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Starting your business
Step 1: Make a plan PART 2 OF 6
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Positioning your business is key
A good business plan not only provides direction for the future. It also tells employees and the community what your company is about.
Tony Vogt, director of the Small Business Development Center at the University of Dayton, offers these tips for positioning your business:
- What's your value proposition? A good business plan includes a clear value proposition. The value proposition describes the results your business gets for its customers. It's tangible and considers competition, price sensitivity, need and perception. Many times people build a business in their minds and get caught up in details such as location, signage and advertising. But those aren't results for the customer. I like to begin at the core of the product or service you are building your business on and work outward to develop the value proposition. The value proposition is the key to winning over a potential customer.
- Do you understand the competition? Many people start businesses in a category that already has lots of competitors, since those businesses have already been successful. A better strategy is to figure out why people would choose a new alternative over the existing businesses. What is the primary driving factor behind the purchase decision? Is it price? Is it location or convenience? Is it an improvement in performance? Is it service? The problem with competing in a highly saturated marketplace is it often becomes a price issue, and therefore a commodity item where loyalty is driven simply by discounts or convenience. These are all items that must be clearly identified within your business plan and be conveyed clearly to the reader.
- What if you don't have any competition? New businesses offering a new product or service have a different challenge. You must demonstrate value to a new marketplace or customer. You may have to educate them completely in the usage and utility of your business. Anytime you need to do this, you are going to spend more time and effort in communication of your business to the public and thus may see a slower growth in sales than expected. This usually means higher advertising and promotional costs, which must be part of your business plan financials.
Have fun
An Excuse to Celebrate
December 2
Today is St. Bibiana's Day. Don't know who she is? You probably just forgot because St. Bibiana is a the patron saint of drunks and hangovers. What better way to honor her than by heading to the bars? Bars and clubs guide »
Best of Dayton
You Decide What's the Best
Best Cup of Coffee [poll]
Here's where you get to tell the world what you think. Every week you get to vote on the best that the Dayton area has to offer in entertainment, restaurants, recreation & and a few other bizarro categories.
Voting in this category ends on Dec. 8.
We have REVISED our official rules »
Colleges
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University of Dayton
- The Dan Rivers Acoustic Open Mic Show at Bargos Grill
- William Grant Still Music Festival Celebration at Sear's Recital
- Karaoke at Milano's
Sinclair Community College
- Open Musician Blues Jam hosted by Brownstreet Breakdown at J-Alans
- Open stage night at Canal Street
- College and Talent Night at Aquarius Night
Wright State University
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Holiday events to get on your radar … and we're not just talking Christmas lights here [things to do]
There's never a shortage of holiday events in the area to occupy your time until the New Year rings itself in. This year, all the usual suspects are present — Woodland Lights, RiverScape ice skating, Lebanon's Carriage Parade — with a couple of brand new additions to the mix, including 50 Under $50, a collaborative collection of area artists, getting together for a Friday/Saturday shopping and entertainment experience at 20 N. Jefferson St. downtown this weekend, the same place the recent Dayton LadyFest made its mark; Sandstorm Middle-Eastern Dance Company's Ho Ho Hafla — a holiday show like no other; and a pub crawl for a good cause. More »
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'Australia'[movies]
A big action adventure with big, big stars Nicole Kidman and "Sexiest Man Alive" Hugh Jackman. Set in Australia (duh) on the brink of World War II, the plot follows English aristocrat Kidman and cattledriver Jackman as they fight to save the land she inherited. More »
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Local Dining
Wine & Dine: More local restaurants are offering wine tasting/dinner pairings [review]
Some are searching for new customers. Others are looking for a test market for new appetizers or entrees. Others want customer feedback on which new wines to add to the wine list. Whatever their reasons, more restaurants in the Dayton area are using wine tastings and wine dinners to try to get new, fresh faces to cross their doorsteps. A decade ago, diners could easily count on one hand the number of restaurants that held regular wine events. Now, the number exceeds a dozen and is growing. More »
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