Checklist for Starting a Dog Kennel 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 Dog Kennel 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 Dog Kennel 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
This guide is a checklist for the owner-manager of a
retail business. These 51 questions probe the consideration -
from markup to pricing strategy to adjustments - that lead to
correct set prices decisions. You can use this checklist to
establish setting prices in your new store, or you can use it to
periodically review your established pricing policy.
A retailer's set prices influence the quantities of
various items that consumers will buy, which in turn affects
total revenue and profit. Hence, correct setting prices
decisions are a key to successful retail management. With this
in mind, the following checklist of 52 questions has been
developed to assist retailers in making systematic, informed
decisions regarding pricing strategies and tactics.
This checklist should be especially useful to a new
retailer who is making pricing decisions for the first time.
However, established retailers, including successful ones, can
also benefit from this Guide. They may use it as a reminder of
all the individual pricing decisions they should review
periodically. And, it may also be used in training new employees
who will have pricing authority.
The Central Concept of Setting Prices
A major step toward making a profit in retailing is
selling merchandise for more than it cost you. This difference
between cost of merchandise and retail price is called markup
(or occasionally markon). From an arithmetic standpoint, markup
is calculated as follows:
Dollar markup = Retail price - Cost of the merchandise.
Percentage markup =
Dollar markup
______________
Retail price
If an item cost $6.50 and you feel consumers will buy
it at $10.00, the dollar markup is $3.50 (which is $10.00 -
$6.59). Going one step further, the percentage markup is 35
percent (which is $3.50 divided by $10.00). Anyone involved in
retail pricing should be as knowledgeable about formulas as
about the name and preferences of his or her best customer!
Two other key points about markup should be mentioned.
First, the cost of merchandise used in calculating markup
consists of the base invoice for the merchandise plus any
transportation charges minus any quantity and cash discounts
given by the seller. Second, retail price, rather than cost, is
ordinarily used in calculating percentage markup. The reason for
this is that when other operating figures such as wages,
advertising expenses, and profits are expressed as a percentage,
all are being based on retail price rather than cost of the
merchandise being sold.
Target Consumers and the Retailing Mix
In this section, your attention is directed to price as
it relates to your potential customers. These questions examine
your merchandise, location, promotion, and customer services
that will be combined with price in attempting to satisfy
customers and make a profit. After some questions, brief
commentary is provided.
1. Is the relative price of this item very
important to your target consumers?
The importance of setting prices depends on the
specific product and on the specific individual. Some shoppers
are very price conscious. Others want convenience and
knowledgeable sales personnel. Because of these variations, you
need to learn about your customers' desires in relation to
different products. Having sales personnel seek feedback from
shoppers is a good starting point.
2. Are set prices based on estimates of the
number of units that consumers will demand at various price
levels?
Demand-orientated pricing such as this is superior to
cost-orientated pricing. In the cost approach, a predetermined
amount is added to the cost of the merchandise, whereas the
demand approach considers what consumers are willing to pay.
3. Have you established a price range for the
product?
The cost of merchandise will be at one end of the price
range and the level above which consumers will not buy the
product at the other end.
4. Have you considered what price strategies
would be compatible with your store's total retailing mix that
includes merchandise, location, promotion, and services
5. Will trade-ins be accepted as part of the
purchase price on items such as appliances and television sets?
Supplier and Competitor considerations in setting prices
This set of questions looks outside your firm to two
factors that you cannot directly control - suppliers and
competitors.
6. Do you have final pricing authority?
With the repeal of fair trade laws, "yes" answers will
be more common than in previous years. Still, a supplier can
control retail prices by refusing to deal with non-conforming
stores (a tactic which may be illegal) or by selling to you on
consignment.
7. Do you know what direct competitors are
doing price-wise?
8. Do you regularly review competitor's ads to
obtain information on their prices?
9. Is your store large enough to employ either
a full-time or a part-time comparison shopper?
These three questions emphasize the point that you must
watch competitors' prices so that your prices will not be far
out of line - too high or too low - without good reason. Of,
course, there may be a good reason for the out-of-the-ordinary
prices, such as seeking a special price image.
A Price Level Strategy
Selecting a general level of prices in relation to
competition is a key strategic decision, perhaps the most
important.
10. Should your overall strategy be to sell at
prevailing market price levels?
The other alternatives are an above-the-market strategy
or a below-the-market strategy.
11. Should competitor's temporary price
reductions ever be matched?
12. Could private-brand merchandise be obtained
in order to avoid direct price competition?
If you Operate a factory, wholesale outlet,
retail store, Service shop, or are a builder, you will have to
sell. However great
your product is, no matter what customers
think of it, you need to sell to endure.
