By Jim Green
This booklet concentrates at the inventive center of commercial, on how one can strengthen an exhilarating firm from the unique germ of an concept. It covers issues equivalent to: discovering a good suggestion; Getting began; making a successful marketing strategy; investment your online business; advertising your enterprise; and, holding development.
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Extra info for Starting your own business : the bestselling guide to planning and building a successful enterprise
Describe the market, its characteristics and current trends. Show precisely where your product or service fits in. 40 / S T A R T I N G Y O U R OWN B U S I N E S S If it slots into a particular niche, describe this subsector. Competition List the main competitors in your immediate catchment area. Detail their product ranges and illustrate where they differ from yours. If they are superior, say so; if they're not, explain why not. Give a breakdown of current competitive market shares. If you perceive a gap in the market for your particular product or service, guesstimate how you think the competition will react on your entry into the market.
Will it be incentive marketing? C R E A T I N G A W I N N I N G B U S I N E S S P L A N / 41 Will it be added value service? Marketing your business Keep your marketing simple and relevant to your product or service. Avoid a convoluted approach. You should be planning a launch brochure. Think carefully before allocating monies for advertising. Plan for cost-free PR exposure. Evolving the sales policy Your marketing strategy will determine the sales policy. Will you require a sales force? Will you engage the services of a major wholesaler?
Let's examine each of these points in detail. Five to seven letters Why? Because the shorter the better for memorability eg FOCUS (5), HABITAT (7). Look at the big names in retailing: COMET, ARGOS, INDEX, VOGUE, B&Q, 2 2 / S T A R T I N G YOUR OWN BUSINESS HOMEBASE. Keep it short and simple. As long it complies with the other four guidelines you should be on a winner. Two to three syllables Why? Your trading name must roll off the tongue as sweetly as honey off a spoon, for example Fo-cus (2), Habi-tat (3).