22 November 2013
Local area business information in the Business & IP Centre
Quite often start-up businesses as well as existing businesses are looking for business information and relevant statistics in their local area. Many times, growing businesses that are looking to expand are in need of information on other areas as well.
Quite a few businesses that are in our Innovating for Growth programme are looking for specific local information and statistics in areas outside London, such as suitable premises, local demographics, labour statistics etc, because they are planning to expand all around the country through franchising.
A couple of very useful information sources that are available online are provided by the Office for National Statistics, organised in a way that summarized and/or detailed statistics can be accessed within specific geographic area, searchable by name or full postcode:
- Neighbourhood statistics, allowing you to find local statistics on demographics, education, health & care, housing, local economy, crime & safety etc.
- Labour market statistics – Local Authority Profiles, allowing you to find local labour market profiles, including the most recent available figures, which can be also compared with the relevant figures of other areas and the whole country, on population, employment, occupation, qualifications, earnings etc
Another useful source of local business information, which can be accessed in the reading room of the Business & IP Centre, is the COBRA (Complete Business Reference Adviser) database. COBRA is a business encyclopaedia covering all aspects of starting and running a business.
The Local Area Profiles (LAPs) is a specific section in COBRA. Each Local Area Profile lists local information sources for prospective start up businesses in that area and for existing businesses seeking sources of business support in their local area, including relevant web links on:
- Business support and advice sources
- Financial support sources
- Resources providing details of available business premises
- Business networks
- Business directories
- Libraries
- Local authority trading licenses and business rates
Capturing and combining information and data from all these sources can be used by businesses, who want to operate in specific geographic areas, in order to understand the local business environment and potential customer profiles.
Irini Efthimiadou on behalf of Business & IP Centre
01 November 2013
Setting Profitable Prices by Marlene Jensen
Setting Profitable Prices Setting Profitable Prices: A Step-by-step guide to pricing strategy without hiring a consultant by Marlene Jensen is a recent addition to our Small Business Help collection in the Business & IP Centre.
This book is a very useful guide to for business people who need help setting prices for their products. It gives practical guidance on pricing, with very specific details and step-by-step information on how to apply pricing to products.
" Setting Profitable Prices by Marlene Jensen is a very well–written book, easy to read, and contains demonstrative examples of how optimal pricing decisions are made by examining the consequences of various pricing approaches on financial and brand–specific outcomes. Grounded in years of research, the book provides a scientific and practical foundation for how pricing should be done, and is a highly useful resource for anyone involved in making pricing decisions." — Hooman Estelami , Professor of Marketing, Graduate School of Business, Fordham University
Table of Contents:
PART 1 HOW TO SET PRICES FOR MAXIMUM PROFITS
Chapter 1 Why Pricing Is the Key to Your Success
Chapter 2 Why Most Companies Stink at Pricing
(and How You Can Do Better!)
The “Myth” of Creating Demand Curves
How Your Competitors Are Setting Prices
Cost-Plus Pricing
Match-Your-Competitors Pricing
HOW THE MARKET WILL VALUE YOUR NEW PRODUCT
Chapter 3 Analyzing Your Competitors’ Prices
You Do So Have Competitors!
How to “Pick” Your Competitors
Direct vs. Indirect Competitors
How Consumers Evaluate Prices
How to Get Profitable Ideas from Your Competitors
Chapter 4 Environmental Factors That Can Affect Your Pricing
Environmental Factors Overview
The Economy
Competitors
Government Regulation and Legal
Social Trends
Technological Change
Chapter 5 Pick the Positioning of Your New Product
There Are Only 3 Choices!
The Psychology of Price Positioning
Penetration Price Positioning
Skimming (or Premium) Price Positioning
Competitive Price Positioning
Learning More about Competitive Pricing
Chapter 6 Analyzing Your Buyer Benefits/Drawbacks Relative to Your Competitors
Uncovering What Buyers Really Value/Hate about Products in Your Marketplace
Learn More about Calculating Buyer Valuation of Different Features
Chapter 7 Picking a “Ballpark” for Your Best Price
You Will Not Be “Stuck” with Your Decision!
Can’t Make a Profit at that Price Range?
Not Sure about Your Results?
Learn More about Buyers’ Reactions to Price Ranges
PART 3 YOUR COST ANALYSIS
Chapter 8 Evaluating Your Costs
The Ideas Behind “Target Costing” and “Target Engineering”
Types of Costs
The Hardest Part of Calculating Costs
Reasons for Launching a Product that Doesn’t Cover Overhead
xii Contents
PART 4 FINE-TUNING YOUR PRICE
Chapter 9 Is Your Profit Potential Acceptable?
If You’re Happy with Your Potential Profits
If You’re Not Happy with Your Potential Profits
Next Step 66
Chapter 10 Psychological Adjustments to Your Price
Understanding “Barriers” in Prices
Staying below Barriers
Increasing Prices up to Barriers
Numbers that Say “Discount” to Buyers
Test Your Knowledge!
