Embracing Full-Time Entrepreneurship with Mission Edge
Fashioning Success: How The Impact Lab helped this clothing rental business scale
With a commitment to sustainable fashion, Elliss Ulyett founded The Strand SD, a clothing rental business that offers fabulous designer-brand dresses and outfits.
The business' catch phrase is for its customers to be "unapologetically overdressed", and we can't get over how fun the clothes are. In 2023, Elliss joined our Impact Lab program to transform her business into a full-time endeavor – and anyone who has ever faced this journey knows it's not one to take alone.
challenges
As she moved towards full-time entrepreneurship, Elliss needed to first understand the financial requirements to sustain her lifestyle. She also needed the tools to better handle her inventory effectively and increase her marketing efforts, so she could optimize her profitability.
Where mission edge came in
Our experts here in the Impact Lab are well-versed in addressing the challenges Elliss faced. They stepped in with a comprehensive strategy to help her with the following:
Income analysis: We performed a detailed analysis to identify the rental volume needed for Elliss to transition to full-time work.
Inventory review: A deep dive into rental history revealed that customers only frequently rented a third of the inventory. Our Impact Lab experts helped Elliss develop a plan to sell off less popular items and reinvest in trending ones.
Debt reduction: We formulated a strategy to use the proceeds from sales to reduce debt and purchase new inventory.
Marketing strategy overhaul: Our experts helped implement Instagram marketing trials and explored freelance marketing talent on Upwork to boost traffic.
Financial modeling and planning: Mission Edge provided Elliss with a draft economic model and guided her in forecasting revenue and planning financial strategies.
The results
After our finance experts helped Elliss identify areas in which she could improve her business, we were able to implement some changes so she could start seeing results.
Elliss identified 50 top-selling items and focused on those pieces. She implemented effective marketing strategies for those sales.
Elliss created a system to allocate rental revenues toward reducing debt and funding new inventory.
The implementation of marketing tests and the engagement of freelancers led to an increase in site traffic.
Elliss completed her financial projections, focusing on a 6-month plan for debt management, inventory optimization, and marketing growth, and prepared a comprehensive financial plan for 2024.
We love how Elliss's journey with Mission Edge is a testament to the importance of targeted inventory management, financial planning, and marketing interventions that can lead to substantial improvements in business performance and sustainability.
You can see results, too
By partnering with the Impact Lab, you can navigate the complexities of business growth, like Elliss, to achieve your goals – whether to become a full-time entrepreneur or hire your first employee.
If you're ready to transform your business, apply now – it's the only way to be invited to apply for the Impact Lab.
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
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