June 2004

 

 

 

 


Dear Entrepreneur!

Welcome to the "halfway through the year" newsletter, June 2004

For those of your who have been up and trading since before January 1st 2004 this is most likely a period of reflection, to see if the year so far is going the way you planned it. Are your goals for this year still on track? I know it is a period of reflection for me, and by taking a few moments to check the direction of your business it can really help you ensure you are heading down the right path.

A few days ago someone asked a question on the UK Business Forums about advice in starting a business, but he was nervous to disclose his idea incase someone copied him. This is always a very common fear, but quite often misguided. My theory on this is based on my own experience.

When Quick™ Formations first started trading it was one of a kind, a unique service. Yes there were other websites with an online order form, but nothing that put the customer in control in real time. I knew right away that as soon
as the website went live people would copy, but is that a bad thing? The more people that offered online company formations would bring public awareness, and thus increases the market potential. Now there are a large number of websites similar to Quick™ Formations, but still our business continues to grow at around 15-20% month on month. Based on Companies House figures we now hold a little under a 10% market share of UK company formations.

Some of our competition have tried cutting prices down to undercut us by offering "dormant" companies. However before you can trade you have to "activate" the company which will cost extra! This can have a negative effect
on your business (refer to Matt Weston's BusinessBrick #58), and can also lose your credability for being too cheap. I would never suggest trying to trick your customers with cheap prices and hidden extra's. Always focus on
quality of service and if your prices are fair it doesn't matter how many people copy you, people will recommend you to others and your business will grow. If you end up worrying about the competition you'll end up focusing
more on that than serving your customers and growing your business.

Both myself and many others are available on the UK Business Forums to give free help and advice with starting and running your business. If you have a question why not pop along and ask.

On another note, please wish us luck next Thursday (July 8th). We find out if we are a runner up or a winner for the regional National Business Awards. I'll honestly be happy with either, considering the other 3 finalists are
multi-million pound turnover plc companies with hundreds of staff!

All the best for the second half to 2004

Richard Osborne
Managing Director, Quick™ Formations Limited
richard.osborne@Quickformations.com

In The Press...
Broadband Magazine ran a feature this month on online company formations and our website was classed as one of the TOP 2 websites for setting your Limited company online. The cheeky lot though wouldn't say which of the two they considered the best ;-)


A Quick™ Business In Focus...
I have received a large number of emails from many of you who would like your business to be featured in this newsletter. Sorry for not getting back to each of your personally, but I will drop you all a line once the new
newsletter design has been agreed to that we can start writing all of your reviews in turn.

If you would like to have an article on your business featured in our new monthly newsletter (coming soon) please drop me a line to richard.osborne@Quick™formations.com. This is for businesses that have been setup using the Quick™ Formations service only.
   

What’s in a brand?
By Graham Sibley, S A M Communications (www.samcommunications.co.uk)

Choosing the wrong name can cause untold damage, by creating false expectations, misunderstanding and even, in the most extreme cases, downright offence.

The names you give to your business and your products say more about you than you may think.

Creating the right brand name will ensure that your target audiences perceive you in the way you want to be perceived.

What is Branding?
Brands are vehicles for communicating your offer to all relevant audiences, and when successful, they create expectation, aspiration and loyalty among customers. But your brand is far more than the name, or even the logo – these are the public face – the identity of your business. To be successful these must be underpinned very firm foundations, as we will set out below.

Who are your audiences?
In naming your business or products you must ensure you first understand what it is you want to communicate, and to whom. For example:

What age and demographic group are your audience?
If you are a business-to-business supplier, what size businesses are you targeting?
Do your target audience require dynamic or conservatively reliable suppliers?

Your brand name must reflect the answers to these and many more questions. Go with a name that is not in line with what you can deliver consistently, and then you run the risk of unhappy customers. Brands are built upon reputation and word of mouth. Therefore, it is essential to market a name that creates an expectation in line with what you are able to deliver.

This means taking some time to research your target audience preferences and needs. Match your offer to these, and define ways that you are realistically able to differentiate yourself from what is already on the market.

Differentiate Yourself
Your brand must stand out from the competition, so you need to know what is already on the market, and how you compare:

Is your offer innovative, or practical?
What aspirations and expectations do you want to arouse in your target audience?
What makes you unique?

Answering these questions will lead you to define the position you should take in the marketplace, based on the demands and requirements of the market, and the current competitors.

Now you have a market position, you are able to get into naming.

Check the meaning – wherever it your name may appear!
Coca-Cola in China was first rendered as Ke-kou-ke-la. Unfortunately, Coke did not discover until after thousands of signs had been printed that the characters mean "bite the wax tadpole" or "female horse stuffed with wax," depending on the dialect.

Bacardi concocted a fruity drink with the name "Pavian" to suggest French chic, but "pavian" means baboon in German.

Just two examples of how major brands have hit huge problems internationally with their brand names, and which serve to show the importance of careful naming.

Check the availability
Before going to register your brand name, you must do some final checking to ensure you are not conflicting, or liable to cause confusion, with an existing name.

