The Hustler's Digest StaffFrederico Panetta is managing to run an increasingly profitable private label packaging business through the pandemic despite lockdowns, countless job losses, and economic sanctions. Many businesses have come and gone in the past few months, Frederico explains how being an essential service in Canada is fundamental to maintaining an upwards trajectory in sales and demand.
Starting a Successful Essential Business — In Frederico’s Words
Having a business is one thing, but building one that will endure the test of time, especially during the pandemic is extremely important for long term success. Frederico explains, “I’ve always felt that you need to have a product that fulfills an essential need that is crucial to day-to-day living, this makes it easier to have the type of sales volume it takes to seriously scale a business consistently. Depending on your market, your product could be in style today, but gone tomorrow.” This is one reason we’ve seen many businesses close in the past few months, if it’s a want and not a need, it’s difficult for people to invest their money into it when they don’t have any.
Gould Industries Is Within An Evergreen Niche Despite The Pandemic — How Demand Increased Despite Global Decline
In light of the pandemic, many businesses didn’t make it through the past 6 months, one area Frederico’s company Gould Industries really shines is by being in a niche that is needed regardless of the circumstances. He believes that by having a product people need and providing them with top-quality service ensures a business’s long-term survival. “One of the key elements of being an essential business is to provide the product to the consumer quickly and being a reliable supplier your customers can rely on. Great service and efficiency is key, with a quality product being an absolute must.” Frederico says.
In closing, Frederico gives a set of practical tips he wishes he knew when he was just starting a business. Sometimes it can be daunting to make the first move on a new idea or dream, guidance from mentors can make the journey easier.
Tip #1 “Pay attention to your competitor’s moves.”
Tip #2 “Be competitive right off the bat.”
Tip #3 “Don’t be afraid to cold call.”
Tip #4 “Create trust immediately.”
