Being a NEIS small business owner is difficult enough without also trying to learn all about small business management at the same time as trying to bring in enough money to provide for your bills.
There are dozens of NEIS providers that help you get established with Government funding and give you limited training in some areas of small business management.
The problem is that after a few days in a class room and getting some handouts on how to make your Quarterly reports fit the Government requirements you are pushed out into the real business world.
Throw me a Lifesaver please.
One of the most important things that all NEIS business owners need to know is how to advertise effectively enough to start getting customers coming to you.
I have seen this often enough as a small business coach that has helped dozens of NEIS Business owners already.
Sales forecasts are low and the business is running at huge losses because the owner doesn't know how to make their NEIS business profitable.
Market Research is critical Spend at least 40 hours doing your own market research into your proposed industry to find out what the market price ranges are and expected operating expenses before you start setting your prices.
If you believe that by charging less than your competitors you will get all their customers-think again.
Not all customers decide to purchase products only by lowest price.
And if they are that sort of customer, you will lose them when someone else has a lower price than you.
Set the right prices to maximise profits Before you set your prices review and assess all your expected operational expenses for your business to make your product.
Most businesses have increases in their operational expenses every year of 11% and unplanned expenses like a power failure or damaged goods that can drain profits fast.
© Copyright 2008 by Paul Baker