A Case Study in Small Business Success

Survival is the first game created on Unreal Engine and in this blog, we will be discussing how it has been a huge success for us.

A Case Study in Small Business Success is a case study that discusses how a small business was able to grow and succeed. This case study will help small businesses gain knowledge on what it takes to be successful. Read more in detail here: business development case study examples.

15 September 2010

Matt’s message Colin and Charlie

Here’s an idea… We all have a certain amount of discretionary money that we can put to good use. I propose that we turn this discussion into a genuine, fruitful debate and put our money where our mouth is. Let’s get this party started.

This is an excerpt from an email I wrote to my pals, who are now my business partners, little over a year ago. We were all at work at the time, and we were all trying to catch up on life through email. Weekends, ladies (or their lack thereof), and sports were among the first subjects of discussion. However, as previously said, the conversation swiftly shifted. This idea arose from a dissatisfaction with being on the sidelines as success tales sprung up all around us.

I’d want to see where WE could go in a month or two if we truly began discussing and creating a concept, investing, and letting it go… How lovely would it be if we could all make a little additional money on the side for the same amount of time we spend remaining in touch? We need to get off our butts and start working on something.

The task was simple: stop talking and start doing. Our group had generated more than a handful of solid ideas in less than two hours. The groundwork for an investment in ourselves had been laid by the end of the day. After all, fantasizing is the best part: it’s free, requires no effort, and the possibilities are limitless.

Nonetheless, beginning a company is never simple. As a result, technology has given our generation the potential to start enterprises far more quickly and inexpensively than ever before. Making a firm where you just have to manage the moving pieces is within reach for most of us by using outsourcing and the internet’s power.

Besides, the prospect of starting a small company has never been more appealing. Let’s face it, it’s difficult to get a regular work, much less any employment, in this economy. Entrepreneurship may provide financial freedom for people who have lost their employment in corporate America by enabling you to be your own boss. Even if you have a solid work or a major professional goal, launching a side company may help you generate money and provide you alternatives for the future.

I described my own methodology for self-publishing my book, Have Her Over for Dinner, in one of my previous postings. The great reaction I got from readers like you proved that being transparent about my personal victories, losses, errors, failures, and triumphs may inspire you to pursue your own goals and aspirations.

So, here’s a behind-the-scenes peek at Moonshine, my newest endeavour, a gentleman’s perfume.

(MONTHS ONE THROUGH THREE)

IDEA/CONCEPT

What is the significance of cologne? That is an excellent question. In a world full of corporate players that are “too large to be good,” I love being the underdog. Similar to Brett, I’m sure many people were skeptical of his plan to start another men’s site, particularly given the market competition. His success, two volumes later, and hundreds of thousands of devoted readers and followers, is evidence that being the largest isn’t always the greatest.

Furthermore, I believe that wearing fragrance is macho. I didn’t feel the need for a big-name celebrity to tell me what I should smell like, despite what excellent marketing executives may say. Instead, we believed that the market could sustain an independent fragrance that smelled amazing but didn’t come with all the hoopla.

PARTNERS

“If you want to lose a buddy, go into business with them,” says an ancient adage. You should be clear on each other’s personality types, business acumen, and general company objectives before getting engaged with business partners (particularly friends). Each participant should, without exception, sign a formal contract that precisely describes each individual’s obligations and benefits. Most relationships, in my experience, collapse due to a lack of communication. Issues will inevitably develop if you do not communicate with your business colleagues, just as they will in your personal relationships. One individual believes he is putting in more effort than the other. The other individual raises concerns about his or her spending habits or company operations. Open and efficient communication may help to resolve these challenges. Focus on the positives in the end, and let business be business.

With the concept in hand, my pals and I began to discuss the details. When assessing what each individual could offer to the table, it became clear that we’d need to be able to move between friendship and business mode.

Colin and Charlie, two college mates, and I collaborated on this project. Colin is an attorney in Dallas, TX, and as a result, he was able to handle all of the company setup and contract work that was necessary for such a start-up, saving us thousands of dollars. Charlie works as a part-time model and sells insurance in North Carolina. He was able to get us low-cost product liability insurance and link us with other distributors in the fashion business. Me? So, when it came time to find cologne in France or items from other countries, I finally got to put my International Business and French degrees to good use. In essence, we built our company, product, and alliance around the qualities of each other.

However, there was one thing we all lacked: understanding of the fragrance business. We worked through it instead of fretting about what we didn’t know and using it as an excuse to not go ahead. In reality, not being bound by what we believed to be the industry’s “status quo” became a strength of our product. We are not your guys, and Moonshine is not your perfume, if you want a celebrity endorsement or a half-naked man hawking cologne to you.

(THREE MONTHS – SIXTH MONTH)

RESEARCH/TESTING

It’s one thing to have a brilliant concept, but it’s quite another to determine whether or not that idea is marketable. We can easily access possible rivals, markets, and possibilities thanks to technology. Depending on your company strategy, a simple internet search will allow you to explore all areas of your business, including possible suppliers, distributors, retailers, and so on. You may also start estimating risk vs. reward at this point. Before proceeding with an investment, you should be able to correctly explain how much you stand to lose or gain.

It was time to go to work on some research. During our testing phase, we rapidly discovered that the majority of our target market (stores, press, critics, consumers, etc.) would not consider our product unless it was created in France. Despite the fact that quotations for creating the product locally were much lower, we ultimately chose to collaborate with a parfumeur in Grasse, France. This helped to establish trust in the marketplace.

