Small business profile: An artistic way of living off scraps

Many people dream about developing a business around their hobby, although few realise that dream. Of those who do, fewer still make a go of it. But Christina Doré, 50, has done just that with her craft centre business, A Maze of Memories.

The business was set up in 2006 with two other founders but is now owned exclusively by Doré. And, indicative of her dogged determination, the registered nurse has developed her business while still fulfilling clinical training duties within the NHS for three days per week.

The craft centre carries a large range of materials for the hobbies of card-making and scrap-booking in its retail shop. But perhaps the real secret of its popularity is the workshop and craft rooms that customers can use to pursue their hobbies.

"From the outset," says Doré, "I wanted to create a craft centre where customers could practise their craft skills as well as buy craft materials." And this approach has proved popular: around 75 per cent of her customers actively use the centre.

The business is open for drop-in sessions, as well as structured classes, at converted farm premises in Buckinghamshire. One driver for her business philosophy comes from her experience as a health visitor.

"I saw that many women felt guilty about taking time out from family life for themselves, even when they'd lost a loved one. Creating a scrapbook of memories has great therapeutic value and the time out doesn't seem to carry the guilt factor."

Doré now offers a variety of friendly and inclusive courses across all ages, including special events, such as grandmother and granddaughter sessions.

The network of customers that the business has created is something that Doré works hard to foster and cultivate. For example, a weekly newsletter goes out by e-mail to all of her "regulars", with information about events and new products. And Doré actively seeks feedback and ideas for courses to run and products to stock.

"Success lies in providing what customers want, so they come back," says Doré. "And business growth happens when they bring their friends, since about 80 per cent of our new customers come via personal recommendation." It's an approach any business owner would do well to emulate.

A Maze of Memories (01844 208996; www.amazeofmemories.com).

Jargon buster
Shareholder agreement
A document that defines the terms under which all shareholders in a company must operate – eg, the circumstances in which shares can be traded. The agreement is also used to protect the interests of "minority shareholders" such that some decisions will need the consent of more than a simple majority by stipulating the need for 75 or 90 per cent of shareholders to agree. Any company raising investment finance should have a shareholder agreement drawn up by a corporate lawyer.

Exit strategy
Investors don't make loans but rather buy shares in the business. That "equity finance" is used to grow the business so that the value of shares increases. The exit strategy is the mechanism the Directors believe will yield greatest value for investors when their shares are sold. Unless the company needs additional finance, sale of shares on public markets is unlikely – more common is a trade sale where the company is sold to another.

Questions please

Send your questions to Russell Smith at independent@businessboffins.com. Selected questions will be answered each month. Answers are for the general guidance of owner-managers only; always seek professional advice. Professor Smith is the founder of Oxford-based Business Boffins Ltd which, in collaboration with Oxford Brookes University Business School, delivers support programmes to small businesses nationwide. Independent and Independent on Sunday readers can enrol on the university-accredited programme at a discounted rate; see www.businessboffins.com/independent.

Interesting? Click here to explore further