10 Questions to Ask Before Exanding Overseas

Companies such as Coca Cola, Ford, and Apple have all made the attempt at expanding their businesses overseas, and all of which have been successful. Some companies that have not succeeded have tried to expand too quickly and their expanisions do not turn out as successful. Before you consider bringing your business to different parts of the world, there are a few questions to ask yourself. First, ask yourself if your business is strong enough in the location you have it now. Is the sole purpose of moving overseas to attract more consumers or was the first location not successful and you are hoping for it to be a hit in a different part of the world? Will you even be able to find people who will want to work for your business overseas? Is your business needed in certain countries and would the profits from your business exceed the costs of expanding across the world? Planning ahead and considering all financial issues is essential when considering a move as large as opening a new location.

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Improve Your Critical Thinking Skills and Make Better Decisions

When you need to improve your business decisions and come up with fresh ideas, you need to think outside of the box. First, you need to look forward and decide what your ideal outcome is. What is it that you need to accomplish in the end after you come up with the new idea. Once you narrow it down to a clear starting point, you need to look from the viewpoint of your clients/customers. Put yourself in their shoes and consider what it might be like from their perspective and how they might solve a problem differently than you would. Every idea can come with a positive outcome or negative consequences. Think through the process of your idea and try to estimate the outcome if you followed through with the idea. Do the consequences outweigh the positive outcome from the idea? If they do, start brainstorming again for a new idea. If the idea results in little or no consequences, consider following through with the idea.

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The Secrets of 7 Successful Brands

Sometimes what helps make one business successful isn't necessarily what makes another succeed. You need to determine what is it that your business is lacking and how to improve it for the future. Warby Parker's brand, A Clear Vision, is an affordable eyeglass retailer has had its sales jump several hundred percent since its 2010 launch. The company designs stylish frames using premium materials and offering them at a consistent price. A program called "buy a pair, give a pair" that helps low-income consumers start their own businesses selling affordable glasses. Warby Parker is one of the world's only carbon-neutral eyewear manufacturers. Hanky Panky is a company started by two women taking a bold "by women, for women" approach. The company makes products that are feminine, flattering and meant to fit each customer comfortably. They promise to make women feel good about themselves, both in their underwear and about their sisterhood with other women who purchase from the brand. Employees communicate with customers and producing products with good value that will have customers coming back to buy more.

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10 Questions to Ask Before Determining Your Target Market

When you are first starting out with your product or service, you need to decide who your ideal customer would be. To decipher who your ideal customer is, there are a few questions you should ask yourself and your company. First, you need to think about who searches for products or services similar to what your company produces. Using Google's keyword tool can help you see how many people are searching for words related to what your business does or makes. Reach out to potential customers with a test phase and see if they actually purchase your product. Conduct surveys in the store for customers to fill out as they shop, or organize smaller focus groups and ask for their input about your products. Make surverys online and ask customers for their feedback on products or future ideas for products. The best way to decide if customers will buy your product is to ask them personally if your product is something they need. If they do not want to buy your product, there is only so much you can do to make them think they need it. A good marketing team can sell anything but it is easier to produce a product that consumers are asking for.

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Can You Afford to Quit Your Day Job?

Is your every day job not enough for you? Are you sure you are in the right occupation? If you answered no to either of these questions, maybe you should consider moving on from your current job. Before making a decision as serious as removing yourself from a position that puts food on your table, you should consider the following. If your day job is your only source of income, you should not resign until you have an offer for a different job or some other form of making money. Calculate your daily expenses and construct financial statements to lay out how much money you make at your job, how much money you have, and your different sources of money going in and out of your bank account. Do not downgrade to a position where you would make half as much as you would at the job you have now. In the long-run, the new occupation will not be worth leaving your old one if your income cannot pay for your weekly groceries.

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Turn a Worthless Business Idea into a Million-Dollar Startup

We have thousands of different thoughts each day. Mixed within these thoughts can be some clever ideas worth writing down and saving for a rainy day. Brainstorming for the perfect idea can take time. To come up with a million-dollar business you need to separate the good ideas from the great ideas that can grow to become the next big thing. Once you pull your main idea, you need to ask your customers for their opinion. Having a customer test out your product or service first-hand before exposing it to the world opens an opportunity to fix or change anything to fit the customer's criteria. Showing a prototype to a customer is similar to a trial-run that can be beneficial to the company and the company's marketing department. The trial-run can decipher is the idea is good or if your company needs to restart and think of a new product or service.
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Industry Infographics & Your Small Business

It can be extremely hard for a small business to stay aware of trends within their industry. Recently, KU SBDC re-posted an article from Entrepreneur.com regarding trends and received a great link from Twitter follower Aria Cahill. Aria has created a broad infographic that provides insight into major industries and their growth and decline. Information on industry growth and decline is vital knowledge for business owners. A great example of a company that made a big change based on industry trends is Macmillan Education. On their website, the company details the reasons why future printing of dictionaries will be halted due to a move to online services only. STOP THE PRESS: Dictionary no longer a page-turner is certainly a clear headline. With a customer base that has turned to online research, Macmillan answered a change in trends by simply knowing its customers. How will your company respond to industry growth and decline? Is diversification the answer? How do you expect your customer's needs to change? Answer us via Twitter @KutztownSBDC.



Image compliments of Masters in Human Resources Degree Guide

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