Today marks my five and a half year mark in business with my Petite Seats brand. It has truly been a journey of perseverance, trial and error, leveraging strategic partnerships and just plain ol’ git and hard work. Today, I can confidently say our hard work has resulted in dominating the children’s party rental niche as an influencer. I feel confident in my brand, yet I’m unsettled in my company’s market share. So what’s a market share you ask? Simple, its the portion of a market controlled by a particular company or product. My goal has always been to dominate the NY + NJ area for high-end children’s event rentals. I have been purposeful in my branding, leveraging my ideal client, and my selected inventory. Which leads me to how I plan to increase my market share in the Children’s Special Events Rental industry.
“Market share is important to a business because the market is a pie and the bigger the slice of the pie the more profit potential. If a business is growing efficiently and continues to increase its market share they are keeping their competitors from taking business from them.” Source
When we discuss market share we are not only speaking of market dominance but also an increased familiarity with my brand which should lead to an increase in my profit coffers. To increase our market share I decided I had to make a sourcing trip to China… Guangzhou to be specific. I attended the Canton Fair Phase Two and was able to source each of the dozen chairs I have been trying to get wholesale.
Not to be facetious, but Petite Seats is the shit! I am manifesting all the things I asked for in business.
I will be leading a trip to China in August or October, depending on my lil’ job. My goal with this trip will be to share my experience in souring in China with a small group of like-minded entrepreneurs who are hungry to scale their businesses and increase their market share. Check out the details below.
