Video: Narelda Jacobs meets a former lawyer who turned his nose to perfuming on The Brighter Side
Identify where the market is lacking
One of the first things that sparked Craig’s business idea was that he saw a gap in the market. “There aren’t a lot of perfumers in Australia,” says Craig, whose business heroes Australian botanicals. “As a creative, it meant this was a fertile place to step in and have a go.” The lack of local competition meant that he had a real opportunity to carve out a niche and innovate.
Be objective and assess your idea
As a lawyer, Craig was no stranger to assessing businesses that his clients wanted to invest in. It was his job to know the good and bad, and the weaknesses and strengths of the businesses. It meant that he was able to really look at whether his own business idea was solid and worth pursuing.
Understand the competition
“[You should] spend quite a bit of time on understanding the competitor landscape,” says Craig. Analysing your competitors will help you identify your point of difference, ensuring that your offerings are both competitive and distinctive. In-depth knowledge of what others are doing allows you to highlight what sets you apart and capture the attention of your target audience.
Make a business plan that’s focused on customers
Craig knew that building a base would take time and that people needed time to trust him. He found that once people saw that his products were good, his plan started falling into place. “The aim of attending trade shows was to work out the right alignment on quality, develop networks with extremely talented people in adjacent fields and then, hopefully, find some buyers. I got all 3 of those things.”
