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Archive
05 Jan What does “market potential” mean?
Market potential in general boils down to a very basic formula. You figure out a customer profile (who you want to target with your marketing) and combine that with the geographic size you want to target (how many of those people are in that area)....
03 Jan I want to start an office cleaning service. How much should I go about charging for my cleaning services?
This will require a little trial and error after you've discovered what your competition charges. You'll find that as you would begin your business and place bids on properties to service, you'll learn quickly what you can charge to beat your competitors while offering additional...
24 Nov I’ve been running my business for a while and want to know what’s the threat that a new company will suddenly appear to compete with me?
The threat of new entrants is a constant and consistent one. You have the advantage in that your business is established, but that's no guarantee that a serious threat will not rise up to compete with you. In fact, it's pretty much assured that eventually...
24 Nov I’m just getting out of school, but I don’t want to try to jump into the corporate workplace right now. Is there another avenue I can pursue?
You might want to consider franchising. A lot of young people, not ready to start working in the corporate world while things are still so volatile, are instead opening and running franchises of popular businesses. It lowers the risk that they run when they get...
24 Nov I really don’t know where I should go for help. Other than here, where can I look for help?
The first place you should look is a good local library, usually a major city or a university one. They'll have a wealth of information about local business, free for you to find. Next, find a good business consultant. We would like to humbly suggest speaking...
24 Nov How do I find out about suppliers?
Trade shows are a really good way to start, where you'll get a chance to see demonstrations of all sorts of products from suppliers in your industry. Another thing you may want to try is the Thomas Registry of Manufacturers, which can be found at your...
24 Nov Can I actually operate my business from home?
Not every business can, but 20% of small businesses are run out of homes directly. Contact your local SBA and Chamber of Commerce for information on what types of permits you'll need....
24 Nov Should I buy the location I want to put my store in or lease it?
That's not an easy question to answer. It depends on what your business is, how long you've been running it, where it is now, what the demand is, and several other factors. The advantage to leasing, of course, is that you aren't sinking as much...
24 Nov I’ve been told that my company can live or die based on where it is. Is location really that important?
It very much depends on your business, but if you're running a small storefront in a local area, then location can be incredibly important. What you need to consider when choosing a location is availability of your prospective clientele, their ability to access your establishment, the...