1.3.1 STUDY THE INDUSTRY

Define your target market, it’s best to decide on budget, mid-range or top-end rather than cater for everyone. You can then create your designs accordingly and concentrate your marketing. Research your competitors, what are they charging, how do they handle ordering, where are they advertising but DO NOT copy any else’s designs. All designs are automatically protected by copyright, make sure you understand the copyright laws and what you can do to protect yours. Choose your suppliers carefully. you will need consistency and responsiveness as well as quality and value for money. Make sure you know how long each design takes to put together. Look for tweaks which will speed up the manufacture without compromising to much.

 

1.3 .2 CREATE A BRAND

One most significant characteristics of a business, is building a brand. This gives you a major edge in increasingly competitive markets. But what exactly does “branding” mean and how does it affect a small business like yours? Simply put, your brand is your promise to your customer. It expresses what they can expect from your products or services, and it distinguishes your offering from your competitors’. Your brand is derived from who you are, how people perceive you and who you want to be.

 

1.3.3 BUILD YOUR BUSINESS PLAN

Producing a business plan is an important step you will take which serves as your road map for the early years of your business. The business plan generally projects 3-5 years ahead and summaries the route a business intends to take to reach its yearly milestones, including income projections. A well-furnished plan also helps you to think objectively about the crucial elements of your business.

 

1.3.4 BUSINESS LOCATION

Choosing a business location is perhaps the most important decision a small business owner or startup will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, and much more, but for the wedding stationery business, one of the greatest advantages is, that it can be started from home.  Once you have established an online presence, location will not be an issue. So a website may just be a good idea for your home based wedding stationery business.

 

 

1.3.5 REGISTER YOUR BUSINESS NAME

Naming your business is an important branding exercise itself. If you’re setting up a private company ((Pty) Ltd), you need to register your company as a legal entity. All the information you require can be found at the Companies and Intellectual Property Commission (CIPC) website.

 

(www.CIPC.co.za)

 

Register with the SARS

Whether you’re running a sole proprietorship, a partnership or a private company, you have to be registered with the South African Revenue Services (SARS). If you’ve registered a company with CIPC, you’ll automatically be registered as a tax payer with SARS. Sole proprietors or partners are required to register as provisional tax payers directly at any SARS office or online. For further information and to download the relevant forms, visit the SARS website, where you find an entire section geared to small businesses.

 

1.3.6 BUILD YOUR PORTFOLIO

Begin with a small portfolio of designs and build it up as you discover what sells. Even if you plan to do mainly bespoke work you will need some sample designs to attract customers. Brides usually want to see samples before they commit. Work out what you will charge for these and whether you will refund the cost of samples when a full order is placed. Offering free samples is not recommended. A nominal charge will ensure the potential client really is interested in your work. Your terms and conditions need to be clear and carefully thought out. Mistakes can happen, ensure the client is responsible for approving wording etc. You will also need to decide on a payment schedule (e.g. 100% up front, 50% deposit with balance before dispatch) and what payment method you will use. Offer spot prizes or give aways for eg, enter competition and win R300 voucher, or 20% off for winter weddings etc.  This will not only strengthen your portfolio but serve as a great marketing strategy as well. Once you are ready to go, be patient! It will take time to build up your reputation and client base.

 

1.3.7 NETWORK

Don’t be afraid to get out there and build relationships.  And don’t only focus on other invitation designers.  No matter what their expertise, others who own their own business are chalk full of advice and lessons to learn Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others. Visit as many groups as possible that spark your interest. Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This method of questioning unlocks a conversation and shows listeners that you are interested. Become known as a powerful resource for others so people remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you visible to them. Have a clear understanding of what you do and why, for whom, and what makes your doing it special or different from others doing the same thing. In order to get referrals, you must first have a clear understanding of what you do that you can easily articulate to others. Call those you meet who may benefit from what you do and vice versa. Show that you enjoyed meeting them, and ask if you could get together and share ideas.

 

1.3.8 PRICING

When setting your pricing you will need to consider the cost of materials, the time taken to make up, the time spent on proofs and customer service, overheads such as marketing, accountancy, the cost of posting the order to Don’t underestimate the value of your time, you may not expect to get rich but you will want to make a profit! One of the biggest mistakes is under-pricing, This not only hurts you, but everyone else in the industry as well. Make sure you are charging what you are worth.  There are lots of people out there who want gold on a bronze budget, but that doesn’t mean you have to give it to them. Be firm, know what the value of your product is, and educate your clients. Don’t devalue what you (and other designers) do. Let the price-shoppers and dreamers move on to someone else.

 

1.3.9 SUPPLIER SELECTION PROCESS

Electing the right suppliers involve much more than scanning a series of price lists. Your choice will depend on a number of factors such as value for money, quality, reliability and service. How you consider the importance of these factors will be based on your business’ priorities and policy. A strategic approach to choosing suppliers can also help you to understand how your own potential customers weigh up their purchasing decisions.

