Archive for December, 2007

Encouraging older entrepreneurship

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Encouraging older entrepreneurship coverPRIME has published “Encouraging older entrepreneurship” a report on how best to help older people starting or running their own businesses. It looks into the support needs of those entering self-employment after the age of 50, and at what PRIME and its partners can realistically do to help.

The study coincides with an unusual period of turmoil in the business support sector. Major changes in how support is funded and who provides it have unintentionally created new difficulties to individuals seeking to start their own businesses.

Diversity in Practice dots logo The production of this report, written in-house by PRIME, has been partially-funded by the Equal Diversity in Practice project, which is in turn paid for from the European Social Fund.

Posted on Thursday, December 27th, 2007
Under: Business research | No Comments »

Work for yourself in 2008

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Working for yourself guide coverWorking for YOURSELF - a practical guide to sales, marketing and preparing a business plan for people aged over 50″ is a new PRIME booklet. It is currently being printed, but you can download a free PDF here of the full text.

This PRIME guide doesn’t cover everything, but concentrates on the subjects people are often least confident with - sales, marketing and putting a viable plan together.

At only 40 pages long it’s quick to read and inspiring.

Contents
1. Customers and selling to them
2. Negotiating
3. Marketing
4. Setting prices
5. Business model, business plan
6. Checking with reality
7. Sources of support
Business glossary

If you find yourself short of some reading over the holiday, you can start plotting your new business with this PRIME guide.

The square format should print out on standard A4 paper, as it’s the same width.

Diversity in Practice dots logo The production of Working for YOURSELF, written in-house by PRIME, has been partially-funded by the Equal Diversity in Practice project, which is in turn paid for from the European Social Fund.

Posted on Friday, December 21st, 2007
Under: How-to articles, PRIME guides | No Comments »

Results of Christmas Prize draw

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Marks and Spencer vouchersThe winner of PRIME’s Christmas rock quiz is Mrs Hilary Weeks, who lives near Dursley in Gloucestershire. She wins £100 in M & S vouchers, plus a bumper bundle of PRIME rock.

There were two answers that some people managed to get wrong. It’s the Rolling Stones who take their own snooker table on tour, watch cricket and demand a private running area for Mick to keep fit in. More rock-star contract riders here

And if you are standard-rate tax payer, £128 is credited to your Personal Pension fund for every £100 that you contribute.

If you haven’t thought about your pension arrangements yet, PRIME’s advice is to go and talk to an independent financial adviser who is familiar with self-employment issues. You can find a list of IFAs by region and speciality here.

Happy Christmas!

Posted on Friday, December 21st, 2007
Under: Pensions, Quizzes | No Comments »

How to start your own business - Rotherham, Yorkshire

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Date: Friday 11th January 2007, 9:00am to 2:00pm

Venue: Brinsworth Community Centre, Brinsworth Lane, Brinsworth, Rotherham S60 5BU

Status: PRIME event

This beginner’s workshop will help you come up with and develop your ideas.
You will then begin to make a decision on whether you would like to work for yourself. 

The workshop will focus on:

~ using your skills and talents

~ developing your business idea

~ the basics of being self-employed

To book your place on this workshop please contact Faye Banerjee on:0800 783 1904
Email: faye.banerjee@ace.org.uk

Printable Flyer - Rotherham 11th January 2008

Posted on Monday, December 17th, 2007
Under: Events, Yorkshire and Humber | No Comments »

Developing your ideas - Walsall, West Midlands

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Date: Thursday 17th January 2008, 10:00am to 12:00 Noon - lunch provided

Venue: Age Concern Training Centre, Suite 10 Bridge House, Bridge Street, Walsall, West Midlands WS1 1JQ

Status: PRIME event

Come to this FREE workshop and think through your business ideas. Aimed at newcomers to business and self-employment, this workshop is about refining your ideas and finding a viable business you could make a living from.

