Small Business Entrepreneur Profilerô
Licentiates can manage an established business which in many cases requires a license. They prefer to deal with the specific details and can correctly assess the practical aspects of their business. As a rule, they are unlikely to general ideas that lie beyond their practical interest. Licentiates will achieve a higher productivity in their business by making the best use of the resources at hand.
Licentiates are notably reliable, responsible and practical. They communicate easily with others and enjoy interacting with people.
Licentiates should be especially cautious when they decide to radically expand their business. Expansion requires steady and persistent efforts and they often do not have enough of the dominant qualities of a leader
Do not trust only yourself when evaluating the situation. You should ask for the opinion of experts in this type of business. Familiarize yourself as much as possible with the business you intend to start. Be aware of the difficulties inherent in it, and try to determine if they are caused primarily by faulty management or if they are more specific for this business itself. Assess your capability to cope with these difficulties.
As a rule, this kind of business does not lend itself to radical changes. Therefore you should consider thoroughly the potential of the business you intend to buy, its profitability, and your own ability as manager.
Usually, your business is local although aimed at a wide range of customers. Therefore you should place your commercials with the local advertising agencies, rather than with nationwide agencies. Especially important is advertising by customers' word-of-mouth and testimonials.
Try to understand how the consumers' needs can be answered by your goods or service and compose your commercial so that it will meet the current requirements of potential customers. Always be in contact with your customers. Send them catalogues and samples of your goods.
Create and support your business's brand. Give your business a name which reflects the essence of your enterprise, or your own name. Develop a logo or picture which represents your business. Create and run commercials. Distribute badges, fridge-magnets, etc. of your business among your customers.
Try to personalize your relations with the customer. Let him feel that you are selling your product personally to him, considering his wishes and demands. Provide the customer with an additional service free of charge. The grateful customer will buy your goods repeatedly and will recommend your business to others. There are various ways of showing your interest and friendly concern to the customer, from giving him useful advice about your product to sending small gifts and inviting him to specially organized festivities.
Do not push your product insistently to a potential customer when speaking to him. Point out your product's advantages and why it would be especially useful to him. Explain the product's different uses and make recommendations for its maintenance. If the customer trusts you, he will trust your product as well. If he is confident of your skills and knowledge, it is very probable that he will return for another purchase.
When you buy an established business you also acquire the contacts and contracts as well as customers, thus saving you much time and effort. However, the purchase of a business requires a considerable investment right from the start. There is a substantial risk of inadequate assessment of the profitability of this business and possible serious losses. Therefore, it is very important to correctly assess the potential of a business before purchasing. Ask for the experts' opinion. Since the productivity of your enterprise depends mostly on your own efforts, you should estimate if you have the staying power to reach the profit level you require. You must also find out if the business you want to buy has the legal right and real opportunities to expand.
Consider carefully the ways in which the business can grow. Sometimes it makes sense to buy a few additional licenses or businesses in the same area of activity. Such an expansion may require you to hire employees and control them, although this function is not something a Licentiate is particularly suited for. Be cautious if you plan to enlarge your enterprise by opening in new and less stable business areas. It may be very risky for you.
It makes good sense to invest in new modern equipment. This will allow you to increase productivity and thus, the profitability of your business. It is especially important to invest in advertising in order to attract more customers.
Businesses which the Licentiate can successfully run on his own include:
Below is a sample of a listing of some franchises favorable for a Licentiate.
A full listing is presented in the test's result.
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