Keys to running a profitable small business: successful entrepreneurs

Martha Ellen Mabry, a hairdresser who dropped out of college and moved to New York City to cut hair, admits she was “not ready” when she started her first salon out of her basement at age 21. The owners of two bustling Brooklyn stores told Business Insider. She said: “I didn’t go to business school, but I knew about her hair.”

After perfecting their flour tortilla recipe in their kitchen, the couple turned their pop-up breakfast taco side project into a thriving brick-and-mortar store with frequent lines.

“I think we both have strong entrepreneurial instincts, but we don’t come from finance or business backgrounds,” said La Tellana co-founder Gus May. He worked in the food and beverage industry for years and was laid off at the beginning of the pandemic, while his wife, Ana Maria Jaramillo, is a full-time pediatric speech-language pathologist.

Each of these entrepreneurs has evolved with their business, becoming increasingly business-savvy through trial and error. Still, they believe that some non-business strategies and mindsets contributed to their success. There are three here.

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1. Make effective use of (small) size

Fitzgerald, whose biggest competitor is Amazon and also competes with popular chains like Barnes & Noble, is working in far less space. Her 1,400 square foot store has limited inventory.

But she doesn’t think that’s necessarily a drawback. As a customer, it might be easier to walk into a space where you can choose from her 10,000 books instead of 10 million. The way she sees it, the sensory overload is lessened.

She also has the advantage of having a small, hand-picked staff.

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“What we seriously bring to the table is that we’ve read a ton of books, we have expert, intuitive opinions about books, we talk about books, and we go far beyond algorithms to match people with books. Our staff are very good at doing things,” she said. She added that some of her staff read more than 100 books a year.

Another benefit of running a small independent bookstore is that you can create a unique and memorable atmosphere.

“We’re keeping the old signage and it’s definitely a ’90s style situation,” Fitzgerald said. “I think people come into the store with slightly lower expectations than what they’re actually going to encounter when they walk into the store. So there’s a ‘wow’ moment for a lot of people, and they really enjoy that part.” I think. ”

2. Prioritize “people first” over “business first” on social media

Like many business owners, Jaramillo and May are using social media to grow La Tellana, noting that “a lot of the business is just on Instagram.” However, their approach to posting on platforms like Instagram seems to be a little different.

They describe their social media voice as “people first, not business first” and choose to feature photos of their employees and customers.

Most of the captions are written by May, who says, “He really writes from the heart.” Jaramillo said. “People read the captions, relate to the stories, share, post, and comment.”

By humanizing the content, May said, it gets more engagement than other business accounts with a similar number of followers, adding, “I don’t post as often, but I can’t believe the posts I do post.” “We get a fair amount of comments, impressions, and re-shares.”

It helped them connect with Mount Pleasant and the greater DC community on a deeper level, which made a difference.

“We were able to use this store as a way to build community, so we could bring in more people and benefit from buying a taco and being part of that community. ,” May said.

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Mabry has found success with a similar approach to social media. When she organizes photo shoots, “I don’t hire models. I use our staff, the clients,” she said, and it ultimately benefits both parties. . “They’re putting in their time, and we’re going to give them gift certificates and get them featured on our website. People can search for that photo on their phones and say, ‘This is what we do.’ I saw it on your website and I love it.’” This cut. I really like this color. ”

3. Creating an atmosphere of friendly staff that is conveyed to customers

Good customer service is what keeps people coming back, says Jaramillo: “You can have a great product, but if it’s the worst customer service ever, people won’t come back.” Told.

They want their customers to not only enjoy their tacos, but also share jokes and laughs with their staff.

“There’s a certain value to the human work that you get when you come into the store,” May said. “Not everyone is going to have this momentous experience, but there are enough people who like the vibe they get when they have this experience, and that’s part of who they are.”

Mr. Jaramillo and Mr. May have established a culture of respect among their staff. It “first and foremost affects interactions between staff, but also with customers so that they feel respected.”

When it comes to retaining good staff, Nieter has a strategy. He offers flexible part-time work, which he said is especially attractive in a place like Los Angeles, where “everybody has three different side jobs.” “‘Tennis Pro’ is a great position for aspiring actors and aspiring writers to have a flexible schedule and make enough money for some spare time, then do other things.”

Mr. Nieter also prioritized creating a work environment with a “special atmosphere,” he said. “It’s a cool place and the customers are great, so staff often stay longer than necessary.”