Lost job created the chance to fashion new life

It was September 2008. The world's financial system was on the brink of collapse and, as a result of the economic downturn, Gaynor Hogarth found herself unemployed.

The business development director had spent eight years working at KPMG in Leeds and latterly worked at law firms in Manchester before she was made redundant at the age of 40.

She said: "I had always been a career girl and I enjoyed it. I always worked in professional services in marketing and business development and I never really looked at doing anything else.

"It was a difficult time when I lost my job because I went through a rollercoaster of emotions."

As time went on and jobs were scarce, Ms Hogarth decided to explore other careers. It was then that the idea of setting up a dress agency came about.

She said: "The initial idea for Coco Rooms was born out of my situation of being made redundant. I dug into my wardrobe and realised there were a lot of clothes, bags and shoes that I wasn't wearing.

"A recruitment adviser in Manchester told me about a dress agency there. I took my clothes along and thought it was a brilliant idea. Because I wanted to come back to Leeds I decided to set up my own here."

Ms Hogarth is one of a growing number of so-called "lipstick entrepreneurs" who are predicted to reshape society and change the way people work, according to a recent report.

The report by the Future Laboratory for Avon, the direct seller of beauty products, and the Federation of Small Businesses, says that the recession is accelerating the growth of this new generation and predicts that the number of female enterprises could double in 10 years, taking the total of self-employed women running businesses to more than two million.

Ms Hogarth said: "I have always been into shopping and designers.

"I went to a style academy to learn all about what colours suit people, dressing for your shape and personal shopping.

"I wanted to create a place that sold second-hand top-end high street and designer clothes and also helped people to think more about style.

"I wanted to make sure it was presented well and looked like a boutique with really nice, sumptuous fitting rooms."

Coco Rooms is based in the historic White Cloth Hall on Crown Street, near the Corn Exchange, and took three months to refurbish.

"I fell in love with the building as soon as I saw it and decorating it was a real labour of love," Ms Hogarth said.

"At one point I was temporarily working at Eversheds during the day and afterwards getting into my dungarees and doing DIY in the shop."

Coco Rooms is filled with second hand furniture and fittings bought from auctions. The centrepiece is the cash desk – a Queen-Anne-leg sideboard which Ms Hogarth picked up for 70. "I thought 'if it's all about recycling clothes, why don't I decorate and furnish it with recycled furniture?'" she said.

The name for the business came from Rococo, a style of 18th century French art and interior design.

"It was a working title but it stuck and everyone likes it."

When the agency opened at the end of October 2009 it was stocked with clothes donated by Ms Hogarth and her friends.

Sellers receive 50 per cent of the sale price once the item is sold. The price is reduced by 10 per cent for every month the item is not sold.

If the item remains unsold after three months the seller can pick it up or it will be given to charity

"I've seen a definite increase week-on-week with people both bringing clothes to sell and buying the stock," she said.

As a result, Ms Hogarth said her original business plan is ahead of schedule.

She said: "In the last few weeks, things that were in my business plan have started to happen much quicker than they were supposed to.

"I now have a girl who makes handmade jewellery from recycled pieces and in March we'll be launching a collection of customised clothes. We're also setting up a series of style workshops.

"My vision is that eventually the styling will take off and I'll employ someone to manage the shop.

"I see it as a business that can only expand."

While she has relished the challenge of setting up her own business, Ms Hogarth said she still gets daunted when she thinks about what she has done.

"If I'd known everything that was involved in setting up a business I would never have taken the plunge but I'm so glad I did," she said.

"It's really daunting when I think about it, but I would not change anything.

"It's every girl's dream to have a dress shop."

Gaynor's Top five tips for business

1. Research the market, be sure that there is a need for your offering. As well as all the desk research you do, think of your top five questions and simply ask the public.

2. How can you make your offering stand out from the crowd? What will make your business different from your competition? Be clear about that from the outset and use it in your marketing.

3. Make sure that you are passionate about what you are about to embark upon.

4. Take advice, not just from family and friends. Speak to business advisers, business owners, business angels. Take all the information on board, listen to the people who "know from experience".

5. Don't forget to enjoy what you are doing and be proud of yourself.