    The workshop will focus on:

  • choosing the best business idea
  • thinking through the business
  • sources of help in getting started

For more information and to book your place please contact Martin Sarling on 07717 151 168 or Freephone PRIME on 0800 783 1904
Email: martin.sarling@ace.org.uk

Walsall 17 Jan 08 printable flyer

Location map

Posted on Friday, December 14th, 2007
Under: Events, West Midlands | No Comments »

How to start your own business - Walsall, West Midlands

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Date: Monday 14th January 2008, 10:00am to 12:00 Noon - lunch provided

Venue: Age Concern Training Centre, Suite 10 Bridge House, Bridge Street, Walsall, West Midlands WS1 1JQ

Status: PRIME event

Come to this FREE workshop and plan your future. Aimed at newcomers to business and self-employment it will help you think through your options and come up with an idea idea for a possible business. It will also allow you to better assess the pros and cons of self-employment, stating from your own situation.

    The workshop will focus on:

  • using your skills and talents
  • coming up with a good business idea
  • the basics of being self-employed

See also more advanced event three days later 

For more information and to book your place please contact Martin Sarling on 07717 151 168 or Freephone PRIME on 0800 783 1904
Email: martin.sarling@ace.org.uk

Walsall 14 Jan 08 printable flyer

Location map

Posted on Friday, December 14th, 2007
Under: Events, West Midlands | No Comments »

Selling for beginners - and the fearful

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If you’re reluctant to sell you are not alone - it is something many people feel when starting in business. But it’s one of those things that disappears with practice - and in particular as you relax and develop your own style. Here are some tips taken from “Working for yourself”, a new guide from PRIME that’s currently in the final stages of production.

Fear of selling

Many people find the thought of having to do selling frightening. And it’s the thought that’s often the problem – not selling itself.

You can do selling any way you like, and you’ll soon develop your own style. It doesn’t have to be the traditional hard sell.

Sell your own way

” The only area where my age might count against me is in sales - because I’m not a brash young salesman. But I really don’t see that as much of a drawback. I have a nice letter that I write to people and that seems to work well.”
Graham Siggs, who started his own electrical testing service after being forced to retire from the civil service at the age of 60.

Reluctance to sell is conquered by knowing your customers well enough to know how to do them a favour - by selling them the right product or service. Being an altruist and being an effective sales rep then become one and the same thing.

Beating obnoxious salespeople at their own game

The reluctance to sell we are assuming here doesn’t apply to everyone, and it probably depends on what type of salespeople you have been exposed to in the past. But it is something many people express to PRIME, and it can be overcome by developing your own approach that simply avoids practices you are uncomfortable with.

Once you start your own business it becomes necessary to find customers on a regular basis. So don’t let bad sales experiences from your past become a barrier to setting up your own independent business. Resolve to do it differently - and better.

If you have a good product or service it stands to reason that there are people out there who would welcome the opportunity to buy it. It may sometimes be hard work, but you owe it to them as well as your own business to find such people and make them a clear offer they can understand. It’s then up to them to make the decision – to buy or not.

You need to find an approach to selling that you are completely comfortable with. You don’t have to turn into the sort of person you don’t want to be simply to sell things. Do it your own way - it may well be more effective and even fun.

Three neglected facts about selling

1. Selling is not telling
It’s more to do with listening. This is as true when writing an advertisement or sales letter as in face-to-face selling. You need to have attuned yourself to what customers are actually seeking to do it well.
In face-to-face selling, don’t talk too much. Ask questions. Listen intently for what the person really wants. Then talk about those aspects of your offer that are relevant to those desires.

2. Benefits trump features
More customers are interested in benefits than features. Enthusiasts tend to burble on about features, but what most customers are after is what these features can do in practice to benefit them and solve their problems. So when talking to a customer or writing promotional material highlight the most relevant benefits.

For example, uppermost in most people’s minds when buying a pair of secateurs is the objective – bushes neatly pruned or flowers accurately cut. Or they might be thinking about what they want the process of using the secateurs to be like – quick clean cuts rather than a difficult blunt action resulting in crushed stems. They might also want a safe and comfortable grip. These are all benefits.

By contrast the facts the secateurs you are selling are made out of Type 440 high-carbon steel and have a bypass design are features. They are things that a garden-tools connoisseur or metallurgist might appreciate, and they might very well be how the quick clean cuts are achieved. But they are not things on the minds of most people buying secateurs.

Because buyers tend to be most interested in the benefits, you are doing them a favour by concentrating on the benefits first. “These will give you a quick clean cut.” You could go on to say “that’s because of the Type 440 high-carbon steel and the bypass design”. But they might think you a nerd, so you’d be better off with “and they have a comfortable grip”, or simply shutting up.