Visually Appealing Prices
Selling to Businesses
Learn More about Thresholds
Learn More about the Effect of Numbers
PART 5 TESTING YOUR PRICES
Chapter 11 Testing Prices
The Psychology of You—in Setting Prices
Can You Test?
The Difference between Testing and Research
Chapter 12 Using Google to Test Prices for Free (or Almost Free)
Two Methods for Almost-Free Testing!!
Using Google Optimizer to Test Multiple Things
PART 6 PRICING IN SPECIAL SITUATIONS
Chapter 13 Pricing Services
Imagine No Chapter 13!
The Complications of Setting Prices for Services
The Myth of Pricing Based on “What You Want to Earn”
Pricing by the Hours versus the Job
Finding What Service Competitors Charge
Picking Your Price Positioning
What Your Price Says about Your Firm
How to Charge Higher Prices to Those Willing to Pay More
Chapter 14 Pricing New Products/Services, Part 1: When Your Brand Is Unknown
The Problems in Pricing Something New
Price Equals Quality Buyer Perception
Does Quality Equal Likelihood-to-Buy?
Understanding “Bargain Hunters”
Price Preferences by Product Type
Detailed Research on Buyer Price Position Preferences
Additional Research on Preferred Prices
Learn More about Risk and Pricing
Chapter 15 Pricing New Products/Services, Part 2: Competing with Established Brands
When Your Competitors Are Established Brands
Risk Avoidance
Price Premiums for Known Brands
Discounting Differences
What Causes Customers to Switch to a New Brand?
What Happens after Buyers Switch?
Shocking Findings on Brand Names
So What Does it All Mean for Pricing a New Product/Service?
Chapter 16 Pricing with Discounts
Discounts: A Double-Edged Sword
When Discounts Worry Consumers
Determining Best Discount Levels
Discounts’ Effect on Quality Ratings and Purchase
Concluding Thoughts on Pricing, and Especially on Testing Prices
Julie Boadilla on behalf of the Business & IP Centre
03 July 2013
Starting a food business
Although 'Cooking Up Success' has come to an end for 2013, we still have some great stories from food and drinks businesses who have a wealth of advice to offer.
Innovating for Growth business, Blueberry Hill, share their story of starting a growing a small business:
"Oh, where to start?!
Setting up Blueberry Hill has been one of the most rollercoaster rides I have ever experienced!
Neither Ella or I came from a food background, so as we looked at setting up the business, we were starting totally from scratch. Although this meant we definitely ended up going the long way round on occasions, we have learnt everything together and both have a deeper understanding of how all our business processes work.
Before launching into the partnership we decided to test our working relationship, as although we were friends from university, we knew this doesn't always mean you can work together!
While still working full time, we started slowly by selling some home-baked goods at local markets over weekends. Baking through the night on a Friday after a long week at work tested our stress levels but allowed us to see how we each dealt with customers and the finance side of things.
After a few months of this, and some long nights writing a business plan we decided to take the plunge, and Blueberry Hill was born.
Blueberry Hill creations
Things change on a daily basis, the business plan gets amended and nothing ever goes quite to plan so it can sometimes feel like a bit of a whirlwind. We have learnt that you have to be flexible and open-minded, but also make sure you stick as much to your plans as possible or it is super easy to get distracted!
We definitely fell into the trap of starting to work in the business too much and not on the business, and are only really now, one full-time year in, forcing ourselves to step back and look as objectively as possible at what we have achieved.
Our crucial tips for going into a food business are;
- Do all the H&S paper work from the start because as you grow it makes life a lot easier;
- Don't be afraid to following your gut as this is usually right;
- Make sure you remember to take some time to yourself!"
Rachel Reynolds, co-founder of Blueberry Hill on behalf of Business & IP Centre
Blueberry Hill have taken part in our Innovating for Growth programme which offers London-based small businesses the opportunity to get £10,000 worth of free bespoke advice and support.
19 June 2013
Soul Trader the workshop with Rasheed Ogunlaru
Back in October last year I reviewed Rasheed Ogunlaru's book Soul Trader - Putting the heart back into your business.
He has now developed these ideas into a workshop held in the Business & IP Centre, sensibly called Soul trader: Your life, your business.
Rasheed kindly invited me along to see how it can help you build a business in balance with your life, and in tune with your heart.
In the workshop we covered his eight 'C's for succesful business:
1. Clarity:
Identify your mission, talent, values and brand to develop a clear strategy to propel your business growth.
2. Customers:
Look at your business through customers’ eyes to win custom, profit and loyalty.
3. Courage:
Gain inspiration to give you the same determination as a winning athlete.
4. Co-operation:
Building your network so you can create beneficial collaborations and partnerships.
5. Conversations:
Learn how to connect, create and convert leads to sales in person and online.
6. Creativity:
Know when to work, rest and be at your best so you can achieve a life balance.
7. Compassion:
Connect from the heart to be transformational not transactional.
Once again Rasheed used his unique combination of the heart and head to help the workshop attendees develop a vision of their business and life, as well as the practical steps they would need to take to acheive them.
I highly recommend this workshop for anyone about to embark on a business venture, or for those who are established but have lost sight of their business purpose.
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