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Your EnterQuest Bulletin - Issue 175
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| Thought for the week: "Life is what happens to you when you're making other plans." John Lennon |
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In this week's issue:
If
you have any questions about your business idea or target market, or need help tracking down a grant, subsidy or business support
in your local area, then send an e-mail with your query to the EnterQuest
information team and we'll do our best to help.
Send
your question to enterquest@cobwebinfo.com.
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To
access over 800 factsheets, guides and small business reports, go
to www.scavenger.net. |
Starting a business in the real world
Just about every week, you read or see something in the media or receive some bumf in the post about the importance of entrepreneurship, small business development and starting up your own enterprise.
Which is no bad thing, provided it's done in a responsible way. But the problem is that it isn't always done that way.
In fact, there's an argument that encouraging business start up and enterprise isn't necessary at all, as anyone who's going to do it probably will do so anyway without any prompting from the Government or another agency funded by the taxpayer.
The real priority that doesn't get properly addressed is ensuring that the people who do start up are clued up, equipped and able to survive.
And the key issue faced by any new enterprise that will either make or break you is being able to market yourself competitively.
With the business world now truly being a global village as a result of the Internet, fewer restrictions on the movement of goods and people, cheaper travel and so on, every new business that starts up is going to find it harder and harder to compete.
As a small business owner you need to be able to ask yourself how you can both 'recession-proof' and 'competition-proof' your enterprise. And the only real way to do that is by making marketing your number one priority.
This doesn't mean that understanding and keeping your finances in order isn't important, or that managing your employees and ensuring your customer service is top notch isn't crucial either. All of these issues are vital, but if your business ever experiences a serious downturn in sales due to a recession or increased competition, NOTHING is going to be more important than your marketing efforts.
Marketing should be what drives both you and your business. During a downturn, which will almost certainly happen at some point, your marketing will mean the difference between going out of business, and weathering the storm and being a success.
In the real business world, it will be during the difficult times that you earn your black belt in entrepreneurship through doing things like learning how to stretch your marketing budget to the limit. And it's during times like these that you will need to learn new and innovative marketing techniques that will help your business survive and thrive.
The reality is that with fewer and fewer consumers out there just waiting to buy, you need to learn how to hunt down prospects who may want to buy from you, and convince them that they need to buy - today. To do this, you will need to discover new and different ways to do your prospecting and marketing.
If you don't, your experience as a small business owner-manager is probably going to be stressful and short-lived.
To help you learn how to use dozens of new and different techniques to track down new customers and increase your sales, check out the UK Small Business Marketing Bible.
Business rates relief
As a small business owner or potential new start up, are you aware that you could qualify for Small Business Rate Relief?
Since 1 April 2005, eligible businesses with a rateable value of below £5,000 have been entitled to 50% rate relief on their liability for business rates.
Applications for rate relief have to be made annually, and within six months of the end of the financial year to which the application relates, so for the year 2005/6, the closing date for applications will be 30 September 2006.
Other relief may also be available in cases where property is empty or unused, if your organisation is non-profit making or where your business is located in a rural village with a population of under 3,000.
Your local authority will calculate the allowances due and will use their discretion in deciding what relief to give where this is within their remit.
For more information, see our guide on understanding business rates and to find out whether you qualify for relief, contact your local authority - if you don't ask, you don't get!
Finding second-hand business equipment
Newly started businesses often have limited resources, and purchasing second-hand equipment can help make your start up capital stretch a little bit further. However, because a new business can't afford to be let down by faulty or unreliable equipment or machinery, it is important to know what to look for when making this type of purchase.
There are plenty of tools and directories available to help you source reliable second-hand kit - here's a summary of some of the best:
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It's worth consulting your trade association for details of suppliers and directories of equipment for your sector. For example, the Catering Equipment Suppliers Association (CESA) represents commercial catering equipment suppliers, and provides a free online directory searchable by product and brand. You can also find a wholesaler for your sector at The Wholesaler website.
Finally, check out our practical factsheet for more tips on buying second-hand equipment.
Where can you get free software?
Business owners often don't realise that there are alternatives to the ubiquitous software provided by Microsoft. But it's useful to be aware of alternative options - and free or 'open source' software offers a number of advantages for business users:
Check out the Free Software Foundation website, which has a directory of thousands of applications, for more details. The Freeware Guide is another useful directory of free and shared software available on the web. Finally, OSDir.com is a good site for updates about new open source applications.
Each
week we provide you with summaries of some popular or emerging business
ideas in the UK.
Here
is this week's idea:
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 what the word 'rainmaker' means, in business terminology?
a) a term to describe a key or main customer or supplier
b) someone who makes continual complaints to or claims against a business
c) someone renowned for achieving excellent results in their field
d) an informal term to describe a legal professional
Answer at the end of the Bulletin.
Hot shopping
The July heatwave gave firms with online stores a boost as shoppers spent money online rather than heading out onto the scorching high street. The Interactive Media in Retail Group (IMRG), which tracks Internet spending, says online shopping increased by 35.4% in July compared with a year earlier, or from an estimated £1.47 billion in July 2005 to £2.33 billion in July 2006. The Times also reports that there was a 2.2% fall in the number of people visiting bricks and mortar shops.
Rip-off merchants beware
An entrepreneur is trying to ride the building cowboys out of town. Michael Chambers has set up the Benchmark Decorating and Building consultancy and website to advise people on the going rate for a job and to stop them from being ripped off. He says that his 25 years of experience in the industry means that he's familiar with the typical cost of materials and labour charges, and can work out an accurate estimate of what customers should be paying based on their plans, details and quotes.
Find a consultant online
This blog site aims to help business owners who are looking for specialist consultants and advisers find advice and information at the click of a button. It offers a jargon-busting glossary of terminology often used in the consultancy sphere, lists consultants and specialists in a number of areas, and offers other free tools such as a consultancy checklist and a sample project brief.
Free PayPal guide to e-commerce
Payment processing bureau PayPal has published a free business guide covering the key principles of running an e-commerce site. PayPal is warning UK businesses to establish a presence online or risk missing out on valuable profits, with figures suggesting that consumer spending online will reach £39 billion by 2010. The guide features practical screen shots and helpful hints for different business sectors.
This book bills itself as the definitive guide to being more persuasive and influential, in both your personal and business life. It explores the most powerful influencing and persuading techniques in a readable and entertaining way, and aims to help readers improve their ability to deal with a vast array of daily challenges, from negotiating a business deal to getting a table at a busy restaurant. Check out:
Just one word answer
The answer is c).
The term 'rainmaker' is used to refer to someone who is known for achieving outstanding results or success in their field or business.
Business awards aim to recognise the rainmakers in different sectors. |
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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.
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