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Your EnterQuest Bulletin - Issue 226
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| Thought for the week: "Strong people make as many mistakes as weak people. Difference is that strong people admit their mistakes, laugh at them, learn from them. That is how they become strong." Richard Needham |
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In this week's issue:
Starting local is key to success for property enterprise
Two university friends are taking advantage of the property boom by helping house sellers to cut out the middleman and sell their homes without paying fat fees to estate agents.
Colin Walker and Mark Smith started Propertybooth after Mark paid over £1,000 in fees when he sold his own property.
Colin said: "We thought there must be a cheaper way of doing it."
The two friends, who live in Inverclyde in the West of Scotland, set up the site with the help of a professional website developer. Sellers pay £10 to advertise their home on Propertybooth for three months.
At the moment, the enterprise concentrates on Inverclyde but the pair plan to expand across Scotland and ultimately, the whole of the UK.
Colin said: "We're building up a brand in the Inverclyde area then we'll move out a bit at a time."
The business partners, who both work full time at the Royal Bank of Scotland in addition to running Propertybooth, studied marketing. But Colin admits this is an area that can be difficult to get right.
"We got a lot of advice when we started up but we didn't get a lot of advice on marketing. We tried a lot of things. In hindsight, we probably spent more than we should've done.
"It's hit or miss in marketing. There's no sure-fire plan of what'll work for your company."
One of the initial mistakes they made was to take out a Scotland-wide newspaper advert. Local advertising and online marketing have been more successful. Colin is also wary of using radio adverts again. After looking at the available options, they plumped for the cheaper of two radio stations but were disappointed by the results.
"There was no response rate at all," Colin said. "We actually got a bigger response from a wee totty advert in the local paper."
But he can't fault the advice they received from Scottish Enterprise, which helped with the "groundwork and basics."
Colin said: "The support from Business Gateway was very, very good. Even if they're not giving advice, it's a morale boost.
"They kept us on the straight and narrow."
Tips for food businesses
Food regulations affect all businesses working in the production, processing, storage, distribution and sale of food, no matter how large or small they are.
The types of businesses affected include, but are not exclusive to, sandwich shops, takeaways, restaurants, coffee shops, food retailers, growers, food processing businesses, pubs, hotels and so on. Here's a quick recap of the legislation that affects businesses.
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The Food Safety Act 1990 requires that your business only sells, or possesses for sale, food which complies with safety requirements. The Act legislates against selling food which is not of the nature, substance or quality offered, or to describe, advertise or present food in a false or misleading way.
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The Food Hygiene (England) Regulations 2006 (and Scottish, Welsh and Northern Irish equivalents) also affect all food businesses, including caterers, farmers, manufacturers and retailers. They include requirements relating to cleanliness, provision of equipment and facilities and temperature control.
For more information on the 2006 food hygiene legislation see the online guidance from the Food Standards Agency.
For further details relating to the law see our practical factsheet, a legal guide for food businesses. The Chartered Institute of Environmental Health provides information on available courses and accredited training providers relating to the food industry.
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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Niche wedding DVDs. Memories with Motion is a wedding DVD business with a difference. Weddings are captured on film and reflect a bride and groom's favourite films or TV shows to create a unique record of their big day.
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Self-defence instructors. Defence instructors now have opportunities to specialise and find a niche in the market, including classes for women and students, and teaching lone workers self-defence techniques.
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 'risible'?
a) unequal
b) arising from discussion
c) staid or serious
d) laughable or amusing
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 introduction of a new faster payment system which was supposed to speed up transactions by phone or standing order has been delayed from November. When will it now be introduced?
a) December 2007
b) January 2008
c) May 2008
d) November 2008
2) The Federation of Small Businesses (FSB) has reacted to draft Government proposals to cut the amount of red tape small firms face. In its reaction, the FSB revealed that small businesses spend how many hours a month completing forms?
a) 16
b) 28
c) 37
d) 10
3) The British Retail Consortium (BRC) has voiced concerns about erratic National Minimum Wage (NMW) increases, which it says can hamper businesses' ability to create jobs. By what percentage has the NMW increased since its inception in 1999?
a) 25%
b) 38%
c) 18%
d) 46%
Answers at the end of the Bulletin.
Microsoft Accounting Express 2007
This is a free tool for small businesses, offering invoicing, bill payment and online banking as part of the package. It integrates with other services you may already have on your computer, such as payroll and credit card processing. Microsoft also makes a 'professional' version of this software, which has more functions but costs the user to download.
Online video site to recruit staff
VlogYourJob is a new site enabling recruiters to tell potential candidates all about the role they're offering by using video clip software. The vlogs - video blogs as they're more commonly known - also allow recruiters to inform candidates of staff and company benefits and the types of candidates they want to hear from.
Rate the dragons providing you with venture capital
A new blog that has taken the US by storm is now heading for Europe. TheFunded.Com enables users to rate the firms and businesspeople they approached when hoping to gain venture capital funds. Of course, the firms that are the most helpful and prepared to stump up the cash are more likely to be rated higher than those who don't...
Free advice from the UK IPO
The UK Intellectual Property Office (UK IPO) is offering free advice in a series of UK-wide shows. The free events will give entrepreneurs and small business owners the opportunity to discover how new legislation will affect the trade mark system. The legislation is due to come into force on 1 October.
This book follows Liz Jackson's real life experience of starting her enterprise from deciding to leave her job, to where she is now - owning a £2 million business with 100 employees. Start Up! is full of practical hints and tips and aims to inspire wannabe entrepreneurs to follow their dreams. Check out:
Just one word answer
The answer is d).
Risible means laughable or amusing.
The business owner thought that the bank manager was not a risible man. |
How's your business radar? The answers
1) The answer is c). The Association of Payment Clearing Services (APACS) says the delay until May 2008 is to allow further testing of the system.
2) The answer is b). FSB research revealed that small businesses spend 28 hours a month filling in forms. The FSB said it welcomed the Government's intentions but that these should be followed up with actions so firms can concentrate more on creating jobs.
3) The answer is d). The NMW has increased by 46% since 1999. The BRC wants to see the process for future increases based on economics and not a balance between unions and businesses. |
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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. |
