really enjoyed. Generally always had a passion for business and the start up process.

I'm guessing your talking about The Costume Shop as it was the business you mentioned. That one was actually a bet. A Friend and I were looking for costumes and couldn't find anywhere to get the ones we wanted in Ireland. At the time i was running a small telecom business in the UK and Ireland and i was getting a tad bored. To cut a long story short, that was in September - we had the business plan written that night and the business launched three weeks later - three weeks before Halloween.


2: Is the costume shop the only business you are involved in? Do you have any ambitions to spread your wings elsewhere?

I have several business' of which TheCostumeShop.ie would be the biggest. I also own TheBikiniShop.ie which as the name suggests is a swimwear company and am involved in the entertainment business.

Currently i'm in the process of acquiring a business in the pet products market. Also going to be involved in the running ChristmasFM this December a non stop Christmas music station for charity. A lot of the leg work happens in the next few months - getting donations and sponsors, this year were hoping to raise over 100,000 for our chose charity partner The Simon Community which aims to eradicate homelessness. Those two projects along with a busy Halloween should keep me going for the next 5 months. Hoping to Launch 2 businesses in 2010 also.

3: What is your biggest selling item on the costume shop?

Honestly i wouldn't know off hand, i'd have to ask the general manager. My work is to do with strategy and growth, the day to day aspects of the business are looked after by other people.

4: What was the last thing you wore to a fancy dress party?

JigSaw puppet Costume


You gotta love the Saw horror films.


5: Do you have a favourite quote that can be applied to business?

The entrepreneur is not really interested in doing the work; he is interested in creating the way the company operates. In that regard, the entrepreneur is an inventor. He or she loves to invent, but does not love to manufacture or sell or distribute what he or she invents.
Michael Gerber


Thanks

[Deaddude]

1. What age we're you when you started your first business, official / unofficial?

2. What age did you realise this was something you'd like to do / get into

3. Are any particular people inspirational to youu?

4. What has been your biggest challenge to date?

5. Has there been any problems/challenges that you've had to bring in someone elses advice on?

6. If you could go back to when you we're 17/18, just finished your leaving cert - is there anything you'd do differently and why?

7. Are you planning to move into other areas in the current climate?

8. Do you often come up with brilliant ideas for businesses only to find out that they are already been exploited?

9. Do you invest money in other peoples businesses?

10. What car do you drive?

11. When did you make your first million (personal wealth) // when do you estimate you'll make your first million

12. Have you taken any uncalculated or big risks?

13. Where do you see yourself 10 years from now?

14. How have you combated the reccession within your businesses?

15. Have you used the reccession for any business opportunities?

Thanks

[shoutman]

Thanks for the reply Ronan,

Did you do a masters after your Commerce degree?

Did you get a "normal job" after you finished your education or did you leave college with a business plan to get up and running asap?

[TheEntrepreneur]

Excellent candidate !

Hey ro,

How many businesses do you have ? How many are "e-commerce" such as TheCostumeShop and TheBikiniShop?

How soon after launching the costume shop did you get other people in to run it for you ? How long were you the "one man band" for ?

Do you ever find it hard to pull yourself away from the businesses you start and get other people in to manage for you ?

On a daily basis, what does your day involve i.e. time you get up at, what you generally do etc etc ?

How many holidays do you take a year ? How much time off do you like to have ? Do you have as much time off as you like ?

Did you (or do you still) use Enterprise Ireland for support in any of your businesses i.e. mentors, finance (website grants etc) ? If you did, how did you find them overall ?

Does business run in your family or were you the first to become an "Entrepreneur" or "Business Owner" (Michael Gerber will be happy I made the distinction )

[TheCostumeShop.ie: Ronan]

@ Deaddude

Originally Posted by Deaddude

1. What age we're you when you started your first business, official / unofficial?

I'd say about 9, myself and a friend used to wash cars around our estates. Being 9 we weren't able to reach the roofs, so we charged extra if we wanted that. The goal was to get enough money to build a tree house, one item at a time.

2. What age did you realise this was something you'd like to do / get into

I've always hated being told what to do and love to question authority, in senior infants i went on strike cause the work was too hard, no one could tell me why i needed to do it and anyway my dad got paid when he went to work. The teacher bless her cotten socks, from then on gave me 2pence every semester and i worked my tiny ass off.

3. Are any particular people inspirational to you?

Tim Ferris, total legend, got me interested in being life hacker and remote working. He's a massive influence.


4. What has been your biggest challenge to date?

Work life balance, I "work" six and a half days a week. 12 - 16 hours a day. I moved down the country to be able to grow the business faster so see the folks and friends a lot less than i'd like to. I say "work" in inverted comma's because i love what i do and if i do take time off - chances are as soon as my mind free's itself up i'll come up with a new idea and new thing i'm exploring the possibilities. When you job is thinking it's hard to switch off your brain.


5. Has there been any problems/challenges that you've had to bring in someone elses advice on?

Yup, I have various people i turn to in specialized fields when i'm stuck. If i can't find the right person i find Twitter great for getting referrals.

