Tài liệu Start a Business an easy guide ppt

Start a
Business
an easy guide
laying the groundwork
could you be an entrepreneur? 5
researching your market 8
pricing your product or service 14
marketing your business 20
setting the whole thing up
financing your business 25
forming your business 31
your legal obligations 37
setting up your first
communications and IT system 44
you’ve got your first customers
effective selling 51
simple book-keeping 58
credit control 63
the essential plan
writing your business plan 69
Content by BHP Information Solutions
Design by Ben Wuersching
Photography by Harrison Photography
Printed by Warwick Printing Ltd
© BHP Information Solutions Ltd 2011. All rights reserved. No part of this publication may be
reproduced or transmitted without the written permission of the publisher. This publication is for
general guidance only. The publisher and expert contributors disclaim all liability for any errors or
omissions. Consult your local business support organisation or professional adviser for help and advice.
Provided by Invest Northern Ireland and part financed by the European Regional Development Fund
under the European Sustainable Competitiveness Programme for Northern Ireland.
we’re here to help

Invest NI has produced Start a Business to encourage and support people like
you. This guide is just one of the services we provide for new businesses.

three pages explaining how to use
Start a Business, telling you more
about us and how we can help you
useful contacts
2
76
Start a
Business
an easy guide
why I wanted to set up
my own business 6

how I researched my
market 10

how I raised finance for
my business 28

how I set up my
firm’s IT 48

how I sold to my first
customers 54
how I wrote my business
plan 72
contents
we’re here to help

If you’re looking to start a business,
you’re looking in the right place. This
guide is just one of the services the
Invest Northern Ireland business-
support network offers to people
like you every day. So if you want to
know how to start up a business or
how to make it grow, get in touch
with us.
2




Call 0800 027 0639 or visit
our website at www.goforitni.com
to find out more about the
Go for it programme.
3
our mission
Invest NI provides businesses
in Northern Ireland with a
single point of contact and with
expert advice and high-quality
programmes of support. Our role
is to grow the economy by helping
new and existing businesses to
compete internationally – and
by attracting new investment to
Northern Ireland.

And our commitment to you
doesn’t end on the last page of
this guide. In fact, it’s only the
beginning. We’re confident the
guide will be useful, but we also
realise it won’t solve all your
problems. That’s where Northern
Ireland’s business-support network
comes in, with specially trained
business advisers who know
how to deal with the issues that
confront start-up businesses.
The business-support network in
Northern Ireland is made up of a
number of partner organisations.
The support available for new
businesses can be broken down
according to the market you intend
to serve:
 global: if you have potential
sales of £1 million (including
30 per cent in export markets),
contact our Global Start Team –

 export: if you are planning to
sell outside Northern Ireland,
including into Britain and the
Republic of Ireland, contact
Invest NI 028 9069 8000;

 local: core support and advice
is provided through the Go for
it programme – contact 0800
027 0639; www.goforitni.com
 Am I suited to starting and
running a business?
 What market research should I
carry out?
 What are my legal and tax
obligations?
 How much do I need to sell each
month to break even?
 What’s the best way to keep my
books?
how to use this
guide
You can use this guide in two
ways. If you’re considering making
the leap and creating your own
business, you can read it through
to get a clear idea of all the areas
you have to cover.
And if you do decide that running
your own business is for you,
the guide’s logical, practical
structure means you can use it
as a reference companion every
step of the way – from identifying
the niche your business will fill to
the best ways of winning your first

customers and writing that all-
important business plan.
starting up?
go for it!
You can join the thousands of
people who are already making
a success of their business in
Northern Ireland, providing goods
and services to both domestic and
international markets.
If you’re planning to start a
business, Invest Northern Ireland
is dedicated to helping you. We
provide advice and support through
the Go for it programme and we’ve
produced this guide because it’s
our job to encourage and support
people like you to start and grow
successful businesses.
We’ve also produced The
No-Nonsense Guide. It sets out the
rules and regulations that apply
when you start up in business, and
how to comply with them.
Starting a business isn’t easy and
you need all the support you can
get. This guide points you in the
right direction with easy-to-read,
no-nonsense advice on a range of
topics essential to starting your

business.
The quality of this advice should
give you a flying start. We’ve made
sure all the major issues you want
guidance on are here, including:
If you require a copy of this
document in an alternative
format (including Braille, disk,
audio cassette or in minority
languages to meet the needs
of those whose language is not
English) then please contact
Invest NI’s Equality Team on
028 9069 8273; Textphone
028 9069 8585 or email

4
tailored support
If you’re starting a new business –
or just thinking of it – the Go for it
programme can provide you with a
range of support tailored to your
business needs.
Call the Go for it helpline on
0800 027 0639 or visit
www.goforitni.com
If you're already in business but
want to grow, then contact our
Regional Business Team who may
be able to help.

Call Invest NI on 028 9069 8000
or visit www.investni.com
knowledge is
power
The Business Information Centre
at Invest NI provides access to a
wealth of published and electronic
business information to help
businesses develop and grow
– confident they’re basing their
decisions on sound commercial
intelligence.
Using carefully selected resources
and support from fully trained and

experienced staff, the Business
Information Centre gives you
information on:
 Key markets around the world
 Company profiles worldwide
 Sourcing of key components and
raw materials
 Sales leads
 Business opportunities
 Agents and distributors
 Funding information
 EU legislation and updates on
EU policies and programmes
 EU public tenders information

The Business Information Centre
also holds a contract with the
European Commission to host
Enterprise Europe Northern
Ireland — part of a network of
some 500 centres in Europe and
beyond. Through a dedicated email
system, the network provides vital
local knowledge within a short
timescale.
For more information contact
the Business Information Centre
and Enterprise Europe Northern
Ireland, based at Invest NI's
headquarters:
Bedford Square, Bedford Street,
Belfast – it’s open
Monday 11am-5pm;
Tuesday-Friday 9am-5pm. To
make an appointment to use the
resources at the Information
Centre, or if you have a query,
please call 028 9069 8000 or
email
our partners
Invest NI works closely with its partners to ensure that services are tailored
to your needs. Among the organisations we work with are:
 Enterprise NI/Local Enterprise Agencies
 Prince’s Trust NI
 Advantage NI

