Pricing to survive the recession

The challenge

Getting off the ground was the biggest challenge especially because it was all self-funded. I still continue to work part-time while running my business, just to ensure that I have enough funds to keep my business growing. With the current economic climate I realised that many people didn't have the spare cash to spend on large, pricey gifts. I worried that my business would be affected.

While I couldn't afford to lower the price or quality of my designs I realised that I needed to be flexible and open to change.

The solution

I introduced a range of new products which were smaller and more affordable, as well as new characters which kept my brand growing and my customers intrigued. I increased my product range and have also increased my customer base and maintained my sales.

Key Lesson

I have learnt that it is really important that both my business and I have the ability to adapt and change. In order to grow and become a recognised children's brand, I have ensured that I create a product that is of high quality, long-lasting and locally made. I have also found it important to keep in touch with my customer base and provide a friendly, personal service.

Top Tip

Customers are obviously what keep my business growing. So providing a unique intimate service means that they keep coming back to me. Repeat-buyers are really important to small-businesses, so I market myself as the face of the brand.

I also attend retail and craft shows to connect with new customers and create a presence for my brand. I think it is important to put yourself out there.

I tend to call customers rather than email, and like to build a one-to-one relationship with them. By keeping in touch with your customers you know what they want, which means more profit for your business.

Find out more about Teeny Beanies

Smarta Business Builder

To help you on your business journey, we've created Smarta Business Builder, the complete online tools package for growing your business. Website Builder, Business Plans, Accounting Software, Legal Documents and Email - all in one place - from just £20 per month with no contract! Try it out today.