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

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