3. It’s OK to ask for the sale
Once the customer is giving out signals that they are ready to buy, don’t just plough on with your presentation. It’s easy to do this if you are nervous, but it’s a mistake. You are wasting their time and they might get irritated and start thinking of objections just to annoy you. Selling is a human activity after all, and normal emotions come into play.

Most buyers much prefer it if you get to the point. So ask for the sale. Say something like “Do you want the green one then?” or “I can give you two for just £10 more” to move things on the decision. Then go straight to taking the money.

If you have a sincere desire to see the buyer get what they want you will feel satisfaction at the close of the deal, so move to it promptly. Asking for the money should also feel natural, because money is what allows you to provide this thing that they want - your product or service.

    A very short guide to sales jargon

  • Benefit - something that does good to the customer, and which you believe they may value. Something that solves a customer problem.
  • Feature - how a product or service accomplishes something - hopefully a benefit that the customer wants. It’s usually best to skip over features that have don’t have relevant benefits when selling.
  • Offer - the bundle of products and services you wish to sell to a particular group of customers. A special offer is a variation on the bundle promoted for a limited time or to a sub-set of the customer group.
  • Prospect - someone you believe could become your customer but isn’t yet.
  • Solution - just means product. The overuse of this term annoys almost everyone. Use the verb form “solve” instead. Genuinely think about the customer’s problem, and then explain what your product can do to solve it.

Posted on Thursday, December 13th, 2007
Under: How-to articles, PRIME guides | No Comments »

Top 10 things that can kill your business

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Click for PDF of leafletHere’s an updated list of common business pitfalls. Below each pitfall there are links to information about how to deal with them.

The revised text comes from the new A5 paper leaflet version of an article that originally appeared on this site. We’ve checked the original links and added some new ones. Comments and suggestions for helpful links related to avoiding such pitfalls are welcome.

1. Failure to sell

New businesses should concentrate on winning their critical early customers before anything else. If you are uncomfortable with selling, try another approach. Selling doesn’t have to be the traditional hard sell, but it does need to be done. Even if you are busy now, set time aside for thinking about where your next customers are going to come from.

2. Not watching the cash position

Know what you have got from week-to-week, as this is a very common cause of often completely unnecessary failure. A sudden cash shortfall can happen even if things are going well. Indeed the cash can run out just when you get very busy, as you may be spending a lot on stock or materials and not have time to watch out for pitfall no 3.

3. Failure to chase for payment

Chase up money promptly or they’ll think you don’t need to be paid. Don’t be embarrassed - if you have done the work you deserve to be paid. But don’t take it personally - be businesslike at all times. Regular reminders and clear terms of payment can forestall many problems, but if you have to go to law the small claims court (the county court) is quicker and simpler than many people expect.

4. Underpricing

Pricing is one of the most difficult things for a new business to get right, because you don’t yet know all your costs or have much evidence of how your customers respond to price. A common mistake is to overlook some major costs and thus price too low. It’s hard to increase prices later to the same customer. If on the other hand your prices are too high then achieving sales will be difficult and your marketing costs will be high. If you suspect this is the case experiment with lower prices through time-limited sales or trial offers to particular customers.

5. Failure to do a reality check on your basic business idea

Any entrepreneur needs enthusiasm to overcome the inevitable obstacles, but don’t let this blind you to fundamental flaws in your business idea. Think of all the dreadful singers that enter The X Factor. Though their mum likes them, and their friends say they like them, neither is the audience they need to impress. Look at your business from the point of view of your real audience, the paying customers. Are there enough of them, and will they pay enough to give you a good income when all your costs are taken into account?

6. Ignoring seasonality

It is amazing how many types of business show a strong seasonal pattern of demand that is not obvious to the outsider. It’s not just toys, ice cream and fireworks but journalism, dog kennels and car parts. When you enter a market do all you can to quiz people in the know about its distinctive seasonal pattern. Methods used to counter big seasonal swings include adjusting pricing (as in the holiday industry), diversifying into a market with an opposite pattern and exporting to somewhere with different seasons.