 Trading Standards
 Local councils
 Department of Agriculture and Rural Development (DARD)
 NI Chamber of Commerce and Industry
 InterTradeIreland
 Women’s networks
 Association of Northern Ireland Colleges (ANIC)
 JobCentre Online
1
all about you and
your team
1.1 You will need determination,
total faith in your business
idea and confidence you
can turn it into reality.
1.2 You must have an
independent spirit.
1.3 You must be determined
and motivated.
1.4 You will need flexibility and
humility.
1.5 You must be responsible and
reliable, paying attention to
detail and applying yourself
to tasks you may not enjoy.
1.6 You must have stamina and
be willing to make sacrifices
and work long hours.
5www.nibusinessinfo.co.uk/startingup
At this stage, it’s all about you. There are key qualities that every successful

entrepreneur has. Some might come naturally to you, others you might have to work
at. You’ll need to check you’ve got at least some of these attributes before you start.
You can’t be half hearted. You must be able to show others that you are
confident too.
But as your business grows, you must be ready to share responsibility and to
build and lead a team.
For more information, visit www.nibusinessinfo.co.uk/leadershipskills.
Running your own business can be lonely. You’ll need to be a good networker
and find the people out there who can support you.
Have you got the inner resources not only to survive but to thrive?
You will have to keep going when times are tough. Have you got the grit to
make things happen – even when they are not going your way?
You must learn from mistakes and make changes if you discover a better way
of doing things.
Are you happy to ask questions when you're unsure? Are you happy to ask
questions even when you're sure? And are you comfortable taking advice?
Just because you will be boss won’t mean you can put off work or decisions.
Also, you don’t have to act on your own without getting advice, but once
you’ve made important decisions, can you stick with them?
Make sure you understand the effect that starting a business will have on
your personal life. Be prepared for change.
For more information, visit www.nibusinessinfo.co.uk/worklifebalance.
could you be an
entrepreneur?
Running a business can be exhilarating, liberating and rewarding. But it
isn't for everyone. There are millions who have done it successfully, but
there are many who have found that it isn't as simple as they thought.
You need to consider seriously whether starting a business is right for
you by honestly appraising your strengths and weaknesses and what
making the move would mean to you, your family and your friends.

This section covers:
The personal qualities needed to run and own a business.
The factors that can make the difference between success and failure.
laying the groundwork
6
make Learning SPACE a reality.
I was constantly talking to people
about starting the business, getting
others’ opinions and ideas. I used
other teachers, therapists and
support organisations like Autism NI
for advice and as sounding boards.
And I had a business mentor to
bounce ideas off and got practical
support from Women in Business.
I’d worked in a toy shop while I was
supply teaching because I wanted to
get some experience of working in a
toy shop. The more research I did,
the less of a gamble it became. I had
to make sure it was a viable business
idea before I started – not least to
persuade the bank manager!
Becoming my own boss was a big
learning curve. At the initial stages,
you have to be absolutely everything
– the accountant, the marketing
person, the sales team. It’s hard,
but exhilarating. And now I’ve got my
sister, Mary, on board as assistant

manager, it’s a lot easier. The
business has grown and I can finally
delegate some of the responsibility
and concentrate on strategy and
business development. I couldn’t do it
alone – and there’s plenty of support
out there from people like Invest NI.
You’ve just got to go and get it.
Starting and running my own
business has made an enormous
difference to my life. It’s incredibly
satisfying to do something that
supports so many people. It really is
something I love doing – it’s fun to
come to work every day. And there’s
not many people who can say that.
Lorraine’s tips
1 Be passionate about your idea
2 Research as much as you can
3 Ask for advice and support
”
I’ve always been aware that some
children need extra support when
they’re growing up. My sister
Emma has Sotos syndrome – a
genetic condition where children
grow too quickly in their first two
to three years which can lead to
physical, communication and learning
difficulties – and I was always trying

to find suitable resources to help her.
While I was teaching in London
for six years, I was aware that
both teachers and parents were
frustrated when looking for products
to meet the needs and interests of
children. I thought there had to be
a quicker more convenient way to
get suitable products. I saw a niche
in the market, was intrigued and
started my research. In the back of
my mind, I’d always known I wanted
to go into business in one way or
another. And I’d always loved working
with children. So creating a business
that involved mixing the two together
was the perfect solution.
I came back home and completed
Invest NI’s Start a Business
programme in 2006. It was great –
it made me really focused. As soon
as I came up with the concept I knew
it was vital to keep the ball rolling to
Sock it to 'em: Lorraine's
educational toys are a business hit
Learning SPACE
11a Fountain Centre
College Street
Belfast BT1 6ET
Tel: 028 9031 9360

www.learningspaceni.co.uk
why I wanted
to set up
my own
business
Lorraine McAleer is owner
of Learning SPACE, an
award-winning retailer of
toys and educational
support aids. She set up
the business to provide
easier access to toys,
games, software and
books that help and
support learning. Now
selling online and through
a retail outlet, she says
that the business has
transformed her life
“
laying the groundwork :: could you be an entrepreneur?
7
1.7 You will need to be
resilient, patient and
realistic. Success isn’t
usually easy or quick.
1.8 If you’ve answered Yes to
most of these questions,
you’re in with an excellent
chance of success – so

read on.

2
the right
circumstances
2.1 Check you have the support
of family and friends.
2.2 Make sure you can afford
any financial risk.
2.3 Be sure you are thinking of
running your own business
for the right reasons.
2.4 Once again, if the answers
are positive, you’re on the
right lines.
3
facing up
to doubts
3.1 You may have a fear of
failure. This is perfectly
natural – it can happen.
3.2 You may be worried about
the implications of business
failure on your career.
3.3 Don’t worry if you don’t
have all the qualities listed
above.
3.4 You shouldn’t be worried if
your knowledge of the finer
details of running a business

is not great – that’s what
this guide is about.
You will need to face obstacles with renewed strength and determination,
have the energy to bounce back and the long-term vision to see setbacks as
isolated incidents.
Are you realistic enough to realise you won’t make millions overnight? Can you
nurture the business over a long period of time to make it work?
If your responses are mainly negative, you have a number of barriers to
surmount. You should talk to a business adviser to help you assess how these
can be overcome.
For more information, visit www.nibusinessinfo.co.uk/startingup and
www.nibusinessinfo.co.uk/goforit.
You may be the right kind of person to run a business, but this doesn’t
necessarily mean that it’s the right thing for you to do. There are other
factors you should carefully weigh up.
It helps if family and friends have the same faith in you and your business that
you do. Will they support you every step of the way?
You are probably thinking of committing your own money or assets. Can you
afford to lose this investment?
What is more important to you – safeguarding the money and security or
seeing the business grow?
If you place others at risk, have you considered the implications for them?
Are factors other than a determination to ‘go it alone’ affecting you?
It’s not enough to be fed up with your existing job – you have to be actively
prepared to take on the challenge of running your own business.
But if serious questions remain, you’ll need to persevere and do more work
and thinking before creating your own business.
Starting a business may be a challenge and you may understandably be
apprehensive. But it’s worth acknowledging any doubts before you proceed.
You will need to accept that risk is part of starting and developing a business.

