Briefly tell us about your business and how you
got started.
The idea for babybuds developed when I gave birth to my
daughter Olivia in 2001 and was inundated with gifts of fresh
flowers, designer baby clothes and toys from family and friends.
Like most new mums I appreciated everyone's generosity but
nonetheless left the flowers at the hospital when we went home
and quickly realised that, despite the cuteness of the designer
clothes, what Olivia really needed was the practicality of basic baby
clothing.
I decided to create a gift with a "wow factor", which combined the
romance of flowers with the practicality of essential baby clothing.
What have been your major achievements?
Beginning with an idea and developing my idea into a successful
company that I am very proud of.
What have been your major challenges?
Understanding cash flow was a large obstacle for me. I am not a
natural at it and have had to work very hard at reading Balance
Sheets and Profit & Loss statements and understanding how cash
flow works.
Who has been your greatest mentor?
I have had a few great mentors and believe that mentors have
added an amazing amount of value to our business. Lynden Payne
of SME Business Mastery was my mentor for two years and we
saw our business prosper greatly during this period Lynden's two
partners, Matt Chapman and Mark Richardson also contributed a
lot of wisdom and all three helped us take a wholistic view of our
business. Annette Robertson has been our marketing consultant
for three years and has been a wonderful marketing mentor for
me.
How do you stand out from your competitors?
We stand out from our competitors by sticking to three key
values: innovation, quality and customer service. These are the three
things that are essential to everything that we do. 1) We aim to
always bring innovative products and services to the market. 2) We
work to ensure that everything we do is of the highest quality so
that our gifts have a big impact on the recipient. 3) We ensure that
we provide excellent customer service to make sure that customers
are happy with their purchase and tell others and purchase from us
again.
Where would you like to see your business in
five years from now?
I would like babybuds to be the company that everyone thinks of
when someone has had a baby.
What are your Top Five Strategies for Success?
- Know your point of difference & customer;
- Always have a business plan;
- Know & understand all of your financial information;
- Surround yourself with a great team;
- Have a 'failure is not an option' attitude.
Mother-of-two Charmaine Papallo started the business when she was
invited to a baby shower and took along a bouquet of baby clothes she had
made to look like a bunch of flowers.What started out as a fledgling homebased
business four years ago has turned into an internet-based operation
with an annual turnover of more than $1 million.
Babybuds now employs 20 staff and enjoys 30 per cent year-on-year
growth. For more information:
Phone: 1300 550 724
Email: charmaine@babybuds.com
Web: www.babybuds.com.au
