Even if your product has a long and happy run in the marketplace, it’s likely to reach the end of its run eventually, and leave you with a significant inventory on hand. Welcome to your first closeout! Think of this as an entrepreneurial rite of passage: If you’re in the game long enough, you’re almost [...] Read more »
Packaging – A Major Factor in the Sale
Many times, the packaging of the product is as important as the product itself. Of course, if you’re making a product like industrial machinery, this may not be true. But in the case of consumer products, packaging can be an overwhelmingly important element. Perhaps the most extreme case involves products bought [...] Read more »
Finding Ideas to Start a Business
One of the most asked and difficult to answer questions I get when I speak to MBA students is “How do I get the right idea to start a business?” In approaching a reply, I would say at the outset, that there are no simple magical answers or formulas. I would add that most successful [...] Read more »
Licensing Can Work for Small Businesses Too
Normally the subject of licensing would not appear in a Bootstrapping context because there usually is an up-front cash payment and a guarantee associated with securing a license. These two factors can be substantial with a high visibility license, such as Mickey Mouse, NFL football, Nike, Armani, etc. However, I bring it up here for [...] Read more »
Building Trust
The single most important thing you can do in starting and building a business is to get people to trust you. Trust needs to be earned and takes time, although you can lose it in a second. Telling people to trust you doesn’t cut it. In fact, when people I just meet tell me to trust them, my antennae is up to watch my back. The benefits of being trusted are enormous. People have confidence in those they trust. Read more »
Cash Free Ideas to Beat Competition
Competition for customers in most industries is extremely intense. This is exacerbated if the customer is a large one and your product is not particularly unique or patent protected. Your customers are also in a high pitched battle with their competitors. This can be seen in your everyday life. Look at the competition in cars, retail stores, food stores, homes, computers, music, etc., for your dollar. This extends into the industrial sector and personal services. Here are some non-cash ideas to help your small business better compete. Read more »