Big success isn’t just for big business. Development Bank of Wales asked some of the micro businesses we’ve supported for their top tips for making a micro mighty. Here is what they said:
Do your research thoroughly first – market research, friends, family, speak to everyone. What you think you know and what is really out there are usually quite different. Then once you have found your place in the market, go for it!
Maybee Glamping, Monmouthshire
Network! Network! Network! There are so many people out there with all sorts of skills and connections to help your business.
Carreg Adventures, Swansea
Running your own busy can be daunting at first, but don’t let that hold you back. If you really believe in what you are doing then commit to it….feel the fear and do it anyway. Be strong and decisive and don’t look back!
Hours Bookshop, Powys
Educate your customers!
We find that our customers like us to explain the mysteries of their drainage, believe it or not, so it’s important to fully engage and communicate with your customers. Don’t be mysterious, customers are always interested in what you are doing for them.
CG Pearce Ltd (drain cleaning company), Haverfordwest
Once you have launched, it is important to keep evolving while staying focused on up and coming trends in your field. Keep studying your competition and don’t be afraid to diversify your business if you see an opportunity.
Chocci Cake, Newport
Target repeat customers!
Always aim for repeat business. It is absolutely true what they say about being easier to sell to existing customers. Customers like honesty and consistency, so set high standards.
Fight Fortress, Denbighshire
Build your business community!
Small businesses need to stick together. A network of local contacts can be really helpful and it can be a great place for sharing stories, challenges, opportunities and your vision. It can also be a great way to engage with customers and help to spread the word.
Celtic Accommodation, Pembrokeshire
Be prepared to change your plans – clear business goals are essential but flexibility will help you achieve them.
Go Eco Glamping, Ceredigion
Don’t be fooled into thinking it’s all about the products and services, It’s actually all about people and relationships.
Peninsula Property Management, Gwynedd
Plan for a rainy day!
Keep looking forward and do not rest on your laurels. You will always have peaks and troughs, so forward thinking and planning for a ‘rainy day’ is essential.
Development Bank of Wales can help make your micro business mighty range of loans from £1k to £100k! Click here for more information.