How to start a luxury Retail business with no investment.
On Tuesday 29th of January we had our second episode of #Bossseries. This is a platform for entrepreneurs and professionals to discuss their careers/initiatives, challenges they have faced and share advice. We were pleased to invite Prince Madé the founder of Prince Madé Bespoke to highlight how he started his luxury tailoring business with no initial investment.
Why did you create Prince Madé Bespoke?
Prince stated he always had a strong conviction that he needs to build a legacy. This stems from his belief that there is more to life than having a 9-5. He grew up in humble beginnings and he wants to change the narrative for his children. He wants his children to see him and his wife working for themselves so that they can grow up with the desire to create wealth and not depend on ‘handouts.’
What differentiates you from other businesses?
Prince’s desire is to disrupt his market.
Two ways in which he does this is by giving clients only what they need with a strong focus on the quality of his fabrics. Secondly, Prince emphasised the importance of quality customer service, ensuring that they execute the customers vision. They are not afraid to say “No” to their customers, or ‘investors’ as Prince calls them, if it will tarnish a good design.
The suits Prince delivers are an investment into a client’s personal brand based on their style and personality. Customers pay for Princes expertise to deliver that goal so in some cases the customer is not always right.
How do you manage family and friends that want a free service?
This was our most asked question before we conducted the interview. How do business owners manage expectations from family and friends? Prince simply explains to his external family that his service takes time and attracts a cost. If he gives his service for free it diminishes the value of his business. He continued to state that he also needs to think about his wife and child. As delivering a free service is unfair to them. He noted that discounts are offered where a client can generate leads by promoting the brand depending on the prospect’s social media following and influence.
How did you start your business with ‘0’ investment?
Prince’s first client funnily enough was a friend who was having a wedding. He asked Prince if he could create suits for himself (the groom) and groomsmen. Prince grasped the opportunity and leveraged his knowledge from working in a luxury suits store.
He designed the suits, costed the materials and received down payment from the client which covered the fabrics; with the final payment, he settled his tailor.
His client was so pleased with his work, he introduced him to other people looking for bespoke suits. His business has grown organically from that first client. Prince suggested that he did not want to begin his business in debt, so he stayed away from business loans.
What’s next for Prince Madé Bespoke?
Prince and his wife Pearl are excited to release their new women’s line this Spring! Prince is also going through a period of digital transformation. Now that his business has grown to a sufficient size he is reinvesting to develop a new website.
A special thank you to Prince for joining us for the live Instagram interview. Viewers commented that the interview was inspiring and gave them belief that they can start their business no matter their financial situation.
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