If so, you are thinking of failure before you start, which doesn’t bode well.
Besides, your business will be your career. If you’re worrying about this, it
may not be right for you.
It is essential that you recognise your weaknesses and any other obstacles in
your way.
It is likely you will need support in areas where you are lacking.
Once again, don’t be afraid to ask for advice. Family, friends, banks and
business-support organisations such as Invest Northern Ireland, your
Local Enterprise Agency, Prince’s Trust NI and Advantage NI – all will have
experiences and expertise you can draw on.
Few people know everything about running a business when they set out.
Remember: talk to friends, family and people who have been involved in
business to gather information. And read on.
www.nibusinessinfo.co.uk/startingup
1
what you need
to know
1.1 Your intended market or
sector.
1.2 Who your potential
customers are.
1.3 What they buy and in what
quantities.
1.4 When they will buy.
It is likely that you have an instinctive idea of who your customers could be.
If you wanted to start a retail business selling children’s hair accessories, the
main targets would be mums or young girls.
If you were setting up an ironing service, single business people or busy
parents would be two possible market sectors.
If you do not have a clear idea of the market for your business, your research

will have to be more broad-ranging to find one. A potential business without a
defined customer base is a failure waiting to happen.
If you will be selling to individuals, you need to know their sex, age, marital
status, occupation, income and lifestyle.
If you will be selling to businesses, you need to know their size, industry type,
product-buying patterns and service requirements.
You also need to know what characteristics are common to all your
customers and who makes or influences the buying decision.
For more information, visit www.nibusinessinfo.co.uk/valuablecustomers.
A printing firm should understand whether its customer base will want a
thousand postcards or a million brochures.
A successful sandwich shop will predict its top-selling sandwiches and how
many of each they expect to sell every day.
Customers of a toy manufacturer will buy more towards the end of the year
so that they are fully stocked for the pre-Christmas trading period.
A taxi firm will usually expect more business on Saturday evening than
Monday evening.
For more information, visit www.nibusinessinfo.co.uk/seasonalbusiness.
laying the groundwork
researching your
market
When you’re setting up a business, researching your potential market
is essential. Although time-consuming to acquire, a thorough and
reasoned knowledge of the market is invaluable to the future of your
business.
With a true picture of your potential customer base, you can
realistically assess the viability of your venture. Resist the temptation
to rush ahead, analyse your results hurriedly or cut down the amount
of research – it can be the difference between make and break.
This section explains:

 How to decide what you need to know.
 How to exploit existing information sources.
 How to conduct market research.
 How to analyse and act on the results.
8 www.nibusinessinfo.co.uk/marketresearch
9
1.5 Where customers prefer to
buy.
1.6 Why and how customers
will buy your product or
service.
2
your own
research
2.1 Quantitative research
is the type of survey in
which every participant is
asked an identical set of
questions.
2.2 Qualitative research
explores people’s feelings
and attitudes by letting
them discuss things (eg
‘Why do you like playing
tennis?’).
laying the groundwork :: researching your market
A bookseller will know that while many customers like visiting a shop, some
also buy books over the internet.
Do a hairdresser’s customers want to come to the salon, or would they
rather have their hair done at home?

You also need to make a decision on a specific location – in terms of access,
passing trade or cost, for instance.
For more information, visit www.nibusinessinfo.co.uk/saleschannels.
Every new business has to know why customers will buy from them rather
than the competition. This will become your unique selling proposition (see
Marketing your business, p20).
Your research should test how effective this is. If you are starting a sandwich
shop, are you sure your potential customers will prefer the taste of your
sandwiches to those sold in supermarkets? If you are going to manufacture
jewellery, do retail jewellers think the designs will sell to their customers?
If you are going to manufacture office furniture, you need to know how often
your target customers will want to renovate their offices, and how regularly
they need replacement equipment. You also need to know about the health of
the business-property sector – if the economy was shrinking and businesses
giving up property, you might find your customers have no need to buy from you.
You have to understand the needs of your customers and the position of the
market you are going into.
The research technique you use will depend on whether you need numerical
information about people’s attitudes or a deep understanding of their views
and motivation.
The answers provide key statistical
information.
For example, a survey by a tennis
club developer may find that 22
per cent of local adults play tennis,
7 per cent are already members of
a club and 8 per cent would like to
join a club. Using this information,
the developer can decide where to
build a new club and how large it

should be.
The questions can be answered in
a focus group – usually six to eight
people – or in one-to-one interviews.
The tennis club developer might
discover that most people join tennis
clubs to make new friends and so
decide to add a bar or café to the
building plans.
Insights like this can give you
a significant edge over your
competitors.
common
mistakes
 Failing to do any market
research.
 Carrying out market research
once – and never finding out
how things changed afterwards.
 Being unclear about what
you are trying to find out or
asking questions in the wrong
way – and getting the wrong
information.
 Cutting costs by using small
samples or just asking a
couple of friends – and getting
misleading results.
 Interpreting statistical
information wrongly and failing

to see when one or two
opinions distort the overall
picture.
 Drawing optimistic conclusions
from information to support
your preconceptions.
www.nibusinessinfo.co.uk/marketresearch
10
how I
researched
my market
Shane Meehan spent
12 months researching
the market and refining
his business plan before
launching Media Lightbox
with his business
partners. As a result, the
firm — which offers online
storage and collaboration
tools for businesses —
launched from day one as
a service that customers
really value
that some people didn’t like emailing
large files to multiple recipients, so
we added a feature that lets you
email multiple recipients a secure link
to the file held on the system. This
means the recipients can download it

directly when they choose, taking the
pressure off everyone’s network.
Initially we focused on the advertising
and marketing sectors, as we found
that these types of businesses have
the greatest need to share and move
around large files.
Once we defined our target market,
we did a lot of desk research. We
looked online at industry reports,
checked what sort of services our
competition was offering, carried out
a detailed price analysis and made
sure we understood the trends in the
market and what they meant. Invest
NI’s Business Information Centre was
really useful for this.
And then we did product testing and
refined the product as a result. We
used focus groups and one to one
sessions so we got a real feel for how
customers could best use the system.
That’s definitely the best way to use
”
Shane’s top tips
1 Research customers with
different skills and opinions
2 Benchmark what you’re offering
3 Get support from Invest NI or
your local incubation centre