I promised i'd add value on this trend so here's a big that helps me - you don't need a degree to take advantage of education. If your really challanged on a particular topic you can be sure hundreds of other business have had this same problem and some have succeeded. You don't need to have gone to harvard to have the best business education in the world - you can buy the answers in the form of case studies for one challange at a time. And for only $9.99.

6. If you could go back to when you we're 17/18, just finished your leaving cert - is there anything you'd do differently and why?

Not a thing, my life back then was epic. I loved being immature.


7. Are you planning to move into other areas in the current climate?

Definately i really believe that there has never been a better time to start up a business, oppertunity is ripe and people are way more willing to give the new guy a try. As mentioned in the process of aquiring a pet products business at the moment. Have a three month deadline on getting that up and running.

8. Do you often come up with brilliant ideas for businesses only to find out that they are already been exploited?

Not really, i get idea's often, explore some and they don't work out. It's all part of the process. I just see it as one step closer to my next sucess.

9. Do you invest money in other peoples businesses?

I used to more so than i do now, i have a few small investments, but really i believe that money isn't the best thing i have to offer a business. So from that perspective i'm more inclined to partner with someone to bring value than to simply invest and walk away.

10. What car do you drive?

Lexus

11. When did you make your first million (personal wealth) // when do you estimate you'll make your first million

Not particularily interested in personal weath at the moment. If i have money it goes into the businesses, oppertunity is too good to take it out. Anyway i don't have enough time to spend it.

12. Have you taken any uncalculated or big risks?

Yeah pleanty, ran a telecom business which was great on paper but i mis-calculated the suppliers power and it didn't work out. Some would say it was a failure but i learned so much which i applied to the next business.

13. Where do you see yourself 10 years from now?

Doing the same thing, with bigger numbers and more staff. Hopefully.

14. How have you combated the reccession within your businesses?

The recession has changed the basics of how business is done. With any shift in the rules of the game comes oppertunity.

15. Have you used the reccession for any business opportunities?

Absolutely, Since it started we've added two warehouses to the business at favourable rents, been fortunate to have been able to hire some amazing staff that we would never have been able to get during the tiger. Suppliers are more keen to collaborate to grow our business as they grow when we do. Slowly ego's are disappearing from people in high positions - which is great.

Thanks

[TheCostumeShop.ie: Ronan]

@Shoutman

Originally Posted by shoutman

Thanks for the reply Ronan,

Did you do a masters after your Commerce degree?

Nope, i'm not the academic type, couldn't wait to get out of college. I'm dyslexic and find studying really hard. Wouldn't have had the patience for a Masters. Although i find education important, it focuses on theory. Theory means very little in the real business world - it's all about micro testing and constant improvement.

Did you get a "normal job" after you finished your education or did you leave college with a business plan to get up and running asap?

I did an 2 month internship once in a global financial institution. I wrote a formula in excel that used to do half my job for me during my lunch hour, when the girl came back from her maternity leave i was excited to show her my invention - and devestated when she went back to doing the job manually.

Other than that i've always worked for myself / paid on preformance.

[TheCostumeShop.ie: Ronan]

@TheEntrepreneur

Originally Posted by TheEntrepreneur

Excellent candidate !

Hey Ronan (i hate "ro"),

How many businesses do you have ? How many are "e-commerce" such as TheCostumeShop and TheBikiniShop?


4 businesses, 2 in E-Commerce. That will increase to 5 / 3 by next month.

Also recently set up an e-commerce business in exchange for consulting time from an expert in the marketing field. The business is an audio program for Stress Relief and Guided Relaxation. Barter is a great tool in a down turn and i'm always open to barter opportunities.

Actually just had a though, i'm going to use what i learned from that project to release an album on itunes this Christmas for the Charity i mentioned earlier.


How soon after launching the costume shop did you get other people in to run it for you ? How long were you the "one man band" for ?

Took about a year.

Do you ever find it hard to pull yourself away from the businesses you start and get other people in to manage for you ?

Well i usually do it slowly and hang on to the bits i love about the business. I do all the marketing for all the business and oversee the purchasing decisions. I find it easy to let go of the boring bits, if someone can do the job better than me then it makes sense to let them at it, repetitive stuff gets a process built around it and handed off. I love building the processes and seeing them work.

On a daily basis, what does your day involve i.e. time you get up at, what you generally do etc etc ?

Get up, erm depends when i went to bed. Check emails, read my google reader, have a shower, skip breakfast, get to the office. Plan out my day tasks and go from there. No two days are ever the same. This Monday TheBikiniShop.ie is on Ireland AM TV3 (7.45 - check it ou if you can), although im not presenting i'll be there to make sure the bikini models are happy and everything runs smoothly - Tough job but someones got to do it .

How many holidays do you take a year ? How much time off do you like to have ? Do you have as much time off as you like ?

Holidays - depends I don't have set holidays like an employed person. I love to travel, but again i travel a lot with work so holidays would be once a year. Still this year i've been to India with work and am going to the USA next month to meet our suppliers.

