At almost 5 years old, Pearl District based Physical Element is a success and approaching a big transition. Physical Element began as a women’s specific clothing apparel store and founder, Jo Carter, began experimenting with new lines. She started bringing in casual, urban fashions from France and Japan, which are now the bulk of Physical Element’s business. In fact, in Spring 2008, Physical Element will exit from fitness apparel and focus on urban fashion.

I had the opportunity to ask Jo a few questions that might be helpful for others that are interested in starting a business.

When did you start your business?

We opened our doors in April 2003.

What are your goals?

Simple goals really. I just want to have a well respected business that finacially supports my husband and I in a comfortable lifestyle. Nothing Extravagant.

Why did you chose one business entity over another?

Interviewed 3 accountants and all recommended S-corp

How were you able to initially finance your business?

Fully self funded. My husband and I knew we wanted a business of our own one day, so we had been saving for a while. I came up with an idea and business plan first, so I won!

What are your marketing plans?

My business is approaching a big transition. My store began as Portland’s first women’s specific fitness apparel store. Since I opened, 5 other retailers have entered the market. Being a small business (most of the newcomers are national chains), I have the luxury of experimenting with new directions. I started bringing in casual, urban fashions from France and Japan, which over time has become the bulk of my business. Starting in Spring 08, I am formally exiting out of fitness and yoga apparel. My task is to now re-brand my store and I’m in the middle of those decisions now. Do I keep my name? What elements of my logo do I keep, if any? How do I best get the word out that I’m going in this new direction? I’ve updated my website and plan to repaint my store into a new color scheme. I’ll keep up with writing my blog and email newsletters, but now I must consider print advertising. Stay tuned.

What is the best part about running your own business?

First and foremost, my customers are really fantastic, interesting people. My social circle has increased exponentially. Secondly, I have the luxury and pleasure of being immersed in fashion on a daily basis.

What is the worst?

The ups and downs of business. No matter how hard I try to predict traffic trends, it defies definition.

What advice would you give others who are thinking about starting?

Building up your business will take longer than you think, so plan finances accordingly. Don’t be afraid to ask friends for help and support – they want to!