Posts Tagged ‘first mover advantage’

This is a guest post from Laura Backes, she enjoys writing about all kinds of subjects and also topics related to internet service providers in my area.  You can reach her at: laurabackes8 @ gmail.com.

You’ve been contemplating starting a business, but with the economy the way is it, do you think you can make it? Are the perils too great? Is there too much riding on it? What’s keeping you from starting? Here are five great motivations to start your business today.

1. Unemployed/Underemployed – In all probability, you’re either unemployed or underemployed at the moment. Underemployed means that you are overqualified for your occupation and/or you’re not given the hours you need. Either way, you have time on your plate, so don’t discard the opportunity. Use your time off to be your own boss and start a business.

1. Cheap Labor – With the job market the way it is, inexpensive labor flourishes. People will work for chickenfeed when they’re desperate, and, as a new business owner, you can suggest other incentives, like a high position in the company. Keep watching and you’ll ultimately find someone who’s practical and gifted. Speaking of talent…

1. Talent – Along with that economical labor comes talent. Delve into your professional and social networks or take a look around your community. All those diligent, knowledgeable, capable people are out there, just waiting for your call. You’re picking exactly what you want and you’re free to get rid of the rejects. It’s never been a better time to employ.

1. Taxes – Ah, the tax break. Even if you work from home, the government will give you some relief. You can write off deductions for a home-office as well as business expenses such as provisions, phone, Internet and marketing supplies- even a new computer.  The Small Business Jobs Act, which was signed into law on September 27, 2010, also carried other tax breaks and inducements for small business.

1. Going up – It can only get better from here. When you begin at the lowest point, and still accomplish a livable income, you know things can only be improved. What better way to discern if your company will weather a crisis than to start it in one? The foundation of idea is sound; many of the Fortune 500 companies today were started in the course of an economic depression. Some things people can’t, or wont, do without. Find out what they are and you’ll be going strong.

There you have it: five motivations to start your business today. You’ll never discover a better time to be an employer, instead of an employee. If you design well, find your function, and work hard you will prosper. But you’ll never know what you can do if you don’t try. It’s better to get started now rather than plot for years and have nothing physical to show for it. So, get a move o

The Entrepreneur Spotlight for December, 2011 is on Team Chumbak…Currently a small team headed by Shubhra and Darth. Shubhra handles almost everything at Chumbak. She’s the face of Chumbak Shimona is the head and queen of their warehouse. Mr. Vader until recently had a corporate life with the Dark Side. Darth’s kind of the compass within Chumbak. He’s very shy. So we can’t tell you his real name. Ok! What the hell. It’s Anakin Skywalker. Just don’t tell anyone.

How did you get the idea to begin this venture (detailed description of idea generation & implementation of idea)?

The idea of Chumbak started as an expression of our love for travel. Each time I travelled, I brought back a piece of that place in the form or a fridge magnet or some small knick knack. While researching the Indian souvenir market, I found that it didn’t offer much in terms of creativity in its products.  This was really surprising, since India has so much to offer by way of expression and culture.

The name Chumbak was something that came up which figuring out what to call the brand. At that time the brand was only about Magnets and we wanted something that sounded Indian, but the tourists wouldn’t have a problem in remembering. Chumbak was in fact the first name we thought of and a quick online search revealed that the web address was available and before we knew it, we had a name!

Being a first generation entrepreneur, I soon realized that the market was not limited to tourists and travellers. Young Indians were also looking for products that truly represented their generation. They wanted products that represented India and at the same time, design that they would relate to. Regarding the USP, we’ve always believed that if we were to be successful in this market, we had to have awesome designs and be very reasonably priced. We set ourselves very aggressive price and quality goals.

What were the supporting/motivating factors in setting up this business?

I had toyed around with the idea of Chumbak 4 years earlier, but nothing had come of it. Finally it was my husband that pushed me. He gave me the “now or never” speech J I was nervous, since I was a first generation entrepreneur and had put my entire life savings into the project. But at the same time confident that the products would do really well since I knew there was a gap in the market for fun and contemporary products based on India. The feedback from friends, family and retailers was also very positive!

What Is Your USP? 

India is our inspiration and what a subject it is. Living in a country like India, you really don’t have to look far for inspiration. Everyday topics such things you see on the road, cows, people, Autos, everything helps us J The New Wallah range for example is inspired by people you see all around you – the Chai Wallah, the Chat Wallah making yummy bhel puri or the Dabba Wallah bringing you hot lunch.  Sometimes we do themes such as Diwali and then our designs follow a certain theme. We also love patterns and colors.

What is your vision for the venture? 

We’ve just started. So the vision we have is to be the one point destination for all young Indians and travelers for fun India themed products

What sort of growth strategy did you follow?

We’re growing the number of stores that we have. We started out with 5 stores and in the first 3 months added 5 more.  By the end of the first year we have around 80 stores. We now have over 150 stores across the country and over 50 stores in Japan.

We will keep adding new products and more designs. As we’ve said, India is our inspiration and the subject is limitless

Any advice for aspiring entrepreneurs?

Check out this link to get your piece of advice from Team Chumbak

http://www.chumbak.in/Chumbak/Blog/Entries/2010/10/28_Startup.html

CRM and Facebook

CRM (customer Relationship Management) has become a buzz word of sorts and we see endeavors and instances of the concept wherever we go.  I just finished shopping at a mall and went to pay my bill when the guy at the cash counter asked me whether I had a membership card.  The card he said gives me discounts at the store and other partner stores across the city and country, free parking and the like.

That’s CRM for you.  But I believe customer engagement is the key to customer retention in a competitive market place.  Here are three CRM strategies you can use on your Facebook page…

Seeking Feedback

Got a new product idea?  Don’t quite know how people will respond?  Whether they will respond?  How to price it?  Then involve your customers or prospects in the process by seeking feedback.  Here’s how…

Make a sample or a few samples, take pictures and upload them on your Facebook page.  Post them to your wall and ask people to tell you what they think.  A friend of mine used this just last week to get people to respond to a necklace she created from scrunched silk fabric.  People responded by saying use brighter colors, incorporate bigger beads, I love it and the like.

Instead of just wondering about customer response…go ahead involve people in product development and design. 

Customer Involvement

Organizing a contest and giving away a small prize is one way of involving customers, it is also the most common method employed by many Facebook business page owners.  Posting trivia, facts and information about your products and services is another way of keeping people involved.

Under The Mango Tree, a social enterprise dealing in a number of organic products with single flora gourmet honey being its flagship product uses this strategy on its Facebook page.  Facts and trivia about bees, bee keeping and honey, pictures from training workshops with farmers and news stories all draw people in to venture. 

Customer Engagement

MORA by Ritika, a designer label dedicated to reviving traditional weaves and looms of North East India uses Facebook in a unique way.  They make limited edition saris, stoles and shawls and retail only through their Facebook page.

Ritika Mittal keeps customer’s engaged by creating an album called “The Mora family” to which she adds pictures of customers draped in MORA weaves.  A caption to each picture lets people know who features in the picture.  The photos by no means figure as professionally taken and that adds to the allure.

Real people, spontaneous pictures, laughter, mirth and a glimpse of the personality of the wearer…what better way to make people feel like they belong…make them your family!

I hope you find these ideas and tips useful and are able to build a great relationship with your customers on Facebook!  Do let me know how it worked for you…

Image: http://www.freedigitalphotos.net/images/view_photog.php?photogid=721