Your EnterQuest Bulletin - Issue 167
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| Thought for the week: "Don't let anyone say you can't do it." John Ilhan |
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In this week's issue:
If
you have any questions about your business idea or target market, or need help tracking down a grant, subsidy or business support
in your local area, then send an e-mail with your query to the EnterQuest
information team and we'll do our best to help.
Send
your question to enterquest@cobwebinfo.com.
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To
access over 800 factsheets, guides and small business reports, go
to www.scavenger.net. |
How to create a niche for your business
For just about every new business owner that finally gets their venture up and running it doesn't usually take long before they begin to encounter a particularly common barrier to the progress of their business, and a horrible sinking feeling in their stomach.
Competitors.
Discovering other people selling into their market.
Yes, the rose-tinted view of your market is starting to look just a little more difficult, when you realise that other businesses, perhaps a lot more businesses than you originally thought, are pitching or already selling similar products and services to your target customers.
Other than in truly exceptional circumstances every business has competitors, and the naïve approach of new business owners when they first face the challenge from rival businesses is generally to do one of two things, and sometimes both.
1) Copy what they are doing
2) Criticise them
Both are big mistakes. Doing the same as your competitors doesn't give your customers a reason to choose your product or service over your rivals', and criticising competitors actually results in you getting a bad name in your market, and this bad name can spread like wildfire.
A better way to approach things is to concentrate less on what your competitors are offering, and look a lot closer at what it is that you are selling and what you can do that is different.
When you examine in detail what you're promoting to your market, ask yourself whether any other business can or already is doing the same thing. And then ask yourself if there is something about your offer that can be different or unique, no matter how small or subtle, that you can offer your prospects.
A big trap that many people fall into when seeking to differentiate their business is to brag or bullsh*t their way into a market. In other words they make claims about their service that are simply not true and, in the eyes of their customers, that are just not believable.
Which makes your competitive position even worse than it was before.
So, how exactly can a small business find ways to be different and find a subtle but profitable market niche for themselves, where, at least for a while, there is little or no competition?
Here are five quick and practical suggestions to help you look for ways to find or create a niche for your business.
1) Adding extra value to your product or service
The trick with this is to add something to your product or service that makes it different to what is being offered elsewhere. This could be something that improves the quality of what you offer, or simply means you have got more to offer than is currently being supplied by your rivals.
2) Combining two products or services together
The key is to find another product, or an element of a product or service, which you can combine with your own, and where this creates something unique or offers unique value.
3) Customising your product or service
The secret to success when customising a service is to make sure that what you specifically offer is more personal to your individual customers. Or otherwise you should make it appear as though you have personalised your service specifically with your customer in mind.
4) Adapt your product or service for different market segments
The more you narrow the niche you're trying to sell into, the more desirable your product or service will become, and you'll also find that there will be less competition. Can you adapt your service for a different age group, for customers who are in a different location, or for types of business who aren't currently being supplied by your competitors?
5) Make it easier and more convenient
There are lots of ways to do this. Longer opening hours, home delivery, staged payment terms, and online ordering are all ways to make it more convenient and attractive to buy from you. But you should also look for ways to make your product or service easier to use, easier to store, easier to dispose of, and so on.
In fact, there are all sorts of ways you can find or create a niche for your business.
Successful business owners never give up looking for ways to be different, making tweaks and adjustments to their services to continually find gaps and niches that no-one has yet spotted.
Where do you find a business adviser?
Business advice is available from a range of sources, both in person in the high street and remotely online, so local business directories and the Internet are useful initial sources of information. You could also speak to an existing business owner to get a personal recommendation based on their experience.
For more practical ideas about finding and using a business start up adviser, check out our useful factsheet.
Do you need planning permission?
You will need to obtain planning permission from the planning department of your local council if you want to:
However, you may also need planning permission if you want to start running a business from home, depending on the extent of any changes you need to make to your home to operate the business. Your local council will consider the following issues:
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Is your home still going to be used mainly as a private domestic residence?
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Will your business result in a rise in traffic in the area with customers and suppliers calling?
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Will your business involve activities that are unusual in a residential area?
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Will your business disturb neighbours at unreasonable hours or create other nuisances such as noise or smells?
The Government's Planning Portal has a useful fee calculator to help you wok out how much planning permission will cost. And the Department for Communities and Local Government (DCLG) also publishes a lot of practical information about planning issues and building regulations in England and Wales.
