|
Your EnterQuest Bulletin - Issue 225
 |
| Thought for the week: "If you're not failing every now and again, it's a sign you're not doing anything very innovative." Woody Allen |
|
In this week's issue:
Catching the candle craze at the right time
Joiner Ted Thompson was inspired to stop turning table legs and start dipping candles after a trip to Denmark.
Ted, now 64, started Moorlands Dipped Candles in a Nissen hut back in 1981 after visiting a candle-making friend.
Ted said: "I was working from home as a joiner and didn't have a workshop. My customers wanted furniture making on the cheap and I was finding it hard to make a living."
He used his own savings and secured a small business grant to start up from his base on a farm in Nenthead, Cumbria.
Ted said: "It wasn't a very cash-intensive business to establish but there was still pressure because of the extra overheads and the fact that I needed other regular work in order to survive in the start up phase."
At first business was slow to pick up, so he decided to pay personal visits to potential outlets.
"I visited all the obvious places, such as alternative therapy shops. There weren't the cheap imports then and the dipped candles I produced were unique. However, when I started taking regular orders, I realised I needed help to be able to meet my commitments.
"I took on a couple of staff to help with the packaging of orders on a part-time basis. That in turn led to the business outgrowing the Nissen hut and I had to think about moving to bigger premises. That was a big business decision at the time."
He believes timing was the root of the business' success. He set up Moorlands Candles just as the interest in candles and home interiors was starting to take off.
He said: "It's hard setting up a business. You have to have a good idea and the capital to bring it to market, as it's so easy to get into debt. It also helps to be in the right place at the right time."
So what of the future? Ted is now looking at making his exit of from the business.
He said: "I'm 64 now and want to start looking at my retirement. I don't see the business as the be all and end all of my life. It is a means to an end.
"That raises issues about how the business continues. However, I'm hoping to come to an agreement with my employees."
Advertising standards for small businesses
If your business undertakes any form of advertising or promotion you must ensure that it follows the British Code of Advertising, Sales Promotion and Direct Marketing.
The Code relates to the rules governing non-broadcast advertisements, sales promotions and direct marketing communications and is administered by the Advertising Standards Authority (ASA).
If any of your promotional material is deemed not to follow the Code, the ASA will list details about your business on its website and you may be blacklisted by some media, which may refuse to place your future advertisements.
Types of advertising communications affected include:
-
Advertisements in newspapers and magazines and information in brochures, leaflets, circulars, mailings, e-mails, texts, faxes, catalogues and other electronic or printed material.
-
Posters and other promotional media in public places, including moving images.
-
Cinema and video commercials.
-
Advertisements in non-broadcast electronic media, including online advertisements.
The main principles you should comply with are that your communications should be legal, decent, honest and truthful.
If you're unsure about your advertising or marketing material at the production stage, contact the Committee of Advertising Practice copy advice line on (020) 7492 2100.
To view material that has been judged as not complying with the Code and to give you an idea of what is acceptable or unacceptable, go to the ASA website and click on the adjudications button.
For more information see our practical factsheet on the British Code of Advertising.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
-
Residential composting in Bangalore. Daily Dump sells decorative composting pots made of biodegradable terracotta and its website has useful tips for people interested in composting. At the moment, the service is limited to a small-scale residential programme but it has plans to expand to composting for businesses.
-
Extreme sports equipment hire. This business idea involves hiring out sports equipment for limited periods. People keen to try out new activities and sporting trends will be likely customers.
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 'indomitable'?
a) not worthy of being lived in
b) incapable of being subdued
c) possessing a comforting nature
d) contrary
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) Business lobby groups are united in their opposition to a proposal to allow local councils to raise extra money from firms for local developments. What is the proposed initiative called?
a) business council levy
b) extra authority tax
c) supplementary business rate
d) supplementary council tax
2) Buy-to-let landlords are making more money in towns and cities with universities. Which university city is the most lucrative?
a) Oxford
b) Cambridge
c) St Andrews
d) Durham
3) Computer users are being urged to delete an e-mail which is making its annual appearance in peoples' inboxes. What is it about?
a) the planet Mars
b) a get-rich quick initiative
c) a pyramid selling scheme
d) a tax payment scam
Answers at the end of the Bulletin.
Business IT Online website
Visit this website to download free software aimed at small businesses. Its tools include calendar software, a cashflow manager, a document creator and marketing opportunities through an online business directory. The software can be accessed by up to two users and more users can be added for an additional charge.
Tips for motivating staff
This handy article lists ten tips for motivating staff. The tips have been devised by Jayne Goldstone, who runs corporate development training courses. They include pointers on mission statements, task variation and creating incentives.
iTrade website
This website was set up by the Government's UK Trade & Investment (UKTI) department to help firms in the East of England network with their international counterparts, and exchange knowledge and ideas. You'll also find information on worldwide business trends, news, events and courses. At the moment, the website is free to join and once you've signed up, you can ask questions and discuss ideas in the forums.
Free HTML code check
If you have a website for your business and don't keep it up to date with the help of a web designer, you could get bogged down in the task of checking your HTML code for accuracy. If your website is five pages or less, try this free HTML code check from NetMechanic. There's also the chance to sign up for a free monthly tune-up.
This book aims to help you meet your potential by beating the 'toads' - the obstacles that are holding you back. It contains more than a dozen tried and tested techniques to get rid of these self-defeating behaviours that stop you reaching your full potential. The book also gives you guidance on preventing other people from standing in your way. Check out:
Just one word answer
The answer is b).
Indomitable means incapable of being subdued.
The business owner's indomitable nature helped him overcome the slump in sales. |
How's your business radar? The answers
1) The answer is c). Business groups say the proposed supplementary business rate would allow local councils to raise money from businesses without giving them a say on how it was spent.
2) The answer is d). Durham came out on top, because property can be bought more cheaply than the national average but commands higher than average rents.
3) The answer is a). Computer security experts say the Mars chain e-mail, which appears each August, wastes time and bandwidth. |
Visit www.enterprisequest.com to access all back issues of the EnterQuest bulletin. If you have any feedback or suggestions for us to make this service more relevant please e-mail your comments to enterquest@cobwebinfo.com.
If you wish to discontinue your subscription to EnterQuest please click on the 'SafeUnsubscribe' link at the bottom of the bulletin.
Remember that we guarantee never to sell or give your e-mail address to anyone else.
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. |
