l & r banno pty ltd trading as amity child micro business

L & R Banno Pty Ltdtrading as amity child

Micro Business

Clothes, toys, gifts for babies, kids and tweens

• Retail business • Children’s clothes and toys for ages newborn to 12 years of age• Established for 7 years• Micro business (2 people)• Private company• Shop front located in Dural

Small Business Enterprise

What motivated you to have your own business?

• New business, started from scratch• Two reasons: – always wanted to have my own business (my own

boss, expressing myself)– working at a children’s store prior to this, saw a

market need

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What was some of the best information or advice you were given/sought prior to starting the business?

• Set up: Accountant suggested private company

• Researched the competition

• Customer feedback

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Some of the qualities and/or skills you need to run a successful business are:

• Self motivated and a strong determination• Passion for quality toys and clothing• 15 years experience in retail (ladies clothing)• Organised and diligent

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How do you organise the main functions in your business? Who is responsible for each?

• Main functions of the business are– Sourcing appropriate product– Ordering stock– Advertising– Providing customer service– Record keeping and financials

(outsource end of year financials)– Shop presentation

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Who is your target market?How do you reach them?

• Mums with children (newborn to 5 years)• Grandparents

• Digital : Mobile phone and facebook page• Print: Flyers distributed to local primary schools and local

community magazines• In store competitions • Word of mouth• All marketing support has a Summer

focus

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Challenges along the way have included:

• Under financed – NOT enough cashflow• Impacted by global financial crisis• Increase in online shopping

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The keys to success

• Unique and affordable product range• Knowing who our customers are• Control over stock levels• Excellent customer service (in store and follow up)

• Good location

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Where do you see your business headed?

• The business is up FOR SALE

• If did keep the business: – Develop a business plan– Keep it small– Set up a website for online sales– Change range to more toys than clothes– Focus more on educational products

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Question time