“
Future vision: Shane researched
his customers and competitors
Media Lightbox
Greenshoots Centre, Ballinacraig Way
Newry, Co Down, BT34 2QX
www.medialightbox.com
The idea for Media Lightbox came to
me when I was working for a local
authority as a marketing manager. I
often spent much of my time digging
out images for press and other
departments and thought ‘Wouldn’t
it be great if there was a way to
make these centrally available and
save all the hunting around?’
I discussed the idea with the
people who are now my business
partners, Anthony Kieran and Cecil
Hetherington — they’re the people
who had the technical knowledge
about how we could achieve it. And
12 months later, we fully launched
Media Lightbox. For a monthly
subscription, the system lets you
securely store, catalogue and
manage your digital assets from
anywhere you’ve got an internet
connection.
At the start we spent a lot of time

talking to peers in the corporate and
government sectors, identifying the
problems they had in managing and
sharing their digital files (like images,
artwork, presentations and PDFs).
Once we had a clear idea of what the
issues were for potential customers,
we built the system to answer those
issues. For example, we found out
research to start a business —
finding out exactly what your target
customer requires means you can
build your business specifically to
meet those needs. And then back
that up with comprehensive data to
make sure there’s a viable business
in the idea. It’s certainly worked
for us. We’ve now got clients from
all over the world, from startups
through to some of the biggest
corporate names.
11
2.3 Find a sample of your
target market, get them to
try your service or product
and give their opinion.
3
analysing data
fairly
3.1 Keep your distance from

any research.
3.2 Do not take any negative
comments personally.
4
low-cost
research
4.1 Make use of existing data
which is freely available.

4.2 Specialist market research
reports are available.

laying the groundwork :: researching your market
To find out if people would use your product or service, you could contact
relevant businesses and arrange a morning event for people to drop in for
a coffee and a demonstration. At the very least you will be making new
contacts. Otherwise you could offer to drop in and see them.
Approach potential retailers about test marketing. They may agree to put a
prototype of the product in-store.
It is important to be objective to avoid interpreting the results unfairly.
Do not base market research only on the opinions of friends and family. You
risk hearing what you want to hear, rather than honest opinions.
Record any comments given in a focus group or you may forget criticisms
that would enable you to improve your product or service.
If possible, hand the analysis over to someone who is not immediately involved
in the project.
You can often learn more from criticism – and improve your business because
of it.
Trade associations collect data from their members which they often publish
on their websites. Visit www.taforum.org to search a database of UK trade

associations.
Invest Northern Ireland’s Business Information Centre and Enterprise Europe
Northern Ireland provides free access to the Directory of British Associations
and similar directories. Call 028 9069 8135 or email for
details.
If you use internet search engines such as www.google.co.uk or
www.yahoo.co.uk, check that information you find is the most recent available.
Government-run sites usually provide a wide range of free and easily
understood information.
Visit the websites of National Statistics Online (www.statistics.gov.uk) or the
Northern Ireland Statistics and Research Agency (www.nisra.gov.uk) for
searchable databases of statistics.
Trade publications often collect useful data from their subscribers. The
Invest NI Business Information Centre and Enterprise Europe NI subscribes
to numerous trade publications and also offers access to directories of
worldwide trade publications (028 9069 8135; ).
A wide range of material is available in Belfast Central Library’s Business
Library, which you can contact on 028 9050 9105.
The Invest NI Business Information Centre can provide you with access to
a number of specialist market research sources, including Mintel, Keynote,
Datamonitor, Frost and Sullivan, AMA Research and Cobra (call
028 9069 8135 or email ).
These agencies produce reports which analyse market trends, purchasing
habits and consumer attitudes.
www.nibusinessinfo.co.uk/marketresearch
4.3 Company databases are
a useful source of
information.
4.4 Your local enterprise
agency can provide advice

on specialist sources of
research.
5
the competition
5.1 Check out what your
competitors have to offer.
5.2 Consider if the demand for
the product or service will
change over time.
5.3 Your research will have
given you an idea of how
many potential customers
are out there.
12
laying the groundwork :: researching your market
The Invest NI Business Information
Centre can give you access to
searchable company databases
including Kompass, FAME,
AMADEUS and Dun & Bradstreet's
Global Reference Solution (GRS)
– these can be used to find out
about customers, suppliers and
competitors in your sector
(call 028 9069 8135 or email
).
To find your nearest enterprise
agency, call Enterprise Northern
Ireland on 028 7776 3555 or visit
www.enterpriseni.com.

Try the competition’s products or
services. It is the easiest way of
understanding the market and what
you will face when you become part
of it.
Carrying out a detailed analysis of
their strengths and weaknesses will
give you an idea of what you can do
to establish a niche in the market.
Look at the potential the competition
has to improve its service or
upgrade its product. Work out how
you can stay one step ahead.
Invest NI’s Business Information
Centre and Enterprise Europe NI
(028 9069 8135) can provide
you with access to a range of
searchable company databases to
help you find out about potential
competitors.
Be aware that selling a must-have
product cheaply might be a success,
but if it has a long lifespan then
customers will not return frequently
enough.
Make sure customers will have a
need to keep coming back – this
could be because the product has
been updated, the old one has run out or worn out or because it is so good
they want more.

Could the market be affected by external factors, such as the economy or
legislation? Are there any protective measures you could put in place?
Look ahead to possible problems – you may be able to develop your product
to appeal to a wider selection of markets, increasing your chances of survival.
But be aware that new markets will attract competitors if they see you are on
to a winner.
open/closed
questions
When asking people to comment
on your product or service,
there are a few useful tips to
remember.
 Asking a closed question will
gain a limited response. ‘Did you
like X product?’ is likely to be
answered with a simple ‘yes’ or
‘no’. While these answers are
easier to collate, they are not
as useful in determining why
the potential customer does or
does not like your product or
service.
 Asking an open question is
likely to get a more detailed
response. ‘What do you think
can be improved?’ will be
interpreted as a request for
more than a one-word answer.
Open questions will allow
you to find out more useful

information. It is beneficial to
learn if they found the product
or service useful – but it is
more useful to find out why.
 Consider how you want to use
the answer to a question when
forming it. For example, if you
are thinking of opening a high-
street flower shop, stopping
people and asking them ‘Would
you like to see a flower shop
here?’ may provide you with a
high positive response rate. But
asking ‘If there were a flower
shop here, how often would you
use it?’ will provide much more
valuable results.
www.nibusinessinfo.co.uk/marketresearch
6
professional help
6.1 For any kind of market
research, but particularly
in the case of surveys,
consider using a market
research company or a
marketing consultant.
6.2 An alternative to using a
marketing company is to
employ an individual to do
the work for you.

