Caroline Wallace, along with her father Don Wallace, is director and holder of the master licence for the Zip Yard in the Republic and the UK. The Zip Yard is the only clothing alteration and remodelling franchise company in Ireland and Britain, with 25 shops in the Republic, employing 130 people. It recently won the Irish Franchise Association Franchise of the Year 2015-2016 award.
What sets your business apart from the competition? People have being doing repairs for a long time but we feel we have modernised the concept. Understanding that people are very busy, we offer a quick turnaround in a boutique setting. We offer a clothing remodelling and alterations service in a contemporary setting that is customer-focused.
What is the best piece of business advice you have ever received? When you're dealing with the public you get business advice every day whether you ask for it or not (laughs)! My father would have always said to me: "Don't be afraid of change, embrace it. When you've a gut feeling that something isn't working, don't be afraid to change direction." If you put your head in the sand around your gut feeling, you won't sort things out. In the past I had suppliers whose standard wasn't what I wanted. I've gotten good at nipping things in the bud that aren't in line with the business. We now have the opening of shops down to a fine art. If a supplier isn't aligned with us, it's time to move on. It's not personal, it's just business.
What is the biggest mistake you have made in business? Not delegating and not using the people around me enough. I have had the ability to take too much on and burn myself out in the past. I've learned that there has to be a healthy work-life balance or your overall performance suffers.
What has been your biggest success to date? Every time we open a shop, we are more successful. Every franchise owner that joins our group strengthens our brand and makes us more concrete in the marketplace. Our success is in choosing the right people – the people we choose are the people that drive our car with us. They may not have come from high-powered business backgrounds but they are determined to succeed and they have a shared vision in the brand. Our business started in 2009 and we have managed to win numerous awards in that time, including Franchise of the Year 2015-16. That success is down to the people running our shops.
Whom do you most admire in business and why? I really like Norah Casey's no-nonsense attitude. She never suppresses her nurturing side yet she is formidable in what she does.
Based on your experience, are the banks open for business to SMEs? I think that they are lending but the issue for small businesses is that they need to have some money to get money. Going to the bank and looking for a loan is ideal if you have a redundancy package or you have a family member who can help you starting out, but the problem is that there is a huge amount of red tape around getting loans which can be difficult for people who aren't that financially inclined. Franchising can work for franchisees in this regard because there is an existing successful business model there.
What piece of advice would you give the Government to help stimulate the economy? For us, our biggest challenge is to be able to expand without huge overheads so I think they could revisit the rate bills. There doesn't seem to be any consistency with regards to rates around the country. What you pay in Limerick is not the same as what you pay in Cork and re-examining that could help retailers.
What has been the biggest challenge you've had to face? Our business has gone from strength to strength but sometimes keeping up pace requires action. Getting the franchise owner to take the riskier option in terms of growing scale can be difficult (such as taking on another staff member or renting more space – people have their comfort levels). It is the whole thing of having to "speculate to accumulate" – if you don't keep an eye on the future, you can't grow your business.
How do you see the short-term future for your business? Busy, exciting, progressive. I feel we could definitely fit in another 10 stores in places like Wicklow, Mayo, Donegal, Roscommon . . . As long as we ensure that our team is regularly up-skilled and updated, that's the most important thing.
What is your business worth and would you sell it? As a group, in sales we are due to turn over €5.5 million this year, so if you looked at the turnover and considered it as a going concern, I suppose it's worth a nice bit. I wouldn't consider selling it at the moment as I love it too much but never say never. At the moment, though, it is definitely not for sale. thezipyard.ie
