Now loading.
Please wait.

Menu

6 Questions to Ask Before Opening a Business

6 Questions to Ask Before Opening a Business

posted in Starting A Business by Rieva Lesonsky

Who Will You Sell To?

The more narrowly you can define your target market, the better. Whether it’s urban moms with children under age 5 or senior executives of midsized consumer product manufacturing companies, focusing on a specific niche will help you market to their particular needs. Do market research to uncover the most profitable potential target markets for your startup.

read the rest

01 Oct, 15
16 Steps to Starting a Business While Working Full Time

16 Steps to Starting a Business While Working Full Time

posted in SCORE 87 Post by SCORE Chapter 87

Do you dream of being your own boss? If you want to start a business, but aren’t quite ready to give up your job and its accompanying security, salary and benefits, don’t worry; you don’t have to. Working full time doesn’t have to mean giving up on your entrepreneurial dreams. In fact, starting a business while working full time is a great way to test the waters of entrepreneurship and gradually grow your startup into a full-time business.

read the rest

30 Sep, 15
SCORE Chapter 87 celebrates a half-century

SCORE Chapter 87 celebrates a half-century

posted in SCORE 87 News by Jeff Dawsey

When SCORE 87 Flagler & Volusia began, Bonanza ruled the television ratings, Frank Sinatra owned the radio waves with "Strangers in the Night,” America was pushing for the return of her troops from Vietnam and college head coach Steve Spurrier was the Heisman Trophy winner. That year was 1965.

read the rest

03 May, 15
Today’s Customer Service Is the Key to Tomorrow’s Growth

Today’s Customer Service Is the Key to Tomorrow’s Growth

posted in SCORE 87 Post by Tom Hellman

Customer service is one of the most important ways a small business can distinguish itself from competitors. You have the unique opportunity to connect directly with your customers, furnish the products or services that meet their needs, help them with problems, and follow up after the sale. This generates more than just sales; it also creates relationships that will not only keep those customers coming back, but also lead to referrals and new business

read the rest

24 Sep, 15
Can your hobby become your business?

Can your hobby become your business?

posted in SCORE 87 Post by Tom Hellmen

Running a successful business centered on doing something you love is the dream of many entrepreneurs. What could be more gratifying than making a living sharing your talents and skills with others?

It’s not difficult to find success stories about everyday people—from photographers to interior designers to carpenters and others—who have turned hobbies and interests they were passionate about into viable businesses.

Our experience has shown that leisure-based founders, those that can focus exclusively on the soon-to-be business are more likely than others to generate revenue, achieve a profit and have a deep commitment to their business. That is encouraging if you’re contemplating making the transition from hobbyist to small business owner. It’s important to know, however, that not all hobbies (and the people participating in them) may be well suited for entrepreneurship. Here are some essential points to consider as you explore the feasibility of your hobby becoming a sustainable business:

  • Will you still enjoy doing the work after you have to do it (versus having the luxury of doing it only when you’re inspired to)?
  • Are you willing to put yourself out there? It’s one thing to work on your hobby for your own satisfaction and another to put what you produce out there to be scrutinized by others.
  • Will people (and enough of them) be willing to pay for what you create?
  • Do you have the knowledge and capacity to both create your product or service and take care of the other administrative and operational responsibilities that come with starting and running a business?

We suggest you take the following actions as you assess the viability of your hobby becoming a business that supports you and your family:

  1. Identify who your prospective customer really is. Not everyone is going to be interested in your product or service.        
  2. Determine the benefit you’ll be selling. What need or want will your product or service satisfy?  
  3. Consider how you’ll communicate your value proposition and why your product or service is better than those of your competitors.
  4. Establish what your prospective customers would be willing to pay for your product or service.
  5. Do the math. Can you be profitable at that price point? Make sure you consider overhead costs in addition to cost of goods sold.  

Once you complete your research and have the answers to those basic questions you’ll be ready to start drafting a business plan. A written plan is important because it helps identify the time, energy, and money necessary to take your hobby to another level.

If you need assistance in determining if you and your hobby are suited for small business, there are resources out there to help you. Consider taking advantage of the free mentoring services provided by our local SCORE Chapter. For more information on our mentoring and workshop programs call our office at 386-255-6889.

 

 

read the rest

12 May, 16