6.3 Industry associations can
offer further advice on
using professionals.
7
what does it all
mean?
7.1 Effective market research
will show you if you can
gain a viable share of
the market. But the
preparation doesn’t end
here.
7.2 Once you are up and
running, continuing your
research will allow you
to keep on top of your
customers’ needs and
ahead of the competition.
13
laying the groundwork :: researching your market
Specialists have the time and the expertise to do a good job.
Customers sometimes find it difficult to voice complaints to the supplier of the
product and may also worry that you are trying to sell them something.
You may find it difficult to be impartial.
You might ask someone suitable to carry out a telephone survey, for example.
This approach will only be successful if the survey questionnaire is simple and
well thought-out.
Provide a clear brief and agree on a budget. Make sure the person fits the
image you want to convey to potential customers.

The Market Research Society is the largest trade association for the market-
research industry and acts as a regulatory body. It keeps a list of market
researchers which you can search online at www.rbg.org.uk.
The Chartered Institute of Marketing provides guidance on using marketing
consultants. Visit www.cim.co.uk/resources.
Your market research is one of the most important first steps. The amount
of time you spend doing research depends on the type of business you are
starting.
Don’t set a rigid timeframe – your research will only be finished when you
have a clear understanding of your market and where you intend to position
yourself in it.
Keep looking out for new areas of growth, whether this is improvement of
your product or potential new markets.
www.nibusinessinfo.co.uk/marketresearch
14
laying the groundwork
pricing your
product or service
Now you've got a clearer picture of your potential customers, how
much are you going to charge them for your product or service?
Getting your pricing right is vitally important if your business is to
succeed.
Many start-up businesses work out a cost figure for each product and
add a modest mark-up – known as cost-plus pricing. While this method
is common, it is not the only way to arrive at a price. Think seriously
about your pricing methodology at an early stage – it can pay big
dividends later.
Pricing is based on four critical points:
 What your product or service will be worth to your customers – its value.
 What it costs you to produce your product or provide your service.

 The price your competitors charge.
 Market research – review your pricing policy regularly and be prepared to
react to market conditions.
1
cost and price
versus value
1.1 Successful businesses
maximise their profits by
matching their pricing with
the value customers put on
their products or services.
1.2 Product pricing is often
built on a ‘cost-plus’ basis
(see 4), while service
pricing is generally created
on perceived value (see
6–8).
The cost is the total outlay required to create a product or service.
The price is your financial reward for providing the product or service.
But the value is what the customer believes the product or service is worth
to them.
The cost for a plumber to fix a burst pipe at a customer's home may be £5
for travel, materials costing £2.50 and one hour's labour at £10. But the
value to the customer is far greater than the £17.50 cost, so a plumber may
charge up to £50. Computer printer ink cartridges can cost less than £5 to
manufacture. However, to the user who can't print anything without them,
their value is much higher. And so is the price.
For more information, visit www.nibusinessinfo.co.uk/pricing.
Both methods require a comprehensive understanding of costs (see 2) and
the competition (see 3).

www.nibusinessinfo.co.uk/pricing
2
building a cost
structure
2.1 Divide your costs under
two headings: variable and
fixed.
2.2 As long as the price you
sell at is higher than the
variable cost, each sale
will make a contribution
towards covering fixed
costs – and making profits.
2.3 Based on this cost
structure, the company can
assess the consequences
of different price levels.
3
checking the
competition
3.1 Phone your rivals and ask
for a price quote.
3.2 Use this information as a
framework.
4
marking up
4.1 Cost-plus pricing is a
traditional method, usually
based on two elements:
4.2 Ensure all your costs (see 2)

have been factored in before
applying the mark-up.
15
Your cost structure provides a basis for what you need to charge. However, it
will not necessarily show you what you can – and should – charge.
Variable costs will increase when your sales increase – goods and materials,
extra labour, transport and so on.
Fixed costs remain largely constant, regardless of how much or little you sell.
For example, rent, salaries and business rates.
For example, a car dealership has variable costs of £9,000 per car sold and
total fixed costs of £200,000 a year that must be covered. The contribution
required depends upon the volume of sales. If the company sells 80 cars
each year, it needs a contribution of at least £2,500 per car (ie £200,000
divided by 80) to avoid making a loss.
Selling the cars at less than £9,000 (the variable cost per car) is suicidal.
The more you sell, the more money you lose.
Selling 80 cars at £9,000 will mean a loss of £200,000 per year, as none of
the fixed costs will be paid for.
Selling cars at £11,500 will result in breakeven, assuming the target 80 cars
are sold.
Selling cars at £12,000 will result in a profit, assuming 80 cars are sold.
If more or fewer than 80 are sold, profits will be correspondingly higher or
lower.
It is certain that you will face competition in some form. This gives you an
opportunity to benchmark your potential pricing.
If your competitors know you, get someone else to call.
 It is probably unwise to set your prices much higher or lower without good
reason.
Too low and you will be throwing away profit.
Too high and you will lose customers, unless you can offer them something

not available elsewhere.
The mark-up you must add to the cost to make the desired profit.
The mark-up used by competitors.
The mark-up is usually expressed as a percentage of the cost.
If the final price looks uncompetitive, review the size of the mark-up. But never
obliterate the mark-up to make the price competitive – try to change the cost
base rather than give up potential profit.
laying the groundwork :: pricing your product or service
www.nibusinessinfo.co.uk/pricing
16
4.3 Different products and
businesses apply hugely
different mark-ups. For
example, typical retail
mark-ups include:
5
margins
5.1 Margins indicate the
percentage profit a
business makes on a sale
after applying a mark-up.
5.2 Margins are good
barometers of how
important particular
products or services are
to the profitability of your
business.
6
value-based
pricing

