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Gas and Advertising Small Business

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					   Ch. 6-2
Small Business Basics
         Small Business Ownership
   Small Business- An independent business with fewer
    than 500 employees.
   99.9% of all U.S. businesses are considered small
    businesses.
   Small businesses are responsible for creating 60-80
    percent of all new jobs.
       The owner is typically the manager.
       The business operates in one or very few locations
       It typically serves a small market
       It is not dominant in its field.
           Ownership Diversity
   Women own more than ¼ of all small
    businesses
   18% of small businesses have African-American,
    Asian-American, or Hispanic-American
    ownership
   The majority of small business owners are over
    35 years old
What are some advantages of a small
            business?
   Fewer customers
     Better customer service
     More individual attention to the customer

     Deal directly with a person, not an answering service



   Provide unique services

   Able to market to specific niches
    What must you do before starting a
            small business?
   Prepare and do research!
     Customers
     Competitors

     Government regulations

     Price

     Target market

     Advertising/marketing
                   Customers
   Who are your potential customers?

   How do you plan on reaching your potential
    customers?

   Who else is targeting your potential customers?

   What kind of income do your potential
    customers have?
                 Competitors
   Who are your competitors?

   What are they doing that works?

   What are they doing that needs improvement?

   How you can you learn from their success and
    failures?
          Government Regulations
   What kinds of government regulations are you
    going to be dealing with?

       Zoning restrictions

       Environmental Protection Agency
                       Price
   How are you going to price the product or
    service?

   Can you stay competitive while still making a
    profit?
                Target Market
   Who is your target market?

   How are you going to reach your target market?

   What is the income of your target market?
         Advertising/Marketing
   Where do you plan on advertising?

   How much do you plan on spending on
    advertising?

   How can you market the product or service in a
    way to best reach your target market?
         Small Business Failures
   50% of small businesses fail in the first year.

   95% of small businesses fail within the first 5
    years.
Why do small businesses fail?
     Why do small businesses fail?
   Not enough start-up money
   Lack of management experience
   Not controlling operating expenses
   Poor location
   Failure to manage credit offered to customers
   Overspending
   Inadequate business plan
   Ineffective marketing/advertising
      Successful Small Businesses
   What are some small businesses that you know
    of that have been successful?
      Successful Small Businesses
   What makes those small businesses successful?
     Successful Small Businesses
   What makes those small businesses successful?

       Great work ethic

       Good customer service

       Hard-working employees

       Good location

       Well-planned
    Know where your business is going

   Mission statement- A short, specific written
    statement of the reason a business exists and
    what it wants to achieve.
   We will be the easiest pharmacy retailer for
    customers to use.
               CVS Pharmacy
   We will be the easiest pharmacy retailer for
    customers to use.
   ______ ______ is a results-oriented oil and
    gas company that builds value for its
    shareholders through its employees by
    creating an atmosphere of optimism,
    teamwork, creativity, resourcefulness and by
    dealing with everyone in an open and ethical
    manner.
               Devon Energy
   Devon Energy is a results-oriented oil and
    gas company that builds value for its
    shareholders through its employees by
    creating an atmosphere of optimism,
    teamwork, creativity, resourcefulness and by
    dealing with everyone in an open and ethical
    manner.
   We are a global family with a proud heritage
    passionately committed to providing
    personal mobility for people around the
    world.
          Ford Motor Company
   We are a global family with a proud heritage
    passionately committed to providing
    personal mobility for people around the
    world.
   At _________, we work to help people and
    businesses throughout the world realize
    their full potential. This is our mission.
    Everything we do reflects this mission and
    the values that make it possible
                  Microsoft
   At Microsoft, we work to help people and
    businesses throughout the world realize
    their full potential. This is our mission.
    Everything we do reflects this mission and
    the values that make it possible
   In order to be successful in business, you must
    have goals and you must know where you are
    going.
   What are some reasons why you would or would
    not want to become an entrepreneur?

   How is the internet changing the characteristics
    of small businesses?

   Do you believe the internet can make small
    businesses more competitive with large
    businesses? Why?

				
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