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Your EnterQuest Bulletin - Issue 312
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| Thought for the week: "Don't be afraid to make a mistake, your readers might like it." William Randolph Hearst |
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In this week's issue:
A very important eight-letter word for small businesses
Everyone thinks or believes they know what might sell, but in reality the majority of people haven't got a clue and plunge themselves headlong into a new enterprise or launch a new product with nothing more than a "hit and hope" strategy.
And then they can't believe their bad luck when their great idea doesn't find a target audience that's interested in it or prepared to buy it.
So what can you do to make sure you increase your chance of success? You can use that important eight-letter word, that's what.
Research.
Research your market, research some real live customers and prospects, research trends and developments in your sector, research the demographic characteristics and buying patterns of your target audience, research your competitors' activities and gaps they aren't filling, research newspaper and trade publications to see what's hot and what's not.
Research anything and everything, in fact, about your business idea, product or service and find out not only whether there is demand, but where it is, how much there is, how often people will buy, how much they will pay, and how much this might change in the future.
Fortunately there are hundreds of sources of information that will help you with this research if you know the right places to look. Try the following as a useful starting point:
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A wide range of Government statistics for England and Wales can be accessed via the Office for National Statistics (ONS). The site includes details about key demographics, the labour market, economic changes, statistical digests, social trends and regional profiles.
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If you're based in Scotland, go to the General Register Office for Scotland (GROS) website to find similar information and Scottish demographics broken down by local authority area.
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For Northern Irish demographics, visit the Northern Ireland Statistics and Research Agency (NISRA) website.
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Copies of UK legislation and accompanying explanatory notes are available from the Office of Public Sector Information (OPSI) website.
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Several Government departments also publish sector-specific statistical information. For example, HM Revenue & Customs (HMRC) provides free trade data and statistics about UK imports and exports through its UK Trade Info website.
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Almost every industry, no matter how niche, will have some sort of dedicated publication, trade magazine or periodical covering news and events in the sector. You can find a directory of all the magazines and publications in the UK at Mediauk.com. A list of trade publications is available at TradePub.com.
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If you want to check out the competition, try out the UK Kompass database - sections include Products and Services, Company Information and Industrial Trade Names.
EnterQuest readers can also get their hands on a free copy of our sister publication, BETTER business magazine. Simply send us your name and address to enterquest@cobwebinfo.com, putting 'EQ magazine offer' in the subject box.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Customised playhouses. The trend for customisation keeps on growing. This week we've featured Dutch firm Quubi which makes customisable children's playhouses.
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Help for new parents. New Zealand-based Baby Angel is a service that enables new parents to choose the help and care they need when mother and baby return from hospital. Its services include meal delivery, home help and at-home parenting classes.
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 meaning of the word 'gravitas'
a) graciousness, compassion
b) honesty, truthfulness
c) substance, seriousness
d) contempt, indifference
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) Which of the following types of retailer is closing at the rate of ten a week because of competition from supermarkets and big-name coffee shops?
a) independent newsagents
b) independent sandwich shops
c) independent bakeries
d) independent cafés
2) Which of the following organisations have recently reported an increase in the number of Scottish businesses asking for help and support during the downturn?
a) credit unions
b) building societies
c) industrial and provident societies
d) universities
3) The Federation of Small Businesses (FSB) says that it will issue Anti-Social Behaviour Orders (ASBOs) to firms that don't pay on time. According to the FSB, what proportion of firms that are closing each day do so as a result of cash flow problems caused by late payers?
a) 20%
b) 25%
c) 33%
d) 50%
Answers at the end of the Bulletin.
Which brands are the most loved?
This article in The Times takes a look at famous brands in the UK and the differences between branding and brands. Readers can vote for their favourite brand online, the results of which will be published in the autumn by the Marketing Society.
Online guide for affiliate marketing novices
The Internet Advertising Bureau (IAB) has issued some guidance on affiliate marketing. The guidance offers an introduction to the concept, covers the different types available and has tips on when to use it in your business.
Guidance on the new trade credit insurance scheme
The Government's trade credit insurance top-up scheme came into operation on 1 May and it has issued guidance about how the scheme operates. The guide covers business eligibility, details of cover limits and operational details about the scheme.
Guide to securing business angel investment
Business angel firm Beer & Partners has produced a guide to securing business angel funding in the downturn. The guide covers the funding options available and the pros and cons of each. It also has tips on securing funding successfully.
Win a web-based shopping cart worth £300
EnterQuest has teamed up with Actinic to offer a 12-month hosting package worth over £300 including VAT.
Actinic Express is an easy-to-use, web-based shopping cart that includes everything you need to set up your own online e-commerce shop and manage it via a web browser.
And because it is web-based, you can run the store from a Mac or PC. No programming or design skills are necessary.
Whether you're a new start up or a business looking to expand, Actinic Express will get you trading on the Internet, fast. Key features include:
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A choice of page templates, which can be customised with your logos, fonts, and colour schemes so that each site has its own identity and reflects the look and feel of your business.
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Manage your orders from receipt to shipment and invoicing with the order processing module, and keep customers informed with automatic confirmation e-mails.
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A full range of payment processing options, including PayPal, Google and Actinic's own payment service.
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Google Analytics integration, giving comprehensive monitoring of your site performance.
To win this great prize, just answer the following question:
Q: When did the Government's trade credit insurance top-up scheme become operational?
E-mail your answer, together with your name, address and daytime phone number, using 'Actinic competition' as the subject line, to enterquest@cobwebinfo.com.
All entries must be received by 31 May. Full competition rules are available on request.
This book charts the downfall of hundreds of local record shops at the hands of conglomerates like supermarkets and the shift to downloading music. The author explains how these and other new trends are causing record shops to disappear rapidly. Check out:
Just one word answer
The answer is c).
Gravitas means substance, seriousness.
It was felt that the candidate lacked the gravitas necessary to take up such a high-profile position. |
How's your business radar? The answers
1) The answer is a) - According to the National Federation for Retail Newsagents (NRFN), independent newsagents are the latest victims of the spread of the supermarkets and big chains. The NFRN reckons newsagents are closing at the rate of ten a week.
2) The answer is d) - Scotland's businesses are increasingly turning to universities to help them out during the downturn. Knowledge transfer partnerships and research opportunities are some of the options available to help firms develop new products and services.
3) The answer is b) - 25% of all firms that close do so because of problems with late payers. The FSB reckons the current rate of business failure is 120 firms a day. |
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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. |