6.1 Convenience.
6.2 Brand.
6.3 Fashion.
6.4 Monopolies.
6.5 Pure perceived value.
6.6 Supply and demand.
Fridges: cost plus 25 per cent.
Branded clothing: cost plus 135 per
cent.
Jewellery: cost plus 250 per cent or
more.
For example, if a business buys a
product for £10 and marks it up by
50 per cent, thus selling it for £15,
the margin is 33 per cent (the value
of the mark-up, divided by the selling
price, x 100).
The higher the margin, the more
lucrative it could be.
Low-margin, low-volume products
should not occupy large chunks of
your time or storage space at the
expense of higher-margin products.
The alternatives to cost-plus pricing
focus on what customers are willing
to pay. This perceived-value pricing
takes a number of forms.
A late-night convenience store can
charge much more than a supermarket for a pint of milk.
There may be little to choose in technical terms between a branded and

an unbranded product, but big spenders will go straight for the expensive
product if the brand is well marketed.
Some people will pay a premium for hot items, such as the latest trainers,
cars or toys.
If one company exclusively supplies a product or service, it can set its own
prices.
Fine art is a good example. A sculpture is priced at £20,000 or £60,000
based on its estimated value to the purchaser, rather than simply the cost of
its creation.
Tickets for top-level sports events can be highly priced as there will be more
committed potential customers than available seats.
Higher prices can give you fat profits. But beware – they may also alienate
customers and draw in new competitors who fancy a share of the spoils.
laying the groundwork :: pricing your product or service
dangers of
cost-plus pricing
While cost-plus is the model
employed by many start-ups, be
aware of its potential pitfalls.
 Cost-plus pricing ignores the
image and market position you
will be aiming for.
 Cost-plus pricing ignores
demand.
 Some hidden costs are usually
forgotten, so true margins may
be lower than you realise.
 Common oversights include
holiday pay, depreciation and
the costs of handling waste.

 Cost-plus pricing assumes that
you will achieve a sales target
to break even or better.
 Alert competitors can lower
prices to win business from
you, either through having a
lower cost base or working on
lower margins.
 Under this model, employees
have little incentive to control
costs.
www.nibusinessinfo.co.uk/pricing
7
flexible pricing
7.1 Should you use different
margins for different items,
as department stores do?
7.2 Is demand seasonal?
7.3 Will some customers pay a
premium?
8
vanishing
opportunities
8.1 Perishable goods are
worthless after their sell-by
date.
8.2 Many products become
obsolete as improved
models become available or
as fashions change.

8.3 If you have to sell off goods
cheaply, explain the reason
for the special offer. If
your story is plausible,
your customers will still
have faith in your everyday
pricing.
9
aim high
9.1 It is easier to reduce prices
than raise them.
9.2 Low prices often go hand-
in-hand with poor quality
and service. Is this the
image you want to create?
9.3 For a start-up, competing
on price is often a mistake.
Low pricing is more often a
strategy of big companies
that cannot compete on
service.

17
laying the groundwork :: pricing your product or service
You may want higher margins on products with low unit costs or slow
turnover, and on products that take up a lot of space.
For example, it costs more to travel to holiday destinations in the summer
and over Christmas than it does in March.
For more information, visit www.nibusinessinfo.co.uk/seasonalbusiness.
 This strategy can be extremely profitable.

For example, a plumber may offer low daytime prices (to ensure a full
workload), but charge heavily for emergency call-outs (when customers will
pay significantly more).
Some goods and services are valuable today and worthless tomorrow.
Your pricing should reflect the situation. For example, who wants to buy a
Christmas tree on December 28?
If you sell off goods cheaply, ask yourself whether the same customers would
have bought full-price items.
Offer the goods at special prices to your regular customers first to generate
goodwill.
Review your pricing and business strategy if you are always having a sale.
If in doubt, start-up businesses should try higher prices first.
Be prepared to lower prices if the required sales volume is not achieved and
your cashflow is under pressure.
Some businesses can win more customers (as well as boosting their margins)
by setting higher prices.
What you will be able to offer is a string of benefits such as convenience,
personal service, speedy delivery and specialist skills. That is why customers
will buy from you.
Many small firms underprice in order to ‘build up sales’. Aim to build up
profits instead – the buying decision is rarely made purely on price.
www.nibusinessinfo.co.uk/pricing
18
10
special tactics
10.1 Odd pricing.
10.2 Loss leaders.
10.3 Price war.
10.4 Skimming.
10.5 Penetration.

11
trading up
11.1 Work out realistically how
your customers would
react to higher prices.
11.2 Sell yourself.
There may be times when the right price is dictated by factors other than
cost or perceived value. Tactical pricing can be used to achieve many different
objectives.

For example, the retailer's habit of selling something for £9.99 instead of £10.
This signals price awareness and is useful in creating a favourable impression
to cost-conscious customers.
Selling some products cheaply to win new customers.
You may include a couple of zero mark-up products in your range for this
purpose; or
You may offer lower prices to new customers, reverting later to normal
prices.
Make sure you comply with the
relevant legislation on this.
 Deliberately undercutting rivals to
win market share from them.
Will it hurt you more than it hurts
them? If you are a start-up, the
competition may have deeper
pockets than you.
Will your new customers stay with
you when the prices go back up?
Selling a unique product at a high
price until all customers who need it

have bought it.
The opposite of skimming.
This tactic involves starting a
product at a low price and getting
the market sewn up before
competitors can catch up with you.
With significant market share under
your belt, you find ways to raise
prices later.
Would you lose volume – or
customers? Remember, lower
volumes at higher margins can still
magically improve profit.
Discuss it with customers
beforehand. The key to success is
having a good relationship with them
in the first place.
Make sure customers know why
they are buying from you rather than
a competitor.
laying the groundwork :: pricing your product or service
discount
with care
Offering too many discounts
can lead customers to question
your full-rate pricing. But, used
sparingly, discounting can work
if it achieves one of the following
objectives:
 Capturing big orders with a bulk

discount.
It may cost you little extra to
process a much larger order.
 Persuading customers to buy
during your quiet period – with
an off-peak discount.
 Encouraging your customers to
stick to one supplier through a
cumulative discount (also called a
retrospective discount).
Your records should show a
rolling total, indicating how
much each major customer has
bought.
 Matching the competition
– perhaps by offering the
standard trade discounts.
 Getting rid of old stock (and
improving cashflow) with
clearance discounts.
 Encouraging early payment with
discounts for cash or payment
within 30 days.
Beware of customers who take
your prompt-payment discount
and still do not pay on time.
www.nibusinessinfo.co.uk/pricing
19
11.3 Explain the reasons behind
your prices.

