Laura Tenison successfully founded her business selling chic maternity and baby products, JoJo Maman Bébé in 1993, using £50,000 capital. The business is now worth £27 million.
If like Tenison you design and make your own products before selling them, you need to ensure you monitor all your sales successes and failures. In a recent interview for a magazine she stated, “I would never buy stock without looking at the previous sales figures, because you really need to study what has been popular with customers before. What has sold in the past is the key to your future success.” She also recommends controlling your cash flow; and every month forecasting what the state of your finances is likely to be in another 18 months’ time.
In addition, Tenison attributes her success to the strong business relationships she has made.
Finally, it is important to maintain the consistency of your brand in order to keep hold of the same kind of customers who you already attract: “We are all a little tribal about the brands we subscribe to and your specific brand needs to be at the forefront of your mind when you’re making decisions.”