If you’re interested in starting your own business and trying your hand as an entrepreneur, you should be prepared for a period of time where you will invest a great deal of effort and money before you start to make a profit. Starting a business from scratch isn’t easy, and the early stages can be very challenging in terms of your financial situation. Remember to do your research before you invest any capital at all, and make sure that your customers will want to pay for the product and service that you’re offering. Once you’re sure of this, you can start to think about how to raise money in order to get your business up and running. Continue reading “How to Raise Capital for Your Start-Up Business”
The British taxi industry is at the heart of a legal dispute at the moment, as black-cab drivers look to take action against Uber vehicles that have been using a mobile application as a fare metre. The claim is that this represents an illegal practice, so there may well be a prolonged dispute in the near future. This should not cast a shadow as the taxi industry as one of the UK’s most prosperous and accessible market sectors, however, as it is open to anyone with a clean driving license, a strong work ethic and an ability to communicate well with all customer demographics. Continue reading “How to Work as a Self-employed Taxi Driver”
When it is practical, running a business from your home can provide a number of very material – as well as eco-friendly – advantages. This includes the fact you will not have to pay for additional premises, a non-existent commute, and easy access to all the amenities of your home. If you intend to run a business from your home, there are several steps you should take. Continue reading “Running a business from home”
There are a lot of things working against a small company in today’s business world. Government regulation costs far more for smaller companies than medium or large companies, the economy of scale seldom applies so services and products typically cost more leaving margins even more narrow, and when things are going well there is simply not enough manpower in reserve to tap into to take advantage of an upswing in business or the economy. Despite this, small businesses can still flourish by taken advantage of the things that work in their favor. The key to taking advantage of opportunities is to make a great first impression and earn the respect of larger businesses and public when opportunities do present themselves. Continue reading “Big Impressions Help Small Companies Compete”
If you love to drive, then a courier job is for you. You can set yourself up as a courier without a big investment and you don’t even have to quit your job. There are over 1,000 courier companies across the UK, with some companies having multiple offices in the big cities across the country. Couriers are self employed, but they often hold contracts with courier companies. This means that it is easy to pick and choose when you work, so you can work it around your current job. Continue reading “Setting Up a Courier Service Business”
If you are thinking of starting up a franchise, it is vitally important that you work with an experienced franchise attorney. Franchise lawyers will make sure that the company you are setting up is fully legitimate and that you actually get what you are paying for. Additionally, they will help you with your contracts and more. Let’s take a look at some of the main reasons why you should always work with franchise lawyers. Continue reading “Excellent Reasons as to Why You Need a Franchise Attorney”
For businesses that need a small to moderate amount of funding for start-up costs, getting a personal loan may be easier than getting a small business loan. Because many small business ventures are prone to failure and the assets of the business often secure the loans, most banks have stricter lending policies for small business loans. For example, if you run into trouble and it looks like your business is failing, the bank may ask you to pay back the loan in full whereas that is not as likely with a personal loan. Here are some suggestions on how to obtain a personal loan from sources other than traditional banks and how to use the money to fund your new business. Continue reading “Utilizing personal loans to fund your new business venture”
Small and medium sized enterprises typically have very different requirements and capabilities to engage their target audience through Advertising and Marketing programs. Typically, most of these firms are limited by a heavy constraint in budget and cannot rollout the kind of marketing campaigns as MNCs do. Immediate returns on investment becomes crucial in considering not only the success of the advertising and marketing programs, but also a question of survival for small and medium businesses.
Here are few things your business may benefit from while planning on such a program. Give some thought to them.
- Have you selected your target audience? What is your estimated penetration (both maximum and minimum) of the total size of the target consumer segment? What is their estimated consumption pattern. What scope is there in repeated consumption and at what rate?
- Have you decided the marketing mix for your program? If not, you should read our article on the The 4 P’s of Marketing – The Marketing Mix strategies as a starter. If you are providing a service, do go through this article on services marketing.
- How do you differentiate with your advertising from that of your competitors? What incremental value do you provide to your customer segment? What is the comparative pricing scenario with your competitors and substitute products/services?
- Have you done any market research to find out the gaps in the needs of the target segment? Have you designed your product based on the needs of the target segment? A market research is a good risk mitigation strategy, and in very helpful, especially for small businesses, and needs to be done in house.
- Have you decided the budget and target returns on that expenditure on the marketing program? Is the estimated expenditure clearly demarked under multiple over heads? Do the estimated returns stand in accordance to your estimated penetration level post program implementation (point 1).
- Have you chosen the mediums such that there is a connect between the targeted segment while they are using the medium? Using a medium like Facebook while you are promoting an online dating website may work wonders, but if you use the same for a B2B (industrial) product or even a B2C product like local food joints/products, the same will not work.
- Have you thought of the implementation plans such that the intent to purchase may be converted to actual purchases? Many websites showcase items which the consumer gets interested about, but ultimately sale conversion doesn’t happen since the payment/check out options are not easily available on the website.
- What kind of strategy do you want to use? Would you prefer a PUSH strategy rather than a PULL strategy? Is your strategy sustainable and scalable in the long run, if you have similar plans. A PUSH strategy by increasing incentives at the point of sales (maybe at the shops/retail outlets) may work best if the target segment is local or the consumption point is locality specific. Expenditures on branding may not be necessary in that case since brand loyalty does not have incremental benefits.
- Is your strategy imitable? Can your competitors do what you are doing, better, and beat you at your game? Are you utilizing any capability/resource which is essentially core to your business and which your competitors may not have access to? Have you thought of customer retention services post sales?
- Last but not the least, is your marketing strategy in sync with the social and legal framework within which your business is expected to function. Have you checked out the legal requirements.
We hope that these simple guidelines help you to develop a great successful marketing and advertising program for your business. Do write to us if you want any suggestions.
Mr. Johnny Earle’s lecture series will tell the story of just exactly how he turned a simple idea into a multi-million dollar business using nontraditional methods. Check this out. Continue reading “Johnny Earle talks about how ideas change lives”