11.4 Unreasonably high prices
can destroy goodwill,
especially if the customer
has no immediate
alternative supplier.
12
other
considerations
12.1 Would more marketing
muscle help?
12.2 Control your variable costs
(see 2.1).
12.3 Can fixed costs be pared
down?
12.4 Should you alter your
product mix?
Remember to attribute part of your price to the cost of providing high-quality
back-up and after-sales service.
Customers soon start looking for new sources.
Would sales rise if you increased prices by 5 per cent and spent the extra
revenue on promotional activity?
For more information, visit www.nibusinessinfo.co.uk/marketing.
Are there cheaper supplies elsewhere?
Would the suppliers you have already lined up be prepared to drop their
prices?
Can you negotiate savings without reducing your performance?
Can you renegotiate your lease or save money by moving to less central
premises?
Would increased use of IT reduce the cost of running your business? For
more information, visit www.nibusinessinfo.co.uk/ebusiness.

If you will not be able to make enough profit on a product, consider
dropping it.
Should you sell something else instead?
laying the groundwork :: pricing your product or service
www.nibusinessinfo.co.uk/pricing
20
laying the groundwork
marketing your
business
People sometimes think of marketing in terms of the promotional tools
it employs, such as advertising, direct mail or exhibitions. But it’s much
more than that. It’s a comprehensive process in which four elements
are combined in what’s called the Marketing Mix:
 Product (the product or service that you offer).
 Price (its cost to your customer).
 Place (who and where your customer is).
 Promotion (getting your message across effectively).
1
the ingredients
1.1 You must have a clear
picture of your product or
service, and the benefit
your customer will gain
from buying it.
1.2 The price you attach to
your product or service will
also be essential to your
marketing programme.
1.3 You should already have a
clear, detailed picture of

your target market (see
Researching your market,
p8).
 Your marketing and sales operations will be dependent upon customers
understanding the benefit. This is what the customer buys, not the product.
For example, a consumer doesn't want to buy a drill, they want the holes the
drill creates.
A computer promotion should show a customer the tasks they can complete
with a computer, not how it is manufactured.
 Working out what to charge is discussed in Pricing your product or service,
p14.
 You should know by now who your most important customers are going to be.
 Be careful to focus on the section of your customer base you are most likely
to be able to sell to. If a number of sectors seem promising, consider them
objectively and then prioritise them.
Concentrate on the 20 per cent of customers who will make up 80 per
cent of your business. Other peripheral customers will take up a lot of your
time for little reward. For more information, visit www.nibusinessinfo.co.uk/
valuablecustomers.
www.nibusinessinfo.co.uk/marketing
1.4 Once you have a firm
grasp of your product,
price and place, a
thorough evaluation of
your competition and the
anticipated strengths
and weaknesses of your
business (see 2 below) will
lead to the construction of
your promotion and your

marketing plan (see 3).
2
you and your
competition
2.1 Every business will face
competition.
2.2 Decide what will make a
customer buy from you and
not your competitor. What
benefit or value are you
offering your customer?
This is your unique selling
proposition (USP).
2.3 Assess your weaknesses
honestly and acknowledge
these limitations rather
than ignore them.

21
You may be the only Thai restaurant
in town, but you still have to
compete with every other restaurant
and takeaway in town.
 USPs can be most easily identified
by completing the phrase:
'Customers will buy from me
because my business is the only '
 For example, the only baker in
town who exclusively uses organic
ingredients could focus on being the

only ‘natural’ option.
If a rival baker goes organic you
would then identify a further USP,
such as value for money or a
delivery service.
 Offering the lowest price for your
product or service can be a USP,
but it is dangerous to compete on
price alone.
Your established competitors may
have deeper pockets and start
a price war to keep you out of
the market. Find another USP to
concentrate on, if possible.
 With careful and creative thought,
you can turn many competitive
weaknesses into strengths.
For example, many small businesses
find it difficult to compete with large
companies on price. But the small
business can make a virtue of the
personal service it can offer ahead
of the larger business, and therefore
justify a higher price.
laying the groundwork :: marketing your business
powerful PR
Positive press coverage can
provide an invaluable boost for
a start-up. At an early stage,
effective PR can help let the

world know that your product or
service is there, generate leads
and establish a position in your
market.
 To the outside world, your
product or service may seem
unexciting, so it is worth trying
to find a connection that will
link it to something more
interesting. For example, you
could invite the mayor or a local
celebrity to the launch of your
business, or offer prizes to the
first few customers.
 Stories in trade and technical
magazines would concentrate
on how your new business is
doing something different in
your sector.
 If you tell your target newspaper
or magazine in good enough
time – and make the editor feel
he or she would be excited by
or interested in the news – you
are on the way to creating
some successful publicity.
 Send a written press release
followed by a phone call to the
news editor.
 When approaching the media

always think of the story from
their perspective – be able to
tell them immediately what it is
in your story that will interest
their readers or listeners.
 Although you need to be aware
of potential costs, it may
be worth considering using
a freelance PR agent to do
specific tasks, such as writing
and distributing a press release.
www.nibusinessinfo.co.uk/marketing
22
3
building the
marketing plan
3.1 Your product or service.
What are the most
important elements?
3.2 Your target customers.
Who are they?
3.3 Your pricing.
3.4 Sales.
You need to know who will
do the selling.
3.5 Distribution.
How are you going to
deliver your product or
service to your customers?
3.6 Promotion.

There are four basic
categories of promotion.
Most start-ups will want to
use a combination.
You understand the market, you have worked out your strengths and
weaknesses, you know who your potential customers are and you know what
the competition is like. You are now ready to work out a marketing plan.
Your marketing plan is a useful document in its own right. It will clarify how
you intend to sell to your customers and promote your business. It will also be
an important part of your total business plan.
The plan should be clear, easy to understand and cover the following points:
 Which features provide the benefits your customers want?
 What is its USP?
 Your potential customers should be divided into groups, with the most
promising and relevant groups at the top of your list.
For example, a start-up car dealership may split its customers into large
corporate fleet, small corporate fleet and private buyers.
 If you have already set your prices, you may want to revise them as a result of
the competitive analysis undertaken to create your marketing plan.
Don't be afraid to do this – but don't slash prices just because you can see a
niche in the market at that price point.
 Strong marketing can overcome customers' objections over price (see Pricing
your product or service, p14).
 Any marketing strategy is useless without an effective sales capability to back it up.
Make sure you and any staff know everything your customer would want to
know about your business – and how to communicate it effectively.
 Personal selling, mail order or a website if you are selling direct; wholesalers,
retailers or agents (who sell on your behalf) if you are selling indirectly.
 Work out which is the most suitable for your product or service. Your
research should have told you how your target customers prefer to buy.