This is also the time when making errors is acceptable. We requested samples from vendors in order to evaluate prospective bottles, caps, labels, and other items. We finally decided on a final product after several sample orders…

However, something went awry. Our bottle supplier ran out of our preferred bottle before we could place an order. All of our packaging, labels, caps, and the “look” of the brand had been developed around the bottle, thus it was a significant miscalculation. We ended up discovering a new bottle that we loved even more after exploring the internet and contacting suppliers all over the globe. What now seems to be two quick phrases was really two months of cold calls, doubt, and irritation. To put it another way, expect the unexpected. Take on issues one at a time, and don’t allow a single issue derail the whole ship.

We created a basic Excel spreadsheet to examine our risk vs. return after acquiring final estimates on the cost of cologne, bottles, cartons, caps, and all of our other supplies.

At the end of the day, the figures made sense (down to the dollar, actually). It was time to take the next step.

COMMITMENT

It’s time to put your money where your mouth is–seriously–after rigorous consideration, discovering the correct business partnerships, and proving the feasibility and potential return of the concept. You’ll continue to let time, job, family, friends, weekends, and relationships push aside a potential gold mine of an idea until that money is put on the line. I genuinely discovered this crucial business lesson while running marathons. I never truly trained that hard till my race money was paid. In business, it’s the same way–once you’ve laid down the cash, your first inclination is to figure out how to get it back.

We opened a bank account and set up an online banking profile for everyone in the partnership (transparency). In addition, we set up our email accounts and websites so that we could all see each other’s profiles and see what was going on with each partner. Of course, this is a personal preference–the majority of us travel so often that we wanted to be able to rapidly access each other’s accounts if we needed anything urgently. Every relationship and company, on the other hand, is unique, and privacy and trust must be handled and maintained.

(MOUNTAINS 6–9)

FULFILLMENT

It’s time to get down to business.

We chose Greensboro, North Carolina (Charlie’s hometown) as our base of operations. We had free storage (in Charlie’s parents’ basement), and Charlie’s flexible work schedule enabled him to handle fulfillment and shipping. We decided that doing the actual work of filling, bottling, and packing ourselves would be significantly cheaper, so Colin and I traveled to Greensboro to help Charlie. Furthermore, this notion, this side company, this grandiose fantasy of a plan had evolved into more than simply a financial investment–it had become an experience. We all wanted to be there when that first bottle was created.

Then there was the job, which was plenty! We were now in business after a long weekend of bottling stuff, taking images, establishing a website, and drinking a few beers.

LAUNCH/SALES/PUBLICITY

Now that you’ve created a product and a company, it’s time to spread the word. This is the moment in your life when you will hear the word “no” more than you have ever heard it before. In my last essay, I said that I set a target of obtaining at least 10 “no’s” every day to ensure that I was working hard enough. People will always knock down your ideas, depending on your line of work. Make use of that bad energy to create something good.

We set to work reaching out to businesses and media sources with our merchandise in hand. Let’s face it: cold calling is difficult, but it’s a necessary evil. Continue to follow up with phone calls, emails, and other methods until you get a yes–or no.

Fortunately, we knew this was going to be a good concept from the start. We’d set our sights on the best independent men’s shops throughout the nation, and after only a week of sales calls, we’d gotten our product in over 80% of our target retailers. This was not the outcome of slick sales methods; rather, it was the result of our painstaking investigation and testing. Finding the proper customer, not selling the goods, was the most difficult element of the sales process in the end.

In terms of publicity, I believe that a strong internet campaign is more effective than the conventional routes of magazines, newspapers, and television these days. Getting a place on the TODAY program, of course, never helps!

It’s also crucial to understand your limits. Macy’s isn’t pounding on our door, and it shouldn’t be. From the beginning, we realized that the location of our product was just as crucial as the product itself. We’ve set ourselves up for larger objectives down the road by defining success in manageable parameters based on branding rather than purchasers.

(MONTHS 9 AND UP)

Once the engines are running and the boat is going, someone must continue to direct the vessel. You may fast recover your investment and generate a profit with a good sales and PR strategy. Things, on the other hand, might quickly deteriorate. CEOs, managers, and entrepreneurs who are successful are those who can handle day-to-day work while keeping an eye on the broader picture. Building connections, keeping consumers happy, and being inventive are all essential components of long-term success.

We’re working hard to grow our brand now that our endeavor has been a success. We’ve built a backup plan to manage fulfillment via a third-party provider after realizing that a significant order from a major supplier or partnership may take weeks to complete. In addition to Moonshine, we are working on Speakeasy – An Intoxicating Aroma, a women’s fragrance that will be released next year.

However, here’s the bottom line: I keep telling myself that success is entirely up to us. We determined early on in the process that if we could build something we were proud of as a team, regardless of whether or not external forces agreed with us, it would be a success. We were already a success if we walked away with nothing more than a nice narrative about our semi-successful business enterprise. Fortunately, our tiny plan has proved to be much more successful than we could have imagined–but our sights are still on the “grand victory.” Sephora? Nordstroms? We’ll have to wait and see.

We earned our success, stories, experience, and so much more in the end. There’s a good chance you’ve come up with something even better. Today is the day to get things done. Take it from me: you’re well worth the money.

This article will take a look at the “business statistics case study examples with solutions pdf” and how it can be used to help small business owners.

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