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East Oregonian
EASTERN OREGON MARKETPLACE
Tuesday, May, 8, 2018
Photos courtesy of Getty Images
FAMILY FEATURES
E
ntrepreneurship is alive and well,
even if the face of small business is
evolving with the times. Autonomy
in management and making dreams
a reality are the reasons most cited by entre
preneurs looking to open a small business.
Nearly half of all respondents in the
annual The UPS Store “Inside Small
Business Survey” said they’d be optimistic
about opening a small business this year.
Of respondents who hope to open a small
business, top motivators include being
their own bosses (38 percent), followed by
believing in the power of their own ideas
(17 percent) and creating their next career
paths (15 percent).
“The American Dream of owning your own
business is still very much real, especially
when compared to the rest of the developed
world,” said Dr. Luke Pittaway, Ohio
University College of Business Copeland
Professor of Entrepreneurship.
However, how Americans are choosing to
open small businesses is where there may be a
shift.
“Consumer habits are changing,” Pittaway
said. “That’s forcing Americans to consider
how they open small businesses, whether it's
focusing more on ecommerce than actual
store fronts or focusing on selling to a local
community or region instead of a broader
national audience.”
Starting Your Own Start-Up
3. Establish your premises.
The process of launching a startup can throw
various unexpected obstacles your way, but
there are numerous resources available to
support a budding business.
“We understand the challenges of small
business owners and offer products and
services designed specifically to help and
support small businesses,” said Tim Davis,
president of The UPS Store, Inc. “Small
business owners are unparalleled in their
passion for their businesses, and understanding
that aspiration is critical to running a
successful small business.”
This action plan from the experts at The
UPS Store can help you get you on your way
to launching a successful startup:
Choosing the right business setting could
be the difference between a costeffective
startup and a moderately expensive one.
Your work space should fall within your
monthly budget while still satisfying the
needs of
your customers.
1. Analyze your target audience.
Start by performing extensive market research
to understand your customers' core necessities.
Assessing your target demographic gives you a
clear perspective on how to serve the people in
it.
2. Determine a legal structure.
Selecting the right legal structure ultimately
determines how you handle income taxes
and all government reporting requirements.
Many small businesses fall under a sole
proprietorship or limited liability company
(LLC) while bigger entities may identify as
corporations.
4. Determine your budget
and expenses.
Assessing your available funds enables
you to prioritize and assign an appropriate
amount to your business assets. This should
include necessities for daily operations,
as well as secondary expenses, such as
traveling and meetings.
5. Develop a business plan.
Think of a business plan as a road map that
indicates where your startup stands and
where it is headed. If you need funding, it’s
also a great tool to articulate your ideas,
philosophies and goals.
6. Set up a marketing plan.
Conduct an analysis of your business’s
strengths and weaknesses to devise
strategies and tactics that account for
challenges and opportunities your
business is likely to face. The scale of
your marketing plan will likely depend
on resources you have available and your
target audience, but should feature a
variety of tactics. Your plan should
include printed materials like direct
mailers, business cards, newsletters,
flyers, banners and posters, as well as
digital to cover things like search and
social media.
7. Be competitive.
Examine your competitors to determine
the areas in which they thrive and see
what makes them successful. Learn from
the landscape to improve upon their
strengths and gain an upper hand on their
weaknesses. For example, implement
various pricing models, such as special
offers, coupons and rewards, rather than
sticking with your initial, low price to
remain competitive and profitable.
With a carefully structured action plan,
you can turn your startup idea into a
successful business. Find more tips for
your small business at TheUPSStore.com.
PITCH YOUR SMALL
BUSINESS LIKE A PRO
W
hen you’re launching a small
business, there could be any number
of reasons you may need to pitch
your idea. You may be courting an investor,
recruiting talent or even starting to market
your product or service. Brevity is often
essential, so learn how to concisely pitch your
business like a pro with these tips:
Draw out the essentials. Reduce your
pitch to a few digestible bites. Make sure
you have an intro that is brief enough to get
someone’s undivided attention then elaborate
on your points, such as your top competitive
advantages, and provide more detail about
your business as a whole.
Come to entertain. Add an entertainment
factor to make your pitch engaging and
memorable. Of course, you need substance
to go along with style, but keeping your
audience focused and doing something to
stand out is essential.
Anticipate questions. Prepare yourself to
reassure concerned investors and flesh out
subjects you may have kept brief for your
presentation. Make sure to practice your
answers so you sound confident. Grabbing
attention is important, but you need to be able
to back up your spiel.
Know your audience. This is the cardinal
rule of communication. Make sure you do your
homework and know who you are addressing.
This shows you value your listener’s time and
feedback. Furthermore, insight about his or her
philosophy in doing business can be extremely
valuable during a pitch.
Practice until it hurts. Take the time to
practice your entire pitch, including answers
to likely questions, until you know it inside
and out. The more comfortable you are, the
more likely you are to win someone over in
a meeting.
Have the materials to back it up. A written
document is your chance to leave a lasting
impression and elaborate on your major
selling points. It’s also a chance to show your
professionalism, so be sure to proofread
carefully and package the information for a
polished presentation.
When you’re ready to pitch like a pro, give
your pitch a go and enter The UPS Store
and Inc. Magazine’s Small Biz Salute
Pitch Off, a contest that will reward one
small business owner with $25,000 and
an editorial feature in the magazine. Learn
more at theupsstore.com/smallbizsalute.