Amanda

Small Business Start Up – It’s in the details in assessing viability – Part1

Are you looking at starting up a small business? Are you sure it will be viable? Here in part 1 we look at the first 4 points of assessing the viability of your idea.

1 – Uniqueness

Before you worry about upstart financing, marketing or business location, you should begin with an idea – not just any idea, but one that’s unique. What makes your business stand out from the rest? (Although they probably have better hair, the business world doesn’t go easy on celebrities. Check out Celebrity Business Busts.)

Uniqueness doesn’t necessarily mean you have to invent something (though that’s never bad – just look at Snuggie’s success), it just means that you have to set yourself apart from the competition. If you’re starting a catering company, say, what will make your catering service different from the rest? These are tough questions, but important ones. The most successful businesses have a strong, unique concept, and a clear identity. Take the time to define yours.

2 – Upstart Funds

What will your start-up cost be? Every business has some expenses at the start, whether you’re paying for equipment, rent or just basic marketing materials. Make a realistic estimation; you’ll need these figures to obtain a loan or simply to budget if you’re paying these expenses out of pocket.

3 – Customer

Who’s your customer? Knowing who will be buying your product or service is vital to your business success – how else will you find your customers if you don’t know who they are? Are you catering to busy professionals, stay-at-home moms, college students, retirees? Define your customer, even if you have to be broad at first. If you’ll be renting a space, make sure the local demographic fits this profile; the real estate agent will be able to provide you with that data. (Don’t let these myths stop you from reaching your entrepreneurial dreams. Check out Top 7 Myths About Starting A Business.)

4 – Competition

Unless you’re lucky enough to find a hole in the market, your business will have competitors. Check them out, because your future customers surely will. Competitors can be a great resource to you as an upstart; you can see how much they charge, what marketing strategy they use and the location they chose.

Ask yourself: how can I do better than the competition? Use your uniqueness identified in step one to find ways to outdo your competitors.

Whew, that is quite a list,. Reread, digest it then write down points under the above headings ( both good and bad) to clarify your thoughts. How does your idea measure up. Remember this is a guide only & in no way guarantees success.

Now move on to part 2

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Small Business Tips for Survival

Do you need some easy to understand and implement tips and help for your small business. The tips below have been sourced from the Coin Laundry Association website, written by Bob Nieman but are very relevant for any business.

Don’t lower your vend pricing as a substitute for a real marketing strategy.

Have the confidence in your store, your staff and your services not to lower your vend prices in an effort to win business. Focus on prospective customers who will value the quality laundry environment your store can provide them. Leave the price wars to your competitors.

Promote your business regularly and consistently.

Too often the task of promoting a small business slips to the bottom of the to-do list in the press of urgent tasks. If you want to attract new customers, you have to make promotion a priority. In 2012, resolve to take the time to create a real, honest-to-goodness marketing plan, and then follow through.

Meet with your customers and vendors face to face.

Stop relying on e-mail, Facebook and the telephone as exclusive ways to communicate with your clients. Spend a little more time in your store. Stop by to personally visit with your commercial clients. Even in a social media world, deep and long-lasting business relationships are still built IRL (In Real Life).

Attend at least one industry event.

A big part of success in any business is to never stop learning from others. Attend a CLA affiliate meeting, go to your local distributor’s open house event and perhaps sign up yourself and your staff for a manufacturer’s service school in 2012. (And while you’re attending one of these events, don’t “cheat” by spending the entire day working on issues that are happening back at your store.)

Give something back to your community.

There are all kinds of worthy organizations that make a difference in your community. Make a resolution to find a cause that matters to you, and give what you can. Make this the year that you serve on a committee, be a mentor, volunteer or make regular donations to the groups in your community that try to make the place you live a better place. And those that give get.

Invest in yourself and learn at least one new skill.

Old dogs can learn new tricks. You most likely invest in training for your laundry’s attendants. This is the year to look at becoming proficient in an area where you are less than confident. Only you know what that may be.

Understand your business’ financial statements each month.

Many laundry owners are too busy to check or don’t understand their financial statements. Make a commitment to learn what the profit and loss, balance sheet and cash flow statements mean to your business, and use them as a guide for future action. Don’t simply delegate that understanding to your bookkeeper or accountant.

Be proud to be a small-business owner.

Above all, celebrate the huge achievement of creating and maintaining a company during these tough times, and helping your customers and employees through it. You are, quite literally, the future of this industry – and this country. Stand tall.

I trust this has given you something to consider and that you can apply these tips in your small business. When reading them you will be forgiven for thinking they are so basic, yet it’s the basics we often neglect & need to reaffirm from time to time.

Has this been of benefit to you?