The document summarizes the business operations of Groton Toy Shoppe, a sole proprietorship toy store owned by Sheila Doherty. It discusses the store's specialization in high-end toys, books, and crafts. While the store has been successful in building customer relationships and introducing unique toy lines, it has faced financial challenges securing inventory and establishing itself. Due to increasing online competition and pricing issues, Doherty plans to close the store and open a new business focused on organic products.
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5. Relationship-Continuous vibes.
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2. Genuine Product,
3. After sale's service
4. Feedback-ask how the product/service is?
5. Relationship-Continuous vibes.
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2. Genuine Product,
3. After sale's service
4. Feedback-ask how the product/service is?
5. Relationship-Continuous vibes.
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Selling products is like making a relationship. It needs deep understanding and listening skills. There is a difference between CONTACT and CONTRACT, which is R that stands for Relationship.
CLIENTS NEEDS:
1. Respect,
2. Genuine Product,
3. After sale's service
4. Feedback-ask how the product/service is?
5. Relationship-Continuous vibes.
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2. Genuine Product,
3. After sale's service
4. Feedback-ask how the product/service is?
5. Relationship-Continuous vibes.
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1. Groton Toy Shoppe
Sheila Doherty
BY JENN DOHERTY
NICHOLS COLLEGE
BUSINESS AND SOCIETY 100-08
2. About the Company
Sole proprietorship
Has been in business for two and a half years
Specializes in
High-end toys
Books
crafts
3. Background
Saw a need; there were no local toy stores
She did not want to have to drive 20 miles to the
nearest toy store
Used personal money to finance the business
Has a degree in Business Management with a
concentration in marketing as well as life skills
Has grown but not at the rate she wanted, still
unable to draw salary from it
4. Successes
Being able to meet customers and build relationships
with them
Has been able to introduce customers to many toy
lines only available to small toy shops
Most rewarding aspect is meeting new people, and
getting to do something you enjoy everyday
5. Challenges
Finances-most of the companies have a high cost
associated with your first order if you want to carry
the line
Most banks will not take you on for a loan until you
have been in business for at least 3 years
Unfortunately you need the money in the first year or
two to get your inventory and establish yourself as a
business
6. Challenges continued
Had to get credit cards for store purchases through
her personal credit
Fatal flaws in the business:
With the internet, many people are staying home and making
purchases online
Pricing can be a sticking point--too high--too low and
customers will stay away
Until you open your doors, you never know if you have the
right target market
7. Competition
Two of biggest competitors : Toys R Us and the
internet
Being a small store, you have to seek out toy lines
that only sell to small shops
Offer services like free gift wrapping, lay-a-way, and
a more personalized shopping service
Take everything back with no questions asked and
offer a discount after they make 6 purchase
8. Marketing
Advertising in local papers, taking ads in school
events
Advertising can be very expensive and many small
business must rely on word of mouth
They also donate toys or a family game basket to
fundraising events
9. Staffing
So far, the business has been run by family members
You must love your job and the products you sell or
you will not be able to get customers to purchase
Must know how to deal with kids:
sometimes they will have a tantrum in your store, or make a
mess
you have to say with a smile that it is ok to the parents
10. The Future
When her current lease is up, she will be closing the
business
Sales have not increased at a rate which would make
her stay
Moving forward to open a business which sells
organic and natural products
New store will be in an area with much more foot
traffic and a higher population
11. Other Questions
Do you think you made the right decision to start
your business?
yes, I had a vision and a dream and I followed it, it was not a
failure, just not the success I was hoping for, it has been a
valuable learning tool as I move forward with another business
What is your favorite part about owning your own
business?
you are the boss and control your destiny. you have the
opportunity to shape and mold something into what you see it
becoming
12. Questions Cont.
What advise would you give to someone trying to
start a business?
Make a business plan!! Be prepared to support the business
with personal funds for at least 2 years. Do your SWOT
analysis and make sure you have the right market for your
product. Most of all, know that you will be working seven days
a week, so have a passion for your work. Build a network of
support--other small business owners, friends, family--they
will help pull you through the tough times--which there will be
many