RICKEISHA Burgess has a passion for fashion. So when the 26-year-old former accountant was told that the clothing store where she worked was shutting up shop, she spotted an opportunity - why not fill the gap in the market with her own boutique? That one spark of courageous inspiration more than a year ago has now blossomed into the Duchess clothing outlet. Located on Ewing Street in north Hamilton, the store sells a variety of women’s clothing, from vintage garments to formal wear, as well as shoes and accessories.

It’s essentially a one-woman operation. Ms Burgess is not only responsible for the day-to-day running of the business five days a week - be it dealing with inquisitive customers, managing the cash register or locking the doors at the close of business late into the night - she also has to handle a host of other behind-the-scenes tasks that form the backbone of any business — from ordering stock and making sure it arrives on time, to balancing her company’s books on a regular basis.

“I have always been into fashion and when my friend decided to close up her store, I realised that there was a window of opportunity for me to go into business on my own,” Ms Burgess said.

There were other factors which made the young entrepreneur believe her business could be a success. The closure of major retail outlets Trimingham’s and Smith’s meant the gap in the market was even wider.

“I can’t really compare myself to Trimingham’s or Smith’s because they were department stores, but at the same time, I always heard people saying that they couldn’t find anything on the island — ‘There’s nothing to buy in Bermuda’ was a frequent complaint,” she said.

Ms Burgess acknowledges that, while she runs Duchess single-handed, she would not have been able to go into business on her own had she not had advisory and financial support.

After thinking her idea through, she approached Financial Outsourcing, a private company that works in conjunction with Government’s Bermuda Small Business Development Corporation (BSBDC), providing advice to people wanting to go it alone. The firm was able to develop a business outline based on Ms Burgess’s idea and, armed with a solid plan, she had the confidence to tackle the next hurdle - funding.

Starting any business from scratch is expensive. Rent has to be paid on a premises, the same premises probably needs to be renovated and fitted out, stock has to be selected and purchased, staff have to be hired, and custom needs to be drummed up through advertising campaigns. It all costs money, and the initial outlay can seem way out of reach — particularly when most start-up businesses have little revenue coming in in the first few months to offset those costs.

That’s where the Bank of Bermuda has stepped in. The company has teamed up with Government in a bid to rebuild the northern end of Hamilton. And helping small businesses develop is at the heart of that regeneration project.

Last November Finance Minister Paula Cox pledged that the economic empowerment zone would become “a Mecca for redevelopment” in the coming years.

“People who live and work in a neighbourhood must be the drivers of any successful community development and empowerment effort,” Ms Cox said.

“There are already indications of change, even in terms of the atmosphere - there’s already a palpable shift in the mood.”

Ms Burgess is behind the wheel in that development drive, playing her own part in the palpable mood shift. Not surprisingly it’s an idea she fully supports.

“I think it will be great,” she said.

“There are a lot of businesses that, well I wouldn’t say they were suffering, but if the environment was made a little better they could probably do a little better. I think it’s a great idea.”

The bank’s role in this redevelopment scheme? Primarily it is to provide practical help in the form of hard cash through low interest loans. So far it has committed more than $4 million to the area, with another $6 million set aside for future north Hamilton projects.

Ms Burgess faced a number of early challenges, the hardest of which was to find a location. And solving that headache only created another one — cash flow. To secure the store premises Ms Burgess had to start paying rent, even though her business was little more than an idea in her own mind, an outline sketch on a piece of scrap paper.

“Even before the business had started I was paying rent on the property out of my own pocket,” she explained.

“Obviously I had to hang on to it and the landlady understandably wasn’t prepared to wait for the business to start bringing in an income — she has her own business to run after all. On top of that I had to renovate, get inventory and put in fixtures and fittings.”

And in the fashion industry there’s only one way to stay ahead of the competition - go out and find the next big thing that other stores are not selling. That means travelling to overseas exhibitions, from Los Angeles to Montreal. It also calls for further expenditure with no guarantee of getting your money back.

“I do everything,” Ms Burgess said.

“I go to trade and fashion shows. It ties up a lot of your money, just to see what’s different and what’s out there.

“But once I found the building, I went to the Bank of Bermuda and it really took off from there - they helped me a great deal.

“I sat down with them and they went through my personal income and expenditures, put something together and we went from there. Without their support I would have been totally on my own — it would have taken years just to build up the cash flow”.

Ms Burgess also had to get approval from the BSBDC — which acts as a gaurantor on any loans — before she could secure funding from the bank.

After months of planning and consultation, she finally realised her dream in December 2005, just in time for the Christmas trade.

“As the business has grown the bank has helped me more on a practical level, with overdrafts and credit cards, things like that,” Ms Burgess said.

“They’ve been with me as I’ve developed, helping me with things such as ongoing finances through lower rates.”

Financial backing, encouragement, a solid safety net - all are no doubt important support systems for any entrepreneur. But there comes a moment when one has to take a leap of faith. In that respect Ms Burgess recognises she is lucky. Her love of fashion is partnered with hands-on experience in the clothing retail trade and a grounding in accountancy.

“Before I managed the boutique I was an assistant accountant so I had experience doing people’s accounts and knew the ins and outs of accountancy work,” she said.

“Admittedly, it wasn’t a case of running my own business, but I knew the basics. I had my own clients. Running a business doesn’t come as hard once you’ve done some accounting.”

For many workers, having their own business is a dream they will never realise. So what’s so good about being your own boss - and what’s the downside?

“I love working for myself because it gives me an opportunity to make myself stronger,” Ms Burgess said.

“I see the business growing and that gives myself a good feeling. The travelling, it’s all nice, it’s lovely - I see the business growing and prospering. I also see myself as doing a good job because of the different kinds of people that come here - they love it. I feel I’m doing good.

“The other side of it is that I don’t pay myself - I don’t get a paycheque and I have to work a second job at nights for my own finances, That’s a huge downfall. It is hard - very, very hard. Also I’m always working because I am always thinking about work - for example, if I need a different gig to draw the customers in, I’m thinking about that when I’m ‘off duty’.”

As for the future, Ms Burgess has set her sights on long-term rather than short-term goals. It’s realistic advice that she believes anyone going into business on their own should follow.

“Everything’s still fresh — I’m still trying to feel out my customers and still trying to, well, make it right now,” she said.

“But I have a good customer base here and I’m able to survive. If I keep pushing and pushing I’m sure it will get better with time.

“If you want to set up your own business then first off you have to think about it very hard, and if that’s what you want, then go for it — don’t give up.

“It’s very hard and some months are worse than others but don’t give up just because in one month you haven’t achieved what you did the month before. Keep pushing on.

“You also have to have a passion for it. Don’t just do it because you think it will make you a whole load of money. Have passion and do something that you would really love, that you feel can grow in time.”

[obox]The Duchess store, located on the upper floor of 20, Ewing Street, is open between 11 a.m. and 7 p.m. from Tuesday to Thursday and between 11 a.m. and 9 p.m. on Fridays and Saturdays. For further information call 292 2925 or e-mail duchess_btq@hotmail.com

[obox]In next week’s Business People: Meet the man behind the Bank of Bermuda’s drive to give small businesses a hand up.