Growing a small business
Discussion
Hi all, I'm a long term lurker and regularly read the business section for inspiration etc - its always useful so first of all, thank you!
I started a small business two years ago in the retail sector, starting on facebook marketplace (great place to test an idea) and then progressing to selling through eBay and Etsy mainly. We are acheiving 50-70 sales per week which is a good place to be for a small sideline project around my other commitments. For the time being I won't state what it is we are selling, as it is fairly niche with limited competitors.
So far I have been running it out of 2x shipping containers to keep overheads low, and doing all the processing, shipping etc myself. I have a website, a good presence with hundreds of positive feedbacks on both eBay and Etsy, and a small social media presence. I am just in the process of having a shop added to the website, and I have recently tested sending some items to a couple of social media influencers - both of which went well and lead to sales, so I intend to carry on doing this.
I am just about to take on a small unit, which will allow me to grow in time - as well as offer a small showroom - I occasionally have customers visit to choose items of different sizes, designs etc.
Its going well, but I would like to keep growing it, so I am hoping the PH collective can help me. What am I missing? What are the basics you have put in place to help your business grow? I am open to all ideas and suggestions, even the basics which I might have missed! Thanks in advance
I started a small business two years ago in the retail sector, starting on facebook marketplace (great place to test an idea) and then progressing to selling through eBay and Etsy mainly. We are acheiving 50-70 sales per week which is a good place to be for a small sideline project around my other commitments. For the time being I won't state what it is we are selling, as it is fairly niche with limited competitors.
So far I have been running it out of 2x shipping containers to keep overheads low, and doing all the processing, shipping etc myself. I have a website, a good presence with hundreds of positive feedbacks on both eBay and Etsy, and a small social media presence. I am just in the process of having a shop added to the website, and I have recently tested sending some items to a couple of social media influencers - both of which went well and lead to sales, so I intend to carry on doing this.
I am just about to take on a small unit, which will allow me to grow in time - as well as offer a small showroom - I occasionally have customers visit to choose items of different sizes, designs etc.
Its going well, but I would like to keep growing it, so I am hoping the PH collective can help me. What am I missing? What are the basics you have put in place to help your business grow? I am open to all ideas and suggestions, even the basics which I might have missed! Thanks in advance
Yeah agree with MrO. You want a/some really good admin people who take away the time waste of you doing the basics (which are of course critical but still a big time drain often). I’d also say someone who could dedicate a certain amount of time to just doing the social media side. Great role(s) for people wanting flexible working
General thoughts I’m sure you’ve already covered:
The product/s have longevity? Could something suddenly reduce demand for them? (eg you buy 5 containers of X2 solar panels only to find out X3 has been released, is half the price and twice as efficient)
Are there complimentary products/service which could increase the value per sale or increase customer engagement? (like maintenance chems for hot tub sales)
Are you confident the current sales platforms are limiting the potential demand? How much extra stuff do you need to sell to cover the unit and why will you get it?
(As already suggested) Is it worth adding additional sales platforms like Amazon if that’s already a successful route you selling? Why not?
Depending on what you’re selling (even if not the actual thing, what sort of thing and the value/transaction) the advice for growing it would likely be very different. Currently don’t know if you’re selling novelty pens or custom seats for rolls Royces so kinda tricky to be much more help
General thoughts I’m sure you’ve already covered:
The product/s have longevity? Could something suddenly reduce demand for them? (eg you buy 5 containers of X2 solar panels only to find out X3 has been released, is half the price and twice as efficient)
Are there complimentary products/service which could increase the value per sale or increase customer engagement? (like maintenance chems for hot tub sales)
Are you confident the current sales platforms are limiting the potential demand? How much extra stuff do you need to sell to cover the unit and why will you get it?
(As already suggested) Is it worth adding additional sales platforms like Amazon if that’s already a successful route you selling? Why not?
Depending on what you’re selling (even if not the actual thing, what sort of thing and the value/transaction) the advice for growing it would likely be very different. Currently don’t know if you’re selling novelty pens or custom seats for rolls Royces so kinda tricky to be much more help
Congratulations on getting this far, so many don’t.
It’s crucial your next steps are sanity checked and planned out. If you would like a chat about it I’m happy to help one PH to another.
I’ve been there several times and unexpectedly find myself (reluctantly) building a new business after I thought I’d backed off.
It’s crucial your next steps are sanity checked and planned out. If you would like a chat about it I’m happy to help one PH to another.
I’ve been there several times and unexpectedly find myself (reluctantly) building a new business after I thought I’d backed off.
Expanding your product line or applying what niche you've found to a new market would be my suggestions. I have a small sideline, which I started with 500 quid and now turns over 30k ish a year, with high margins and around an hour or so time a day which is easily fitted around the "9-5" office job. I have continually added new products on my etsy/ebay/web stores and continue to do so whenever I get chance. Personally though I don't want the business to grow much more, as it'll start to take up too much time.
As someone else has said though, without knowing the product or market niche, it's hard to offer any real advice.
As someone else has said though, without knowing the product or market niche, it's hard to offer any real advice.
Theres some fantastic replies so far, thank you to everyone who took the time to post. Its been a busy month with half term and moving into the new unit. This required more work than I first thought but its now set up and almost ready to go.
Amazon is definitely a platform to expand onto and I've set aside some time next week to get it started.
