Posted on : 2024-03-10 19:10:24
Article : Good Morning Monday Solution for TASK 284- Mark’s Lord Coconut outlet location value and his passion with business ideology made him to achieve success.
Outlet location played pivotal role for Lord Coconut’s business success---Pursuing his business interest Mr Mark started scouting for a good business location to establish his retail outlet. One of the most difficult things he encountered when setting up Lord Coconut was finding the right premises. There was a lot of choice at the time, whether to open on street level and commit to a high rent when the business was unproven or open upstairs (vertical retailing) at a far lower rent (but less or no foot traffic) and take a more conservative approach! Once decided to open upstairs then he needed to decide whether to open in an established shopping centre where his opening hours would be dictated by centre management, or open in an office building where he could set his own opening hours.
At that time city of Melbourne was pushing vertical retailing as a concept to a greater level. Understanding MR Marks business option, they sanctioned a $30,000 start-up grant. It helped Lord Coconut to establish and as well supported another 20 micro businesses (the jewellers) some of whom were already present in the City of Melbourne.
Forming similar business communities are key for certain unique business operations.
Being a small or say micro business, he understood that it was important to form relationships with other small business owners to bounce idea off, offer support to and of course discuss issues in relation to owning, managing and running a small business. He was one of the founding members of City Precinct which is a Council funded organisation representing about 100 small businesses based within the Hoddle Grid.
Apart from a small membership fee, the Council funds most of its activities through a yearly grant program, which allows local small artisans to run monthly networking meetings, special events, promotional opportunities. Over the six years running of Lord Coconut he has been on and off in the executive committee, which has allowed him to form lifelong friendships with other small business owners. small business owners are also happy to refer customers to other small businesses that they like and respect. “They usually feel that if someone has taken the effort to come into your own little unique store and if you don't have what they want it’s better to refer them to someone you know and trust rather than leaving them on their own”.
Within the contemporary jewellery scene- Pieces of Eight, Gallery Funaki, Corky Saint Clair, Arbour, Studio Ingot and Lord Coconut support local jewellery designers and artisans, so, are always happy to refer customers to each other when needed. Mark’s store currently represents over 40 local jewellers, designers and artisans and these individuals are a big part of what makes and what we do so special. Over time, Mark’s Lord coconut has become known as the pre-eminent men's jewellery store in Melbourne- Australia, so potential suppliers tend to find this store.
Lord Coconut store is already part of the LBGTQIA+ community and seen as a supplier who already has a relationship with the LBGTQIA+ community rather than someone who will be purely chasing the extra dollar. In fact, Lord Coconut already has many same-sex couples as customers and it has involved in their wedding so in one sense it will be business as usual.
This is how sustaining passion and perusing ideology Mr Mark Boldiston has initiated as an uncommon business and succeeded to a great extent in Exclusive Men’s jewellery.
END POINT- A new business entrepreneur should preferably think out of box and take a chance but with passion, persuasion and great efforts with a single aim of success. With the good product, promotion and word of mouth you don't need to be on street level if you are opening a retail store.
When someone offers advice, listen carefully and say thank you; after they walk away, digest what they have said, ignore 95% of it, but take away those magic little snippets of wisdom they may not even realise they gave you. Get involved with as many external events as possible that fit your business model as they are usually a cheap way to reach a far wider audience than you could afford on your own. Have confidence in yourself.
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