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Your EnterQuest Bulletin - Issue 373
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| Thought for the week: "The caterpillar does all the work but the butterfly gets all the publicity" George Carlin |
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In this week's issue:
What you need first before starting up
Business advice is available to new start ups and existing small business owners in all sorts of shapes and forms these days.
In fact, most of it is worth every penny, and you can also get genuine, professional advice free or free-ish from accountants, lawyers, consultants/coaches, business libraries, enterprise agencies and yes, even from your bank manager, if you know where to look and how to ask for it.
And from observing the quality and relevance of the advice available compared to ten or even twenty years ago much of it is now of a genuinely high standard (or at least does what it says on the tin) - while some of it leaves a lot to be desired, much to the frustration (and often the cost) of its intended recipients.
Something to watch out for in spotting these less than genuine experts and advisers is when they refer to small firms as 'SMEs'. A horrible term, meaningless to a business owner, but something of a 'giveaway' which provides you with the clue that the expert's real customers are not you or other business owners, but are in fact the funding pots who keep them afloat.
Now here's a question for you. When you started your business, or if you're in the process of starting one now, what do you think is (or was) the first and most important thing you needed to have before you made the decision to start? And if you've had some "expert" advice, what did they say you needed first?
A business plan, perhaps? You'll certainly benefit by having a plan to identify your business strategy and targets and the route you'll take to get there. But not right away, though, there's something far more important you need before you write a business plan.
A website maybe? There are certain quarters whose view is that ensuring everyone has access to super high-speed broadband so they can start trading online is the key to ramping up UK entrepreneurship. Nice to have certainly, but not what a start up needs first.
Start up capital then? Yes, that will be important - in fact, cash and working capital will be vital by the time you start trading, but it isn't what you need first.
So it must be training or advice about selling and financial management, you're thinking? Not even close.
OK then, surely the one thing you need in place first is the product (or service) you're going to sell, and a really good one that you're chuffed down to your toes about.
Yes, now we're getting close, but a product isn't the most important thing to have first.
There is one thing which you must have, be absolutely clear you understand, and be 100% certain you know where it is, before you make any decision to start a business or diversify your existing firm. So what is it?
A market to sell to.
A market comprising a sufficiently large group of prospective customers who are prepared to buy something they need. A market you believe your new business can provide a service to. An identifiable bunch of individuals, businesses, or other organisations that are ready, willing and able to pay for a solution or benefit that will meet their needs.
A starving crowd, as they say. If you haven't found one first, there's no point in having a product, a business plan, a website or a pot of working capital to throw at your little venture.
Banks, accountants and enterprise agencies will tell you that the one thing that's almost certain to be missing from a business plan or start up prospectus is an indication of or understanding about the target market and prospective customers the business will sell to.
Finding a market, or a gap in an existing one is what is needed first if a new venture has any chance of success. Finding a product or service to satisfy that market, and planning how to deliver it then becomes a lot easier and clearer.
To comment on this article please click here to have your say.
You can view comments made by EnterQuest readers on last week's article What's an entrepreneur?.
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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Baby-Speaking is a childcare service that teaches foreign languages to babies and young children. Native speakers caring for children teach them simple songs, rhymes and games in a range of settings including the home and after-school clubs.
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I Am A Stuffed Animal creates personalised stuffed toys that resemble real people. Send them a photo, and they will design and create a stuffed animal version.
Transfer files for free
WeTransfer is a free service that can be used to transfer large files up to 2 GB in size. It is simple to use and holds the data being transferred for 14 days before it is deleted. It also sends recipients notification by e-mail. It's useful for sending large documents like jpegs that will be used in posters, on websites or in leaflets.
Free contractor expenses guide
This article outlines the business expenses which contractors can claim. It assumes the contractor has their own company and covers issues such as meal allowances, pensions and working inside IR35 rules.
Logo creation tool
Logo Ease is a tool that can be used to design a business logo, free of charge. Users simply pick a logo from several categories then edit it to suit their needs. The final design can be saved in a variety of formats.
Free alternative to Skype
VoxOx is a free alternative to Skype which allows users to integrate Voice over Internet Protocol (VoIP) services, such as video and conference calls, with social media tools such as Facebook and Twitter.
Here's our weekly look at some unusual, daft and often ridiculous business ideas, products and news.
Win Actinic Catalog New Release v10
EnterQuest has teamed up with the producers of Actinic Catalog to offer readers the chance to win a copy of Actinic Catalog version 10.
Actinic Catalog is a complete e-commerce package for small and medium-sized businesses. The latest version provides all the e-commerce features and design flexibility you need to build and manage your own web-based retail business.
To be in with a chance of winning this great prize, just answer the following question.
Q: What does the acronym VoIP stand for?
E-mail your answer, together with your name, address and daytime phone number, using 'Actinic Competition' in the subject line, to enterquest@cobwebinfo.com.
All entries must be received by 31 July. Full competition rules are available on request.
Claim Three Business-Building Reports Worth £90
Visit the link below to claim over 75 pages of FREE content, plus details of my Maverick Marketing Newsletter: fortnightly advice on practical client attraction strategies you can apply and profit from.
www.maverickmarketingconsultancy.co.uk/newsletter.htm |
To promote your products or services in EnterQuest Classifieds,
call us on (0191) 461 8000 or e-mail enterquest@cobwebinfo.com.
Also from EnterQuest's publisher
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The UK Small Business Marketing Bible contains hundreds of tips and tactics for boosting your sales using proven marketing strategies that work no matter what product or service you sell. |
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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. |