Basically i have total control of my time i can work remotely from anywhere in the world, so it's never a "holiday" as you would imagine from an employed perspective.

Did you (or do you still) use Enterprise Ireland for support in any of your businesses i.e. mentors, finance (website grants etc) ? If you did, how did you find them overall ?

Never had mentors, would love to have one though.

I got a micro trade grant once for a north south boarder collabortation, it was a big risk and we needed backing on it. It went really well and the hunch turned out to be right. The grant process itself was ok, however it took 5/6 months for them to release the money so by the time we got the funds the project had already been through the sink or swim phase, luckily for us it was a success.

Earlier this year we got approved for a website grant for the enterprise board. Unfortunately the enterprise boards were creating a new "overseeing pannel" of beaurocracy and the terms of the agreement was that we wouldn't incur any expenses untill the funds were given final approval. This was Janurary when things are quiet so i had staff doing very little and after 2 months of sitting on our asses we retracted our application and got on with building the business. The oppertunity cost was emmense and i don't think i'll be applying for grants again anytime soon.

Does business run in your family or were you the first to become an "Entrepreneur" or "Business Owner" (Michael Gerber will be happy I made the distinction )

Yes, my dad runs his own business so there is a history there. I'm involved in running his business a little too.

[Mickk]

Hi Ronan, (my first question is already answered, I thought you might be the model in the robin hood outfit on your main page...)

How old are you?

What do you dread doing and what do you love (in your business)?

What was the hardest business decision you ever had to make and looking back did you make the right decision?

What motivates you?

What do you love doing outside of your business?

Thanks,

Mick

[TheCostumeShop.ie: Ronan]

@Mickk

Originally Posted by Mickk

Hi Ronan, (my first question is already answered, I thought you might be the model in the robin hood outfit on your main page...My legs arent that good!)

How old are you?

Twenty Six

What do you dread doing and what do you love (in your business)?

Accounts are no fun, but its massively important to know every number. Love marketing, strategy, new business launches and the creative stuff.

What was the hardest business decision you ever had to make and looking back did you make the right decision?

Firing people totally sucks, especially when they are good people and have kids etc. Its the worst part of the job but something that shouldn't be delegated.

What motivates you?

Winning and being ahead of the game. I love being on the cutting edge and the excitement of the first few sales in a new start up.

What do you love doing outside of your business?

Travel, i love travel. Especially Africa and the 3rd world.

Really into music and DJing, then the question comes up is DJing work or pleasure.

Thanks,

Mick

[Axwell]

Hi Ronan,

1. What are your 3 best and 3 worst traits in a business sense?

2. 3 bits of advice you would give someone starting out completely from scratch knowing wht you do now?

3. How do you come up with ideas, do you research things online or do they just come to you or is there some secret method your hiding from everyone??

4. What costume are you going to wear this year for halloween?

5. Do those models of Ireland Am work for you and can i have their numbers??

Cheers!

[TheCostumeShop.ie: Ronan]

@axwell

Originally Posted by Axwell

Hi Ronan,

1. What are your 3 best and 3 worst traits in a business sense?

3 Worst -

• I'm really impatient
• I hate repeating myself - I have a rule with my staff that i don't repeat myself - unless its vitally important (so pay attention the first time - i find this rule helpful and saves massive time)
• I can sometimes come across as cocky to someone that doesn't know me and i don't take any blagging / fluff.

3 Best -

• Very decisive,
• Good at making processes (Eliminate, delegate, automate)
• I Use Pareto's 80/20 principle (a lot).

2. 3 bits of advice you would give someone starting out completely from scratch knowing wht you do now?

• Test everything on a small scale before going big
• Never trust suppliers invoicing and currency conversions
• If someone tells you something can't be done, ask someone else

3. How do you come up with ideas, do you research things online or do they just come to you or is there some secret method your hiding from everyone??

Not really, i have lots of idea's and i've got better at identifying which ones have the most potential without putting massive efforts into them. Google has an amazing amount of information for market segments.

Businesses aren't necessarily about having a unique idea, i'm not the first to think of selling costumes online. But in Ireland, i'm the first to do it well. All that matters is that you are adding value and making a contribution to your customers that they value.

4. What costume are you going to wear this year for halloween?

I'm not telling you incase you show up at the same club dressed as me and try to make out with my girlfriend.

5. Do those models of Ireland Am work for you and can i have their numbers??

Yep, i have them parading around my office on the hour every hour for inspiration. Lol i wish. Naomi is my part of the team, the rest are the cream of Ireland's Modeling talent.

With regard to the number I asked, they said how about i give them yours and they might call you.




Cheers!

[Axwell]

Thanks for that Ronan, ill await their calls ..the rest of ye back off i got their first

[flash harry]

Hi Ronan

1) What strategies do you recommend for increasing your online presence?
2) Did you outsource your initial website and if so how much did it cost?
3) (may have been asked) When did costumeshop start?
4) How many people do you employ (in all businesses)?

Thanks

FH