Customer service, marketing, Small Business

Defining your Target Market: Not everyone buys the same toilet paper

As a business owner, do you know who your target market is?  Can you describe the person or business that you are specifically targeting that can benefit from your product, find value in your product, and willing to pay for it? When I teach marketing to college and graduate students, I like to talk about… Continue reading Defining your Target Market: Not everyone buys the same toilet paper

Customer service, finance, Personal Development, Small Business

4 Types of Businesses to Start

Entrepreneurs come in all types and sizes, just like the businesses they run. If you are deciding whether or not you want to start a business, start with the type of business you want to start. There are about 4 types of new businesses: Innovative- These are the entrepreneurial businesses that create new products, expand… Continue reading 4 Types of Businesses to Start

finance, Personal Development, Small Business

Break-even Point for Lemons

For many small businesses, there are several ways to calculate profitability. The break-even point one way. It is the minimum sales you need to recover your costs. If you're a retailer and you buy a trunk full of clothes for $400, and you know you can sell them for $800, what is the break even… Continue reading Break-even Point for Lemons

finance, Small Business

Sexy Profit Margins

I have started writing this blog post a few times. How in the world do you make profit and profit margin sassy and sexy and interesting? I have no real ideas. But here's an interesting story where I apparently told off a Senior Vice President without realizing it. The Senior Vice President (SVP) of a… Continue reading Sexy Profit Margins

finance, marketing, Small Business, Uncategorized

50 Cent or $5 Donuts: The positioning of donuts

I wanted to dive into positioning a business and products a little more from a post a few weeks ago. What better way than to illustrate by using donuts? Here's the first donut that you may be familiar with. Product #1 is a simple donut from the local grocery store, i.e. Kroger:. It costs about… Continue reading 50 Cent or $5 Donuts: The positioning of donuts