This goes beyond the standard checking whether someone is using the same name in your sector or region. You must also consider the implications of launching a name that is similar to someone else’s, or that may cause customers to confuse you with someone else.

Failure here can lead to confused customers and worse, legal action from other organisations.

Branding works for everyone
Don’t think that you have to be a major business to have a great brand. Our work with large businesses, SMEs and micro-business start-ups shows that creating the right brand that accurately reflects the essence of their business, appeals to the target audience, and stands out from the crowd is always successful.

S A M Communications creates brand and marketing strategies to enable sustainable growth in your business. To find out more, contact Graham Sibley on 01908 423303 or e-mail graham@samcommunications.co.uk


What makes a business card memorable?
By Matt Weston of Business Bricks

Entrepreneurs have been exchanging little cardboard rectangles for almost 300 years now. Apparently the French invented business cards in the 1700s. (I wonder what an alien invasion would make of it?)

 

Lynella Grant (author of "The Business Card Book") puts it best: "A business card is a handshake you leave behind". It's a universally accepted way of keeping in touch with people you meet.

A business card is just a 3 1/2-inch by 2-inch memory device - a simple trigger to help someone put your name to your face, recall your business, and give you a call or drop you a line.

Dale Carnegie, author of "How To Win Friends And Influence People" used to liken the human mind to an "associating machine" ­ you learn the treble clef scale EGBDF by associating it with Every Good Boy Deserves Favour (or
Football).

Carnegie wrote that there are just three "natural laws of remembering: impression, repetition and association."

Business cards work the same way. An effective business card will make an effective first "impression". Your recipient should know what your business does and "What's In It For Me" instantly.

If your business card is a "keeper" it will get seen every time your recipient opens his or her wallet. That's "repetition".

And your card can help the recipient make the "association" between your face, your name, your business and your USP (although, as the experiment below shows, many business owners miss a trick here).

WHAT TO INCLUDE ON YOUR BUSINESS CARD

I did an experiment.I rounded up the last 100 business cards I'd been given at shows, meetings, networking nights etc. Then I dealt them out into three piles:

1. 62 cards only listed factual contact details i.e. company name, name, job title, address, email, website etc
2. 22 Cards included a basic one-line company description e.g. communications solutions & consultancy
3. 18 Cards included an elevator pitch, list of product benefits, call to action or something else memorable

The first pile was the biggest. 62 cards said nothing more than "Me. Me. Me. (And how to contact Me.)"

That's 62 opportunities missed.

SOME IDEAS

If all your business card does is flatly list your contact details, then you've missed an opportunity to imbed what your business does in the recipient's mind.

It's par for the course if you're employee #2026 at Big Biz Plc and you simply enter your details into a standard Big Biz Plc template - but if you run your own small business, it's a mistake.

I'm calling for you to stamp your personality over your business card. Think of that 3-and-a-half by 2-inch space as a "mini billboard".

What does your business offer that makes it stand out from the crowd? Why should your recipient stay in touch with you? Put it on your business card. "Less is more" but make sure you get across what is most remarkable about your small business.

Put your one-sentence elevator pitch on the front of your card. (Remember all the recipient really wants to know is What's In It For Me?")

Why not put a box entitled "Notes" on the back of your card? Encourage people to write on your card, it will help them remember you. What about including a message asking the recipient to forward your details round to anyone else he/
she knows on the reverse?

Jay Levinson and Seth Godin, authors of Guerilla Marketing, suggest you print something useful on the back of your card (or the inside of a fold-out card) e.g. year calendar, metric conversion, sunlight hours.

Whatever you do, do something. Business cards are cheap as chips nowadays. Don't waste the opportunity to really say something about your business.

Links of Interest


Business Bricks

...provides a twice weekly Brick containing useful and practical advice you can use in your day to day business. To subscribe to their newsletter please visit;
www.businessbricks.co.uk

Work From Home?
Share your experiences and get help from others in the same situation at
www.wfhn.co.uk



Online Networking
Ecademy's cause is "to build the world's premier Trusted Network, connecting business people to share knowledge, contacts and leads".
www.ecademy.com

UK Business Forums
Meet contacts, seek advice and make friends at the UK Business Forums. A free online discussion forum aimed at supporting UK businesses.
www.ukbusinessforums.com

Start Up Right
If you are looking for help and advice on starting your business the right way then Julia is able to help. For some free advice and more information on the services available click here.
www.startupright.co.uk

Small Business Success
This site is all about providing you with the resources for starting a small business and giving you tips and advice on starting your own small business.
www.smallbusinesssuccess.biz



Do You Want A Link?
Do you have a website that provides free and useful resources that would be of interest to new business? There is no charge to have a link here
and the readership of this newsletter is over 4,000. For more information contact Richard Osborne


How To Submit An Article For Our Newsletter...
If you would like to submit an article for inclusion in this newsletter please send your article to editorial@Quickformations.com for us to review. We do not pay for articles published, but you will get full credit on the newsletter with links to your website and/or other contact information.

If you would like to know more information about our newsletter please either send an email to the above address or call Richard Osborne on 0870 432 5544.


©2002-2004 Quick™ Formations Limited | Registered in England & Wales No. 04548764 | All Rights Reserved