Free daily tips, info, advice, ideas and examples from real businesses
and personal experience starting, operating and growing businesses of my own.
Referrals are important to the health of your business. Customers and clients talking about the products/services you provide is better than free advertising.
Increasing the number of referrals should be one of your major concerns. And there are some simple things you can do to get more referrals.
Example: Tom runs a small print shop. The technology of printing continues to advance, and this squeezes Tom's operation. He realized some time ago that he must target certain types of printing jobs--quick turnaround, small and medium color runs. To find new customers, Tom started attending more networking events. In addition, he began aggressive followups with present customers--calling them and asking for referrals. He got some appointments and visited them. Not all resulted in new jobs. Enough turned out well, however, convincing Tom that he was on the right track. Over time, Tom increased his customer base.
Getting more referrals should be part of your selling strategies and promotional initiatives.
Example: Danielle owns a hair salon. To increase referrals she hands out gift certificates to current customers. She writes "From (and the customer's name)" on each gift certificate. It is to be passed on to some friend or acquaintance. For their trouble, she gives the customer a discount on their next appointment. This has had the effect of bringing new customers to Danielle's salon.
Example: Tina runs an upscale gift shop. Almost everything in her shop is handmade by artists and artisans--jewelry, women's accessories, pottery and ceramics, wood, leather and iron ware, etc. Instead of business cards, Tina hands out postcards, including them with every purchase. The post cards have a color picture on one side. The other side shows the shop's address and contact information along with a discount coupon against future purchases. She hands these out freely, frequently giving shoppers and browsers several at once, and asking them to pass out among their friends. The color picture is the key here--people can throw away a business card, but an attractive color picture is kept and passed to others.
These examples are simple and inexpensive ways to get your present customers to refer others to you. Whether you use postcards or Facebook, the end result can increase the chatter about you out there where it counts.
Referrals take place naturally. They are part of human interaction--whether it's over a cup of coffee or on Facebook. But you can do some things to speed up the process.
Friday, September 19, 2014
Thursday, September 18, 2014
Advice good and bad
Free daily tips, info, advice, ideas and examples from businesses
from my lifetime of starting, operating and growing businesses of my own.
Advice is everywhere. It comes from everyone. As a small business person, you are bombarded with advice.
Most advice has little value. It comes from people who have never run a business.
Example: Back in the early 1990s, I joined a local Small Business Development Center (SBDC) as a business counselor. At that time, I had experience in starting up and operating three different businesses. I was appalled to learn that most of the business counselors in that state's SBDCs had never run a business. They had experience in education and government, but no background in actually running a business. I could only imagine the advice they struggled to give to the people who came with real problems. Unless you've experienced it, you cannot relate to the acid burn that happens in your stomach when the cash flow stops flowing. Well, I lasted two years at that SBDC, leaving to establish the private Business Owners Institute in New Jersey. My first rule was that every employee must have run a business before being hired.
You deserve the best advice you can get. Frequently the people offering advice do not have the experience that makes it valuable. Would you hire an electrician who had read all the manuals but who had no hands-on experience?
Example: Candy watched as her gift shop went downhill--sales dropped off over a two year period. She sought out an attorney who advised bankruptcy. Her accountant concurred. Then she met a business woman at a networking event who showed Candy how she might turn around her operation. Candy took the advice to heart--she would target well-heeled customers by offering gift items handmade by artists and artisans. She held a big sale to reduce and clear out her old stock. At the same time, she contacted jewelry makers, weavers and fiber artisans, wood turners, glass workers, potters and ceramicists, even furniture makers to make arrangements to display and sell their items. She held a big grand re-opening of her gift shop, promoting the event by partnering with a local winery and a caterer. Today, Candy's gift shop is a very different destination, attracting a new customer base from a wider area than before.
Some of the best advice I ever received came from my father. He ran a large dairy farm, and I grew up milking cows and learning how to do the next thing. He once said to me: "If you don't know how to do something, find someone who does, and learn."
You deserve to seek out the best advice you can find. Maybe it works for you, maybe not. Your job is to sort it out. And never give up.
from my lifetime of starting, operating and growing businesses of my own.
Advice is everywhere. It comes from everyone. As a small business person, you are bombarded with advice.
Most advice has little value. It comes from people who have never run a business.
