Wednesday, February 12, 2014

Diversify Your Sales Base Through Exports

Lauren Levy, president of Magnificent Baby has six full-time employees and just over $5 million in annual revenue.  But its turbulent start taught Levy a lesson about how important it was to establish a diversified sales base for the company's infant and toddler pieces, which sell for just under $30 each.
She realized that getting a toehold in some international markets could have a big impact on revenue. "For instance, California was contracting at one point," she said. "The easiest way to replace the sales was to export."
According to Crain's New York Business, Magnificent Baby now sells its goods through shops in Puerto Rico and 20 countries outside the U.S, including Mexico, Saudi Arabia, South Africa and the U.K.

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