I was doing public education and awareness for a non-profit, but was laid off in June of last year. I worked 60 to 70 hours a week. I started sewing in February last year, but by September, I had launched my clothing business.
Sewing was a new creative outlet for me to try. It wasn't meant to be a business. My brother was getting married in May of 2010 and my now sister-in-law and I were looking for a flower girl dress for my little cousin. She was having a very natural, outdoor, simple wedding, and we could not find anything that wasn't silk, fluffy and sparkly.
When I made my first skirt design for the line that is now PetalPetal, my sister-in-law said: "That would be the perfect flower girl skirt!"
When I started PetalPetal, I knew I didn't want to fall into the same trap I had been stuck in with my personal finances. I accrued most of my credit card debt during the last couple years of my schooling.
I am close to having all of my personal debt paid off -- except for my student loans. But my car and credit card will be paid off by year-end. Seeing a light at the end of the tunnel made me hesitate to jump into more.
The company has not yet turned a profit, but it is growing. I am finding my market.
The next step would be to start looking into a loan to increase growth. The business could survive without a loan. I just think there would be a slower growth pattern.
Regulation nightmares are keeping many small business owners up at night. Red tape is either adding more costs or gumming up the hiring process. Here's what seven entrepreneurs had to say about it.