Example: Back in the early 1990s, I joined a local Small Business Development Center (SBDC) as a business counselor. At that time, I had experience in starting up and operating three different businesses. I was appalled to learn that most of the business counselors in that state's SBDCs had never run a business. They had experience in education and government, but no background in actually running a business. I could only imagine the advice they struggled to give to the people who came with real problems. Unless you've experienced it, you cannot relate to the acid burn that happens in your stomach when the cash flow stops flowing. Well, I lasted two years at that SBDC, leaving to establish the private Business Owners Institute in New Jersey. My first rule was that every employee must have run a business before being hired.
You deserve the best advice you can get. Frequently the people offering advice do not have the experience that makes it valuable. Would you hire an electrician who had read all the manuals but who had no hands-on experience?
Example: Candy watched as her gift shop went downhill--sales dropped off over a two year period. She sought out an attorney who advised bankruptcy. Her accountant concurred. Then she met a business woman at a networking event who showed Candy how she might turn around her operation. Candy took the advice to heart--she would target well-heeled customers by offering gift items handmade by artists and artisans. She held a big sale to reduce and clear out her old stock. At the same time, she contacted jewelry makers, weavers and fiber artisans, wood turners, glass workers, potters and ceramicists, even furniture makers to make arrangements to display and sell their items. She held a big grand re-opening of her gift shop, promoting the event by partnering with a local winery and a caterer. Today, Candy's gift shop is a very different destination, attracting a new customer base from a wider area than before.
Some of the best advice I ever received came from my father. He ran a large dairy farm, and I grew up milking cows and learning how to do the next thing. He once said to me: "If you don't know how to do something, find someone who does, and learn."
You deserve to seek out the best advice you can find. Maybe it works for you, maybe not. Your job is to sort it out. And never give up.
Wednesday, September 17, 2014
Events attract attention
Free daily tips, info, advice, ideas with examples from real business
and my lifetime of personal experience starting, operating and growing businesses.
Need more clients/customers? Throw a party.
Parties and events attract attention. Promoting your small business has never been easier. They're fun, and people are attracted to fun happenings.
Parties don't have to be wild events. Parties come in many flavors.
Example: Susan is a nutritionist. She loves to tell people about the benefits of raw veggies, whole foods, the health values of eating right. But how does she attract paying customers to attend her private consultations? Well, she had a plan. She found several local networking groups at MeetUp.com. At these meetings she homed in on other owners who had compatible small businesses--massage therapists, Reiki and yoga practitioners, chiropractors, hypnotists who help people quit smoking and lose weight. Susan convinced several to come together and hold an event designed around healthy living. They put the word out on Facebook and other social media. At the event, each of them talked about what they did, gave short demonstrations, invited and answered every question and passed out literature. They tapped into the public's thirst for knowledge in an informal setting. The events are continuing, and they bring a continuing supply of new clients and referrals.
Partner with other businesses to attract even more attention than you might when you act alone. If getting several businesses to come together seems too much for you, try just one.
Example: Victoria operates a small specialty bakery. She met Susan the nutritionist at one of the MeetUp networking events. Victoria's bakery attracts people with health concerns. In addition to regular bakery items, she offers gluten-free, sugar-free, egg-free, nut-free, lactose-free, etc. Victoria and Susan put together an event at the bakery, where Victoria set out a big table of samples and Susan talked about nutrition. Both answered questions and passed out information. The event attracted new customers/clients for each of them.
Events bring people to you. All have questions, and these attendees bring you referrals.
Example: Jack had a bigger idea. His upscale clothing store attracted regular customers, but like every other store in town, Jack wanted more. He trudged up and down the street, engaging every shop owner, and talking them into holding a town-wide event. Business owners bought into Jack's idea--every store agreed to participate by holding demonstrations, having drawings for products, giving away gift certificates, passing out free samples, providing activities for children, etc. Jack arranged for free musicians to perform, and artists came to work their crafts on the sidewalks. The big day came and the event attracted widespread attention, bringing new people to town where they discovered the shops and stores. The event helped turn the town into a destination, and these days Jack does it twice each year.
Small or big, events bring new people to your operation. The excitement created will pay off long after the actual event takes place.
You can get your business in front of new eyeballs by throwing a party--or an event. And what small business can't use new eyeballs? Do it, promote it, and they will come. And refer others.
and my lifetime of personal experience starting, operating and growing businesses.
Need more clients/customers? Throw a party.
Parties and events attract attention. Promoting your small business has never been easier. They're fun, and people are attracted to fun happenings.
Parties don't have to be wild events. Parties come in many flavors.
