How to build a recipe for start up success
Persistence and product integrity proved to be the secret ingredients for a Sydney based cupcake retailer.
Company founder Anna Eden’s story started 12 years ago when she was in England operating a catering and experiential events company. She then moved to Sydney in 2010 where she decided to start her own business. The Classic Cupcake Co. was born—or if you like, baked!
Anna was motivated to start her own business for several reasons. “I was inspired by my passion for fine culinary arts and the history of working with food and people”, she recalls.
But you need more than just passion to be successful in business. Starting a business requires two main ingredients: confident decision making based on market research, and enough capital to make it happen. A good gut instinct helps, too.
Anna thought she had both. “Once I’d made up my mind to start, I had suppliers in place, a shop location, and a team of employees all within three months and ready to go.”
But at the eleventh hour her investor thought the markets were about to change and decided to stop investing in retail ventures.
Anna was facing a tough choice: continue with the business and seek funding elsewhere, or decide to turn off the ovens. She was confident in her ability to build a successful business and knew that her product integrity gave her a competitive edge—her cupcakes are made with pure vanilla, Belgian chocolate, natural colours, free-range eggs and world-class Willie’s Cacao.
So she turned to ANZ and their lending pledge.
“I found an ANZ Small Business Specialist who truly believed in me and my business,” she says. “Without the loan I would not have been able to set up the first store. It has been the platform for our growth and we are now, two years later, ready for the next stage.”
Anna’s business plan includes opening additional locations across Australia and growing The Classic Cupcake Co. into a recognised household name.
To see how Anna and her team are faring, drop by the shop at 167 Avenue Road in Mosman, New South Wales, or visit them online.
Want a recipe for success? Anna shares these business tips.
- Get endorsements for your products—testimonials from experts can really build your reputation. Have this person talk about your business so you can quote them on your website or promotional material.
- Create a business plan and prepare your action steps. Review your plan at least quarterly.
- Build contingency plans so you have a back-up strategy if your original one doesn’t work out. Don’t be afraid to change your plan.
- Pay attention to the little details, like what you are spending money on.
Give your business the best possible chance to succeed by being able to adapt and adjust to unexpected conditions.
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