In this Open Forum panel, the hosts and experts discuss practical strategies for small or boutique brands aiming to place their products in high‑end retailers such as Neiman Marcus. They stress the need to understand and align with the retailer’s brand identity, target demographic, and price point. Tactics like trunk shows and consignment sales are recommended to prove demand and secure larger orders. A polished, well‑targeted website and pricing that matches the retailer’s market are highlighted as essential. The conversation then shifts to financing, where the panel unanimously advocates bootstrapping as the first approach. They argue that stretching limited capital forces discipline, builds equity, and creates a stronger business that later attracts investors. The panel also notes that constraints spark creativity, leading to low‑cost, effective marketing solutions. The segment concludes with a call for viewers to submit further business questions via the Open Forum website or email.
Chapters
It's time now to answer some of your business questions. Stella and Mike are here with us once again. The first question is about high-end retailers.
I want to put my bags in high-end retailers like Neiman Marcus. What would be my strategy as a small business and home business to go that far?
That's a good question. We're talking about getting, getting your brand in a bigger brand store. So how do you do it?
You have to know what they represent as an entity, as an identity. So when you bring your purse line in or your bag tagline, you have to show that it complements their identity. And then you gotta hustle. You can do trunk shows. Trunk shows is where you bring your products in and you're selling almost on consignment in their stores to prove it can work in their stores, and then you can get the big buy.
Right, you really want to be in line with the customers that they're attracting, and you want to make sure that your brand as is on your website really reflects their demographic and their psychographic. You want to make sure that the pricing on your website makes sense for the retailer that you're about to enter, because if they're going to be selling their bags in their stores, does your price point match up with theirs. Is it lower? Are they going to be competing with you? So you want to make sure that you're prepared to let them have the spotlight in terms of selling your product.
Does the idea that it's a home business— does that matter?
I wouldn't describe it as a home business. I would describe it as a boutique, as, you know, a one-of-a-kind, handmade. I wouldn't say home.
I'd have a sharp-looking website though.
Right.
Good-looking website should represent you.
Right. Okay, great. Let's move on to the next question. It's about getting investors. For a young entrepreneur, how, at what point do you decide whether you should bootstrap, seek out a venture capitalist, or an angel investor? Bootstrap. That's my answer.
What about you guys? Oh, I'm all about the bootstrapping. But I would first, many people think they need money, they need investors, but then ask the question like, how much do you need? What do you need it for? How long do you need until you actually need it? So really try to stretch out the amount of time that you're producing your own product you're creating it yourself. That builds equity in your company and that impresses investors once you get to the point that you really need them.
Yeah, I won't say just bootstrap, freaking bootstrap, because it forces discipline. Yes, but it forces discipline. It means you have to form a good, strong, solid business on the few pennies you have. That's a business that ultimately investors will want.
Right.
So bootstrap, bootstrap, bootstrap, and let them come to you later down the road.
Yeah, constraints build creativity. You will be surprised at the solutions you think of when you don't have the money.
That is so true. We were just talking about this. I've said it on the show before, but I worked at a company in the late '90s. It was an internet company, venture-funded, and everywhere around me people were spending so much money on wasteful stuff because we all had it. You know, and then the bubble crashed and then suddenly you get really creative marketing campaigns that cost almost nothing.
All right, great.
Thank you so much, you guys, for all this advice. It was fantastic as always. And if any of you out there have a question for our experts, all you have to do is go to our website. The address is openforum.com/yourbusiness. There, just hit the Ask the Show link to submit a question for our panel. Again, the website is openforum.com/yourbusiness. Forum.com/yourbusiness, or if you'd rather, you can email us your questions and your comments. The address is yourbusiness@msnbc.com.