Example: Susan is a nutritionist. She loves to tell people about the benefits of raw veggies, whole foods, the health values of eating right. But how does she attract paying customers to attend her private consultations? Well, she had a plan. She found several local networking groups at MeetUp.com. At these meetings she homed in on other owners who had compatible small businesses--massage therapists, Reiki and yoga practitioners, chiropractors, hypnotists who help people quit smoking and lose weight. Susan convinced several to come together and hold an event designed around healthy living. They put the word out on Facebook and other social media. At the event, each of them talked about what they did, gave short demonstrations, invited and answered every question and passed out literature. They tapped into the public's thirst for knowledge in an informal setting. The events are continuing, and they bring a continuing supply of new clients and referrals.
Partner with other businesses to attract even more attention than you might when you act alone. If getting several businesses to come together seems too much for you, try just one.
Example: Victoria operates a small specialty bakery. She met Susan the nutritionist at one of the MeetUp networking events. Victoria's bakery attracts people with health concerns. In addition to regular bakery items, she offers gluten-free, sugar-free, egg-free, nut-free, lactose-free, etc. Victoria and Susan put together an event at the bakery, where Victoria set out a big table of samples and Susan talked about nutrition. Both answered questions and passed out information. The event attracted new customers/clients for each of them.
Events bring people to you. All have questions, and these attendees bring you referrals.
Example: Jack had a bigger idea. His upscale clothing store attracted regular customers, but like every other store in town, Jack wanted more. He trudged up and down the street, engaging every shop owner, and talking them into holding a town-wide event. Business owners bought into Jack's idea--every store agreed to participate by holding demonstrations, having drawings for products, giving away gift certificates, passing out free samples, providing activities for children, etc. Jack arranged for free musicians to perform, and artists came to work their crafts on the sidewalks. The big day came and the event attracted widespread attention, bringing new people to town where they discovered the shops and stores. The event helped turn the town into a destination, and these days Jack does it twice each year.
Small or big, events bring new people to your operation. The excitement created will pay off long after the actual event takes place.
You can get your business in front of new eyeballs by throwing a party--or an event. And what small business can't use new eyeballs? Do it, promote it, and they will come. And refer others.
Tuesday, September 16, 2014
Selling on eBay
Free daily tips, info, advice, ideas and examples from real businesses
drawing on my lifetime of experience starting, operating and growing operations.
When eBay exploded on the Internet, it revolutionized all sorts of markets. Buyers and sellers suddenly had another place to meet and do business.
On the eBay.com site, you can find thousands of items in many categories--electronics, clothing, collectibles and antiques, home and garden, and much, much more. Just click on your interest and begin.
Example: For many years I collected early American glass made between 1800 and 1900. The day came when it got out of hand--I was running out of room. About the same time, I found eBay. I would take a picture of, say, a Diamond Thumbprint decanter made in the 1850s, post the picture to the eBay site, and watch as people bid on the item--or purchased it outright. I have bought and sold historic American glass pieces on eBay, and the experience has been a good one. The eBay phenomenon greatly expanded the market geographically--far beyond the circles of collectors I had developed over the years. Suddenly, I could reach people all over the country and beyond. I discovered that collectors in different parts of the country had different interests and would pay different prices for historic glass items. Over time, there was an evening out of market interest and prices--the eBay phenomenon was working its magic in the marketplace.
Not everything posted on eBay sells. But, overwhelmingly, the company has been very successful in bringing together buyers and sellers.
Like everything else, you must jump into the water if you want to swim. You might find it will work for you--or it might not. Then, you might find someone to handle all the eBay details for you.
Example: Fran opened a consignment shop and invited others to bring items to her store. She offers the items for sale at the shop, and she places them on eBay as well. Hers is a sort of eBay store, where her customers are primarily sellers, not buyers. She handles putting the items up on the eBay site, relieving her customers of this. Since Fran is very active on eBay as a seller, she has become expert in what will sell and what will not. She is also up-to-date on pricing. In an ever changing marketplace, prices can fluctuate--up or down. An item that was hotly bid up to hundreds of dollars last year might languish on the shelves this year with no interest at all--locally or on eBay. Fran has found the antiques market to be a good example of this. High end and rare antiques usually command high prices, but second tier antiques not so much. A small, hand-carved salon table that sold for $500 some twenty years ago, today struggles to fetch half that amount. Collectibles, on the other hand, might soar in interest and price--an early computer game can draw lots of interest, and bidding can be fierce. Fran offers free appraisals at her bricks-and-mortar operation, and this brings in lots of inventory.
