New BizIf you recently started a business, or if you know of one which was started recently, in the City of Waterbury, tell the rest of the City all about it! This is a rare opportunity for our businesses to get some free exposure during a critical time of their growth. Email Business@WaterburyLife.com.
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Product Identification Boosts Consumer Activity
(NewsUSA) – Today’s technology has changed the shopping experience. While many of us still enjoy trying on clothes at our favorite department store, we also relish the ability to buy specific and unique items through an e-commerce app, or research product details via our smartphone.
The changing nature of retail has opened tremendous opportunities for small businesses in the past decade. According to new research, "Charting the Growth Journey: From Product to Profitable Business" from GS1 US, a not-for-profit product identification and standards organization, the most successful small businesses are those that develop diverse strategies for growth. Specifically, small brands that demonstrate a solid understanding of retailer requirements and seek the expert advice and services of external partners are better equipped to take advantage of today’s "always open" shopping environment. There are three ways small brands are finding growth opportunities in today’s rapidly-evolving retail landscape: They focus on their product, build a complete channel strategy, and partner with professionals to accelerate success. Focusing on the product Small business owners are often driven by a passion for bringing their unique product to market. According to the study, 61 percent of respondents cite customer demand for personalized services and products as a top trend. Almost as many (58 percent) anticipate that changing customer habits – such as where they make purchases (online or in-store) – will impact their brand’s growth. "Building the story, the brand, and trust, is critical. Otherwise, it’s a race to the bottom on cost," says Steve Lange, co-founder of It’s All Good, a line of clean personal care products. Focusing on customers and their needs is important, but finding the right balance and managing diverse business challenges such as lack of time and resources, are major concerns for many of the brands that participated in the study. Building a complete channel strategy Small businesses must look beyond the immediate pressures of starting a business to position themselves with the right retail channels for their products. These can include online marketplaces, national retailers, local retailers, kiosks, craft fairs, or their own stores or websites. High-growth leaders (respondents who experienced 25 percent or more growth in the past year) know the importance of channel mix and leverage an average of 3.1 channels to sell their products, while laggards (those with revenue declines in the past 12 months) report using just 1.3 channels. Proving credibility to retailers is also a major hurdle for small brands. The study found that 59 percent of leaders see a direct correlation between providing complete product information (such as images, product origins, and more) in their online listings with the number of products sold. Additionally, 57 percent of these same growth leaders indicated that using UPCs in their product listings helps customers more easily find their products online. "Incomplete product information and UPCs show a lack of experience to potential retail partners. It’s important to understand that you need consistency from retailer to retailer," says Erik Elfstrum, founder and CEO, pureLYFT, an all-natural caffeine alternative beverage. Partnering with professionals Seeking outside business support was also identified as an important growth factor among small brands. Such partnerships help them build a more sustainable business model and offer opportunities for expansion. The study found that more than half (55 percent) of high-growth leaders agree that partnering with a retail broker or consultant has been critical to growing the business. Specifically, 83 percent of small brands that leverage online marketplaces and national retailers say partners (such as barcode services, software providers, business consultants and more) improve their understanding of product information and its impact on their business. For help finding the right partners to support growth, many small businesses have found credible options through the GS1 US Solution Partner Program, a network of certified solution providers that provide guidance and a range of services to support retailer requirements. More information can be found at www.gs1us.org/what-we-do/partners.Ultimately, it’s a new world for shoppers and businesses alike. The research shows that maintaining a holistic view of the opportunities available to small businesses is a major contributor to long-term growth. To learn more and for the full research report, visit www.gs1us.org/small-business. 
Business Do's and Don'ts to Help Your Startup Succeed
(NewsUSA) - Everyone has a dream -- it's the one thing they would rather be doing more than anything else (and are sure they could succeed at). Yet, it's something entirely different from what it is they do to pay the bills.
What many fail to understand, however, is that enthusiasm for a product or service may not be enough to guarantee success when starting a business. "So often, would-be entrepreneurs believe they have that one idea that will make them a millionaire, and in fact it may be a very good idea, but what they don't understand is that there's so much more involved for a business to succeed," says Heidi Ganahl, CEO of Camp Bow Wow, a dog day care franchise and boarding authority. The business saw 20 percent year-over-year growth last year in revenues across Camps (individual franchise locations), which opened pre-2011. "Unfortunately," Ganahl adds, "passion alone will not dictate or ensure success." To this end, the following do's and don'ts may help you assess whether your idea is ready: * Do your research and prepare. So often, failure comes from a lack of preparation. According to Ganahl's book "Tales From the Bark Side," every good idea must come with the right support to make it profitable, including writing a winning business proposal. Ganahl says that lending or investing individuals will only consider an investment after a thorough review of your project. * Don't go into business if you're not committed. Convinced that they have a good idea, but unprepared to be completely committed, people will try to have their feet in both the corporate world and their new business venture. If you feel the inability to put your all into your new venture, cut your losses. * Do ensure you have enough capital. Business analysts report that poor management is the main reason for business failure and that poor cash management is probably the most frequent stumbling block for entrepreneurs. Understanding the basic ideas of cash flow will help you plan for the unforeseen eventualities that face nearly every small business. * Do consider owning a franchise. With thousands of systems operating in dozens of industries, there is no shortage of choices here for the would-be entrepreneur. The down side? The plethora of choices can make that decision a challenge, so be clear about what you want, what you're willing to do and how much you need to make. |