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JJ: Hello Caprice. Thank you for talking with me today. Caprice Bourret, CEO of Caprice Lingerie. What an amazing journey and a great life you’ve had:  starting off being an internationally successful model and now a very successful entrepreneur.

CB:  Hi. Yes, it has been a journey!

JJ: Who was your inspiration as a child?

CB: Well, my mom, who has a tremendous impact even to this day, she’s a successful entrepreneur herself and she was able to have a balance, you know? She was able to be an incredible mother and supporter and nurturer, yet she was a bulldog in business – and still is. So she’s always been an inspiration to me, as well as my best friend. Other than that, you know you read books, like I read those by Calvin Klein or Richard Branson. Their stories are interesting and maybe from their mistakes you can learn something. But nothing is as valuable as you learning from your own mistakes. And I’m the kind of businesswoman, who didn’t have any formal education, I didn’t go to university, I sort of learned everything from the streets. So it has been a tough journey. And it still is, it’s ongoing, and the more successful you become and the more money you make, sometimes it gets even harder.

JJ: There are more and more challenges along the way, as your business evolves?

CB:  Yeah. It’s different challenges and you’re dealing with more money and it does become increasingly difficult and stressful. But, that’s just business, it never stops.

JJ: How would you say then that you’ve overcome some of these challenges?

CB: Well, you just find solutions. You don’t sit there and blame other people and don’t say, “Well they said this and they said that and it was supposed to be like that”. No. You come across a problem, you say “OK, fine. Let’s find a solution”. That’s it. Just deal with. If somebody promised you one thing and now they’re doing something else, fine. This is how it is. This is my reality, so let’s deal with it now!  If I have to take a bit of a knock, then I take a bit of a knock, but I need production, I need my goods here, I need to send them off to my clients’ warehouses. This is what I need to be done – that’s the solution. And a lot of people in this country – sometimes even in America – they want to blame everyone else. Forget it, you’re going to go round in circles, you’re going to waste another month. Just say, “OK, fine, this is what we’re dealing with – let’s deal with it”. It sounds trivial, but a lot of these businesses, they just sit there and waste so much time, blaming. Forget it, this is the reality of today’s world. It’s a lot tougher to do business, the customers are a lot tougher, they want more for their money, they want quality. The competition is fierce. It’s hard to make money today.

JJ: And what would you say then sets you apart in your industry?

CB:  Well, it’s that I’m not living on debt, I’m actually making money. Also, I think my attitude and my persistence. A person like me, that’s been in the public eye and had a very big entertainment life, I’m very very hands-on. When there are major problems, I come in and I deal with the problems. I overlook everything and when things aren’t being handled right away, I come in and I say “fine, let’s find a solution – now“. And I do it myself.

JJ: And you understand the different areas of your business as well, don’t you?

CB: Everything. I have to.

JJ: I think I remember you saying that you’ve taken the time to learn about the different areas: the sales and marketing, the finance etc.

CB:  You have to, otherwise you lose money. You have to understand everything.

JJ: And what would you say keeps motivating you, keeps driving you forward?

CB: I think survival, really. I don’t have anyone else who’s going to pay my bills and I like having a nice life, a nice lifestyle. And I think also a passion obviously, you can’t just be money-driven, I love what I do. I’m proud of myself. When I see my collection and I see the sales are very good, I’m excited. It drives me, it excites me. It drives me to do better. And especially when I get the emails from my customers – these women saying, “Gosh, I just love your garments”, especially with the larger cups, “we feel like women now” and “we feel feminine” and “thank you so much for producing this kind of product” – it makes me feel good and it makes it all worth it.

JJ: Yes, it’s so nice to get good feedback isn’t it?

CB:  Definitely.

JJ: Talking about women, then, about helping them: do you have any top tips for women starting out in business?

CB: Well, there are a number of things actually. Half the battle is in your head. You have to believe that you can do it and that you are going to do it. Persistence and belief in yourself. And belief in what you want to do, the business you want to start. And know, there’s going to be a lot of downfalls and you’re going to have to pick yourself up and keep going. Find solutions: there is no such word as “No”. There is “Yes” and solutions. That’s it.

JJ: I love that.