Businesses other than consignment shops can take advantage of the huge market that eBay provides. Artists and artisans can be found on eBay, as can gift shops, furniture designers, clothing and electronics stores, and, of course, antiques and collectibles in addition to others.
You have many opportunities and possibilities in small business. And you never know what works until you try. Find your niche, and never look back.
drawing on my lifetime of experience starting, operating and growing operations.
When eBay exploded on the Internet, it revolutionized all sorts of markets. Buyers and sellers suddenly had another place to meet and do business.
On the eBay.com site, you can find thousands of items in many categories--electronics, clothing, collectibles and antiques, home and garden, and much, much more. Just click on your interest and begin.
Example: For many years I collected early American glass made between 1800 and 1900. The day came when it got out of hand--I was running out of room. About the same time, I found eBay. I would take a picture of, say, a Diamond Thumbprint decanter made in the 1850s, post the picture to the eBay site, and watch as people bid on the item--or purchased it outright. I have bought and sold historic American glass pieces on eBay, and the experience has been a good one. The eBay phenomenon greatly expanded the market geographically--far beyond the circles of collectors I had developed over the years. Suddenly, I could reach people all over the country and beyond. I discovered that collectors in different parts of the country had different interests and would pay different prices for historic glass items. Over time, there was an evening out of market interest and prices--the eBay phenomenon was working its magic in the marketplace.
Not everything posted on eBay sells. But, overwhelmingly, the company has been very successful in bringing together buyers and sellers.
Like everything else, you must jump into the water if you want to swim. You might find it will work for you--or it might not. Then, you might find someone to handle all the eBay details for you.
Example: Fran opened a consignment shop and invited others to bring items to her store. She offers the items for sale at the shop, and she places them on eBay as well. Hers is a sort of eBay store, where her customers are primarily sellers, not buyers. She handles putting the items up on the eBay site, relieving her customers of this. Since Fran is very active on eBay as a seller, she has become expert in what will sell and what will not. She is also up-to-date on pricing. In an ever changing marketplace, prices can fluctuate--up or down. An item that was hotly bid up to hundreds of dollars last year might languish on the shelves this year with no interest at all--locally or on eBay. Fran has found the antiques market to be a good example of this. High end and rare antiques usually command high prices, but second tier antiques not so much. A small, hand-carved salon table that sold for $500 some twenty years ago, today struggles to fetch half that amount. Collectibles, on the other hand, might soar in interest and price--an early computer game can draw lots of interest, and bidding can be fierce. Fran offers free appraisals at her bricks-and-mortar operation, and this brings in lots of inventory.
Businesses other than consignment shops can take advantage of the huge market that eBay provides. Artists and artisans can be found on eBay, as can gift shops, furniture designers, clothing and electronics stores, and, of course, antiques and collectibles in addition to others.
You have many opportunities and possibilities in small business. And you never know what works until you try. Find your niche, and never look back.
Monday, September 15, 2014
Regulation nation
Free daily tips, info, advice, ideas with examples from real businesses
from my lifetime of experience starting, operating and growing small businesses.
I am old enough to remember a coffee roasting operation in Manhattan. This business perfumed the neighborhood with the intoxicating aromas of roasting coffee beans.
Likewise, there was a large bakery where the aromas of baking bread reached out, grabbed you by the nose, and brought you into the retail shop.
No more. What made a positive contribution to that neighborhood long ago succumbed to regulations. Faceless bureaucrats decided for the rest of us that the aromas of baking bread and roasting coffee beans were an affront to the planet's well-being. I hope that those lost souls are now employed in more useful pursuits--like cleaning toilets.
Example: When the economy went sour, Lucille was laid off from her job. She decided to open a consignment shop. She leased a small storefront on a side street in her town and called everyone she knew to collect consignments for the store. While the store was being filled, she went to city hall asking about a sign permit. A clerk handed her three pages of signage regulations. Not only did the rules specify the type, size and placement of outside signs, the fine print also included detailed instructions for indoor signage placed on windows to be seen from the outside. These could not exceed a specified size, with "no garish lettering." When Lucille asked what that meant, the clerk shrugged and turned away.
Most owners of bricks-and-mortar businesses have struggled with signage regulations. Communities can be sensitive to the appearance of streets lined with stores and shops.
