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Your EnterQuest Bulletin - Issue 224
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| Thought for the week: "Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great." Mark Twain |
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In this week's issue:
Family illness helps teenage entrepreneur find business niche
A family history of diabetes helped a teenage entrepreneur spot a gap in the market. Giles Peters, 17, struggled to find gifts for members of his family who suffer from type 2 diabetes - so he set up Diabetic Hampers to fill the niche.
Giles, whose grandfather died from problems caused by the disease, said: "There was nothing there; you had to look closely at the labels and even if something was advertised as low-sugar, it might not be suitable."
The business, which sells six different types of hamper, has only been going for a few weeks but already Giles says it's the UK's largest diabetic gift service.
He said: "There's been huge interest from all over the world."
Giles, from Norfolk, is in the middle of studying for his A-levels. When the new term starts, he will switch from boarding at Framlingham College in Suffolk, to attending on a daily basis. He's also interviewing potential staff and aims to take on one or two part-time order pickers.
"It'll be tricky but I think I'll manage," he said.
Diabetic Hampers isn't Giles's first foray into the world of business. When he was 15, he sold greetings cards based on prints of his aunt's artwork. He gave up that business because the small scale meant the profit margins weren't great. Then he came up with two business ideas to raise the funds to start his current enterprise.
Giles said: "I imported clothes from China, then sold them on eBay. I bought a load of cheap second hand books in bulk and sold them on Amazon Marketplace."
So what are his tips for success?
"Start young. Keep your eyes open. I'm always learning. My parents have been very supportive."
But Giles disputes the maxim 'all publicity is good publicity'. Although he's had nothing but positive coverage so far - in his local newspapers, online and on local radio - he recognises how easily "it could all go wrong".
Overall, Giles believes the best advice he received was not to give up if you hit a difficult patch.
He said: "People said just keep going, because sometimes it can get a bit down-heartening."
A quick guide to CRM software systems
As a business owner, you will often need to gather information about your customers: what they like, when they buy, how they buy, how marketing campaigns affect sales and so on. You'll need to store this information in various forms, including spreadsheets, invoices, mailing lists, surveys or simply in the memories of sales staff.
Customer Relationship Management (CRM) software enables you to assemble and use this information in an effective way - bringing it together and distributing it to the people who need it.
The resources below offer practical tools and advice for finding a CRM supplier, setting up a CRM system and using the software effectively:
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DestinationCRM is a useful source of news, reviews and practical information on implementing CRM.
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You can also find news, software reviews and tips on building customer loyalty using CRM systems at the CRM Daily site.
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CRM 101.com offers a useful CRM glossary, tutorials and buying tips, plus reviews of software and links to suppliers, relevant books and manuals.
The cost of a CRM package can vary considerably according to the number of features and the amount of additional support required. Very basic packages that simply organise the way in which you send invoices and quotations to customers start from under £100, but packages with greater functionality can cost between £200 and £300.
For more information see our practical factsheet on choosing and using CRM software systems and don't forget your legal obligations in relation to the collection and storage of data.
The keeping of data is governed by strict legislation - visit the Information Commissioner's Office website for information on the obligations of the Data Protection Act 1998 for small businesses.
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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Amazon moves into the fresh food market - According to The Guardian, online grocery shopping has been more successful in Britain than in the US. This has not deterred online retailer Amazon, which is piloting a scheme selling fresh food. AmazonFresh is up and running in Seattle and sells eggs, fish, vegetables and meat to a select group of clients.
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Log cabin holiday organisers - Log cabin breaks and holidays are popular alternatives to staying in B&Bs and guesthouses as they can provide seclusion and sometimes offer immediate access to beauty spots.
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 'tirade'?
a) a long angry speech
b) a compliment for a job done well
c) a trading term used by exporters
d) a discussion of a plan's merits
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) The controversial Home Information Packs (HIPs) must now be supplied by the sellers of houses with four or more bedrooms. If estate agents fail to comply with the regulations, what punishment could they face?
a) they cannot charge fees for six months
b) imprisonment
c) banned from estate agency for life
d) an unlimited fine
2) There are four different kinds of businesspeople in the UK, according to a study by the Bank of Scotland. Which of the following was named as one of the types of people?
a) high flyers
b) cautious couples
c) stealth growers
d) ones to look out for
3) Smaller businesses are thinking twice about recruiting women, according to a new study. Why?
a) they thought men were more suited to the role
b) they think women gossip too much
c) women are generally over-qualified
d) changes to regulations on maternity leave
Answers at the end of the Bulletin.
Award for best home business 2007
Enterprise Nation is launching the UK's first ever award recognising home businesses. The homeworking website, which reckons that home businesses make up 59% of the total number of start ups in the UK, will present the award to the start up that has shown the most progress and promise. Details of how to enter are available from the Enterprise Nation website.
Tips to help employers prepare for work experience
A website and leaflet have been designed to help businesses participating in work experience weeks for young people. The Safe Visits website has links to partners and lists several reasons why workplace visits are good for businesses to participate in.
The web bothy website
Based in Scotland, and named after the Scottish word for small hut or meeting place, theWebBothy is a website offering advice on getting your small business online then marketing it to your customers. It contains general help and guidance, including articles of interest to small enterprises, useful tools and a blog with stories and links to other useful information.
Alternative publishing program
Page Plus, from Serif Software, is an alternative to Microsoft Publisher and other publishing programs. It's free to download and includes templates for brochures, labels, business forms and business stationery.
This book is written by sales presenter and author Jeffrey Gitomer, the man behind the best-selling Little Red Book of Selling. It brings together the answers to questions such as how do you start presentations, follow up, make cold calls and get re-orders. It's a practical guide that's divided into six parts and runs to 197 pages. Check out:
Just one word answer
The answer is a).
'Tirade' means long, angry speech.
The small business owner apologised to his wife for launching into a tirade about the bank's refusal to lend him more money. |
How's your business radar? The answers
1) The answer is c). Estate agents could be banned from estate agency for life by the Office of Fair Trading (OFT) if they fail to abide by the new HIPs regulations.
2) The answer is a). The study named high flyers, along with steady growers, survivors and strugglers as the four faces of UK entrepreneurs.
3) The answer is d). The report by Citrix Online found some small firms were exercising caution about recruiting women because of changes to regulations governing maternity leave. |
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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. |
