Sara Davies from Dragons’ Den Shares 7 Small Business Tip
Sara Davies, the newest investor on Dragons’ Den, started her own business when she was just 21 and still in university. Now, Crafter’s Companion is worth £35 million. Sara wants to help other entrepreneurs starting their own journey by sharing 7 valuable tips.
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Sara Davies started her journey as an entrepreneur while she was studying at the University of York. She got a First-class degree in business management. When she was still a student, she came with idea for Crafter’s Companion, a company that supplies materials for crafters.
Sara Davies started her journey as an entrepreneur while she was studying at the University of York. She got a First-class degree in business management. When she was still a student, she came with idea for Crafter’s Companion, a company that supplies materials for crafters.
While on a work placement at a small craft company, she noticed that there was a need for a tool that could make custom envelopes for handmade cards. With the help of her retired engineer father, she created a product called The Enveloper and sold it on a TV shopping channel. In just six months, she sold 30,000 units. By the time she finished university, her business was making £500,000.
Today, Crafter’s Companion is a big success, making £35 million in sales and selling its products in more than 40 countries. They have over 200 employees all over the world.
Even though she’s now a Dragon on TV, Sara Davies still runs her business with her husband Simon. They also have two young children.
1. It's important not to let your emotions steer your decisions
One of the most important lessons I learned was when our company was making £2 million a year, and a big stationery company, Helix, copied my product. My first reaction was to get a lawyer involved, but what I soon realized about the law is that once you start, it can get really expensive.
Our legal bills went up to £250,000, and I couldn’t sleep thinking about it. Looking back, I see that my emotional decision could have actually risked our entire business.
In the end, Helix settled the dispute out of court and stopped selling their product. But this experience taught me not to let my emotions take over in such situations.
2. Recognising your own limitations is crucial in business
When my husband, Simon, decided to leave his job as an accountant to help me with our business, he had some wise advice. He told me, “You shouldn’t be constantly checking what I’m doing. As an entrepreneur, it’s important to understand that you can’t be great at everything. Recognize your own limitations and trust others who are better suited for certain aspects of your business. Delegate tasks to those who excel in them.”
3. Offer a taste for free but don’t cut prices
If you’re a freelancer providing a service, consider offering a free sample to your potential client. If they like what they see, you can then discuss the full price. Don’t undervalue yourself right from the beginning. It’s important to give your clients a glimpse of the quality they can expect from your work before discussing the cost.
4. Don't hesitate to seek advice when needed
It’s important to remember that every business faces similar challenges, and people enjoy sharing their experiences. Don’t hesitate to ask for advice when you need it. Don’t be lacking in confidence when seeking guidance or insights from others.
5. Highlight & celebrate your strengths and positive aspects
Being a working mom, I often find myself stretched thin, especially when it comes to attending my kids’ school events. Instead of feeling guilty about it, I’ve learned to organize my life into compartments. When I’m with my children, I give them my full attention, and I switch off from work, including emails.
If I happen to miss something important, I don’t dwell on the negatives. Instead, I focus on my accomplishments and strengths. It’s important not to be too hard on yourself. One thing I avoid is trying to mix work and family too closely because it can lead to not doing either very well.
6. Don't allow your gender to define your identity or limit your potential
I received valuable advice from my fellow Dragon, Deborah Meaden, on Dragons’ Den. She once said, “If anyone brings up the topic of being a woman in business, I remind them that I’m in business, period.” It’s essential not to let your gender define you or limit your potential in the business world.
7. Strive to expand your company using your own funds whenever possible
Whenever you can, aim to expand your company using your own funds. This approach ensures you maintain control. Bringing in equity investors means you may have to make compromises and give up some of that control along the way.
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