In case you hadn’t noticed, cupcakes are so ‘in’ right now, and husband and wife team Alex and Angela Perry were at the forefront of this sweet trend when they established The Cupcake Bakery.
The pair of engineers turned their two-bedroom apartment into a cupcake bakery, and started out by selling their iced treats at the local weekend markets. Before long, (and before they even had a retail store) they were considered leaders in the industry. Next came their first store in the Sydney suburb of Paddington, in which they spent every day baking, decorating and selling their cupcakes, as well as making coffees and doing deliveries.
Fast-forward a few years and the pair has opened numerous stores in Sydney and Melbourne, has franchised the business, and has a team of great staff working for them, allowing them to take a step back and enjoy more time with their daughter.
Alex Perry shares some short and sweet tips for business success with Dynamic Business.
Q. How do you suggest small business owners best manage the transition into becoming a medium-sized business?
The best way to manage the transition from small to medium sized is to never lose sight of the bigger goal. You’ll have spent lots of money to get to the next level, but you must have the confidence in your brand to keep expanding and stay ahead of the competition and to make sure your brand is the most prominent in that space.
Q. What are some essential traits you think an entrepreneur needs to be successful?
To be a successful entrepreneur you need to be very focused on the goal and have nerves of steel. Business will crack some of the strongest people, so you need to have confidence in your brand and be quick thinking if things don’t go to plan.
Q. Is there another entrepreneur or successful business figure you look up to? If yes, why?
A successful business figure I look up to is Frank Lowy, he is self-made, humble and has built a business that has a huge competitive advantage that will go on for the next 100 years.
Q. Looking back, what’s the most important lesson you’ve learned about starting and growing a business?
Take a chance, trust your instincts and follow the plan. Never pay more than you have to, for anything.
Q. What tips do you have for getting through the difficult times, such as when consumer spending is down or you’re having cash flow troubles?
Remember why you’re successful and tell people about it.
You can read more of Alex & Angela’s story in the mobile version of Nokia’s online book, In Hindsight.