Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Rodion Lobanov, Owner of Favourite Gifts, located in North Vancouver, BC, Canada.
What's your business, and who are your customers?
We are a gift store/gallery featuring handmade/local-made art that includes everything from fine jewelry to greeting cards and a wide range in between. We present the work of something in the range of 200 local artists and artisans from the Lower Mainland and local islands of Vancouver, BC. We strive to continue offering space for upcoming creators and share the stories with our communities and lovers of the West Coast.
Tell us about yourself
Our relationship with Favourite Gifts began with my wife Olga Cuttell (an artist known as OlaDesign) consigning 6 greeting cards with the original owner of the store about 12 years ago. The cards did spectacularly well, and it wasn't long before her work occupied 36+ spots on that card rack, plus a 4'x4' prime location in the store, and was the single best-selling artisan, month over month, in the store. When the business came up for sale (the previous owner was looking to move on to other projects), making a bid just made sense. Now, our son runs the store, and my responsibilities are reduced to coming in once a week and being nice to people (in order to give him a break).
What's your biggest accomplishment as a business owner?
When I first took over, I wanted to learn. I left things be for the first few months and just watched. After six months, I felt like it was time to really step into making the store my own and began to really mix it up, bringing in a wide variety of new artists and products. I also had to bid adieu to some that had been with us a long time but had started to become stale. This second part was among the most challenging things I had ever done, as the people behind these businesses were, in most cases, respected friends. The move was successful, however, and a small renovation project that made room for a wide local-made t-shirt line led to a better than 100% increase in revenue. Despite this, I would argue that my greatest success is actually the success of my son, who has (over the past few years) made the store his own and has seamlessly stepped into steadily improving both the product line and the revenue of the store year over year. I do not mean to say that he is successful because of me, but that my success comes from giving him the room to grow into his own.
What's one of the hardest things that comes with being a business owner?
Your business doesn't sleep, even when it's closed. The structure of the mall we're in, and our particular location in it, has proven susceptible to flooding. There have been emergencies that have called me out in the middle of the night. There have been economic swings far beyond my control, and of course, there's been a pandemic that shut our doors for three months - during what is typically our best season of the year. There's a lot that can happen that can't be predicted or mitigated, and you have to be willing to roll with it.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Trust yourself - If it really means that much to you, the way will present itself.
- Stick with it - It's not meant to be easy, and the challenges you survive make you thrive later on.
- Be flexible - Adaptation is the key to finding success, rather than waiting for it to find you.
- Surround yourself with quality people - The most important aspect of hiring is not derived from an applicant's skill set. It comes from the quality of their character. Quality character people lead to both success and better living getting there.
Where can people find you and your business?
Facebook: https://www.facebook.com/favouritegifts
Instagram: https://www.instagram.com/favouritegifts/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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