Protecting your idea. Finding alternative financing routes. Pricing your product. Each of these is vital to a startup. And in this economic climate, each of these tactics comprises an entrepreneur's strategy for riding out the storm. With a nod to startups, this week's article highlights hit each angle of starting and staying afloat in the recession.
Starting a Business
It's a jungle out there, especially for startups. Good news, though: Information, advice and assistance are available--often at no charge. Armed with the proper coordinates, you can gain quick, direct access to one-on-one counseling, step-by-step strategic guidance, legal advice, funding opportunities and more. In our April issue, we give you an insider's guide to four of the best startup resources.
When credit's tight, business startups and franchises need alternative funding routes. In "5 Unconventional Ways to Fund Your Franchise," franchise expert Jeff Elgin discusses funding alternatives, which include partnering with angel investors or third-party lenders. If necessity is the mother of invention, the dried-up funding has created unique financing avenues for franchises.
Probably the worst mistake you could make as a business owner is not doing your homework on your target market. On WomenEntrepreneur.com, Eve Gumpel addresses three areas every business owner must have in place before starting--market demand, market size and money--in "The 3 M's of Starting a Business."
Newbie entrepreneurs may have a hard time breaking the price-product link, believing price is tied to a quality product. In "Price Isn't Tied to Your Product," marketing guru Dan Kennedy breaks the commonly held myth and writes that who you're selling to affects price more than what you sell. He writes, "The simple act of selling whatever you sell to more affluent consumers may allow its price to rise, with no other modifications."
Finally, our newly-launched "Buying and Selling a Business" column features Domenic Rinaldi's "Why You Should Buy a Business." As the president and managing partner of Chicagoland Sunbelt, and a business brokerage expert, Rinaldi writes about the benefits of buying an existing business, including already having a stable group of customers and brand recognition.