Northern Threads
Philip Goodfellow and Nigel Binnie are owners of independent designer menswear stores, Northern Threads and Edit Clothing, both of which are located in South Shields town centre.
When did you start up?
We opened Northern Threads in September 2006 and more recently opened our 2nd store Edit Clothing in September 2010.
How many people do you employ?
We started out in 2006 with 3 employees including ourselves, and now employ 20 people, all of whom are local.
Why did you want to start your own business?
Myself and Nigel have worked for independent retail stores for many years, gaining a wealth of experience in the industry. After working many long and hard hours for other people, we decided we wanted to create something for ourselves, something which we could call our own.
Best points about owning a business?
We enjoy working for ourselves, doing something which we are interested in. Knowing that we have created the business from scratch gives us a great deal of satisfaction.
Where do you see yourself in two years time?
We would like to develop the web side of our business. Our website currently does very well with customers as far afield as America, Europe and Asia, so we see this as a growth area for the business. We need to look at developing our mailing lists and increasing our search engines so our business has a high ranking when people search for our products, to enable us to reach more people via the site.
A highlight from your experiences?
Most definitely opening Northern Threads in September 2006, as well as the success we have achieved via our website, which has resulted in us taking office premises to process website transactions. We really did not envisage that this side of the business would be so successful, so this was great news!
If you had one piece of advice for people starting a business what would it be?
Go for it with your heart, and never give up! I would also advise people to pay close attention to where they locate their business, as location is very important, particularly in the retail trade.
What is the best thing about doing business in South Tyneside?
As local people, it is nice to give something back to the area. We also found that there was a willingness to help us, and that the Council welcomed the opening of a new store such as ours in the town centre.
How did you finance your business when you started out?
We received a business start up grant from the Council to help us to open up Northern Threads. In addition to this we both remortgaged our houses, and we took out a loan. We also received financial assistance from the Council to help refurbish our new store, Edit Clothing, which needed a considerable amount of refurbishment work to bring it to the standard of Edit Clothing.
What was the hardest thing about securing finance?
Convincing the banks that our business would succeed, and also explaining how our business works.
What support have you received for your business in South Tyneside?
South Tyneside Council have been extremely helpful and supportive to us in helping us to open both of our stores. I would particularly like to thank Richard Fishwick and John Scott of the Council's Business and Employment Team who have provided us with a great deal of support.
Did you have any training or learn new skills before you set up your business?
We each have over 20 years of experience in the retail industry so both had a good grounding, however we find that we are still learning as the business develops. We received training on the Electronic Point of Sale System which we purchased, which has been invaluable in helping us with recording sales, budget planning and ordering etc.
