Common Mistakes

While shopping in Hobby Lobby my daughter and I noticed these glasses that make lights into Christmas shapes. These glasses are made of paper and look like the old 3-D glasses from years ago. We found the glasses on the end of an isle and on the display there are 4 little lights to look at after you put the glasses on. Well my daughter tried the glasses and did not really get the effect of what the glasses are intended for. She then takes the glasses to the Christmas trees and puts them on and she then seen what the glasses could do, one pair made you see Santa faces on every bulb, one made you see mini trees, and the other one made you see ice cycles. The difference was amazing, if the glasses were placed next to the trees sales would increase. So every time we go into Hobby Lobby we grab the glasses and look at the trees in hopes that a manager or store worker will see us and realize that they are in a bad location.    

Chicago's First Snow

This weekend Chicago had its first snow, I was there to experience it and it was an experience. It's not the first time I seen it snow like that, but it is the first time I actaully new people that were leaving to go to Florida. I have been talking about opening a business in the Florida keys and the snow is one of the reasons why; snowbirds. Many people go to the beach for vacation in the summer and spring, but it's the snowbirds that make the area businesses continue year round, without a technical off peak time.

Public Relations

Incentives drive most people to the purchase that they make. The incentive could be in points, free items after so many purchases/visits, coupons, and miles. The more a business makes the consumer feel like they receive more in return, then most likely the business will win over that consumer. Just like credit cards, people tend to use the credit card that gives them the most benefits. Now with that said, some companies will not take certain credit cards due to the higher fee the business has to pay for accepting that card. I personally have stopped shopping at places due to the fact that I was asked to use a different card due to the fees the business occurs when accepting that particular card. I was shocked when I was asked that, especially since the business accepted that type of card.

E-Marketing

Get your business out there! Social media is the quickest way to get your business out there for customers to get to know your business. You want to make a good impression because social media can work in you advantage or it could be your biggest disadvantage. One bad review can be the start of  the decline of your business. Customer satisfaction is the number one priority. Your customers should love your business, that way even if your customers had a bad experience they might post it but I am sure they would state that the customer service was great and they would use your service again. Know your target market, their needs, wants, and most of all what makes them want to come back for more.

Inventory Management

Regardless of what type of business one is looking into there will always be some form of inventory. Inventory management will be very crucial to your business, a handheld inventory scanner is one method of real time inventory or if you are dealing with smaller items the vending machine method is also a real time inventory tracking system. If you let your inventory get out of control your business will suffer, not only will the products that are needed not be available, but an excessive inventory of unneeded inventory could grow and cost the business unnecessary money. Improper inventory control can shut down your business just as quick if not quicker than being a bad businessperson. Did you know office supplies are the number one items for theft, not that it is always done on purpose but how many time have you put a pen or pencil in your back pocket and did not think twice about it. Knowing all of your inventory can save you a lot of money in the end, maybe even save your business.   

Location

Location Location Location, can make your business or break your business. The location depends on what type of business/industry you are looking to pursue. When looking into a major manufacturing facility you want to be as close to a major interstate as possible. While I was driving to the beach I noticed this town that looked nice, but it looked like every building was closed down. That's when I noticed that the area was too far from a major interstate. The cost from the location inconvenience could have shut the companies down, I am not really sure but it made sense. If you are on vacation you don't want to drive an hour away for activities. Sometimes people see a cheaper price without see the added expense of the location or inconvenience.     

New Business Pricing

When HESS in Good Hope opened the doors they had the best deal in town when it came to fountain drinks. They advertised any size soft drink or slushy for $.69. This price lasted approximately two months and when it was over the customers found out as they paid at the register. I do not know how much local business was lost due to this, but I personally know locals that stopped shopping there. It was the way HESS employees went about the price change, they did not put the regular price at the drink stations to catch your eye so you would be aware of the change. When the cashiers were asked about the bill total they replied "Do you see a sale price on the front door?"  I have talked to other people in the community and they also had a similar experience with the sale price change. I believe if HESS employees would have made the change visible customers would not of minded the price increase.   

Spokesperson

I would definitely use a spokes person to sell my new product if I had the opportunity. I feel its the quickest way to get your product noticed. With that said I also do not buy products that the spokesperson has shown a negative influence on society.  I believe that you need to pay close attention to the public feedback, and drop that spokesperson as soon as it looks like there is no way for that spokesperson to redeem themselves. The last company I remember to drop a name was Serta and Donald Trump. Serta didn't want to be associated with his racial slurs. But did Serta jump the gun? Did Serta react too soon?  Serta was one company that did not drop Paula Deen when other companies did. In my opinion Trump has overcame his negative reputation where Paul  Deen is still struggling.   

Tackling Problems

When forming a department to tackle problem its best to use people from the department that developed product, people from different areas of the product and even people that do not know anything about the product.  The goal is to create a team with group discussion about what they see and to create a fix for the problem.  There are no dumb comments or questions everyone sees the product/problem in a different way. Be careful not to get too many people that know nothing about the product, this could result in false results that could create unattainable expectations.    

Target Market

Targeting everyone would be nearly impossible and very costly in most situations. The checkout line is one of the only areas I can think of that can actually target everyone. From children, mothers, fathers, teenagers, to the elderly they make sure that the checkout line accommodates everyone that shops in that store. I think it would be a good idea to place some fresh fruit at the checkout line, so when a child asks for candy and  his/her parents say no, he can ask for fruit. How many parents do you know that would tell a child no when it comes to fruit?   

Customer Markets and Demands

Your Gateway to Cuba, is the slogan I see when researching marinas in Key West. What a great idea for a slogan, using the newly developed America/ Cuba relationship. This did not even cross my mind when the idea of opening up a marina in Key West. I was looking at the demand for boat rentals and boat slip rentals in a location that is booming with business all year.     

Vacant Property

Vacant property/buildings can give your new business an advantage if it the building/property fits your business needs. Towns do not like having vacant buildings it is an eye sore and the town loses revenue from that building being vacant. There are a number of incentives a business could benefit from when considering utilizing one of these properties. Besides tax incentives, there are cash incentives for utilizing old buildings; it is amazing that there are so many incentives avaliable. Of course there are other things to consider: location, demographics, culture, will it be the correct fit for your business?  You never know you might  change your business idea based on the location. Have you ever drove through a town or city and thought "They really need a gas station on this s property," or "That would be a perfect corner to put a drive thru liquor store on." I do it all the time!

Living in the downtown area has its advantages for many career driven people/couples. Most people relocate to be closer to work. Downtown lofts have a higher price tag than other areas due to the accessibility to one's necessities which changes when you live downtown. You do not have to own a car, if you do you have the extra expense of paying for a garage/parking area and you would probably be late to work if you drove. Means of transportation would be walking, bicycle, or taxi cab; imagine how much money this would save someone. Everyday we see the bicycle rider lanes popping up on the streets, but what if the sidewalks were widened and installed were moving walkways. Just like we see at the airport where if you want to walk normal you can or you get  on the moving walkway and walk or stand.

Entrepreneurship Key West: Location is the biggest concern I have with starti...

Entrepreneurship Key West: Location is the biggest concern I have with starting a business. I have seen many businesses close and it was very obvious that the location was a large factor in the closure. It's like the phrase "Out of sight out of mind", if you do not see it you will forget about it. This applies to some of the best products/businesses.