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Keeping the Business in the Family
I read an article in today’s Financial Post called Keeping it in the Family. It reminded me of the discussion I had with Brian in the car yesterday on the way back from the cottage. The article discussed the McCarthur Fine Furniture story in Calgary and the generations expected to keep the business in the family. The parents have been sending their children to meetings to get external viewpoints on the business and to see if it is something they truly are passionate about. Ted Pound, the founder, explains that “the biggest challenge is recognizing first of all that it’s a business and then second, it’s a family and that’s always a challenge.” Those were my thoughts exactly when I asked Brian if he plans to take over or buy out his fathers Eavestrough business when he retires. Although it seems like a natural course of action, it might not be the right course of action.
Running a business is so very different than simply working in it. Although Brian is excellent at what he does and has been doing it for over 10 years, it is not enough to determine his ability to successfully run the business. Sales, marketing, HR, and payroll are areas where he has little to no experience, but he knows what has to be done. Many people become entrepreneurs out of scenarios similar to this and succeed. Why? They persevere, are enthusiastic, and are not afraid to ask for help.
Attending free seminars such as BizLaunch‘s How to be a Successful Entrepreneur offered in STAPLES Business Depot stores cross Canada has helped many people in starting and running a business. Others such as Trudy Van Buskirk , do email coaching, and Andrew Patricio do one-on-one and telephone coaching. With all these affordable services entrepreneurs-to-be have more than enough resources to follow through in inheriting and developing a successful business.
Free Publicity is easy as pie
I recently (as of 4 months ago) started writing media releases without any prior experience writing anything media related. It was not by choice that this event occurred. When my ‘boss’ asked me to write a release about an up coming seminar I was terrified of what was involved. I searched the internet for templates and examples, I read every article in as many newspapers as I could get my hands on, I purchased publicity books , like Public relations Kit for Dummies , from the bookstore, and then put my pencil to the paper (quite literally) and pumped out my first release. Guess what? It got picked up! And so did my third, and eighth, and so on.
What worked was building a relationship with the media I was attempting to contact. A proper introduction email, a well written media release, a courtesy call, and a thank you email all helped get me published. The thrill of your first successful release truly outweighs the ongoing writers block and spell check after spell check you succumb to in order to produce a piece of art.
I learned that each person has their own distinctive writing style and each publicity campaign its own unique features. That being said, it is important to overview your entire publicity objectives before you get started. According to David Carriere, you can publicize just about anything by following these 7 steps:
1. Start brainstorming
2. Distill your message down to a concentrated reduction
3. Select a spokesperson
4. Create Press Materials
5. Map out the strategy
6. Execute your plans
7. Allow your success to propel you forward.
If you want to read a quick to-the-point book, go get David’s Book Publicity: 7 Steps to Publicize Just About Anything. It helps
Million $ Market Niche
…what entrepreneurs need to know to succeed
Before creating a brochure, before developing a brand, before designing a website…a small business owner must know who they are creating, developing and designing for. Entrepreneurs must know their target market.
Instinctively, a small business owner should have a good sense of their market. But there’s danger new owners must address. Too narrow a market focus and the business may not meet its sales projections. And too broad a focus and the business risks losing impact on its customer base.
When defining a target market, a new small business owner must identify the niche they can supply better than anybody else, know exactly who their potential clients are, and pursue only those customers offering the greatest profitability.
To identify a niche, a business owner must start by knowing what they do well and who will pay them for it. Defining the customer group can be easy by collecting data such as age, gender, purchasing habits, and group associations. Make sure the proposed new target market is worth the while. Does the proposed niche have money to spend? Can they pay the price?
“New small business owners simply do not have the time, money, or resources to try to sell to everybody. Marketing becomes so much easier once entrepreneurs know exactly who they are trying to reach,” comments Roger Pierce, Small Business Expert and BizLaunch Co-founder. “Business owners will have an easier time talking to them, understanding their desires, and fulfilling their needs if they have a full understanding of their ideal customer”.
Know your niche and know it well, than prepare for increased sales.
Your Company Vision: The Road Map to Success
There’s a well defined road map to unlock business success that is often defined by the owner. Persistence, enthusiasm, and valour, the characteristics of an entrepreneur, play an integral part in the growth of a small business. These characteristics also need to be carved into the company’s vision.
The detailed development of a company vision is vital in the early stages of growth. It should be a clear reflection of the owner’s dreams and hopes for the business. When developing the company vision, keep in mind how success will be measured, what the business will look like: home-based or e-commerce, what the business will become, and the exit strategy, i.e. to sell it, leave it to family, or turn it into a franchise.
Understanding theses things will help the entrepreneur develop a business to be proud of. This is important because, while financial success is a great motivator, it is rarely enough to sustain the owner through the challenges of building a business. After all, there are many ways to make a buck.
“Without a vision, you will likely invest time and resources in places that don’t produce results,” comments Roger Pierce, Small Business Expert and Co-Founder of BizLaunch. “With a vision of a business you are proud of will carry you through slow times, show in the quality of your product or service, inspire employees, and motivate customers.”
BizLaunch, Canada’s leading small business training company, is offering free seminars for new entrepreneurs who want to learn more about this subject. Held in STAPLES Business Depot stores throughout the county, the next How to Grow Your Business STAPLES BizLaunch Seminar is on June 19th in ST. Johns, NFLD, 34 Stavanger Drive. The seminar runs from 6:30 to 8 p.m. Small business owners interested in attending the event may register online at www.staples.ca/bizLaunch
Renée Warren's Blog 