Meet Jennifer Felice | Franchise Store Owner- Women’s Clothing and Accessories

We had the good fortune of connecting with Jennifer Felice and we’ve shared our conversation below.

Hi Jennifer, do you have some perspective or insight you can share with us on the question of when someone should give up versus when they should keep going?
My business is a bit like my baby, I created it, I nurtured it from humble beginnings, I stayed up late may nights. I also returned to work a full time job to continue to build through covid and now inflation. All my costs are up including payroll, rent, utilities, shipping and inventory. I quickly realized I was managing too much from my heart and not my head. I was scared that if I took my prices up I would lose customers yet it was the only way I could start to make a profit vs. just bringing in revenue.

Owning a business has a weight of emotional attachment. I have to ask myself if the losses were to continue long term, how would I feel about it?

The temporary loss came from temporary expenses and marketing costs to get my business off the ground as well as huge changes in consumer buying patterns and spending over the past 3 years.

I quickly realized I needed to take my prices up and negotiate to lower as many fixed expenses as I could. I had to approach the business in a non emotional way and take proactive steps in the direction of improvement.

Over the past year gross sales are down upward of 20% YOY but I am starting to see a 20-30% increase in traffic to the store. People are coming back out but are more selective on how and where they spend their money. Short term interest rates are at an all time high also making it harder for everyone.

For now I am focused on pricing and sales strategy, sales training, monitoring conversion ratios by day and sales person and buying for the top 3 categories as a % of sales. I am also building our database and social media following. I am choosing to tweak my approach and find away around the challenges in the market right now. I see small positive trends that I know all my hard work will begin to pay off.

Alright, so for those in our community who might not be familiar with your business, can you tell us more?
I am an Apricot Lane Boutique Franchise Owner. The store I own is at a Nationally recognized retail center, Crocker Park in Westalke, Ohio. I offer the customers the best of cutting edge styles in a faster and affordable way. I attend some of the largest trade shows in America including NYC, Dallas, Las Vegas and Atlanta.

The Shoutout series is all about recognizing that our success and where we are in life is at least somewhat thanks to the efforts, support, mentorship, love and encouragement of others. So is there someone that you want to dedicate your shoutout to?
Shoutout to my team who handles the day to day in store wonderfully. My husband who is my maintenance director, tech support and delivery person as needed.

Website: www.apricotlanecrockerpark.com

Instagram: apricotlanewestlakecrockerpark

Linkedin: Jen Felice

Facebook: Apricot Lane Boutique Crocker Park