An independent flame-grilled chicken restaurant started up at a corner site in a suburb where a large chain closed down its outlet selling similar product. The owner of the business ran it well, gave good service and served a delicious product but closed within six months.
The problem was that the small business owner did not accurately estimate market demand in the suburb. Perhaps he should have been more cautious knowing that the large flame-grilled chicken group was exiting the retail space where he wanted to open an outlet. It seems that the small business owner pinned his hopes on attracting enough customers to his business to make it viable. Hope is not a strategy. The larger chain group new something about customer demand in the area that the ever-hopeful small business owner did not know. Continue reading “How do you estimate customer demand for your start-up business?”
After running her Thai restaurant in Johannesburg for the past seven years, a Filipino restaurant co-owner has decided to close down the restaurant. The main reason, and we are seeing it a lot these days, is that at the end of her lease the landlord has informed that it will increase.
This year many recently celebrated the 450th birthday of William Shakespeare. William Shakespeare was born on 23 April 1564 and died on 23 April 1616.
Shakespeare whose by-name was the Bard of Avon was born in Stratford-upon-Avon, Warwickshire, England. The Bard was an English poet, dramatist and actor considered to be the greatest dramatist of all time. Shakespeare was astonishingly clever with words, images and imaginatively stimulating dialogue. His works were not bookish but involved dramatising the actions and behaviour of human beings whether it be king or nave. Continue reading “A lesson from the Bard on marketability”
It’s hard enough for any would-be start-up business owner or entrepreneur to find new business ideas in any economy but have you ever considered how hard it is to come up with business ideas for special needs children?
I know of two young men who despite their mental disabilities have come up with an idea for a small service business of their own. The business began work from very humble beginnings but slowly they have painstakingly and with much determination and ingenuity come up with a computer repair and servicing business. One of the biggest challenges is to find customers who will take them seriously and let them do the work. With no money to advertise their service, they rely on word-of-mouth advertising and making business connections in their small personal networks. Continue reading “Finding business ideas for special needs children”
Not all ideas are equal. You’ve come up with an idea that you think is brilliant. You may have several ideas bubbling in your head or staring at you in your notebook. You might have used idea-generation tools and solo brainstormed perhaps 100 ideas.
The vulnerable spot, almost imperceptible at first, exposes a business to great risk.
A service business, 25 years old, one of the top such businesses in the country, employed an accountant who chiselled a large sum of money from the business. Strike one. The business accepted a large government agency contract, did all the print work, paid the supplier but the agency was never formed. The service business couldn’t recover their money. Strike two. Game over. Continue reading “What’s the weakest link in your business?”
Who can you trust when buying products or services online?
Sorry to sound cynical but there’s a reason:
As a buyer or consumer these days even off-line you have to be ultra careful. For example, take your credit card or ATM card. You have to watch out that no one sees your three-digit number at the back of your credit card or your pin code. In the wrong hands, you can lose a lot of money. So many people get caught. Continue reading “Four things you absolutely must know when buying online”