Small business in a small town.

Why start a small business in a small town? My opinion, less competition, people like their money to go back to where they live, and everybody knows everybody so word of mouth travels fast.

Less Competion:

Simply put, there just aren't as many businesses to compete with in a small town as you would come across in a large city. It's going to be a lot easier to start up a business in Cullman than in Birmingham.

Money Stays Home:

Most people prefer their money to stay "at home." By starting your business in a small town, the money is going right back in to the town/city.

Everybody Knows Everybody: 

Word of mouth will travel quickly and get your business out there, but also, you can create relationships with your customers.


These aren't the only reasons, just the first things that came to mind for me.  

LET'S TALK PRICING...

 
What is entrepreneurial pricing? For me, a huge headache. Trying to figure out which strategy I should use:

COST BASED?
MARKET BASED?
ONE PRICE FOR ALL?
BUNDLING?
  I DON'T KNOW.




Cost based: Ensures I make at least some profit. That's good, right?
Market based: Since I don't have much of a competition in my area, this could bring a much larger profit, but the company is a new idea so is anyone going to pay for it?
One price for all: Do I just have an hourly base pay & hope people book more than an hour?
Bundling: Will this encourage people to book more? Scare them away?


Hell, I don't know. Being an entrepreneur is so scary! Like, who needs Halloween, just start your own business. omg.

**side note: Totally kidding. Halloween is the best time of year.

Delebs...

Deleb: noun
1. Advertising and promotional slang for a DEad ceLEBrity, especially one whose image can be used in advertising and, through Photoshop or other c.g.i. process, can be seen to advocate contemporary products or causes. 




 
Marilyn Monroe: died 1962
Posthumous earnings: $27 million
Products endorsed:
Chanel No. 5
Sexy Hair products
Three Olives Vodka
Macy's clothing collection
Will Rich shoe collection


Bob Marley: died 1981
Posthumous earnings: $21 million
Products endorsed:
Marley Beverage Company
House of Marley
Marley Natural

 
Elizabeth Taylor: died 2011
Posthumous earnings: $20 million
Products endorsed:
White Diamonds perfume
 

Running full force into a brick wall...

The title of this week's blog describes my week as well as where I stand in my product development stage of my company. I don't have a product to offer; I have a service. I have a service that everybody can use, but no one realizes they want. 

How do I convince you that you need and want this service? I show you how it can benefit you, right? But, how do I do that? It's not a tangible product for me to put in your hand and let you touch and see. Its a service I can do for you, but I can't afford to provide them at no charge. I can't really offer 'samples' per say... I suppose I've gotta talk real smooth; I've got to sell myself to you. The thing with that? I'm not a talker. I'm not a 'salesperson'.

Looks like I've got some work to do... and some learning.

Maslow's Hierarchy of Needs and Marketing

Where on the pyramid are does your average customer fit? Each section of society is going to respond to certain things differently. 
  

Sections of Society

POOR

  MIDDLE CLASS

RICH

Physiological: food, water, sleep, fresh air. - Don't market to these people. Help them. 

Safety: shelter, security, resources. - Side jobs, cheap insurance.

Love & Belonging: friendship, relationships, intimacy. - Teams, groups, fun.

Esteem: self esteem, confidence, respect. - Fulfillment, recognition, honor.

Self Actualization: morality, spontaneity, creativity. - luxuries, travel.

By knowing who your customer base is, what their needs are, and what your product or service can do to benefit them, you can determine your marketing path.