Amanda Bennetts, 36, is from Melbourne, Australia. She started her women’s footwear business, Bennetts Wide Calf Boots, in 2007. The company is a world leader in women’s wide calf boots design. They design and manufacture leather boots that fit the curvy calf and make the wearer look taller and slimmer, and they have a 27 different calf widths.
Starting the Business
Q: Where did the idea for your business come from? Where were you in your life and career?
A: I couldn’t find boots to fit my calves so I decided to get some made. The minimums were 500prs L. Then I started to ask around if anyone else had the issue and I found it was a big problem so I took the leap.
When I started Bennetts Boots I was travelling with this really hot guy around Asia. Prior to this I had gone through a painful divorce which I lost my marketing business in, so my aim was just to have a bot of fun and see some more of the world.
The hot guy, who now is my husband and father to our 4-year-old encouraged me to start, and even built our first website. We are now partners in the business.
Q: What was the biggest challenge you faced when starting out?
A: Self belief: I knew what I wanted to do but didn’t know I could do it. I didn’t like selling myself and when you’re starting out a business that is what you have to do. There’s no use trying to build a fashion brand from behind your desk, you have to get out there and talk to people, develop your concept and your brand.
Q: What is the one thing you know now that you wish you knew when you started the business?
A: That I don’t have to worry – the answers will come. I’ve spent countless sleepless nights over issues that, with time, resolved themselves.
Q: What would you consider your first big success in the business?
A: Our February 2009 shipment. In 2008 in August we had a spot on the Kerry Anne Show and had sold out of our stock, even though it was the end of the season. What we didn’t realise was how large our database had gotten. In January 2009, although we were working 2 jobs each as well as in the business, we didn’t have enough cash to pay the tax to release the shipment from the docks. So we decided to go on Pre-Order. This was scary as we hadn’t seen the finished product. We did it hoping we would sell about 2% of the stock to cover the costs, as it was a very hot January. We put them on for sale and within a day we had sold over 60%, and within 2 weeks over 90% was sold.
Lucky for us the boots came in perfect. Mind you we were too scared to spend anything until we had the boots in our hands, so scared we would have to refund everyone. We both quit our jobs to handle the huge growth in the business and I quickly started working on new orders & styles.
Q: What is the toughest thing about getting to the top / staying on top in your industry specifically?
A: For us it is (and has always been) cash flow. We have to pay for the stock prior to delivery and although we sell through our stock quickly we find it hard to keep up with demand. We are yet to have a winter when we have enough stock. This cash flow issue is very frustrating for us and the customers and year on year women miss out on styles they want. As we have niche in the market our customers know that they can’t find boots like ours that are the same quality and fit so we are lucky they keep coming back. Our aim is to get some investment so we can supply the current demand and help other women get boots to fit them.
The Future
Q: Where do you see your industry heading in the next 5 years?
A: The footwear industry has been very online-focused and ‘make your own style’ has been a bit of a fad. Though I see with the aging population and peoples awareness of health growing that quality footwear that are healthy for your feet will be a strong growth area. Of course with comfort and fit, style is still a must!
Q: What do you plan on doing / changing in order to keep growing in this time period?
A: Over the next 5 years our goals are to:
- Have enough stock to supply our current demand.
- Expand the awareness of our unique qualities within Australia including strong online presence, store in Sydney, pop up shops across the country and supply to major retail departments stores, both physical and online.
- Expand into a fit / comfort/ fashion range for summer. All our boots fit orthotics and are healthy for your feet, so we’d like a complimentary summer range.
- Expand overseas. We are already in Canada, USA, NZ, France & UK but in a very limited capacity. Once we have Australia pumping we will continue to move into those countries.
Q: What does ultimate success look like to you? How will you know when you’ve achieved it?
A: 10 million in turn over and awarded Australian Business Woman of the year. In all honesty I already feel successful, I get to do what I love doing, I have amazing people around me and I’m looking to a fantastic future. I’m extremely lucky.
Q: What do you think will be the biggest challenge facing entrepreneurs in the near future?
A: Adequate funding, especially in retail areas, is tough to get. Also the changing market puts people in an uncertain mindset so they are less likely to spend their money. Keeping up with technology is also an ongoing challenge.
Q: What one piece of advice would you give to someone just starting out in your industry and wanting to make it to the top?
A: If you’re starting out in the footwear industry and want to make it to the top then make sure you have adequate funds or a unique proposition as the big players are huge – they spend more on marketing one style of shoe in one country than we turn over in a year.