GROWONEDOLLAR.COM: Your Core Business is........Marketing

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Nick's Journey

GROWONEDOLLAR.COM: Your Core Business is........Marketing

Your Core Business is........Marketing

Visited today with a new business. They are offering a new line of "high end" t-shirts. I asked my usual question, what business are you in? The answer was designing and producing T-shirts.

I told the owner that the correct answers is " marketing t-shirts." Production and design does not make a business a success. The majority of their start up capital has been used in the design phase, legal structure and obtaining their products. Their marketing budget was essentially zero.
A start up business, without an adequate marketing budget, stands a good chance of going out of business in the first year.

without any funds dedicated to marketing, we are in the process of designing a marketing program that relies mostly on the internet. A good web site and the use of social media to drive traffic will be our first point of attack. The next phase is the gathering, with permission, e-mail addresses to send out a monthly newsletter/catalog. Out target is to gather at least 300 e-mail addresses in the next four months.

A detailed budget is in the works with the idea of pricing the shirts to be both profitable ti the company and also to entice small boutique shops to carry the merchandize.

A lot of time, money and worry could have been saved if a Value Based Strategic Focus Plan had been developed prior to the opening of the business.

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Today's opportunities erase yesterday's failures.

Gene Brown

BE ON THE LOOKOUT FOR THE "DUCK"

Nick Petra
Certified Financial Planner
Business Coach and Mentor
e-mail: nick@nickpetra.com