7. Forgetting about the competition

It’s a rare business that has no competition, so you need to think up good ways of dealing with it. Avoid entering a crowded market unless you have a very good plan for winning customers. Aromatherapists abound in some localities - which makes it difficult for any of them to make a profit. Try to make your product or service unique in some way that matters to the customer, so you are not competing head on. Take a lesson from the animal world and search out your own niche.

8. Ignoring legalities

Only take risks in the area you are most confident in - which for most people isn’t the law. Minimise risks everywhere else so you have less to worry about. Always check the small print in contracts before you sign. You don’t need to be obsessed with regulations, but watch that you have the necessary licences if for example you are street trading, that you obey hygiene laws if handling food and that you know the basics of employment law if you take someone on to help. Legal wrangles can waste a lot of your time or even close you down if you get it wrong.

9. Taking too much money out too soon

Until the business has been running for some time you don’t know how much money to keep in reserve to cover late payment, bad debts and unforeseen expenses. So put off major expenditure on kit, advertising or yourself so you always have some money in reserve.

10. Getting trapped in long-term arrangements

New businesses are usually best off keeping things flexible, so they can move to where the money is. You don’t want to get locked into anything you can’t get out of easily. This applies to premises, hiring staff and contracts with suppliers. The big strength of small businesses is that they can quickly change to take advantage of the opportunities they discover. Don’t throw this advantage away.

Posted on Thursday, December 13th, 2007
Under: Front page, How-to articles, PRIME guides | No Comments »

Work for PRIME in Sheffield

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Sheffield is the greener blobSTOP PRESS: APPLICATIONS HAVE NOW CLOSED.

PRIME is hiring. We are looking for someone to get a new project going for us in the Sheffield.

The post is part time, and involves, running workshops, giving advice and running a live business club. Experience of the business advice sector is important.

The closing date for applications is Thursday the 3th of January 2008, and interviews are scheduled for the 14th of January .

Full details on our other web site.

Posted on Wednesday, December 5th, 2007
Under: Announcements, Yorkshire and Humber | No Comments »

Results of November prize draw - and enter new Christmas draw

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Marks and Spencer vouchersThe winner of PRIME’s November draw is Mr Robert Finch from Manchester. He wins a £100 in M & S vouchers, plus a bumper bundle of PRIME rock.

PRIME is holding a final prize draw in the run up to Christmas. To enter, just answer the seven quick questions in our “rock quiz”. We are again giving again £100 in M & S vouchers, plus sticks of rock with PRIME written through it! And maybe a Christmas card.

Enter here.

On another subject, if you haven’t thought about your pension arrangements yet, PRIME’s advice is to go and talk to an independent financial adviser who is familiar with self-employment issues. You can find a list of IFAs by region and speciality here.

Just in case you think we might be trying to sneak in a mention of the subject few self-employed people seem to want to think about - pensions, we are.

Posted on Monday, December 3rd, 2007
Under: Awards and TV, Pensions | No Comments »

Get any word explained

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Now you can get almost any word on this site explained thanks to a service from Answers.com
Some phrases will also work.

AnswerTips iconTo use it you just click rapidly twice on any word on the page (that isn’t a link). This causes a box to pop up containing a dictionary definition. (Links function in their normal way as links and won’t provide the Answers.com feature.)

Since dictionary definitions don’t always provide enough information there’s a button marked More at the bottom of the box. This will bring up a variety of other material, including Wikipedia entries and other more specialised sources.

The dictionary provided is American, but the More pages are more varied, differing from item to item.

So if you click on Capital Gains Tax the dictionary entry gives an American answer and is largely off the point. But the More page contains a Wikipedia survey of CGT around the world, and on some occasions a link to recent Times coverage.

The system does a better job on Home Information Packs, producing a full explanation of the UK scheme.

Note that this content is all external to the PRIME site, so the Readspeaker service won’t read it out.

You can customise the type and depth of material by clicking on the Personalize button at the top right of the box.

Do try it out and let us know what you think by posting a comment below.

Note: If you have your own web site this service is free - it’s funded by small text ads. It should be simple to install if you are using blogging software or have access to the HTML. More at Answers.com

Posted on Saturday, December 1st, 2007
Under: Announcements, Front page, Internet | No Comments »

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