Transcript Business Consultation and training centre « LatConsul

Opening and marketing
your business
Business Consultation and training
centre « LatConsul»
“ Social entrepreneurship for social change”, Nordplus adult Project ID AD-2012_1a-30159
Opening and
Marketing
 Before
you open for business, make sure
that all the elements of your business are
in place.
 In order to do this we have provided a
"Before you start" checklist for you to
review and supplement with appropriate
items
Before you start

Opening for Business “Before you start” checklist
 Marketing Pinpoint your customers
 Recruit the "good" employees
 Train your employees thoroughly in marketing skills
 Check list for hiring and training of your marketing team
 What and how to buy
 How to buy checklist
 Marketing tools
 E-commerce
 Promotion and advertising
 Mailing lists
 Most Common Mistakes Checklist to avoid pitfalls
Opening for Business
 First
Things First
 An opening check list is a great place to
start. Remember that airline pilots are
required to use a checklist before they
take off!
 Here are items you should have on your
opening checklist. Add additional items
that would be appropriate for your own
business.
“Before you start” checklist
 Have
I focused on a specific product or
service? As a general rule, specialists
outperform non-specialists. Think about
this in any field: retailers, real estate and
food (where did you buy your last takeout pizza or chicken)? For example, if you
open a doughnut shop, it would not be a
good idea to sell ice cream during
summer months when the doughnut
business slows down. If you do both, you
will lose the identity of being the very best
in either one of them.
Before you start
checklist
 Will
further specialization or focus improve
my prospects for success? The more
specialized, the better. Will my business be
home-based? On-line? Storefront?
Franchise?
 Have I acknowledged my competition
and limitations? It may be hard to
compete with Big Wales? F.e. "category
killer" discount chains have powerful
buying power and efficiencies of scale.
Does your marketing plan serve a special
niche?
Before you start
checklist
 Do
I have a one-year-cash flow projection
prepared to insure there will be ongoing
liquidity? Do I have the necessary ecommerce tools in place?
 Are all insurance policies in force? If I plan
to sell on credit terms, is my credit rating
policy in place to avoid taking on
customers with poor credit ratings? (The
last thing you need is to have customers
who don't pay on time, and good
customers will respect you for this policy).
 Have
I budgeted adequately for
prototypes, research, sampling and trials?
Have I successfully test-marketed my
product or service? Was the response
positive? (If not, you need to re-design, rework and re-test.)
 Have I focused on selling a great product
at a fair price rather than a fair product at
a great price? ("Great product" suggests
a product or service with pricing power
and "fair product" suggests a commoditytype business more susceptible to
competition)
 Do
I have all the communication,
computer and other business tools in
place? Do I have the skills to use them?
 Have I taken the time to gain practical
job experience and learn the basics of my
business by first working in the business for
someone else? (This is probably the best
way to discover if you have made a
choice that will be not only successful, but
also satisfying to you.)
 Has
my accountant fully explained the
difference between hiring independent
contractors and employees and the
importance of compliance with
worklplace legislation rules? (While my
landscaper may be an independent
contractor, in most cases my sales staff
will be employees and I must conform to
reporting and withholding requirements.)
 Are
the following elements of my business
structure in place:
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Is my accounting and bookkeeping system
in place?
Accountant selected?
 Are
my premises ready? This includes
including having a signed lease and my
tenant improvements completed.
 Have all permits and licenses been
secured?
 Has the business name been registered?
 Are
computers, telephones, cell phones,
fax and utilities operating?
 Are graphics for advertising and
promotional materials ready?
 Is the website name registered and
website on line?
 Is infrastructure in place for e-business, if
appropriate?
 Are all security systems in place including
protection of premises,etc. security?
 Have
I selected and trained the number
of employees I will need?
 Have I determined my personal work
schedule? Have I included my
requirements for managers, consultants,
independent contractors, agents and
sales representatives?
Marketing
What it Takes
to Promote Sales
 You
can benefit from their experience by
copying successful marketing plans,
including selling methods, pricing and
advertising.
 Make a list of the most successful
businesses that fall within your field of
interest and study them (and even go to
work for them).
