Your Marketing Plan Must Be Flexible Enough to Handle a Changing Market.
By Bonnie Drew
The market never stays the same. Just about the time you think you've defined your market and learned how to reach your customers, be assured something will change. Sometimes change is positive and exciting and increases your business. But sometimes it means you lose money.
Suppose you were in the candy-selling business. Imagine how these change in the market would affect your income.
1. You've been selling candy at school during class breaks. The teachers become annoyed because so many kids are eating candy in class, and the principal makes a rule that there will be no more selling candy on school property.2. You're selling candy in your neighborhood. Another kid on the block sees how much money you're making selling candy and decides to sell candy, too. He sets his prices a little lower and starts taking some of your best customers.
3. A wealthy family with five kids who all get big allowances and love candy moves in next door to you.
Smart entrepreneurs plan ahead for changes in the market that might affect their business. One market trend that is really boosting business for young entrepreneurs is the increase in demand for service businesses. As more families become two-income, there is more demand for lawn care services, babysitting services, and cleaning services.
STAYING INFORMED--Sometimes being aware of market trends is as simple as listening to what the kids say at school or to your parents' conversation at the dinner table. You can also read the newspaper, listen to news on TV, read magazines, and pay attention to political events. Some of your best research will be talking to your customers and noting their needs and concerns.
Take time to think of market changes that could affect the future of your business. Include this information in your business plan.
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
Previous Index
Idea Help
Next
