Q&A: Bossing the luxury handbag rental market for ladies

This week we chat to Nicole Shiraz, Founder and CEO of Boss Ladies, Australia’s first luxury handbag and accessories rental service. Stuck in strict lockdown in LA, and passionate about the small-business sector, Nicole started a weekly pro bono coaching service for several of her friends. This quickly expanded and she is now working with a number of start-ups to provide coaching, mentoring and advice during the crisis.

ISB: What was the inspiration behind you creating a business out of renting luxury accessories?

NS: The inspiration actually came from my own personal experience. I myself am a lover of the luxury handbag but, being so young and not having the funds to constantly update my wardrobe, I found it hard to keep up with the fashion trends heavily pushed by social media. I had to wait until a special occasion, such as my birthday, to save for a luxury item. Then it hit me – why wasn’t there a service for women like myself who wanted to keep up with the trends but on a budget? I realised I had found a market in Australia that was not yet tapped into.

ISB: What was the biggest challenge you faced in getting the enterprise off the ground?

NS: Not having any business background whatsoever. I came from a TV sports-presenting background so when I started Boss Ladies, I actually had to learn everything business related from scratch. Everything was self-taught and a lot of research and late nights was involved. Capital was also another big challenge in the early stages. I wasn’t prepared for the business to go viral and take off as it did so I was getting orders left, right and centre but I had no stock. There was period of about two weeks where I panicked. Fortunately, I was lucky enough that an investor had found – if it wasn’t for them, I would have never had the funds to build Boss Ladies into a company.

ISB: Despite your business being hit hard by the pandemic, you chose to be of help to other SME owners as a mentor and advisor – what was the driving force behind you doing that?

NS: The pandemic putting all of us on hold really put a lot into perspective for me. With all the free time that I had during quarantine lockdown, I was able to reflect on all my accomplishments, and I decided to use that time to give back knowledge and advice that I was fortunate to have gained building Boss Ladies. I started Founders Helping Founders, a weekly zoom conference call as a platform for other entrepreneurs like myself who were struggling through the pandemic. It was a way to keep in touch and stay positive during these uncertain times, but also a way to learn from each other. It was also a way for people looking to become entrepreneurs to reach out to me for advice.

ISB: I understand that you have recently sold Boss Ladies – was it difficult to let go of the business you nurtured, or was that always the long-term plan?

NS: It was definitely a tough decision to make. I gave myself over a month to make the decision as this was my first business and it was very sentimental to me. I had not only built a luxury handbag rental company, but also a community of women who worked with the brand, represented the brand and – most importantly – fell in love with the brand. The concept of “looking and feeling like a boss” had changed so many of my customers’ lives – they had never thought they could walk into a room wearing a $6000 handbag. The long-term goal was to expand Boss Ladies in America and also build an app. The pandemic was definitely the main reason for letting Boss Ladies go as I’m currently living in Los Angeles and, with travel and health restrictions, it was putting a strain on me running the business. I decided the best thing was to have someone living in Australia take over while I focused on projects here in America.

ISB: And, now, having sold the business, what’s next on the agenda for you?

NS: I’m currently working on an app and two new businesses that I will launch in America. I’m excited to not only use the skills and experience I gained from Boss Ladies for my next venture, but also represent Australian entrepreneurs here. I think it’s important to expand your knowledge and take risks when it comes to creating a successful business. The American market is a new market for me so it will be interesting to see what I learn when I launch my new businesses.