Other businesses face different types of regulations--no less intrusive, expensive, and in many cases counterproductive.
Example: A small civil engineering/construction company I know struggles every day to stay alive. The technical and regulatory issues faced by the owner are legion. His people must perform services according to approved plans, of course. In addition, he must contend with a virulent anti-development mind set prevalent in the communities he serves. These municipalities add to the state and federal regulatory burden with more regulations of their own, and then they hire high-powered firms to oversee and audit projects--at excessive review fees. This adds considerably to overall costs of the project, forcing the civil engineering company to add to the costs of doing business, to stretch out project schedules, and to maintain capabilities in addition to engineering. Keep in mind that it's the small firms that lease local space, provide good paying jobs, and provide personalized services to clients. Even the reworking of a septic tank or removal of a leaky oil tank for residential clients can stretch into months, a job that once took a week at most.
More and more regulations are piling up daily. Local, state and federal agencies today are in the business of growing themselves, writing so many regulations that they themselves cannot keep on top of the mess. Who could?
We live in a regulation nation, and it's getting worse. The central planners have insinuated themselves into positions of great power. And it's not just Washington. There are busy bodies at every level, and they are the ones who write all this stuff--with good intentions, of course. But good intentions don't build small businesses. It takes much, much more.
You cannot escape regulations unless you do business under the table, risking certain legal consequences. You must play by all the rules these days, and that requires that you to take your business far beyond ethical business practices. Also, you must satisfy all the whims of central planners--local, state and federal.
from my lifetime of experience starting, operating and growing small businesses.
I am old enough to remember a coffee roasting operation in Manhattan. This business perfumed the neighborhood with the intoxicating aromas of roasting coffee beans.
Likewise, there was a large bakery where the aromas of baking bread reached out, grabbed you by the nose, and brought you into the retail shop.
No more. What made a positive contribution to that neighborhood long ago succumbed to regulations. Faceless bureaucrats decided for the rest of us that the aromas of baking bread and roasting coffee beans were an affront to the planet's well-being. I hope that those lost souls are now employed in more useful pursuits--like cleaning toilets.
Example: When the economy went sour, Lucille was laid off from her job. She decided to open a consignment shop. She leased a small storefront on a side street in her town and called everyone she knew to collect consignments for the store. While the store was being filled, she went to city hall asking about a sign permit. A clerk handed her three pages of signage regulations. Not only did the rules specify the type, size and placement of outside signs, the fine print also included detailed instructions for indoor signage placed on windows to be seen from the outside. These could not exceed a specified size, with "no garish lettering." When Lucille asked what that meant, the clerk shrugged and turned away.
Most owners of bricks-and-mortar businesses have struggled with signage regulations. Communities can be sensitive to the appearance of streets lined with stores and shops.
Other businesses face different types of regulations--no less intrusive, expensive, and in many cases counterproductive.
Example: A small civil engineering/construction company I know struggles every day to stay alive. The technical and regulatory issues faced by the owner are legion. His people must perform services according to approved plans, of course. In addition, he must contend with a virulent anti-development mind set prevalent in the communities he serves. These municipalities add to the state and federal regulatory burden with more regulations of their own, and then they hire high-powered firms to oversee and audit projects--at excessive review fees. This adds considerably to overall costs of the project, forcing the civil engineering company to add to the costs of doing business, to stretch out project schedules, and to maintain capabilities in addition to engineering. Keep in mind that it's the small firms that lease local space, provide good paying jobs, and provide personalized services to clients. Even the reworking of a septic tank or removal of a leaky oil tank for residential clients can stretch into months, a job that once took a week at most.
More and more regulations are piling up daily. Local, state and federal agencies today are in the business of growing themselves, writing so many regulations that they themselves cannot keep on top of the mess. Who could?
We live in a regulation nation, and it's getting worse. The central planners have insinuated themselves into positions of great power. And it's not just Washington. There are busy bodies at every level, and they are the ones who write all this stuff--with good intentions, of course. But good intentions don't build small businesses. It takes much, much more.
You cannot escape regulations unless you do business under the table, risking certain legal consequences. You must play by all the rules these days, and that requires that you to take your business far beyond ethical business practices. Also, you must satisfy all the whims of central planners--local, state and federal.
Friday, September 12, 2014
Market trends
Free daily write-ups, tips, information, advice and ideas for small business
from a lifetime of experience starting, operating and growing businesses of my own.
Running a business is risky. It's you against the world in which you operate.
