Business: Twyla K

Location: Westlake Village

Established: June 2010

What prompted you to open Twyla K?

I opened Twyla K after many of my clients asked where they could shop in between the "pop-up" charity boutiques we held quarterly. For these pop-ups we would bring in a full boutique - displays, racking and all; create dressing rooms and a check-out counter; host a fashion show with models and a DJ; and do whatever was necessary for the type of theme we were hosting. We would usually work with local vendors to create gift baskets to raise additional cash through an auction. The pop-ups were successful, and raised money for the charities, but were a tremendous amount of work to coordinate, set up and take down. With a lot of research, we decided to open a traditional brick-and-mortar store. With the help of an investor, we chose Westlake Village and opened the boutique, specializing in women's clothing, accessories, swimwear and lingerie from designers I was familiar with on the east coast, as well as local lines from up-and-coming designers. It made my life much easier, but the costs are higher! Luckily, we've been blessed with a good location and repeat business, as well as some good media coverage, so we have been fairly successful so far!

An important aspect of our business is charity. I always wanted to have a charitable angle, so it was essential to me to find a charity that would fit my goals. After the passing of my mentor at WEV, Connie Bereny, who had introduced me to Owie Bow Wowie, the opportunity support both Hospice of the Conejo and Owie Bow Wowie was a perfect fit. Our charitable efforts were covered by 805, Malibu and a few other media outlets which added to their success. We hope to continue the tradition of raising money for local charities each quarter and also establish an in-house charity that we regularly contribute to.

For me, WEV opened my eyes to what was possible. My initial idea changed as I went through the process of developing a business plan and evaluating the numbers. While my instructor and fellow students were always realistic and provided great feedback, they helped me realize that nothing was out of my reach. Through WEV's program of financial analysis, networking and goal setting, I created the business plan and business I have now and am working in the industry I always dreamed of being a part of. Knowing issues such as tax ramifications, advertising, manufacturing costs, employee overhead and hiring practices all helped me look at the big picture and make informed decisions on the future of my business. I also loved being around other women who were seeking to attain the same types of goals, branching out in new directions, brainstorming and expanding their dreams. It helped me stay inspired every day!

What advice do you offer other women who might want to start their own business?

I would suggest creating a comprehensive business plan that analyzes all elements of the business. Your perspective and goals might change! Looking at your competition and being familiar with things like demographic information, real estate costs, taxes and liabilities will be useful in making realistic and informed decisions about your business. Then, promoting your business through the internet, advertising, events and philanthropic endeavors will help you stay connected with your community. I would also suggest surrounding yourself with other business owners, leaders and those seeking to open a business.

Networking, receiving mentoring and mentoring others is instrumental to success. I never really understood how powerful it was to network and 'sell' your business. Getting familiar with how to intice people to visit, be motivated to shop and want to support you is critical to keeping your business alive. Having a mentor who is accomplished in your line of work is one of the most beneficial things I've experienced. It keeps me in check when my ideas get a little too crazy and helps raise questions and push me to continually set new goals. Also, as WEV suggests, having a team of experts in your field - a "board" that you refer to as new avenues are explored - will keep your goals realistic while still moving forward. Finally, visualization exercises and dream boards help me stretch, imagine new possibilities and excel! WEV has been a wonderful tool to teach me not only what questions need to be addressed prior to starting the business but also where to go when I don't have the answer...and to never be afraid to ask. I am extremely grateful to have had my time to learn, grow and thrive with WEV.