In a recent episode of Let's Talk Shop, host Therese interviewed Myfanwy Gloster and Tom Gloster from Glosters Pottery, a thriving retail business. With their experience in wholesale and a successful trade show under their belt, Myfanwy shared valuable insights on growing a brand in the retail industry. In this blog post, we'll explore three key takeaways from their journey, providing valuable lessons for aspiring entrepreneurs and established business owners alike.
1. Embrace Wholesale to Scale Your Business:
One of the first insights Myfanwy shared was the importance of embracing wholesale to scale a retail business. While Glosters Pottery initially started as a small craft shop with a coffee corner, their pottery gained popularity, leading them to open a designated craft pottery shop. As their pottery became more sought after, the team decided to focus on wholesale as a means of expansion. By exhibiting at trade shows and connecting with potential buyers, they experienced exponential growth, with their stockists increasing from 10 to an impressive 70 within a short period. This highlights the power of wholesale in reaching a wider audience and propelling business growth.
2. Leverage Crowdfunding for Business Expansion:
During the episode, Myfanwy mentioned that Glosters Pottery underwent a crowdfunding campaign to raise funds for their business expansion. Originally planned to cover the costs of a new electric supply, the campaign ended up being a catalyst for something bigger. They relocated their workshop to a spacious 2000 sqft unit, but even that space is proving to be insufficient. This decision to crowdfund and move to a larger space exemplifies the importance of being adaptable and open to new opportunities. By successfully leveraging crowdfunding, Myfanwy and her team were able to make the necessary improvements to support their growing business.
3. Trade Shows - A Platform for Success:
Attending trade shows can be a game-changer for retailers, and Myfanwy discussed her experience at Glosters Pottery's first trade show. She admitted that it was like walking into the unknown, but the results were remarkable. The exposure gained from the trade show significantly increased their stockists' count, putting them on the path to surpassing 100 stockists in the near future. Myfanwy also highlighted the importance of being prepared and understanding the art of selling yourself effectively at these events. The experience taught her that trade shows are hard work and require a proactive approach to make the most out of the opportunity. Moving forward, Glosters Pottery plans to participate in future trade shows, armed with new products and a better understanding of the workload involved.
Glosters Pottery's story is an inspiring example of how a retail business can successfully expand through wholesale, crowdfunding, and trade shows. Myfanwy's insights provide valuable lessons for entrepreneurs aspiring to scale their own retail ventures. Embracing wholesale as a growth strategy, leveraging crowdfunding for expansion, and utilizing trade shows as a platform for success can propel a retail business to new heights. By taking these key takeaways to heart, business owners can make informed decisions and navigate the challenges that come with growing a successful retail brand.
Aspiring entrepreneurs and established business owners alike can learn from Myfanwy Gloster and her team at Glosters Pottery. Their journey serves as a testament to the power of innovation, adaptability, and seizing opportunities in the retail industry. So, whether you're considering wholesale, planning a crowdfunding campaign, or exploring trade show opportunities, let Glosters Pottery's story inspire you to take that next step towards growing your own successful retail business.