When Small Business Fails to Grow – Part 2
Here’s more to the story about the small shop that had to close due to competition from “the big boys”. The shop in question sold exotic and “funky” furniture pieces, accents, and other decorative items. It had a good location in a heritage building on a main street, and an energetic, smart business owner who had experience in marketing in the fashion business. They were making good use of Facebook to post photos and other information about their products. They had received a number of excellent reviews via social media and had received some local publicity. They were listed in most of the local directories of shops and businesses. The business owner was committed to environmentally-responsible (sustainable) wood items, and he recognized the value of running the business “on the cheap”, without unnecessary expenditures. This is a great foundation for a thriving small business. In fact, this business DID have a unique selling proposition. It carried one-of-a-kind, exotic, unique, different, and unusual furnishing items. Its location positioned it to cater to an upscale customer who had money to spend. While the business may have had to pay a fair bit to import these items, the customers wouldn’t have minded the…