After completing a Masters in Business, Fiona Anchal worked for a couple of companies in a marketing/PR role but was always drawn back to running her own company. Her passion was business and whilst she didn’t know what product or service she wanted to provide she knew she wanted to work for herself.

Fiona found her idea and started Shirt Studio in March 2004. It began as a retail shirting specialist store in Brisbane. She created her own product line and fashion brand (Shirt Studio) and designed everything in house, then manufactured it in Europe. Shirt Studio has now grown to three stores in Brisbane, a Melbourne store to open in Feb 09, online store and a national corporate division incorporating corporate styling and uniforms.

Fiona has recently started a foundation called Over the Moon with the main beneficiary being Parmanie, a women’s domestic violence refuge. The intention is to give the women and children at Parmanie and other domestic violence refuge a gift which will leave them with the experience of feeling over the moon.

What prompted you to enter the highly competitive fashion and retail industry, and how did you plan to differentiate your product in a highly saturated marketplace?

We recognized there was a gap in the market for a shirting specialist for men and women. Our intention was and still is to focus on a key area of fashion and excel in that. Our shirts are unique and we only make a limited number per design. We use high quality Italian fabrics and manufacture in Europe. Our product is superior - so much so that we are the only retailer that offers a lifetime guarantee.

Has your company been affected by the current economic crisis? Have you any advice for aspiring business owners regarding running a business during a time of economic instability?

We have seen a downturn in retail sales but not in our corporate division. During times of economic crisis you can’t look externally and blame the current instability, you can only look internally at what you can control and continue to grow. My advice to aspiring business owners is to plan for a downturn by implementing “crisis” scenarios with measures in place should turnover decrease. These measures include thing such as cost cutting, improving your GP, working on better efficiency and new marketing techniques. Remember business is a game, play full out and you will always achieve outstanding results.

Your husband joined Shirt Studio two and a half years ago. During that time how have you balanced your home vs. professional life; and how important do you believe the boundaries between the two to be?

Boundaries between home and business are important and the most difficult to achieve. This is an area we haven’t mastered yet. We are both passionate about business and love what we do so we are constantly in business mode. When you are building a company it is very consuming. Our golden rule is if we are having a bad day we resolve it at the office and make sure we don’t bring it home. We both have several interests outside of work and to achieve the work/life balance we schedule time to do things that excite us such as
sport, spending time with family and friends, and travel.

What, in your opinion are the key components to managing a successful business? 

Treat you staff and customers with respect and as you would want to be treated. Business is not just about making money. It’s about making a difference in people’s lives whether that be by providing a customer with a product or service that has a positive impact on their life or giving a staff member an opportunity to learn and grow. The second element is to watch your expenses, GP and cashflow.

Given the commercial drive of todays society new charities seem to be few and far between, yet you have just established the charitable foundation ‘Over the Moon’. What was your reasoning behind this? 

I have been very blessed with my life and always wanted to do something to give back. Over the Moon was created with the intention of bringing joy to someone’s life less fortunate then myself. The focus is on supporting Women’s Domestic Violence Refuges in Australia. The concept is simple and doesn’t rely on huge fundraising. It’s simply about giving someone a special gift which leaves them with that feeling of being “Over the Moon”. I have the ability to make a difference and that’s the motivation behind it.

Do you think it is important for potential customers to be able to read client testimonials? Has displaying testimonies upon your website notably impacted your business? 

Absolutely. I can tell a client how great our product is, however people like to hear first hand from someone else’s experience. A testimonial gives the product and company credibility and the client confidence.

 

Interviewed by Nicholas - entrepreneur and founder of Nimbler Website Design and Development

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Posted on February 18th, 2009 by Nicholas