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Small Business Connections                                           January 2011

Welcome to Small Business Connections! 
 
The Illinois Small Business Development Center at Waubonsee Community College is here to serve your small business needs. We offer free business counseling to entrepreneurs and business owners, as well as a variety of small business workshops.
 
Call us today at (630) 906-4143 to learn how we can help you start or grow your business.
Small Business Spotlight
Richwood Collections - "Crown Molding for Windows"
 
Richwood Collections15 years ago Catherine Phillips owned an in-warranty service company handling replacements and repairs for Anderson window customers.  The most common complaint she heard from customers related to the window grilles.  As she investigated further, she discovered that this complaint was common across owners of all lines of windows.

 

Catherine gathered more information, and devised the mechanics for a snap-together rail system featuring carved hardwood designs. Window Enhancements offer either semi-custom or complete custom designs, which are placed along the inner edge of a window frame. Consumer focus groups describe her product as "crown molding for windows." Catherine had her product evaluated by the Wisconsin Innovation Service Center.  It beat all existing window treatment competitor products in value for both quality and versatility for the price. Catherine proceeded to patent the product, and currently holds two U.S. patents and one Canadian patent.  She also has over 100 copyrighted designs.

 

In 2000, she introduced the product at Pheasant Run Home Show, where she received rave reviews and press coverage.  In 2002, suddenly finding herself a single parent, she put the business aside to devote all her focus on the needs of her three young sons.

 Richwood Collections

This year, Catherine visited the IL SBDC at Waubonsee to get help re-starting her business. The SBDC helped her update her business plan, and connected her with a mentor in the industry who helped her set pricing and marketing strategies.  Her research indicated interest and demand for her product: 

  • Both the window treatment and interior decor industries are constantly seeking new product innovations to satisfy consumer's demands.
  • Astute resellers are adding new product content knowing it is vital in driving traffic to their web sites to increase sales.
  • Consumers welcome new brands offering value in creative, personalize and quality solutions

Catherine lined up two IL manufacturers, and re-launched her product last week at the IL chapter of the Window Coverings Association of America, where she had inquiries from interior designers, retailers and distributors across the country.

 

You can check out Catherine's window products at www.richwoodcollections.com.

 Biz Buzz
Start the New Year with a SWOT
 

The New Year is a good time for taking an inventory of where you stand, and making plans for the year ahead.  If you do not have a good strategic plan for your business, a SWOT analysis is a good place to start.  SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Here are a few tips:

 

1. Use a template

If you aren't sure how to prepare a SWOT analysis, try this example template, complete with instructions on how to use it. 

 

Make sure you don't skip over the weaknesses section.  Entrepreneurs usually don't like to admit they have weaknesses, but the most successful businesses know their weaknesses, and have developed a strategy to overcome them. 

 

If you aren't sure how to start, here are some great SWOT guidelines to help you understand the process. 

 

2. Schedule a retreat

Maybe you've been meaning to do this for a while, but you are too busy or too distracted.  Consider a retreat. Get your employees involved.  If you don't have employees, line up a few mentors or key advisors.  Get away from your place of business, encourage honesty, prepare an agenda, and make it a cell-phone-free zone during work sessions.  Check out these tips on holding a successful retreat.

 

3. Use a White Board (preferably a big one!)

            ... and lots of colored markers.  Make sure you take notes before you erase!

 

Need hands-on help with your SWOT?  Give the IL SBDC at Waubonsee a call at (630) 906-4143.  We would be happy to facilitate a retreat or meeting, or help you with your strategic planning process.

Biz Bitz

Get Some Sleep 

Recharging is important after a long day of wearing the multiple hats that small business owners do at times. Check out this article on how many highly successful entrepreneurs unwind before calling it quits every night. Maybe the last thing we do everyday influences our success more than we think?

 

Signs of Optimism

Wells Fargo surveys business owners each quarter to get current and future expectations for their business. The latest fourth quarter survey suggests that optimism has risen at the highest rate in the survey's history. This positive outlook by small business owners may offer a boost to the economy as a whole for 2011. Click here to read the full article and view the past and present survey data. 

 

More Consumer Trends

Its important for retail businesses stay up to date on consumer trends in order to reach their customers. A recent study done by American Express detected five apparent trends in consumer behavior. This article reveals those five trends and offers predictions for the future of consumer spending in relation to the trend. See how they apply to your business! 

 
Get Smart: Small Business Workshops at Waubonsee
Starting Your Business in Illinois

Tuesday, Jan. 18, 6 - 9 p.m., $30 (Aurora)

Wednesday, Feb. 16, 6 - 9 p.m., $30 (Aurora)

Thursday, Mar. 10, 6 - 9 p.m., $30 (Sugar Grove)

Wednesday, Apr. 13, 6 - 9 p.m., $30 (Aurora)

Thursday, Apr. 28, 6 - 9 p.m., $30 (Plano)

Tuesday, May 10, 6 - 9 p.m., $30 (Sugar Grove)

 

Marketing for Small Business

Tuesday, Jan. 25, 6 - 9 p.m., $30 (Sugar Grove)

Tuesday, Mar. 22, 6 - 9 p.m., $30 (Aurora)

 

Is Franchising Right for You?

Wednesday, Apr. 6, 6:30 - 8:30 p.m. (Aurora)

 

Marketing in the 21st Century

Wednesday, Feb. 9, 6 - 8 p.m., $30 (Aurora)

Thursday, Apr. 21, 6 - 8 p.m., $30 (Sugar Grove)

 

Patent, Trademark and Copyright Law

Thursday, Apr. 14, 6 - 8:30 p.m., $30 (Aurora)


Check seminar details for the full list, class descriptions, locations, ticket numbers, prices and registration information, or call the Illinois SBDC office at (630) 906-4143.

 
QuickBooks and Excel
A variety of QuickBooks and Excel classes are available to meet your small business accounting needs.  Click here for complete class descriptions, locations, dates, times and costs.

Illinois SBDC at Waubonsee Community College

Funded  in part through a cooperative agreement with the U.S. Small Business Administration and Department of Commerce and Economic Opportunity.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA or DCEO.

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