Learning the hard way!
Updated: Aug 13, 2019
Last year after only a few weeks of trading, we committed to exhibiting at the National Wedding Show at Olympia. We thought as a new business this would be an excellent opportunity to showcase our exciting new brand, however this turned out to be a costly affair.
Aside from the stand cost (which was a considerable and thought through investment), we knew there would also be a power cost, but hadn’t anticipated just how much, and this wasn’t clear until after the initial paperwork was signed and sealed.
On top of this the space we had originally committed to, was changed too, in our opinion a less favourable one, and unfortunately there was nothing we could do about it. There was a clause in the contract we signed to say they have the right to move you to any other position within the event.
We couldn't believe it, we had just started this business and already we were burning through all the cash reserves on additional costs, and a location within the event that we weren't entirely happy with.
All was not lost, we made some great friends Pop Ice, which funny enough is another ice cream business (we should be rivals!!!), we also secured a couple of bookings including one with the Antigua and Barbuda Tourist Board and had fun across the three days. Some of our close friends also came to help out.
Another learning we took away from this was around our pricing strategy which in hindsight set out a little wrong and probably on reflection, out priced ourselves (mainly because we were trying to claw back all the money we had shelled out to be there), but you live and learn.
Here's a few things we learned from that event; 1. Get power cost/s up front for the exact spec you need 2. Check terms and conditions, there are always going to be these types of clauses it’s just
down to you to decide if the gamble is worth it 3. Everyone and every business makes mistakes, pick yourself up, learn from it and crack on
4. What’s done is done, you will be more savvy moving forward