List of start up costs for new businesses to help with estimating financing, proformas, and starting a business.
The start of summer is officially here. That also means some time to spend reading by the pool or the beach if you are lucky enough to get to spend the three day weekend relaxing. If you are looking for a business read, then let me throw out, Preparing Effective Business Plans: An Entrepreneurial Approach… Continue reading Happy Memorial Day! and Book Recommendation
Here's some of the real world corporate office "bite-you-in the-behind stuff" no one really talks about in college or MBA school but you must master if you want to succeed at the real version of the "Corporate Office Game". Although the unemployment rate is low, many people are still looking for jobs. Or perhaps better… Continue reading Red Flags on Job Interviews!
If you celebrate the holiday, enjoy the time with your family. We will be back next week.
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
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
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
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
Whether it's part of your annual or quarterly business goals, you need to take a look at your business and find ways to cut costs. You may be thinking that you do this every day. You may be thinking that you have no time, you have to run your business. You may be trying to… Continue reading Cutting costs
Later that night after I posted the 6P's of Marketing blog post, I remembered there was a 7th P- Position. Position means where in the market the product sits in relation to its competitors. Basically, are you selling a $2,000 Louis Vitton handbag or a $20 handbag at Wal-mart? What is the position of the… Continue reading And then there were 7 P’s of Marketing