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