CB:  But it’s true. Not only that, you have to surround yourself with really good people. You have to surround yourself with a team, with a great team, that share the same passion as you. And if they don’t then you need to find somebody that does. I mean, there’s a lot of jobs available out there right now, so you can find really good people, and I suggest you do. And don’t go on the cheap, do what you have to do to get good people. Also, don’t be greedy. Right now, the customers are very smart, they want a lot for their money and you need to give it to them. This is longevity, it’s not “let’s make a quick buck right now”. No, no. You have to trust me on this: the customers will appreciate a good product and they know. Then you will have longevity and you will have success, I can guarantee it. Also, you have to study who your target market is, you really have to understand what is your product and who are you selling to. What are their needs? What do they want? I look at my sales figures every single week. I know what my customers like, I know what colours they like, I know what block they like, I know what shorts they like. I know everything.

JJ: You’ve really taken the time to study and analyse? To get those answers.

CB:  You have to. And then cater to those answers. Because that’s your customer. It’s not about you – put your ego in your back pocket – it’s about your customer, because they’re the one that’s going to buy your goods. And cashflow: get a template, understand cashflow, that is your bible. Just because you’re making three hundred thousand this month, you need to be able to pay for your bills for the next year. I know what is coming in and going out for the next 8 months. So if I’m having a bad month, in 8 months time I’m gearing up for it right now. I’m making different choices, tighter buys, to be able to deal with that 8 months not being so good.

JJ: Right. That’s really good forward planning.

CB: You have to forecast, you have to understand that and you have to do that.

JJ: I agree. I think really understanding the different parts of your business, and then seeing it as the entirety as well, makes a difference. Now, hindsight is a wonderful thing – so would you say there would be anything different you’d do if you were to start out again today?

CB:  I’d adhere to all the points that I just gave you. I had to learn – that’s five years experience, which isn’t a lot, but that’s what I’ve learned in that amount of time, especially going through a really tough recession.

JJ: You mention the recession. What are the main challenges that you faced during that?

CB: My main challenge was the buys: I had to do different buys, tighter buys. Now I’m doing the right buys, but I lost quite a bit of money from doing the wrong buys and not reacting fast enough to a bad economy. And also, the exchange rate, I mean I do a lot of arbitrage and I didn’t understand the whole process of doing forwards and hedging and all of that. Now I do, so it’s applicable to me, but maybe not to somebody else.

JJ: But again, it’s understanding another part of your business, isn’t it?

CB:  You have to understand every part.

JJ: You said you have to pick yourself up, to get on with. How do you pick yourself up again?

CB: I just go. I mean, today I came across a major problem. We’re having major problems in China with the factories: the workers are dictating to us what they want to make and what they don’t want to make. This has never happened, ever.  So if they look at a By Caprice Can Can Bra and they say, “We hate this colour, sorry we don’t want to do this – we don’t want to make it for you”. But we have contracts, we have orders! “No sorry, we don’t feel like doing it for you”. This is the problem that I’m facing right now. So you have to say fine, you can’t try to reason with these people because it’s not going to work. So you have to find a solution: let’s go to Morocco, let’s go to Turkey, to find another factory. Do what we have to do to make this work. We don’t have time to argue, we don’t have time to rationalise, because you’ll waste another month. Let’s find a solution.

JJ: Taking action, that’s the secret, isn’t it.

CB: That is. And it sounds rhetorical, but I promise you, 9 times out of 10 people don’t do it. They’ll wait, they’ll procrastinate, until it’s too late. Get on with it. Stop bitching, stop blaming everyone else, just: find a solution, get on with it!

JJ: That’s a great mantra! I love it. So, what are your plans for the future?

CB: Just expansion. And I’m going to get involved more in the entertainment, because it sells bras. So I’m just running a business and continuing on with entertainment: TV shows, appearances, photo shoots, the whole 9 yards!

JJ: Well, thank you for spending this time with me. This will be lovely for other women setting out in business, or if they’ve been in business for a few years, but maybe finding times a little bit tough right now – we just want that little bit of inspiration and motivation to, as you say, find a solution and just get on with it.

CB:  That’s it. That’s all we can do.

JJ: Thank you again so much for your time and I wish you every success in everything you do.

CB: The same for you. Thank you!

Caprice Bourret www.bycaprice.com