Small Business Solver.com

Is There a Need?

So you are planning on launching a business because you either tweaked an old product, found a patent, had new technology or features to upgrade a product or service, or just had a brilliant idea. What you need to consider is whether there is a need for your business or not. Think about the customer first because it doesn't matter how great you are if you are not satisfying a customer's need. The success of your business is determined by this very factor.

WHY THIS MODEL?:Your business idea will work best if people need the product/service.

Choosing Revenue Streams

All businesses have one common driving factor and that is to stay liquid. For small businesses it is the do or die for the company; make enough money to last from month to month or shut down the business. In order to achieve this, most businesses develop multiple revenue streams. Logically, any business owner will tell you to spend your time on the activities that make the most money. So how do you figure out which revenue streams are the most lucrative? The next model will guide you on how to make all of your revenue streams comparable so that you can objectively analyze which revenue streams you should focus your attention on.

WHY THIS MODEL?: Make sure that you are spending your time moving the right part of your business forward.

Competitive Edge

Identifying your competitive edge is not just for the new business owner entering the market. It's for the company with stiff competition in a maturing market that is losing on its average margin and needing to cater to a niche market. It's for the company with a steep decrease in sales that may have lost its focus and needs to offer a new or stronger competitive edge. It's for any business owner who wants to succeed. So what is a competitive edge? Your competitive edge can be anything that makes your company, product or service different and stand out from your competitors. It is the main reason why you are in business. It is the one thing you offer that is better than what is currently available on the market.

WHY THIS MODEL?:What makes you different? This is important to figure out if your business will fly.

Creating Your Vision

Start your business vision with a five year plan because it will ensure you have a driving force and a growth plan in place. Dream big too! Here is the time for you to set not only business goals but values that will be a root for your business. Do you want this to become a family empire? Is this your reason for living? Will your business become a legacy and make a difference in the world? Get inspired and be as creative as you want; this is your vision. Dare to dream.

WHY THIS MODEL?:Figure out your end goal to help make sure you start in the right place.

What's the Right Business Model?

Everyone wants to sell directly to the final customer. We are used to seeing consumer packaged goods companies do this, and we are familiar with all of their advertising. We understand this business model, so we think that that is the only way to proceed. But this is not the only business model. And in many instances it is not the best business model. This module is for small business owners who know they have a great idea, but don't know the best way to sell it. You could be an existing company who is looking to expand how they are delivering their current product or service, and changing the business model may allow for growth. Either way, this module will outline the options and help you decide which way to move forward.

WHY THIS MODEL?:This will save you both time and money. There are many ways to deliver a product/service, the right business model makes sure you are selling your product/service the right way.

Who Is Your Target Market?

Who is your customer? It is very common to think that your target market is everyone. Just because you have a great product or service that a lot of people could use, it doesn't mean that you should go after all of these customers. Going after a target market can make better use of your marketing budget and makes your product or service meet their needs better. Unfortunately, the traditional way of using demographics is not enough. You need to expand upon this description of your target market to realize these benefits. This module will help you draw a clearer picture of your customer - allowing you to grow sales the right way.

WHY THIS MODEL?:When figuring out if a business idea makes sense, you can't forget the customer.

Competitive Analysis

If you are reading this now, then you are probably a business owner who has been in the business for a while and needs to reassess your competition. You could be trying to brand your product and need to gather foundational information in order to make a good decision. Finally you might be just entering the market and want to determine whether your business has a chance to succeed. It is important not to get blindsided by competition you were not prepared for. For instance, music stores did not account for online music downloads and quickly lost their share of the market due to this. Use the following model to manage your risk and determine your business' advantage by analyzing your competitors.

WHY THIS MODEL?:First thing to do when thinking about how to handle the competition, is to figure out what they are doing.

Creating a Business Name

You may ask, 'What's in a name?' but for small businesses the answer is plenty. Your business name is the first impression you make on a customer and dictates your brand. Your marketing, logo, brand colours, URL and online presence, product line and side projects will all reflect on your business name and, since it is difficult to change your name, you will want to make sure it works for today and the future. Some companies face the challenge of limiting themselves in their name. For example, a company called Just Computers may lose prospects in the Blackberry market if people think they strictly deal with computers as their name suggests. A bedding company called Canadian Dreams may eventually launch internationally in which case the name no longer describes their business properly. Not putting enough thought into your business name may lead to problems but spending too much time may also become a problem. Every day that you prolong moving forward with your dream is another day that you will have to wait for your first pay cheque. Can you afford this? There comes a time when you just have to take the plunge.

WHY THIS MODEL?:Marketing starts the first day that you start your business. You need an appropriate name for your business early to help your marketing along.

Networking for a Difference

Networking is a great marketing tool that helps to establish or solidify business relationships. However, simply attending every networking event possible is not going to do you any good if you don't have a strategy behind it. Your strategy will save you time and money by cutting down on how many networking events you attend but making the most out of the ones you do go to.

WHY THIS MODEL?:Networking is a great sales tool to help build relationships with potential customers.

Getting a Mentor

You may be asking why you would need a mentor but the answer is simple. A mentor can save you time by explaining how to do things quickly as they have already encountered the same experiences. They can save you from pitfalls by managing your expectations and giving you proactive plans on how to avoid them. They can help you succeed by finding you customers and contacts. They can give you motivation as you won't want to disappoint them. And the list goes on. Mentors are very valuable to an entrepreneur who is just starting out.

WHY THIS MODEL?: Get a mentor at the very beginning.

Getting the Most out of a Mentor

You may be asking why you would need a mentor but the answer is simple. A mentor can save you time by explaining how to do things quickly as they have already encountered the same experiences. They can save you from pitfalls by managing your expectations and giving you proactive plans on how to avoid them. They can help you succeed by finding you customers and contacts. They can give you motivation as you won't want to disappoint them. And the list goes on. Mentors are very valuable to an entrepreneur who is just starting out.