 There's lots of room for growth in the ferret market |
Setting up your own business can be a fulfilling experience.
But if you can turn a hobby into a career, there's a good chance you can enjoy it as well!
Professional photographer Karen Parker's life changed when she acquired her pet ferrets, Bingo and Bongo.
"I found that you couldn't buy anything to show that you love ferrets," she says.
A search on the internet revealed some US retailers, but nothing in the UK. Karen saw a gap to be exploited.
Commercial potential
"It's a fantastic little market, and I thought: 'What an opportunity.'
"I decided to start my own business, trademarked it, set up a website and haven't looked back."
The result is Ferrets UK, a web-based retail operation that also serves to promote ferrets as a fun and loving pet.
It might seem a novelty, but Karen has thoroughly examined the commercial potential of the business.
She did lots of research on the internet and was aware that the profile of ferret owners is changing.
Female ferret fans
It's estimated that there are more than one million pet ferrets in the UK, and they're no longer the preserve of flat-capped Northern men.
A survey last year showed that young, single people - particularly women - are just as likely to be found with a ferret.
Karen has gradually developed a range of products that are "visual and appealing and things people can use everyday".
It includes mugs, T-shirts, calendars, tie clips and other items, all presented in a light-hearted way.
"The British have a great sense of humour and love animals, and what I do combines both," she says.
However, she has encountered a problem common to niche businesses - finding the right suppliers.
"A lot of businesses are not geared up for small businesses," she explains. "Their minimum order might be �500.
Small quantities
"Some of my orders are for �20 of something or 30 units. It's been a lot of graft and I couldn't have done it without the internet."
Karen used the web to locate suppliers for each item and then found out if they would handle small quantities.
 I can trade 24 hours a day on an international basis just with me and a couple of ferrets.  |
She has had some outside help - advice from Business Link in Buckinghamshire and �600 from Trade Partners UK, which supports firms with export potential. But it's largely been a one-woman effort.
"It's like creating a brand from scratch. It's entirely feasible to do it all yourself and you have so much more control then," she says.
Customer service
"It's amazing what you can do if you think through everything from the branding to the packaging, how you send out products, the customer service.
"But without the internet, I would not have the business and I would not have customers in America, Denmark and Germany."
"I can trade 24 hours a day on an international basis just with me and a couple of ferrets."
Karen also believes that the upbeat tone of the website should be reflected in her customer service.
Goods are despatched by return post, and packages often arrive bearing stickers marked: "Sent by Ferret Express".
In fact, earlier this year, Karen won the customer service section of the Small is Beautiful awards organised by mobile phone operator Orange.
Mainstream
Her next challenge is one that faces many small, niche businesses.
She wants to go more mainstream, and hopes the vehicle for this transition will be a series of children's stories called Ferret Tales.
Karen is currently looking for a publisher, but says the books have tested well with children - in fact, the idea came in response to suggestions from young customers.
She admits Ferrets UK is not a huge moneyspinner at the moment, but she is keen to develop it - and she thoroughly enjoys the work and the contact with other ferret lovers.
"It's a business that's got legs, but it's also got a tail," she jokes.
Student Guide
Karen Parker has turned her hobby into a business - a small one, but it's a start.
When Bingo and Bongo came into her life, they took over. A quick look at her website will show you why.
Karen's market research showed her that the average ferret owner is changing.
The old chap in the corner of the pub, who uses his ferret to catch the occasional rabbit, is no longer the average.
He wouldn't have made much of a market for Karen's business.
The new ferret owner is young and single - and more often than not, female.
What do you buy the young, female ferret owner for her birthday but a ferret novelty!
Karen's website is full of them. They range from the cute to the tacky!
The website reassures the customer with the note that the content of the paperweight isn't real!
With over one million ferret owners, there is plenty of scope for growth.
Just think...
Why do you think that ferret owners make a good niche market?
Look at the website and find out what sort of products Karen is selling.
Developing a brand
The website has a fun feel. Ferrets are at the centre of lots of little jokes and there are all sorts of snippets of information for ferret owners.
Karen wants to make the image that she has created run throughout the business.
She turns round orders in 24 hours. The packaging is carefully considered and they often go out with Ferret Express stickers attached.
Just think...
Make a list of words that you would use to describe the Ferrets UK brand.
Has Karen got a unique selling point?
What sort of customer do you think it would attract?
How could Karen develop the business's "fun" image?
Running a niche business
As a photographer and ferret owner, Karen has a great advantage. She can create the images for many of her own products.
The website is full of products which feature Bingo and a few of Bongo. Let's hope he's not jealous of his starring brother!
Karen had to find businesses that would turn her pictures into cards, paperweights and all the other things on the website.
Sales in a niche market can be small and a new business won't want to buy enormous stocks of products when it hasn't really tested the market.
Many suppliers don't want to produce very small runs of a product - and Karen and her customers might not be able to afford them, even if they did.
The internet proved invaluable.
Karen found businesses she could work with - ones that were prepared to be flexible and produce at a level that worked for her. Their flexibility may work in their favour because as Karen's business grows, she will probably go back to the companies that had helped her.
Karen found customers from across the world. People from America, Denmark and Germany buy her products and her business works 24 hours a day. People have started to notice Ferrets UK.
Karen won the customer service section in the Small is Beautiful business awards organised by Orange.
Just think...
Why is it expensive to produce very short runs of a product?
What other advantages are there for a flexible business?
The web can be wonderful but people have to know you're there. What has helped Karen let people know about her business?
Growing a niche business
The biggest challenge for a niche business is to grow into a segment. Not all businesses do this.
The niche is just right for some businesses but many entrepreneurs want their businesses to grow.
Karen has some plans. Ferrets UK doesn't make lots of money at the moment and she'd like it to develop.
She wants to produce ferret stories for children. Again, her photographic skills will play their part. The idea came from young customers.
Just think...
What sort of businesses tend to stay in their niche?
What else might Karen do to develop her business?
If the business is to grow, Karen will have to diversify because there is a limit to the ferret market. What could she do?
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