Checklist for Starting a Dance Studio Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Dance Studio business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
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A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your Dance Studio business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
Strengthening the Elements of Your Advertising
Campaign Headlines
Since the headline is the first contact your readers
have with your message, it must reach out to them. Promise them
a benefit. Tell them how they will be better off if they read
the rest of the ad. Use action verbs. Save ten dollars is a
stronger heading than Savings of ten dollars because of the
verb.
Headlines can be classified into the following five
basic types; effective headlines frequently combine two or more
of these kinds.
News Headlines: This form
tells the reader something he or she did not know before. Using
the word news does not make it a news headline. "Now - a copy
machine that copies in color" is an example of this type
headline.
Advice and Promise Headline:
Here you are promising something if the reader follows the
advice in your ad. "Switch to Amoco premium, no-lead gasoline,
and your car will stop ringing."
Selective Headline: This
headline limits the audience to a specific group. For example:
"To all gray-haired men over forty." Caution! Be absolutely sure
you do not eliminate potential customers with this type of
headline.
Curiosity Headline: The
intent here is to arouse the reader's interest enough to make
him or her read the ad. The danger is that this headline often
appears "cute" or "clever" and fails in its mission. An example:
"Do you have trouble going to sleep at night?"
Command or Demand Headline:
Watch out for this one as most people resist pushiness,
especially in advertising. "Do it now!" or "Buy this today!"
This headline generally can be improved by changing to less
obtrusive wording such as: "Call for your key to success!"
One common misconception about headlines is that they
must be short and easy to understand. This is not always true.
Here is a headline that was used extensively in print ads by
Ogilvy and Mather for one of their clients: "At 60 miles an
hour, the loudest noise in this Rolls-Royce comes from the
electric clock."
Illustrations
There are three primary reasons for using illustrations
in an advertisement.
To attract attention to the ad.
To illustrate the item being featured.
To create a mood in the mind of the reader.
Everyone has heard, A picture is worth a thousand
words; in advertising, the illustration frequently helps the
reader visualize the benefits promised. You can almost feel the
warmth of the tropical sun when you see the photos in January
travel ads. Cost and practicality may dictate whether your ad
uses photographs, artists' drawings or merely canned artwork.
Any of these can make the ad more appealing to the reader's eye.
Effective Copy
If you follow the three principles of good copy, your
ads will be effective:
Good copy should be clear.
Good copy should be crisp.
Good copy should be concise.
Clear, crisp and concise . . . the three Cs of
copywriting suggest that the words in your advertising message
merely do a good job of communicating. Do not use big words when
small words can make your meaning clear. Use colorful,
descriptive terms. Use the number of words necessary to make
your meaning clear and no more-but also no less! Selecting the
right words is critical to the success of the ads. Recent
research conducted at Yale University found that the following
12 words are the most personal and persuasive words in our
language.
You Discovery Free
Money Proven Results
Love Guarantee Save
New Easy Health
REMEMBER THAT WHEN YOUR MESSAGE IS PRINTED IN ALL
CAPITAL LETTERS INSTEAD OF UPPER AND LOWERCASE LETTERS, IT IS
FAR MORE DIFFICULT FOR THE READER TO FOLLOW AND REMAIN
INTERESTED. EVEN IN HEADLINES ALL CAPITAL LETTERS SHOULD BE
AVOIDED.
Price
Should you or shouldn't you put prices in your ad? Yes!
Yes! Yes! Since price is the one factor that allows the consumer
to determine whether an item represents an adequate value, an ad
without price makes the buying decision difficult if not
impossible for the reader. Can you imagine how uninteresting
your daily newspaper would be if there were no prices on the
food store ads or the department store offerings? Yes, price
belongs, and it belongs whether you are advertising a home for
$175,000 or a ballpoint pen for 49 cents.
Logo
Can you visualize the corporate logos for such firms as
Chevrolet, Ford, Playboy, Coca-Cola or Levi Strauss? There is an
identification advantage in developing a logo design exclusive
to your firm. Using a logo also helps give your advertising
continuity. Use the logo consistently on all printed pieces,
including stationery. Use it in Yellow Page advertising, on the
side of your truck or company car, on bags or boxes and anything
else your customers or prospects may see.
Type
The typeface you use in advertising plays an important
role in how the message comes across. Printers are very
knowledgeable about typefaces and happy to help you make
choices.
One of the greats in the advertising business, David
Oglivy, preached this philosophy to would-be advertisers: Never
run an ad unless you have a Unique Selling Proposition (USP).
It's still a sound philosophy. If you can substitute your
competitor's logo in your ad and it still makes sense, you are
not going to get your money's worth out of the ad. Having a USP,
as it has come to be known, is difficult with today's brand name
merchandise and competitive pressures, but it is important.