Direct selling
approaches are through private sales efforts, Advertising and,
for many companies, display - like the styling and
packaging
of the item - in kitchens, at the institution, or even both.
Establishing a fantastic reputation with the general public
through anyhow and distinctive services is a direct process of
selling. While the latter shouldn't be neglected, this brief
discussion will be confined to direct marketing methods.
To establish your business on a business footing requires a
great deal Of competitive personal selling. You might have
established
competition to conquer. Or, if your idea is fresh
with little if any competition, you have the additional problem
of convincing
people of the value of this new thought.
Private selling work is nearly always necessary to accomplish
this. If you aren't a
fantastic salesperson, seek an employee
or asociate who's.
A second way to create sales is by
advertising. This may be done Through papers, shopping
newspapers, the yellow pages section of
the telephone
directory, along with other printed periodicals; radio and
television; handbills, and direct email. The media you
choose, as well as the message and style of presentation,
depends upon the particular customers you wish to attain. Plan
and
prepare advertising with care or it'll be ineffective.
Most media will have the ability to describe the features of
their audience
(readers, listeners, etc.). Since your initial
planning described the qualities of your potential clients, you
want to match these
features with the media crowd. If you are
selling expensive jewelry, then don't advertise in high school
newspapers. Should you
fix bicycles, you probably need to.
Advertising can be quite costly. It is wise to place a
limit upon An amount to spend, then stay within that limit. To
assist you
in determining how much to invest, study the
operating ratios of similar businesses. Media advertising
salespeople will allow you
to plan and also prepare ads for
you. Be sure to tell them your budget limits.
A third
Way of stimulating sales is successful displays both in Your
place of company and out it. If you have had no previous
experience in screen work, you are going to want to examine the
topic or turn the job over to someone else. Observe displays of
other businesses and read books, trade publications, as well as
the literature supplied by equipment manufacturers. It could be
smart to employ a screen expert on your opening display and
unique occasions, or you could obtain the services of one on a
part
time basis. Much is dependent upon your type of business
and what it takes.
The appropriate amount and types of
marketing campaign to utilize change from business to business
and from owner to owner. Some
companies prosper with low-key
revenue attempts. Others, such as the used-car lots, thrive on
competitive, hoop-la promotions. In
any case, the importance
of effective selling cannot be over-emphasized.
On the
other hand, don't Eliminate sight of your major goal - to Make a
profit. Anyone can produce a large sales volume selling
dollar bills for ninety bucks. But that will not last long. Keep
control of your expenses, and cost your product carefully.
Record Keeping. 1 essential element of company management is
the keeping of adequate records. Study after study shows that
many
supervisor failures could result from insufficient
records or the owner's failure to make use of what information
was accessible
to him. Without records, the businessperson
cannot see in advance which way the business is going.
Up-to-date records may predict
impending tragedy, forewarning
one to take action to prevent it. While additional work must
keep an adequate set of documents,
you'll be more than paid
for the effort and expense.
If You Aren't prepared to
keep adequate records - or have someone Keep them - you should
not attempt and run a small business. At
a minimum, records
are Required to substantiate:
1. Your returns under tax
laws, including income tax and social Safety laws;
2.
Your request for credit from equipment makers or even a loan
From a lender;
3. Your claims about the company, in case
you would like to market it.
However, most important, you
want them to run your business successfully And to raise your
profits. Having a decent. Yet easy,
accounting system you can
answer such questions as:
How much company am I doing?
What are my costs? Which appear to be too high? What's my gross
Profit margin? My net profit? How
much am I piling in my
charge enterprise? What's the condition of my working capital?
How much cash do I have available? How much
in your bank?
Just how much do I owe my Providers? What is my net worth? That
is, What's the value of my ownership of The
enterprise? What
are the trends in my Receipts, expenses, gains, and net value?
Is my financial position improving Or growing
worse? How do
my assets compare with what I owe? What is the Percentage of
return on my investment? How many cents out of each
dollar of
Sales are net gain? Answer these and other questions by
preparing and studying balance sheets and profit-and-loss
statements. To do this, it's Important to record information
regarding trades as they occur. Maintain This data in a
comprehensive
and orderly manner and you will be able to
answer the above questions. You'll Also have the answers to
these other vital questions
About your business as: What
services or products do my clients enjoy best? Next best? Not at
all? Can I carry the merchandise
most often requested? Am I
Qualified to render the professional services they demand most?
Just how many of my charge Customers
are slow payers? Shall I
change to cash only, or use a credit card Charge plan?
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