|
Your EnterQuest Bulletin - Issue 221
 |
| Thought for the week: "I always advise people never to give advice." PG Wodehouse |
|
In this week's issue:
Florist's niche service spells success
An entrepreneurial florist is fashioning a beautiful business out of weddings and special occasions. Martine Gray's background in events management and public relations has proved useful in setting up her Cinnamon Rose floristry enterprise in Newcastle upon Tyne.
She said: "I worked in events in the Far East after university and I was involved in co-ordinating all aspects of corporate events and glamorous high profile occasions - including the flowers and decorations - to ensure guests experienced a wonderful time."
Martine then trained in commercial floristry and had a number of years' experience in designing bridal and "glamorous event displays" before going it alone. She uses that experience in helping clients decide on the best look or theme for their big day - and says this bespoke approach is meeting a modern need.
"The whole ethos of Cinnamon Rose is to make tangible the client's dream, the entire look of the event - and if needed, give them a huge helping hand in deciding that vision!" she said.
"I think brides and grooms are very interested in creating a magical day for all their loved ones. They have much more input and options now, and this is highlighted by the amount of media coverage there is regarding food, wine, flowers and decorations for weddings and wedding parties."
Martine realised there were a number of niches her firm could fill. Cinnamon Rose offers a weekly vase-display service for offices, hotels and restaurants, and a hire and venue dressing service, so the bride or event organiser can borrow items like candelabras, bay trees and vases for the big day.
She said: "Almost every bride I have come into contact with has bought all of these items and then had no use for them afterwards."
So what are her top tips for success?
"Trust your instincts," she said. "Acquire a hugely rich silent partner!"
And if she was starting up all over again?
"I would manage my time a bit better," she said, "I wouldn't be so free with it."
A short guide to business angel funding
Business angel funding is the money that investors put into a private company in return for a share in the ownership of the business. It is also referred to as equity finance. Business angel funding isn't available to businesses operating under the legal status of sole trader or partnership.
Business angels typically invest between £10,000 and £100,000, but may invest larger sums if they are part of a syndicate. The average amount invested is £25,000.
Business angel funding is most suitable for businesses that have high growth potential and whose owners are prepared to give up part-ownership in return for investment. It is therefore not suitable for businesses:
-
That are seeking to address cash flow issues.
-
That have other chronic problems such as no real market for their goods or services.
-
That are lifestyle businesses - businesses that fit around the owner's circumstances - with no real prospect of significant growth.
Various networks aim to match businesses with suitable angels. The British Business Angels Association offers a directory of business angel organisations which can help match you with an angel. See www.bbaa.org.uk for more details.
Remember that by taking an equity stake in your business, investors will clearly be looking for a significant return on investment. They will also usually require some involvement in running the venture and many angels can offer a wealth of experience and commercial acumen that could be invaluable to you.
For further information see our useful factsheet on financing your business with private equity. To find an angel look at the VCR directory - a searchable database of investors including business angels, private equity houses and venture capital firms.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
-
Brand power for funerary products - Eternal Image is a US-based business selling branded caskets and urns. Baseball fanatics can order an urn or casket displaying a badge of a favourite team and dog lovers can have a picture of their beloved pooch displayed on an urn endorsed by the American Kennel Club.
-
Kilt makers - Kilt makers have been around for centuries but are still moving with the times. The summer wedding season is now in full swing and kilt makers are producing lighter kilts suitable for summer weddings.
Most significant e-commerce developments of the past decade
US-based Software and Information Industry Association (SIIA) has announced its top ten e-commerce developments spanning the last ten years. The list encompasses everything from the omnipresent Google to user-generated content.
1) Google
2) Broadband penetration of US internet users
3) e-Bay auctions
4) Amazon.com
5) Google AdWords
6) Open standards (standards for web page design and usability)
7) Wi-Fi
8) User-generated content
9) i-Tunes
10) Blackberry
E-commerce looks set to grow in the UK - The Guardian reports that online ad spending looks set to grow by a fifth by 2012, in line with consumer increases in broadband take-up.
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 'mazy'?
a) uninteresting, boring
b) wonderful or marvellous
c) winding, intricate or confusing
d) never ending, perpetual
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 minimum age for buying cigarettes increases to 18 later this year. The age for buying what other item is expected to increase at the same time?
a) knives
b) cough medicine
c) alcopops
d) iPods
2) Businesses are being warned about a scam asking them to pay around £500 to add which of their details to a special register?
a) trademarks
b) business name
c) accountant's details
d) carbon footprint
3) The wet summer weather has caused problems for some businesses but benefited others. One firm says orders are 150% higher than they were this time last year. What does the firm make?
a) paddling pools
b) umbrellas
c) barbeques
d) hats
Answers at the end of the Bulletin.
Pensions advice from HMRC
HM Revenue and Customs (HMRC) is advising business owners who have set up their own pension schemes to check who the scheme administrator is. A pension scheme administrator has a number of administrative and legal responsibilities including making information returns and paying tax charges. HMRC has produced a factsheet to help business owners understand more about this role.
Small businesses shun social networking
We regularly cover social networking developments in EnterQuest, so it's surprising to learn that many small business owners are shunning social networking online and rely on organised shows and networking events. That's according to the results of a Barclays Local Business Survey, which also revealed that traditional, informal networking methods - playing golf and going to the pub - were also out of favour.
Free text translator
This handy tool is ideal for small business owners working with colleagues, suppliers and manufacturers from abroad. Language barriers can be a problem for both parties, so why not try the text translator? Simply write (or cut and paste) a line of text then select the language you want it translated into, eg English to French or Japanese to English. Click on the Free Translation button and the text reappears, displayed in the language of your choice.
Free reminder tool for your desktop
If you frequently cover your monitor with reminders and Post-It notes (a widespread habit in the EnterQuest team), consider downloading StickyPad - a tool that allows you to write reminder-style notes on your desktop. Notes can be printed and e-mailed to relevant people, and they 'float' above the application you're working on so you can still see your work without being hindered. The tool works with Vista and has shortcut keys enabling you to write notes from any Windows application.
Everyone in business comes across a sticky customer or colleague now and then. This practical guide aims to help you deal with every type of awkward person, with insights and solutions that can be applied to all sorts of difficult situations. The book aims to teach you how to address disruptive behaviour patterns at the root, so you don't have to revisit the same problem again and again. Check out:
Just one word answer
The answer is c).
'Mazy' means winding, intricate or confusing.
The business owner thought the funding contract was mazy, so he sought advice from his solicitor. |
How's your business radar? The answers
1) The answer is a) - the age for buying knives is expected to rise to 18 in October. The British Retail Consortium (BRC) says shop counters could become flashpoints unless the changes are adequately publicised.
2) The answer is a) - official-looking letters are doing to the rounds instructing firms to pay £500 to add their trademark to a register. Solicitors say businesses should stick to the official bodies - the UK Intellectual Property Office (UKIPO), the Community Trade Mark Office and the World Intellectual Property Organisation.
3) The answer is b) - iBrolly, which makes storm-proof golf umbrellas, says customers organising outdoor events are multiplying their usual orders this year. |
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. |
