Overcoming Setbacks when Starting a Business
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Salad Dressings started in 2009, leaving a steady Corporate job in the
of a recession. Four years later the company supplies over 700 UK
and is about to start selling into America Chains this year; along the
mistakes have been made and lessons learnt, some of these are shared
can plan all you like, prepare business plans for almost every
there’s always that one curveball that you hadn’t anticipated.
business idea was to sell ready-made salads but all too soon there were
logistical problems including high labour costs, quality control issues
time delays in the goods arriving in store. After some thought and
on these issues the decision was made to concentrate on selling bottled
plans always look great when you’re looking at the forecasted figures.
business has been launched the figures can start to look completely
sales income might not be to the level forecasted or expenses or
bills can put a big hole in your finances. Make sure you have
monies planned for unforeseen events and that you are breaking even on
most conservative sales scenarios.
all too tempting to spend precious money on employing staff, office
or some other business ‘must have’ but it’s best to wait until you have
proven business record and the confidence that this will bring before
investments. Until that time you’ll be wearing many ‘hats’ so enjoy and
challenged by the different experiences you will inevitably face.
will be made and monies lost, the mistakes for your business are your
responsibility alone but immersing yourself in all aspects of the
help you achieve a far greater understanding of everything that is
help you turn it into the business you always dreamed of running!
Take No for an Answer
of the Supermarkets the company initially contacted was simply not
the buyer wasn’t returning calls or seemingly interested in the
all. Approaching the problem from a different angle the Company sent a
picnic basket with seasonal vegetables and the range of bottles salad
to the Board of Directors. Two Directors emailed back thanking them for
lunch and soon after the meeting with the buyer was set up and now the
Supermarket stocks Righteous’ range.
the company got bigger the next challenge was to find the funds that
support its growth. The banks were simply not going to lend any money
at all so
a different approach was needed or as it transpired a different way of
financing. Crowdfunding has been growing in popularity in recent years
and is an
innovative way for new or start-up companies to raise finance, it
individuals or companies to invest and own shares in your company in
for the money the company needs. Righteous raised £75,000 in this
funded a TV advert, helping to raise sales by 85% in the process and
£150,000 was recently raised in this way to fund the growth of the
both in the UK and Overseas.
About the Author
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Article Published/Sorted/Amended on Scopulus 2013-10-21 11:29:12 in Business Articles