Small and medium sized businesses face unique challenges on the road to success. With access to sound business information and the implementation of innovative strategies, however, entrepreneurs can overcome hurdles to growth and profitability.
Premium candle manufacturer, Goombay Labs, is reaping rewards after only one year of business as a result of using a lean business strategy that involves tapping into the resources available on the Bahamas Trade Information Portal. Goombay Labs is the brainchild of entrepreneur Travis Ferguson whose observations of how scented candles made people more upbeat, open and conversational led to its launch. The goal of the company is to spread “optimum happiness”.
After conducting research on his concept he applied his university training in Business Administration and Computer Information Systems to develop a line of premium hand-crafted scented candles. Some of the company’s irresistible scents include “Nassau Sunshine”, “Lucayan Dream”, and “Passion Fruit & Guava” which are available in 4oz and 8oz sizes. In addition to candles, Goombay Labs also manufactures organic lip balms, natural salt scrubs, and other items that can be categorized in the personal care market.
As a young business person, Ferguson sought to keep his expenses at a minimum and decided against a brick and mortar establishment. Instead, he developed an e-commerce website that is backed by the Bank of The Bahamas’ secure online platform. He also ensured that his risks were small and recoverable and designed his business so that it would be able to easily scale up or down to meet demand. Within five months of starting operations this strategy paid off and the company is now operating in the black.
Contact: Charo Walker Phone: (242) 322-2145