 For more information, visit www.nibusinessinfo.co.uk/saleschannels.
 Advertising and public relations are useful for building awareness of your
business. But make sure the media you are advertising in will reach your
target customers.
For example, if you are opening a cake shop, the food and drink page of your
local newspaper may be a useful place to advertise. An advertisement in the
local business magazine is unlikely to be as effective (see box, right).
An important form of advertising for small businesses can be buying an entry
in a directory such as Yellow Pages. To advertise in Yellow Pages, contact
0800 328 0028; www.yelldirect.com.
 A direct mail campaign can spread your message to potential customers.
While the costs of design, print and mailing can be high, it can be a useful
tool if your business is built around high sales volumes.
Names and addresses of consumers or businesses can be bought from
a range of companies – many are registered with the Direct Marketing
Association (020 7291 3300; www.dma.org.uk).
 Exhibitions can provide a direct route to customers, particularly for businesses
selling to other businesses. Make sure your target customers will attend.
Check with the organisers about previous attendance statistics. It is also worth
asking your competitors who have previously exhibited – most will tell you.
 Email marketing is a fast and effective way of getting your marketing message
across. You can instantly target customers without the delay and expense
associated with printing.
 Many companies promote themselves on the internet. This is a particularly
useful method if your business has limited face-to-face contact with its
customers. Sales can also be made via websites. The cost of setting up and
maintaining a website has come down significantly in recent years.
 For further information, visit www.nibusinessinfo.co.uk/marketing.
laying the groundwork :: marketing your business
www.nibusinessinfo.co.uk/marketing

23
3.7 Your after-sales service.
4
avoid common
mistakes
4.1 Aim for customers you
have a good chance of
selling to and not those you
cannot hope to win.
4.2 Make it easy for customers
to understand what you do.
4.3 Offer your customers what
they want – not what you
think they want.
4.4 Be realistic in your growth
targets.
4.5 Remember the market is
always changing.
5
setting targets
5.1 Set realistic targets to
measure your performance
against.
5.2 Investigate missed targets.
5.3 Continuously review your
marketing plan.
 Demonstrate how you will promote your business to existing customers after
you start trading. For example, you could use regular mailings, telephone
contact, special offers for existing customers or a discount scheme.
 Retaining customers is essential for any business. It is cheaper and easier

than finding new business.
Check through your marketing plan and make sure you are avoiding some of
the most common mistakes.
 For example, a start-up printing firm can get business from smaller local firms but
is unlikely to get the entire print contract for a multinational company in year one.
 For example, don't call your business 'A2B' – call it 'A2B Delivery Services'.
 Ensure your research has proved there is a gap for your product and service
– and check it is exactly the gap you are filling.
 Do not presume you will sell 100
cars in year one and 1,000 cars in
year two. Cautious planning ensures
your business will survive; exceeding
realistic targets is a bonus.
 If you conducted your research a
year ago, the competition may have
changed. Keep up to date with who
is doing what in your sector.
Marketing is a continuous process.
To keep track of your progress and
how the market is changing, you will
need yardsticks and milestones that
mean something to you.
 What sales do you expect in your
first 12 months for each customer
or each type of customer?
 What sales do you expect from each
type of product or service?
 What sales growth should you aim
for?
 How much should you spend on

marketing, month by month?
 Has something gone wrong, or have
circumstances changed?
 What can you do about it?
 As the market changes, so should
you. A marketing plan is a working
document; it is not set in stone.
laying the groundwork :: marketing your business
buying
advertising
It pays to make sure the media
you use are getting to the right
people. Look at where your
competitors are advertising – as
well as where they don’t – to
help focus your thinking.
 Local paid-for and free
newspapers and community
magazines have the
geographical focus needed
for shops or local services.
They are also inexpensive per
advertisement and useful for
test-marketing.
 National newspapers are often
the right choice for high-volume
consumer sales and direct
response selling (eg air tickets).
 Trade and technical journals
and club and society magazines

may be suitable if you supply
businesses or specialist groups.
There are a large variety of
publications offering accurate
targeting of well-defined and
committed readerships.
 Lifestyle magazines and hobby
magazines are particularly
useful for promoting consumer
goods, especially for mail order.
www.nibusinessinfo.co.uk/marketing
24
6
everyday
marketing
6.1 You or your staff are the
company as far as the
customer is concerned.
Everything you say or do
creates either a good or
bad image.
6.2 Make sure that you are
self-marketing.
6.3 Make a point of asking
each new customer how
and where they heard
about the company.
6.4 If you are advertising or
sending out promotional
material, keep it consistent

with your customers’
requirements and the image
that you wish to portray.
7
keep ahead of
the game
7.1 Small businesses can
often capitalise on change,
adjusting quickly before
larger competitors react.
7.2 Whatever your line of
business, look out for
niches in areas where you
have strengths.
Your marketing becomes an integral part of your business once you are
operational. Every time your business has contact with a customer, you are
marketing your business.
 Make sure you and your employees are sufficiently skilled and trained to deal
with each customer professionally and courteously.
 Customers are the lifeblood of your business and it is many times more
expensive to attract new ones than retain existing ones.
 The more people you talk to about your business, the more sales you could
generate. Everyone is a potential client or contact.
 This will help identify the most successful marketing tactics.
 If you manufacture diamond-set jewellery, your brochures and advertisements
will probably need to be glossy and stylishly designed.
But if your business offers a keenly priced window-cleaning service, a simple
black-and-white flyer will be sufficient.
 For further information, visit www.nibusinessinfo.co.uk/marketing.
What are the trends in your market? The more you know about your business

environment, the more you will be able to anticipate change and turn threats
into opportunities.
 For example, small fashion retailers can source and sell summer clothes if
the sun starts to shine in April.
High street store chains will still have to wait until they receive their scheduled
delivery in June.
 Small companies can exploit niches and fragmented markets (eg gluten-free
foods, body-piercing) where large companies cannot make a profit.
 Building or acquiring new strengths – by recruiting appropriately skilled staff,
for example – can be a part of your business' growth strategy.
laying the groundwork :: marketing your business
www.nibusinessinfo.co.uk/marketing