This week’s top stories include information covering the following four topics:
- Pricing: Why Too Many Companies Sell Themselves Short
- Are Business Plans a Waste of Time?
- 8 Ways Your Experience in Corporate Roles Can Hurt Your Success as a Founder
- Solving the ‘Divorce Lawyer’ Marketing Problem
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
Pricing: Why Too Many Companies Sell Themselves Short
By: Scott Maxwell
When it comes to pricing, many startups price their products too low. In any business, there will be a range of opinions about pricing. Unfortunately, that’s often all there is. In general, companies don’t think about pricing in a sophisticated manner while pricing can have a huge effect on your business prospects, including how consumers perceive your brand, growth, and profitability. Here’s why and how to fix it. Read the full story
Related Paper: Pricing Strategies – extracting the highest margins possible
Are Business Plans a Waste of Time?
By: Rick Childress
I recently attended a national entrepreneurship conference along with a number of other college instructors and well-known entrepreneurs. I found it interesting that two concurrent sessions offered conflicting points of view on business plans. One session featured a panel of successful entrepreneurs questioning the real world relevancy of business plans. One session featured a panel of successful entrepreneurs questioning the real world relevancy of business plans. The other session focused on teaching students to quickly and correctly develop business plans. Read the full story
Related Paper: New Small Business Manifesto – Why a Business Plan is often the wrong answer
8 Ways Your Experience in Corporate Roles Can Hurt Your Success as a Founder
By: Martin Zwilling
Starting a new business is not at all like working in a large company. Experience is a great teacher, but old habits and perks are hard to overcome. Read the full story
Related Book: Before You Leap is a wisdom-packed book that was written for the nascent entrepreneur. It uses stories and personal examples from the author to reveal uncommon things that can make or break your venture before it starts. The book not only gives the entrepreneur the tools for self-reflection but also exposes readers to options to building a full-blown business around their idea.
Solving the ‘Divorce Lawyer’ Marketing Problem
By: Jake Rheude
Imagine you’re a divorce lawyer. You want clients — but what’s your marketing strategy? You can’t just go up to couples bickering at restaurants and start passing out business cards — unless you’re prepared for a glass of wine in your face. You need to identify strategies that help those customers quietly seek you out. As director of marketing for an e-commerce fulfillment company, I find myself in a similar predicament. There’s no shortage of potential customers for our services. but like the divorce lawyer, we can’t simply cold-call all of the e-commerce companies out there to tell them they need our services. Our approach to marketing is passive on the surface — our customers find their way to us — but nonetheless, very strategic. Here’s how we do it: Read the full story
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