The market and the economy, regulations and competitors, galloping technology--you're sailing on an ocean full of sharks. The biggest and badest shark, however, is the market.
All things equal, it's the market that will spell success or failure for your business. The market is made up of customers, a restless bunch, always on the move.
Example: Nicole runs a gift shop. When she took over the place from an elderly aunt, the shelves were lined with knickknacks and nondescript glassware, a case of costume jewelry, displays of baskets, lamps, plaques, a wall lined with mugs and kitchenware--and greeting cards. Nicole's idea was to bring the shop in line with a more forward looking market and to transform the place into a destination that would appeal to shoppers who were more upscale. She began contacting local artists and artisans who created original pieces in silver and enamel jewelry, fiber arts, pottery, wooden ware, iron ware, artwork made from recycled materials, and original miniatures. Nicole had recognized that a new and different type of customer was walking the streets. Those who had passed by the old gift shop without a second glance now were attracted by the window displays Nicole created. Not only was she following a market trend, she was helping to create it.
You can research market trends for your industry on the Internet. But a better way is to get in tune with life going on around you. Pay attention to what people are talking about, how they react to situations, what choices they make when they spend their money.
Example: Doris saw a business opportunity long before others did. Years ago, she noticed that people, especially women, were increasingly concerned with the foods people were eating. She investigated the beginnings of a market for healthy foods, and she decided to take the plunge and establish her own small store. She avoided the big food manufacturers and distributors, opting instead to ferret out organic producers of products. Gradually, she added gluten-free, lactose-free, sugar-free and other specialties. She added foods imported from Europe where they seemed to be ahead of this market curve. Her customer stream was thin in the beginning, but the customers spread the word in their communities. When Doris added non-GMO foods, she held an open house with a nutritionist to explain and answer questions. She promotes her operation continuously. Since establishing that initial store, Doris has opened two additional stores in neighboring communities, and she is considering franchising the operation.
Many business owners are content to serve a fairly stable market. They relax into a routine, while the market keeps moving. This can be dangerous to the future of your business.
Staying on top of ever-changing markets is not easy. Customers follow fads and fashions in everything they do--food, clothing, phones, even the vehicles and houses they buy. You either follow the curve or you are ahead of the curve. What business you're in is up to you.
You're the closest person to your market. What did your last customer/client buy? What's the trend over the last year? When you step back and take a hard look, this can indicate where you are. Now, are you in line with the market?
from a lifetime of experience starting, operating and growing businesses of my own.
Running a business is risky. It's you against the world in which you operate.
The market and the economy, regulations and competitors, galloping technology--you're sailing on an ocean full of sharks. The biggest and badest shark, however, is the market.
All things equal, it's the market that will spell success or failure for your business. The market is made up of customers, a restless bunch, always on the move.
Example: Nicole runs a gift shop. When she took over the place from an elderly aunt, the shelves were lined with knickknacks and nondescript glassware, a case of costume jewelry, displays of baskets, lamps, plaques, a wall lined with mugs and kitchenware--and greeting cards. Nicole's idea was to bring the shop in line with a more forward looking market and to transform the place into a destination that would appeal to shoppers who were more upscale. She began contacting local artists and artisans who created original pieces in silver and enamel jewelry, fiber arts, pottery, wooden ware, iron ware, artwork made from recycled materials, and original miniatures. Nicole had recognized that a new and different type of customer was walking the streets. Those who had passed by the old gift shop without a second glance now were attracted by the window displays Nicole created. Not only was she following a market trend, she was helping to create it.
You can research market trends for your industry on the Internet. But a better way is to get in tune with life going on around you. Pay attention to what people are talking about, how they react to situations, what choices they make when they spend their money.
Example: Doris saw a business opportunity long before others did. Years ago, she noticed that people, especially women, were increasingly concerned with the foods people were eating. She investigated the beginnings of a market for healthy foods, and she decided to take the plunge and establish her own small store. She avoided the big food manufacturers and distributors, opting instead to ferret out organic producers of products. Gradually, she added gluten-free, lactose-free, sugar-free and other specialties. She added foods imported from Europe where they seemed to be ahead of this market curve. Her customer stream was thin in the beginning, but the customers spread the word in their communities. When Doris added non-GMO foods, she held an open house with a nutritionist to explain and answer questions. She promotes her operation continuously. Since establishing that initial store, Doris has opened two additional stores in neighboring communities, and she is considering franchising the operation.