The idea of employing somebody to do the 'mundane' tasks is something I had thought I would like to do, I'm not quite there to make it work just yet but I think I will be within in the next few months. I know its one of those leaps to take and will be worth it in the long run.
I have a few ideas for expanding the product line, I didn't have the space for this before now but will be trialling a few items soon.
Any other ideas always welcome!
Amazon is definitely a platform to expand onto and I've set aside some time next week to get it started.
The idea of employing somebody to do the 'mundane' tasks is something I had thought I would like to do, I'm not quite there to make it work just yet but I think I will be within in the next few months. I know its one of those leaps to take and will be worth it in the long run.
I have a few ideas for expanding the product line, I didn't have the space for this before now but will be trialling a few items soon.
Any other ideas always welcome!
Shrimper said:
Theres some fantastic replies so far, thank you to everyone who took the time to post. Its been a busy month with half term and moving into the new unit. This required more work than I first thought but its now set up and almost ready to go.
Amazon is definitely a platform to expand onto and I've set aside some time next week to get it started.
The idea of employing somebody to do the 'mundane' tasks is something I had thought I would like to do, I'm not quite there to make it work just yet but I think I will be within in the next few months. I know its one of those leaps to take and will be worth it in the long run.
I have a few ideas for expanding the product line, I didn't have the space for this before now but will be trialling a few items soon.
Any other ideas always welcome!
Hire a mum with school age kids for 5 hours a day - expect days needing to be taken when kids are sick but overall they are good reliable and potentially experienced workers. Amazon is definitely a platform to expand onto and I've set aside some time next week to get it started.
The idea of employing somebody to do the 'mundane' tasks is something I had thought I would like to do, I'm not quite there to make it work just yet but I think I will be within in the next few months. I know its one of those leaps to take and will be worth it in the long run.
I have a few ideas for expanding the product line, I didn't have the space for this before now but will be trialling a few items soon.
Any other ideas always welcome!
I thought some might be interested in an update..
I took on someone towards the end of last year, they work 1 day a week at the moment on a fairly flexible basis and its working well - I've trained him to do certain things so he can just get on. He's productive in the limited time he's there and doesn't need overseeing so it works well and allows me to crack on with other aspects.
The website shop is live and orders are coming in - www.thewineboxmerchant.co.uk - if anyone is interested. We are selling well, and the current stock advertised doesn't reflect the true number of items we regularly have available, some items are popular and sell out quickly.
The supply of stock is niche and limited, so I have worked a bit on this area in the past month and secured another supplier recently. Its not quite as simple as ordering a container from china or going to a wholesaler, so I'm enjoying the challenge.
Amazon is still on the horizon but I'm not sure its the right route for this business for a number of reasons - we'll see!
I took on someone towards the end of last year, they work 1 day a week at the moment on a fairly flexible basis and its working well - I've trained him to do certain things so he can just get on. He's productive in the limited time he's there and doesn't need overseeing so it works well and allows me to crack on with other aspects.
The website shop is live and orders are coming in - www.thewineboxmerchant.co.uk - if anyone is interested. We are selling well, and the current stock advertised doesn't reflect the true number of items we regularly have available, some items are popular and sell out quickly.
The supply of stock is niche and limited, so I have worked a bit on this area in the past month and secured another supplier recently. Its not quite as simple as ordering a container from china or going to a wholesaler, so I'm enjoying the challenge.
Amazon is still on the horizon but I'm not sure its the right route for this business for a number of reasons - we'll see!
Oh and units sold and turnover doubled YoY at recent end of financial year. Profit not quite as high but I've put this down to investing into the business for the longer term.
We've also signed up to a very successful Christmas market nearby for this year - it has a large footfall and does a great job of supporting and promoting local businesses so I'm hoping that will help promote us locally and push us to do a bit more marketing etc.
We've also signed up to a very successful Christmas market nearby for this year - it has a large footfall and does a great job of supporting and promoting local businesses so I'm hoping that will help promote us locally and push us to do a bit more marketing etc.
Well done on the progress!
There is a shop near me that sells home-wares, with a traditional slant, for very high prices.
https://baileyshome.com/collections
I imagine this is the sort of stuff they would sell. Perhaps worth a call?
There is a shop near me that sells home-wares, with a traditional slant, for very high prices.
https://baileyshome.com/collections
I imagine this is the sort of stuff they would sell. Perhaps worth a call?
I don't have much to add on the growth advice side of things, but well done!
I remember many years ago (2008 ish ??) visiting my sister in Bridport and there was a street trader in the town's market selling wine boxes - they were doing very well that day, and my sister bought three (deep ones) and made a "vegetable storage rack" out of them...
Maybe you could diversify into selling them "re-purposed" as opposed to just boxes?
One of your reviewers said "my cat likes it as a bed" - to pick an example!
These boxes are (to me at least) inherently attractive items, so lend themselves well to being displayed... Maybe you could consider a few products made of lightly modified boxes?
I remember many years ago (2008 ish ??) visiting my sister in Bridport and there was a street trader in the town's market selling wine boxes - they were doing very well that day, and my sister bought three (deep ones) and made a "vegetable storage rack" out of them...
Maybe you could diversify into selling them "re-purposed" as opposed to just boxes?
One of your reviewers said "my cat likes it as a bed" - to pick an example!
These boxes are (to me at least) inherently attractive items, so lend themselves well to being displayed... Maybe you could consider a few products made of lightly modified boxes?
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