1. Focus on who your ideal customer is - those who are loyal and high
spending - and make sure that everything you do is with your customer
in mind.
2. Focus on cost cutting. Remember the old saying: "Look after the
pennies and the pounds will look after themselves." There are services
to make this easier for you that don't cost a thing - check out Make It Cheaper for instance, which could enable you to make savings on your utilities.
3. Focus on your product, pricing and promotions - think about that
ideal customer; make sure everything you present to them is aligned to
their needs and wants and is clearly priced. Run engaging promotions
that increase sales, don't drain margin and don't devalue the brand.
4. Make sure you are online. You don't need to be trading online (but
it helps) but you do need to be findable. Spend some time to ensure you
can be found for what you offer in your area. Make sure you add your
business to Google places and as many free directories as you can. When
people search for [category] in [Town] you want to be on page one! Add
your business to www.independentshops.co.uk/.
5. Make sure you get social - retailers are using tools such as
Facebook, Twitter, Pinterest, YouTube and blogs to stay in contact with
customers. If you're not yet familiar with using social media then chose
just one and learn how to use it. You'll soon find your feet, but if
you do need a bit of help getting started, there is a free downloadable
'how-to' guide available at www.independentretail.co.uk/resources
Many small retailers start life as a hobby or project alongside full-time work; when is the right time to take the leap and make it a full-time occupation?
Clare replies: “Many people start retailing almost as a sideline and
discover that it's consuming more and more of their time. Of course, if
you're running a business alongside a full-time job you'll be getting
income from both. Making the leap to being a full-time business owner -
moving from employment to entrepreneurship - is never easy and only you
will know when the time is right. Assess what income you need and how
you'll achieve it and make sure you have the financial buffer to cover
the transition. It's often valuable to join a local networking group to
meet other local business people. You'll meet people who are in the
position you'll be in when you make that leap and you may get a great
deal of advice and support from the network as well.”
Is there enough support for small businesses from the government and banks at the moment?
Clare replies: “One of my greatest frustrations is the amount of
money that seems to be thrown at start-ups and schemes to support
start-ups but how little there is to help established businesses to keep
going. I work with a privately funded organisation, Enterprise Rockers,
and their mission is to support micro businesses (ie those with fewer
than ten employees) to keep going once the honeymoon phase of start-up
has passed. There is almost no support for established businesses from
the government, and their stance on business rates for retailers in
particular (of any size) is crippling. Banks are getting better; the
anecdotal feedback I've had is variable - it seems that the success rate
with banks has more to do with the business owner's relationship with
their local business banking manager than it has to do with any specific
bank or banking policy.”
On the whole, how would you rate the UK in terms of entrepreneurial spirit and achievement?
Clare replies: “I think the UK has huge entrepreneurial
spirit and achieves an enormous amount. It's sad that much of the media
focus is on super-star entrepreneurs like the BBC Dragons and not on the
real-life entrepreneurs. The Federation of Small Businesses (FSB) has a
campaign called Real-Life Entrepreneurs,
and I've agreed to champion that for them. This is all about
recognising the micro businesses that work hard to support themselves
and perhaps a couple of employees, who earn a reasonable living and
enjoy a reasonable life.
“These real-life entrepreneurs won't make millions overnight; they
won't be bought out by mega brands and they don't need investors to
accelerate their growth. They're like the vast majority of
entrepreneurs: people enjoying what they do and making a decent living.
It's important to celebrate these people and recognise their
achievements - the thousands of plumbers, decorators, designers and web
developers who work freelance are probably more valuable to the UK
economy than one of the celebrity entrepreneurs! It's important that we
acknowledge that when talking about the mix of UK small businesses.”
0 Comments: