STARTING AND MARKETING A NEW BUSINESS

To start, you need to decide on a name.....and maybe design a logo (that can be saved for later, if you want). The name will be the most important. Think about what your business will offer, and what kind of first impression you want to give. Write down ANY words that come to mind when you think about your new business....the name you choose will come from those words. Use nouns and adjectives, use words that have caught YOUR attention when you're shopping.

Don't try to put your business in a category just yet. Name it first, call it retail for now, and you can target market it later after you've been out there a bit.

Next important thing.....VERY important thing.....write a business plan. It can be simple to start, that's fine....but the important thing that this does is it puts your goals and ideas down on paper so you can refine them, and LOOK at them! I didn't do this when I started, and I regretted it TERRIBLY. You don't have to write a plan that's suitable to present to banks, or anything like that (at first), just something to organize your thoughts!

Remember that it's easier to add products than it is to take away....so start with a small inventory of favorite items (use friends and relatives to determine what those are...they won't mind) and then add products as you go.

Design business cards and a flier to pass out, you might even want to consider a printed catalog at some point.

To recap,

First step:
Decide on a name

Second step:
find a small business advisor in your area.

Third step:
Call the advisor and ask these questions:
1) Do I need to file a Certificate of Assumed Name for my business name?
2) This is what I will be doing, DO I NEED A BUSINESS LICENSE to do that? If so, what are the fees?
3) Who do I contact to get registered to collect sales tax, and be considered a reseller? How do I go about collecting sales tax?
4) Will you help me with the entire process of starting my business? If not, who can?

Once you’ve spoken with an advisor, what’s the next step? Sit down and write out the goals you’d like to achieve in your first year of business. Once you have this list, separate it out---one to a page. On each page, list the steps you’ll need to take to reach that specific goal. Being organized, and thinking things through is the key to a successful start---and if you ever need financing for your business, it will be very impressive to a loan officer that you have put so much thought into your business.

Next, find internet bulletin boards where others in your business go to discuss business. These can be invaluable to a new business owner for learning the ropes. Don’t be afraid to jump in and ask all of your questions….most of the people on these boards are there for the same reason you are, and may have already gotten past your dilemma…so they’ll be able to help you!

Never forget the old stand-by—Bartering!! Bartering has become even more popular with small businesses than ever. It’s a wonderful way to get the things your business needs (business cards, stationery, catalogs, fliers, etc.) in exchange for your own products!! If you have something to offer, put it out there. Businesses like to have “give-aways” or contests to boost their recognition, so if you have gift baskets, candy, or any items that make good gifts….offer to trade them for whatever you may need.

There are very inexpensive ways to advertise your business out there! If you have a web site, do banner exchanges or link exchanges with other businesses that “mesh well” with your own. Many newsletters have free or very inexpensive ads available, and if the newsletter subscribers are your “Target Market” it will be worth your while.

What’s a TARGET MARKET?
It’s the people who would be most likely to buy your products. If you sell make-up and skin care, your target market is women. If you sell toys, your target market is Moms. Give your target market some real thought….yours may not be what you think….or you may have a wider market than you think! Did you know that marketing candles as an easy way to keep a home smelling fresh suddenly adds single men to your market?

Consider having a “give-away” yourself. You can print up a flier and put it in your catalogs that you hand out around town….something simple like-“Purchase $25 or more and get a free candle snuffer”. This will encourage higher purchases.

Don’t forget that men are the one market in this country that procrastinate when it comes to gifts!! A couple of days before ANY holiday, you can make up some simple gift bags or baskets (have several on hand), and go out to car dealerships, auto shops, sporting goods stores, etc. and show the men your gifts…..they can buy them on the spot, and many times…will!! Make sure you have gifts in all price ranges with you!

Start a “gift reminder service”. Have a place on your web site where people can sign up for a reminder service. When you send out their reminder, put your web site URL at the bottom! The easiest place to go, once they’re reminded, will be the link to your site!

Finally, never stop thinking of new ways to market. Using the boards on the internet is a great way to keep your spirits up, and your ideas fresh!

Nola Cooper
Classic Creations
www.ClassicCreationsDirect.com