Taking a change of course
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I posted this in response to another Flystartup subscriber. As a business is being built, it is a good idea to scan the macro-environment and change before oncoming obstacles truly hurt you! Here's an example of how I had to change the course of developing my business.
Last year I had a very successful outdoor trading season. The principal reason for doing so was to market my products (ie find an appropriate selling price,etc) and generate brand awareness. The other traders said it was the worst year to date - but I was doing well.
This year came, and due to the success of last year I went back out on my tour of Highland Games across Scotland. However, petrol prices were nearing £6/gallon which hit my pockets in 2 ways - the actual price of petrol, and the negativity created by the media leading to customers not spending. As July approached I had already cancelled a couple of events and I had to decide if I should go on till September or call it quits. I decided he later.
I changed my focus and put all my efforts into marketing the business online and increasing online sales which continues to this day. Online sales increased dramatically and are now growing month on month, and year on year.
Although I am not pulling in as much revenue to the business now, I have been able to give up the car, work from home, do much more networking, doing talks to local organisations, see friends and family more and get to the gym more.
Despite not having a pull of cash each week to bank, what what I've noticed over the past quarter is my p&l looks healthier.
It's amazing the time and effort I put into the business at the start and how the business can evolve and take shape as the months grow old. Now I try to grow the business organically as much as I can with a little help of internet marketing. And i'm happy to say it's become much more environmentally friendly too.
When I tell others this story they have the same problem of understanding that I used to have when starting out - ie that cashflow does not equal profitability. I tell them the best way to understand is to go out and do it, and through practice it will make sense to you!
Jamie Wallace
Granny Jackson's
www.GrannyJacksons.co.uk
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