Many business owners are content to serve a fairly stable market. They relax into a routine, while the market keeps moving. This can be dangerous to the future of your business.
Staying on top of ever-changing markets is not easy. Customers follow fads and fashions in everything they do--food, clothing, phones, even the vehicles and houses they buy. You either follow the curve or you are ahead of the curve. What business you're in is up to you.
You're the closest person to your market. What did your last customer/client buy? What's the trend over the last year? When you step back and take a hard look, this can indicate where you are. Now, are you in line with the market?
Thursday, September 11, 2014
Leaving corporate America
Free daily tips, information, advice, ideas and examples taken from real life
and my personal experience starting, operating and growing small businesses.
Corporate America and small business America occupy different planets. They speak different languages. The culture is completely different.
People who run small businesses are "can do" people. But you know that. You're one of them.
Example: Mary had a long and successful career at a major international corporation. The time came when the company offered several employees early retirement packages. Mary decided to take the substantial payout and set up a small business of her own. She took some time off. Then she bought a fast food franchise, joined the local chamber of commerce, and proudly held a grand opening. Then the hard lessons came. She quickly got an education in the differences between small business America and the corporate position she had left behind. She found herself mopping the floor when the cleaning people didn't show. She calmed down upset customers, calling the police when a drunk would not leave. She jumped in when the cook fell ill. Exhausted, she subsequently sold the business. Today, Mary makes pottery in her garage studio and is building a business she loves.
In corporate America, there is a department for everything. When there's a problem, you call someone. Or you hold a meeting.
In small business America, you are it. You handle whatever comes up. Yours are the hands you depend on.
Example: John also took an early retirement package from a major company. He had decades of experience, part of a corporate team selling the company's products to a long list of clients. John invested his payout, tucking it all away in municipal bonds. Then he started a one-man business as an independent manufacturer's representative--being careful not to compete with his former employer. But the clients he already knew needed other products, and they received him warmly when he called. John also used these relationships to network his way to additional possibilities. He quickly built his own small business based on what he already knew. The last time we talked, he wondered aloud why he didn't leave corporate America sooner.
Everyone I ever met in corporate America has thought about leaving. That prospect of a nice little business of your own, where you're the boss, is always appealing--especially when you're sitting in those endless meetings.
When you do decide to leave, however, to start a business, make sure it's doing something you love. That way, you won't mind all those dirty details that pop up.
Leaving corporate America is a big step. I know. I did it myself when I was 35. Now, at 78, I wonder why it took me so long.
and my personal experience starting, operating and growing small businesses.
Corporate America and small business America occupy different planets. They speak different languages. The culture is completely different.
People who run small businesses are "can do" people. But you know that. You're one of them.
Example: Mary had a long and successful career at a major international corporation. The time came when the company offered several employees early retirement packages. Mary decided to take the substantial payout and set up a small business of her own. She took some time off. Then she bought a fast food franchise, joined the local chamber of commerce, and proudly held a grand opening. Then the hard lessons came. She quickly got an education in the differences between small business America and the corporate position she had left behind. She found herself mopping the floor when the cleaning people didn't show. She calmed down upset customers, calling the police when a drunk would not leave. She jumped in when the cook fell ill. Exhausted, she subsequently sold the business. Today, Mary makes pottery in her garage studio and is building a business she loves.
In corporate America, there is a department for everything. When there's a problem, you call someone. Or you hold a meeting.
In small business America, you are it. You handle whatever comes up. Yours are the hands you depend on.
Example: John also took an early retirement package from a major company. He had decades of experience, part of a corporate team selling the company's products to a long list of clients. John invested his payout, tucking it all away in municipal bonds. Then he started a one-man business as an independent manufacturer's representative--being careful not to compete with his former employer. But the clients he already knew needed other products, and they received him warmly when he called. John also used these relationships to network his way to additional possibilities. He quickly built his own small business based on what he already knew. The last time we talked, he wondered aloud why he didn't leave corporate America sooner.
Everyone I ever met in corporate America has thought about leaving. That prospect of a nice little business of your own, where you're the boss, is always appealing--especially when you're sitting in those endless meetings.
When you do decide to leave, however, to start a business, make sure it's doing something you love. That way, you won't mind all those dirty details that pop up.
Leaving corporate America is a big step. I know. I did it myself when I was 35. Now, at 78, I wonder why it took me so long.
Subscribe to:
Posts (Atom)