First Step Marketing

For many people, the selection of equipment for their new business is both challenging and exciting. There is a real sense of progress being made and dreams becoming a reality. However, it is important not to become so focused on this aspect of starting your business that you neglect other, more important, aspects, such as starting to make sales. There is unfortunately a natural tendency to become engrossed in the selection, installation, and commissioning of new equipment — it is fun, under your control, and, as you are the customer, the sellers treat you well. It is easy to put off starting to trade because you tell yourself that you are not quite ready yet. Read the rest of this entry »

A growing number of women in particular are building highly successful ‘businesses’ through the selling opportunities offered by companies who market their products by the direct selling method. We’re all familiar with plastic kitchenware, underwear, household linens and make-up being marketed very successfully on the home party or home demonstration system. Read the rest of this entry »

In franchising, you copy someone else’s business, with their full approval and support, under a licence agreement called a franchise. In this the franchise-giver (the franchisor) allows you to use their trade name, provides training and back-up, and gives their expertise with all its benefits. In exchange, you as the franchisee have to pay the franchisor an initial fee, then ongoing royalties. The major advantage of this method is that you get into business more quickly and possibly with less risk. Read the rest of this entry »

Consultancy is a very popular way of running your own business. But consultancy in any field requires you to have a depth of knowledge and experience which your customers do not possess. It is no good setting up a home-based consultancy business if your customers know more than you! You will require a thorough knowledge of your chosen field, so setting up a consultancy service is best performed by people who have been employed in a particular speciality for some time. It could suit you if you are contemplating early retirement, for example. Read the rest of this entry »

Plan your call

Prior to making the call, plan what you’re going to say—write it out if you like. Take time to memorise it, but don’t learn it off pat, and certainly don’t read it when your debtor answers. Select an appropriate time-9.30 to 11.00 a.m. on a Monday usually gives you a good chance of getting through to the person you want. Read the rest of this entry »

Business Background research

You will be amazed how much information is available on your chosen trade, if you only look for it. There is a mass of statistics, surveys, forecasts and so on to be found in trade journals and the like. The latter can be very useful; for instance, they report the opening of new shop premises. Visits to new businesses which are accessible to you would teach you much about the latest ideas in layout, presentation etc. Read the rest of this entry »

Warning! A business, which might seem an easy way to earn a living, is unlikely to turn out that way. It only looks easy because you do not know enough about it. Read the rest of this entry »

You may also need to have licences. For instance, bottles of milk cannot be sold by just anyone. Most of this sort of thing is straightforward enough but you do need to know the rules.

Will you be giving credit to your customers or selling on hire purchase? Anyone who lends money to the public needs a licence under the Consumer Credit Act. (This does not apply to ordinary trade credit of, say, a month or two where you allow your customer to pay in up to four instalments.) Read the rest of this entry »

A surprisingly large number of entrepreneurs raise at least part of the capital for start-up and operating expenses by asking friends and family and previous business colleagues to lend a monetary hand. Though some may ask for partial ownership in your fledgling firm, most will be satisfied by your personal guarantee of a payback date— usually with interest. Though you may be the most enthusiastic person in the world when it comes to your business, many people will want to know about your own financial commitment before they invest anything. To some it may not matter; but most people will want to know that you’re willing to risk some of your own assets before they will provide your business with the capital you desperately need. Read the rest of this entry »

Money is the oil that greases the often squeaky wheel of American businesses, large and small. While the primary ingredient of small-business success is hard work and lots of it, money is still essential to launch and then maintain the often-spotty first year of a small-business’s existence.

Now that you have a good idea of how much money you need to start your business, and how much you’ll need to generate to pay the bills every month, where are you going to find it? It’s a sign of a true entrepreneur to believe that your talents and energy levels are so wide-reaching that the cash will start pouring in—and never let up—from the first week your business is open. Read the rest of this entry »