My husband and I own a custom picture framing business. It is a mom and pop set up, but mostly mom. In addition, I buy and sell antiques. Eight years ago, I was given a key fob as a gift and that has given an interesting turn to our business.
I first contacted the Idaho SBDC in the Fall of 2007. We had been managing our business, The Nehemian, for 20 years. Our initial intent was to broaden our business base and to increase our income. Idaho SBDC helped me determine what we were doing well and to recognize areas needing improvement. The business was self supporting, had a good reputation for quality workmanship, and good customer service. Areas of improvement included: increasing customer sales, setting some tangible financial goals and refreshing the store. They asked me to identify what I loved most about my job which is simple — the ability to be creative. I left the meeting very encouraged and had a renewed enthusiasm.
I began to capitalize on my creativity and let it define our store. Idaho SBDC helped me project goals for growing the picture framing part of the business which is the bulk of our income and encouraged me to launch out with the key fobs.
On our own, we licensed the Boise State Bronco key fob with Collegiate Licensing Company. It was very well received but I made some crucial marketing mistakes. I did not personally deliver the merchandise or set up the display. These errors were immediately evident and corrected.
In March 2011 we launched the University of Idaho Vandal key fob. This we did entirely under the guidance of the Idaho SBDC. They gave me a formula to figure the breakeven point for our investment. This alone clearly defined my target. Together we created a marketing strategy. Six weeks later we have recouped two thirds of our investment and sales continue to be strong. Presently we are gearing up for football season and focusing on possible wholesale accounts. The initial success of the Vandal key fob has fostered new interest in our other designs, 12 in all.
Idaho SBDC has instilled in me that the size of my business irrelevant, but rather; it is how smartly I manage my resources. I have always been very low key about our business but with their encouragement I am networking with other business owners, promoting my business at every opportunity and visiting other businesses. I am actively pursuing new ideas. Most importantly, I am clearly focused on my goal. With the direction of Idaho SBDC, our business is growing even in an economic downturn.
Nancy Tyrrell, Owner – The Nehemian