Every item you advertise and every word and
illustration you use becomes a part of your firm's image. Your
ability to develop a USP depends on your knowing what you want
your image to be and then doing those things and only those
things that reinforce that image.
A men's clothing store can become the store with
fashions for the man who thinks young. A nursery can create the
image of the home of the talkedto plants that will respond to
you. A car dealer can develop a following and a reputation for
his automatic three-year trade-in plan. Once you have arrived at
a USP that you think will appeal to your customers, translate
the idea into a selling slogan of three to ten words that can be
used as the theme of your advertising campaign. Use it
consistently until your customers learn to associate your
business with the selling slogan.
Before opening your business you must
decide upon the general Cost Level you expect to maintain. Will
you appeal to individuals
buying in the high, moderate, or
low budget? Your choice of location, look of your establishment,
quality of goods handled, and
solutions to be offered will
depend on the clients you hope to attract, and so will your
costs.
After establishing this overall price level, you
are ready to price Individual products. Generally, the purchase
price of an item
has to cover the price of this item, all
other costs, and a profit. Therefore, you will need to markup
the thing by a certain sum
to cover costs and make a profit.
In a business that sells few things, total costs can readily be
allocated to each product and a
markup immediately
ascertained. With a variety of things, allocating costs and
determining markup might require an accountant. In
retail
operations, goods tend to be marked up by 50 to 100 per cent or
more simply to make a 5 percent to 10% profit!
Let us
work through a markup illustration. Suppose your company sells 1
product, Product A. The supplier sells Product A to you
for
$5.00 each. You and your accountant determine the prices
involved in selling Merchandise A are $4.00 each item, and you
want a
$1 per item gain. What is your markup? Well, the sale
price is: $5 plus $4 and $1 or $10; the markup therefore is $5.
As a
percentage, it is 100%. So you have to markup
Merchandise A by 100% to make a 10% profit!
Many small
business managers are interested in understanding what Industry
markup norms are for a variety of products.
Wholesalers,
distributors, trade associations and company research companies
publish a huge assortment of these ratios and company
statistics. They're useful as recommendations. Another ratio (in
addition to the markup percent ) important to small firms is
your
Gross Margin Percentage.
The GMP is similar to
your markup percentage but whereas markup Refers to the percent
above the cost to you of each item that you
must set the
selling cost in order to cover all other costs and earn profits,
the GMP shows the association between sales revenues
minus
the cost of the product, which is your gross margin, along with
your earnings earnings. What the GMP is telling you is that
your markup bears a certain relationship to your sales revenues.
The markup percentage along with the GMP are essentially the
exact same formula, together with the markup referring to
individual item pricing and GMP referring to the item prices
times the
amount of items sold (quantity ).
Maybe an
illustration will clarify the purpose. Your firm sells Product
Z. It costs you $.70 each and you choose to sell it for $1
each to cover costs and gain. Your markup is 43%. Let up state
you sold 10,000 Product Z's Last month thus producing $10,000 in
earnings. Your price to buy Product Z was 7000; your gross
profit margin was $3,000 (earnings minus cost of products sold).
This
is also your gross mark for your month's volume. Your
GMP will be 30%. Both of these percentages utilize the same
basic numbers,
differing only in branch. Both are utilized to
set up a pricing method. And both are printed and may be used as
guidelines for
smaller businesses beginning out. Often
supervisors determine what Gross Margin Percentage they'll need
to earn a profit and just
go to some published Markup Table
to discover the percentage markup which correlates with that
margin requirement.
While this discussion of pricing may
appear, in some respects, to Be directed only to the pricing of
retail merchandise it could
be applied to other kinds of
companies too. For solutions the markup must cover
administrative and selling costs as well as the
direct cost
of doing a specific service. If you are manufacturing a product,
the costs of direct labor, materials and supplies,
components
purchased from other concerns, special equipment and tools,
plant overhead, selling and administrative expenditures
have
to be carefully anticipated. To calculate a price per unit needs
an estimate of the number of units you intend to produce.
Before your factory becomes too big it would be smart to consult
an accountant about a cost accounting system.
Not all
items are marked up by the typical markup. Luxury articles Will
take more, staples less. For instance, increased sales
volume
by a lower-than-average markup on a specific item - a"loss
leader" - may bring a higher gross profit unless the purchase
price is reduced too much. Then the resulting increase in sales
will not increase the entire gross profit enough to compensate
for
the minimal cost.
Sometimes you may wish to sell
a certain item or service at a lesser Markup so as to boost
store traffic with the hope of
increasing sales of Regularly
priced merchandise or creating a large number of new service
contracts. Competitors' prices will
also regulate your
prices. You Can't sell a Product if your competitor is greatly
underselling you. These and other reasons May
cause you to
vary your markup among items and services. There is no magic
Formula that will work on every item or every service
all of
the time. But You ought to remember the overall average markup
that you want to generate a Profit.
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