 

What you should look for in a supplier

Reliability: If a supplier let you down, you may let your customer down. The quality of your supplies needs to be consistent as your customers associate poor quality with you, not your suppliers.

Value for money: The lowest price is not always the best value for money. If you want reliability and quality from your suppliers, you’ll have to decide how much you’re willing to pay for your supplies and the balance you want to strike between cost, reliability, quality and service.

Robust service and clear communication: Your suppliers need to deliver on time, or to be honest and give you plenty of warning if they are unable. The best suppliers will want to talk with you regularly to find out what needs you have and how they can serve you.

Financial security: Make sure your supplier has sufficiently strong cash flow to deliver what you want, when you need it. A background check will help reassure you that they won’t go out of business when you need them most.

A partnership approach: Strong relationship will benefit both sides. If your suppliers acknowledge how important your business is to them, they will make every effort to provide the best service possible. You’re more likely to create this response by showing your supplier how important they are to your business. Identifying potential suppliers: Source suppliers through a variety of channels. Try creating a shortlist of potential suppliers through a various sources to give you a wider base to choose from.

Recommendations: Ask friends and business acquaintances. You’re more likely to get an honest assessment of a business’ strengths and weaknesses from someone who has used its services. having an alternative supply source ready to help in difficult times. This is particularly important with regard to suppliers strategic to your business’ success.

 

1.3.10 GET ATTENTION

Attract business though listing sites, society or special bridal supplements. Establish yourself by joining in on discussions on popular wedding blogs.  Offer a few lucky brides- and grooms-to-be free or at-cost wedding invitation packages in order to establish a reputation and portfolio. Network with vendors eg. Bridal shops, florists, photographs, caterers, hotels and etc. Leave your business cards and brochures with all contacts.

 

1.3.11 SMALL BUSINESS ACCOUNTING SYSTEM

A decent accounting system is one of the foundations of any successful business. Regardless of where you are on the small business spectrum. from a sole proprietor to an employer with multiple locations and employees, follow these steps to set up a smooth running accounting system. Keep everything. Keep all business documents including invoices, bills, bank statements, receipts, and tax documents plus government and other legal documents pertaining to your company. Your tax advisor can provide you with information on which documents you should keep permanently and which you can dispose of after a certain period.  File everything. Set up a filing system with an individual file for each type of financial document you keep. This may be a combination of physical and online files. Have a single file for all documents that require action, and once completed, move them to their individual files. Decide what level of help you require. Depending on the complexity of your business and your own comfort level, you may decide to handle all your accounting needs yourself. If not, your options include hiring a part-time bookkeeper, adding a full-time bookkeeper to your staff, or outsourcing accounting to a third party. If you look for outside help, focus on companies or individuals that specialize in small businesses. Get professional input. Whether you handle accounting yourself or rely on someone in your company, it’s a good idea to have a professional accountant do the initial set up of your accounting system. Select accounting software. Choose an accounting software package that’s easy to use. Some offer a free trial period so you can kick the tires before you decide. There are also free online accounting programs although they may have limited functionality. Enter data promptly. Any accounting software is only as good as the data entered into it. Enter transactions as soon as possible, keep records up to date, and backup, backup, backup. Cloud storage systems such as DropBox are popular because you don’t have to worry about storing data on a computer or external storage drive that could be compromised, become damaged, or crash. Document transactions. Provide customers with receipts for every transaction, especially if they pay in cash. And reconcile your cash and receipts regularly. No matter what type of accounting system you use, there is one rule you should always follow: Keep your personal and business accounts separate. It will make tax time much easier. The success of the grand opening should not be measured by just event attendance. A successful grand opening makes your potential customers aware of your business, even if they don’t attend the actual event.

 

1.3.12 GRAND OPENING

By promoting a “Grand Opening” event in your initial marketing push, your ads should be more effective than they would be without the mention of the grand opening. Essentially, a grand opening gives you a way of standing out from the barrage of ads that potential customers experience every day. Let’s use the example of a wedding stationery Business. Which of the following sounds better to you?

“Come to the Grand Opening of Cards By Nadia! This Saturday we are having an amazing 30% off sale on all wedding stationery.”

or

“Come to Cards by Nadia! This Saturday we are having an amazing 30% off sale on all wedding stationery”

The advertisement highlighting the grand opening makes the sale sound special and like a limited time opportunity. Even if they don’t come to the grand opening, the advertisement, which includes the grand opening, will create more awareness of the business. This leads to an important related point: Grand openings should be advertised and promoted. Without marketing support, grand openings are doomed to fail. All the marketing material should clearly say when the grand opening is happening, the business name, what services or products are sold, and where the business is located. The grand opening should have something special that will want to make people visit your store or establishment that day, or feel that they are missing something special.