Readers in Scotland can go to the Scottish Executive's planning website, and see the Planning Service for advice specific to Northern Ireland.
Finally, check out our introductory guide to obtaining planning permission for more tips.
Buying and selling online - a summary of the issues
Firms trading online need to radically improve their customer service, according to a report by consumer advice bodies around the European Union (EU).
Customers complained most about issues such as:
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Late or non-delivery of orders (46% of complaints).
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Goods being defective or not as described when they were ordered (25% of complaints).
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Price issues and problems with payments being processed (8% of complaints).
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Contract terms preventing customers from cancelling an order (8% of complaints).
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Being unable to speak directly to someone in customer service to get help with an order (5% of complaints).
Buying goods from auction sites or overseas retailers generated the most problems, according to the report.
Anyone involved with trading in international auctions or buying/selling goods in other parts of the world is advised to carefully research the relevant e-commerce and trading laws of the countries involved.
See the European Consumer Centre for guidance on trading with countries in the EU and the Federal Trade Commission for details on trading with the US.
Each
week we provide you with summaries of some popular or emerging business
ideas in the UK.
Here
is this week's idea:
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the difference between commonly confused words 'inquiry' and 'enquiry'? Which of the following definitions applies to which word?
a) a question or query
b) a formal investigation
Answer at the end of the Bulletin.
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The East Midlands Development Agency (EMDA)
www.emda.org.uk
Continuing our theme of reviewing Regional Development Agency (RDA) websites, this week we're looking at EMDA. How user-friendly and accessible is its website? |
Navigation
and presentation - one of the smartest RDA homepages we've seen, although the EMDA logo is rather small so it's not immediately obvious whose site you have arrived at. Navigation through the site is clear and intuitive, and the homepage is kept looking fresh by the inclusion of topical news and 'diary dates' for the region.
 
Accessibility - there's help with downloads and with changing text size and screen resolution, as well as advice for users of different browsers. However, the site lacks a specific section explaining accessibility, and the addition of access keys and foreign language options would be helpful improvements.
Content
and usefulness - the business section of the site is usefully categorised into areas for start ups, for getting business advice, and for help with finding funding. However, once you drill down into these sections, all you get is a lot of stats on how EMDA helps firms - there's not much in the way of practical information.
Relevance - the news section of the site is frequently updated, and you can also download latest copies of EMDA's two newsletters. In addition, there's a helpful events calendar, and businesses can sign up to get alerts about new tender opportunities.
A well-designed and topical site, with several useful tools to help the region's business owners stay up to date. The addition of some practical tips and information for start ups and businesses looking for funding would improve the site's score.
Our rating - 13/20
Government has changed its mind about sick pay...
Plans to change legislation on sick pay have been rejected by the Government, because they would have cost small firms too much. It had been proposed to scrap the three-day period that ill employees have to be absent from work before they get sick pay, and instead grant it immediately.
However, the plans were opposed by small business representatives, such as the Forum of Private Business (FPB), which reckoned small firms would have been hit by higher costs and the problem of employees taking unauthorised absences.
...and about tax dates
The Government is reported to be reconsidering its proposals to bring forward the dates on which self-assessment tax forms have to be submitted to HM Revenue & Customs (HMRC). It had been proposed to advance the dates by which you have to submit both paper and online forms, but small businesses had criticised the move because they hadn't been consulted.
Now Lord Carter, who made the original recommendation to change the rules, has agreed to reconsider. Small business think-tank the Tenon Group welcomed the opportunity for firms to consult on the issue.
What's your Microsoft IQ?
This free tool provides an independent assessment of your knowledge and level of ability in using Microsoft applications such as Word, PowerPoint and Excel. The multiple-choice test is useful to help you determine whether you or your staff could benefit from training in this area. You can check how well you compare with other test-takers, but the quiz is completely anonymous and you don't have to register your details to use it.
Financial tools on I-Resign.com
The I-Resign website has lots of interactive resources to calculate how much money you pay in tax, National Insurance, on company cars and even how much you need to earn to fund your lifestyle. It also includes links to other useful services such as debt counsellors and advisers.
This book offers a summary of the implications of the Licensing Act 2003, and is specifically aimed at making it understandable for licensees. It provides practical hints and tips on how to manage the changes. Check out:
Just one word answer
Inquiry relates to definition b) - it is a formal investigation or search, such as 'a police inquiry'.
Enquiry relates to definition a) - it is a question or query, such as 'a customer enquiry'. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
