With the rise of technology comes the rise of online businesses. More and more young entrepreneurs are turning to e-commerce instead of traditional brick-and-mortar stores to start their businesses.
Rasheed Nicholas, co-founder of Sole Venture, a brand that targets sneaker lovers, started his online business last summer.
“A lot of people do online shopping and so do I,” Nicholas said. “I felt that was the easiest way my product would be accessible to the world. The world, not just one state.”
Jordan Sloan, COO of Foreign Finesse, a clothing brand that “acts as an extension of mentality,” agrees and said it is easier to reach people online.
“We’re moving into a more digital age with our generation. Everybody is always on social media. It’s a lot easier to see our brand on your phone, rather than in Macy’s, which could take a while,” he said.
Since 2006, e-commerce and online businesses have been on the rise. According to the U.S. Census Bureau Quarterly E-commerce data report, e-commerce sales are now responsible for 7 percent of all retail sales. In 2006, e-commerce was only responsible for 2.8 percent of retail sales.
Although brick-and-mortar stores are still responsible for a majority of retail sales, Nicholas said he does not plan on having a physical location for Sole Venture because of the commitment and cost.
“I would rather place my brand in high fashion, well-known stores,” he said.
However, Foreign Finesse owners see a few brick-and-mortar stores in their future.
“That says a lot about your success and how far you’ve come,” said Sloan, an Indiana University student. “It can get as big as it can get. I would love to have more than one (store). I’d rather have a few just to keep it exclusive.”
Since exclusivity is key for these brands, these entrepreneurs also focus on quality product.
Since their start last summer, Foreign Finesse has sold over 500 products. Their products range from women’s crop tops and leggings to unisex crew necks, tank tops and hats.
“We use a local company in Bloomington (to get products) right now. In the future we’re working on getting our own screen printing equipment,” Sloan said.
On the other hand, Nicholas uses a screen-printing machine to create his products, while Jazmin Ryle, co-founder, designs them. His shirts are ready-to-ship, which usually reaches the customer in four days.
Although an e-commerce website may be easy to run, it still requires legal actions.
When Nicholas and Ryle began their online business, Nicholas, a Bethune-Cookman University graduate, got the business name copy written, formed an LLC and obtained an Employer Identification Number (EIN)—or tax ID.
Sloan and Darian Fitzgerald, CEO of Foreign Finesse, also had their brand copy written. They have yet to become an LLC because they are still in their beginning stages.
But being in the beginning stages is not stopping any of these young entrepreneurs. They see e-commerce and their brands going far.
“These kids are online, they’re not even playing outside anymore,” Nicholas, 22, said. “I think it’s (e-commerce) climbing. People are starting to learn about it more; they’re starting to get out (of) their comfort zone and try it.”
They also advise upcoming entrepreneurs to just start, preferably with a team that has the same goals.
“Keep a great supporting cast around you that’s willing to see your vision,” Nicholas said. “Everybody may not see your vision exactly the way you will, and that’s life. You just have to have people around you that are genuinely there to see you become great.”
Sloan agrees and says an entrepreneur should always be thinking about their brand.
“Be OCD (have obsessive compulsive disorder) about your business,” Sloan said he once heard at an event. “It’s Foreign Finesse all the time. Whatever your business is, think on it all the time. You should always think of new stuff whether it’s marketing, posting pictures, updating statuses. You should always do something to get ahead and make the next move.”
To learn more about these brands, visit Liveforeign.com and Sole-venture.com (currently being revamped). You can also follow them on Instagram @foreign.finesse or @soleventure.