 Visit these businesses and be prepared to
ask the questions that are most important
to you.
What it Takes
to Promote Sales
 Learn
as much as you can about the
needs of your customers and how to gain
feedback from them. For example, if you
open a restaurant, a displeased patron
will probably not complain because it is
not a pleasant experience. Instead he will
not return. (So, you must take care to
inspect the plates as they are returned to
the kitchen.)
What it Takes
to Promote Sales
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Will your customers be looking for convenience,
pricing, quality and/or service? It will be difficult to
make sound marketing and promotional decisions
without being informed on their real wants and
needs.
If a specific geographical area defines your
market, low cost demographic reports based on
the census can be obtained that will furnish
information on population by race, income and
home ownership.
For resources that provide this information, go to
"demographic data" on the Internet.
Finding the good
employee
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Most employers agree: the toughest part of being
an employer is finding and keeping good
employees. Begin your search for the good
employee as soon as you decide that you are
going to be an entrepreneur.
Define what you need from an employee.
List the characteristics you require.
Network: get the word out that you are looking for
help.
Develop and maintain sources for building your
workforce.
Consider family members, retired workers and
students.
Finding the good
employee
 Your
customers need to feel confident
that they are dealing with people who
are knowledgeable and helpful. Five
characteristics customers like most when
dealing with a sales or service person are:
Product or service knowledge
 Presentable appearance
 Courtesy
 Honesty
 Sincerity
Marketing Tools
 Your
business name will announce who
you are and what you stand for. A
memorable logo also adds to your
marketability. It will establish your name
and brand recognition. It will enhance the
image you wish to create. Your logo can
be used on all company materials
including stationery, business cards,
brochures, website, gift boxes and
shipping containers.
A good name is:
 Easy
to remember
 Simple to spell and pronounce
 Clearly says what you do
 Stirs customer interest
 Doesn't confuse you with a similar business
 Has a positive ring to it
 Evokes a visual image
 Doesn't limit you to a geographical
location or to a product
Logo
A
memorable logo also adds to your
marketability. It will establish your name
and brand recognition and enhance the
image you wish to create.
 Your logo should be used on all of your
company's materials including brochures,
stationery, business cards, website,
shipping containers and documents.
Advertising
 Getting
the Right Message to the Right
Audience Via the Right Media
 Your advertising plan becomes your
blueprint for marketing. It will include your
objectives, budget, media plan and
creative approach. A basic rule in
promotion and advertising is, "Do what
you do best, and hire for what you don't."
Advertising
 Discuss
your advertising plan with your
vendors. They may provide you with coop money if you follow their rules and
make proper application for the money.
Even the smallest advertiser can get up to
half of their advertising costs reimbursed.
Choose media
 There
are many types of paid media to
deliver your message.
 Learn from the previous mistakes of your
competitors. Find out and follow how your
most successful competitors advertise and
promote their products or services.
Choose media
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few of the most commonly used are:
Print (newspapers, magazines and
newsletters)
Radio
Television, including cable
Internet - social media, networks, ecommerce
Yellow Pages
Direct mail
Trade shows
Mailing Lists
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Now, before your start your business, is the right
time to begin developing a database of future
customers you wish to target. This list can be used
for direct mail, invitations and newsletters. Your
database could include specific individuals,
companies and groups by location. Begin now to:
Join the Chamber of Commerce.
Collect business cards.
Collect names or mailing lists from your church,
school, organizations and community groups.
Get involved in your industry and community
affairs.
Most Common
Mistakes Made in
Opening A Business
 Haste
Lack of focus: specialize, specialize,
specialize
 Lack of on-the-job experience
 Inadequate research and testing: test market first
 Lack of a well thought-out business plan
 Lack of working capital
 Unprofessional decor, theme, logo, stationery,
attire, packaging, ads and website
Most Common
Mistakes Made in
Opening A Business
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Not opening quietly to work out the shortcomings
Poor signs: signs should be big, clear and readable - simple is
good
Untrained staff
Poor relationship with vendors
Unfocused marketing plan
Not using the advertising media that works best for your
specific business
Skimping on insurance
Ignoring possible problems
Not recognizing your limitations