In August 2023, I launched my very first course ‘Rent, Wear & Share - Turn Your Clothes into Cash’. This had been the culmination of something that started back in 2020, when we all had to stay home and I needed something to do. Renting out my clothes started out as a little hobby that would later go onto become a side hustle. Fast forward to present day and it is now turning into a business venture - a journey that I never expected to find myself on but one that I am thoroughly enjoying, despite the challenges (a story for another day).
Making the jump to going it alone and being my own boss has been a massive (and scary) leap of faith. You really have to draw on every single professional, mental and emotional skill you have in order to make it work. With this in mind, I have been taking the time to think about the lessons that my fashion rental journey has taught me so far, and decided that I wanted to share some of the lessons for anyone out there who might be thinking of taking the leap themselves. So without further ado…
Having a Plan
Now, let’s be realistic - you cannot plan for every eventuality. Life would be so much more straightforward if you could. However, when it comes to life changing decisions like going from being an employee to working for yourself, a plan is most definitely needed. That thing that started out as a hobby, now has the potential to become a viable business but what does that business look like? It’s important to say that not every hobby or side hustle will turn into a revenue stream and you may not want it to which is absolutely fine but if there is the possibility for it to become something more, you really need to think about what it will take. What are your timelines? How long will you need to stay in your job whilst working on it? How much money will you need to get started and how much money will you need to have saved once you do make the jump (remember that you will still have bills to pay).
There are also considerations such as what will you be able to practically do yourself versus what will you need to delegate to others, which will mean paying them. For example, I can do my own marketing as that is my background but I wasn’t able to build and maintain a website, so I had to delegate that to someone else. Another consideration is thinking about the different revenue streams. You may start off with one but other opportunities will present themselves along the way. Therefore you will need to decide what’s right for your business and what isn’t (needless to say that there will always be trial and error involved in this area). Before taking any leaps, have a plan but remember to be fluid as your plan will have to adapt to whatever comes along, which has been my biggest lesson. My plan is constantly changing and there are things that are completely out of my control. I’ve learnt to roll with this and adapt accordingly. So my first piece of advice is have a plan.
Money Matters
Yes, I know it’s an obvious one but money is major factor. Before making the move, I saved religiously to give myself a financial buffer as I knew I would not be making money from the second I started working for myself. My financial journey has been a long one, which included debt and also improving my financial literacy and building habits that would enable me to manage my money effectively. Fast forward to present day and those skills are now coming in very handy, especially from a business perspective. I always say that you need to master the pennies before you can manage the pounds and nowhere is this more true than when it comes to working for yourself. From ensuring that you have money set aside for your taxes (the last thing you want is the tax man coming after you), to ensuring that you pay yourself when the business is in a position to be able to pay you, every penny counts and the more you can master and manage your money, the better.
There are also the financial sacrifices you will have to make. Cutting back on nights out and reigning in some of your habits until you business is financially stable. I am not suggesting that you stop having fun (life is incredibly dull without it), but you have to commit to building a business that works for you, not the other way around. So, my second piece of advice is get your money in order before you do anything else. Your future self will be incredibly grateful.
My Contribution to Sustainability
Renting out my wardrobe, has made me realise that in the past, I spent too much of my money on clothes. Confession - some of the pieces that I rent out, had never been worn before they were rented. Yes, I know it’s terrible but let’s be honest - there was a point in all of our lives when many of us were not as environmentally conscious as we are now. That said, I do feel somewhat guilty about the fact that historically, I have been so wasteful. Not only that but financially, it was also a bad decision. However, I have learnt my lesson and now I am much more conscious of how much I buy in general and how much I spend on clothes. So far this year, I have only purchased two items of clothing, both of which have been charity shop purchases (Rule of 5). I’ve also rediscovered many pieces in my own wardrobe that I’d forgotten about. Going shopping in the comfort of my own home without spending any money - nothing could be better than that from a sustainability and financial perspective.
It’s also had a really positive effect on other aspects of my life. I make a conscious effort to be less wasteful when it comes to food, I’ve doubled down on my recycling and repurposing of items and I’m much more minimalistic than I used to be. None of this is to say that I will never treat myself to anything again. I just want to be more considered in my purchases and my environmental footprint. We only have one planet. If we don’t look after it, we (and future generations) will play the price. We’re already seeing and experiencing the drastic change in weather conditions around the world. The time to do the work is now, so let’s roll up our sleeves and get stuck into returning our planet to its former glory.
The Importance of Your Network
It sounds cheesy but your network really is your net worth. Relationships (personal and professional) are one of the cornerstones when it comes to having a fulfilling and happy life. Since going it alone, my network has been invaluable to me. On a personal level, my family and friends have been incredibly supportive and continue to champion everything I am doing. On a professional level, it has been a game-changer, especially from a media/press perspective. Relationships that started over a decade ago are paying real dividends now. Whilst relationships are not just about leaning on each other for support, that support is vital when you become your own boss. Being an entrepreneur can be very lonely at times, so you need other people around you, to help keep you going, especially on those days when things are not going to plan (and just to warn you, there will be many of these days). So my next piece of advice is prioritise your relationships and cultivate them. Having good people in your life will always be a blessing. Always be focused on building your network and fostering good relationships.
Mental Health & Physical Wellbeing
For me, this has been the most rewarding outcome of becoming a business owner - it has had a positive impact on my mental health and overall wellbeing. Whilst I have always been a very positive person and looked on the brighter side of life, working for myself has really lifted my spirits. Yes, there are challenging moments but knowing that I am giving my time and effort fully to achieving my own goals and aspirations, has given me a renewed sense of passion and purpose. This has meant that I am bringing a much better version of myself to the people I love, the things I do and the causes that I care about.
In terms of physical wellbeing, there has been a serious transformation. To be completely transparent, shortly after resigning from my job last year, I decided that if I was going to be successful, there was one area that I needed to double down on and that was exercise (something that I have never been a huge fan of). For over a year, I have been making a conscious effort to exercise every single day. During the week, I am up by no later than 5am and the first thing I do is exercise. I’d never thought I’d say this but it really is a great way to start my day. Plus, getting up early gives me a head start, which has a direct impact on my time management and productivity. It may not be the sexier side of business but there is definitely something to be said for having structure and routine, especially when you are self-employed. Now I just need to work on my diet but that’s a battle for another day. Health is wealth - always prioritise it over everything else.
Helping Others & Saying No
From a young age, I have always been passionate about helping others. I believe that we become the best version of ourselves in the service of others but before we can achieve that, we must put ourselves in a position of strength. One of the fantastic things about working for myself is that I am building foundations that will not only enable me to take care of myself and my family but also to achieve my goal of engaging fully in philanthropic ventures. I am strengthening my position so that I can help to strengthen others. However, whilst I am keen to help others, I am also strict about saying no when I need to (you should never allow anyone to take advantage of your generosity). The simple fact is that you cannot pour from an empty cup, so my final piece of advice is to fill your own cup before you progress to those belonging to others. Remember what they always tell you on flights - put your own mask on first before helping others with theirs.
The last twelve months have been an exciting rollercoaster of highs and lows. As I continue on this journey, I will be sharing more lessons and insights into how it is all unfolding. I hope that you have found the lessons I have shared in this article useful. Feel free to share your lessons in the comments below, by email or on social media (you can find me on Instagram - @STYLISA).
Who’d have thought that a hobby that started out with the rental of one sequinned rainbow dress would turn into a whole new world of opportunities. Here’s to more sequins, rainbows and dresses (rented of course).
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