I started my learning curve when I made a career change, becoming a clothes designer after working as a technician in the aerospace industry for 18 years.
Sir Walter Design Clothing has grown significantly since we started out doing a lot of subcontracting work for other designers and companies.
I started the business with a $20,000 home equity line of credit and credit cards.
Nearly three years ago, I stopped using credit cards completely and focused more on finances. I started using debit cards and I’m continually working to pay off the credit cards.
Walter and Theme Hicks, co-owners of Sir Walter Design Clothing, say their biggest mistake was using credit cards to finance their home-based custom clothing business.
When a customer needs a payment plan, I insist on half up front. I used to take a third, sometimes less. I also changed my bad habits. For instance, I used to buy an abundance of fabrics and accessories to give customers more options. I no longer buy great volumes of fabric, hoping to offset costs when another customer might want the same fabric.
