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Small Business Connections April 2011 |
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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 | |
Big Fat Soap Company - "Daily Indulgence at Your Fingertips"
Debbie Richards' business may be small, but her soap is not, hence the name Big Fat Soap. Her "eclectic" background that led her to become a certified artisan soapmaker includes chemistry, fine art, quality control and customer service. Formerly a lab tech in R&D for Behr Paint, Debbie knows both the chemistry and the testing that go into making a product that has consistent quality.
Debbie started soapmaking as a hobby, combining her chemistry background and her artistic nature to create something useful. After a year of her friends telling her "you should sell this" she decided to take the plunge. Debbie worked with the IL SBDC at Waubonsee to complete her business plan, and answer questions ranging from trademarks to bar codes.
She officially launched her business in 2009, selling online and at fairs and farmers markets. Business has been brisk, and Debbie is now expanding both the business and her product line. In addition to her signature Big Fat Soap product, she offers a variety of bath, body and hair care products, as well as pet sha mpoo and cleaning products.
Big Fat Soap is also expanding into the wholesale market. Debbie recently showed her products at an Orlando wholesalers show after winning booth space in a contest run by the Handcrafted Soapmakers Guild. Her massage oil is already a big seller to massage therapists.
She also launched a fundraising program for school and other organizations, where forty percent of the sales goes to the organization.
All of Debbie's products are made with natural ingredients. Debbie says that she uses all her senses when making her products. From the scent as she adds ingredients, to the feel as she cuts the bars, she is constantly attentive to the quality of her product.
Try Debbie's Big Fat Soap - you'll never use store-bought again. You can learn more about Debbie and purchase Big Fat Soap products online at www.bigfatsoap.com. |
| IL SBDC News and Events | |
Safeguarding Your Small Business from Fraud
Did you know that small business ranks highest in fraud frequency, compared to corporations, government and non-profits? The IL SBDC at Waub onsee and Citibank will host a FREE presentation on the types of internal and external fraud attempts that threaten businesses daily. Learn how to minimize risks to your business bank account and the solutions available safeguard your small business.
Tuesday, April 26, 2011
8:30 10 10:00 a.m. Waubonsee Community College
Continental breakfast will be served. Registration is required. Call (630) 906-4143 to reserve your seat. |
Biz Buzz
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Are You Ready for Wholesale? A Must Have Checklist
I recently met with Nicole Reyle, retail consultant and owner of RetailMinded. Nicole has been recognized by Forbes.com as a "Thought Leader" in the retail business category. She shares her expertise in her blog, which covers a wide variety of retail and wholesale topics. The following article on breaking into wholesale is reprinted by permission.
Are You Ready for Wholesale? A Must Have Checklist
By Nicole Reyle
The dreams been made. The idea has come to life. Now the dreaded to-do-list of getting your product into retailers must be made a reality. But before you dive into the often harsh but always invigorating world of wholesale, there are a few things to check off your ready-to-go list.
For starters, are you able to handle orders placed? Your turn around could range from 24 hours to 12 weeks out - even more - but in order to meet the demands of orders placed, you need to be able to fund the production of your goods. This includes actual cost of materials, necessary labor involved and shipping expenses.
Even once your orders are placed, are you ready to have merchants display your product appropriately at retail? Packaging is part of the consumer appeal, so make sure your display options complement your brand identity and product. Consider who your competition is when planning for your display and packaging options, as well as factor these costs into your overall overhead and markup.
Beyond shelf appeal is the necessary sales role that wholesalers need to have with retailers. For designers trying to sell their own products, this is often a challenging task. It's important to consider if you are up for it and if not, what your options are. You can try to find a reputable sales rep - whether independent or with a showroom - but either way the sales role is a must on your to-do list that should not be overlooked. A strong sales strategy will make the difference of gaining new accounts and keeping existing accounts versus anxiously waiting for your next order to get placed. Consider what trade shows may be right for your product, as well. Planning to attend these means budgeting for them - so like always, plan ahead with the dollars you will need to spend to bring your product to retail stores.
The questions below are good indicators as to how ready you are to sell to retailers.
- Can you support orders placed and at what pace?
- How long is your turn-around time from order inquiry to placement to delivery?
- Do you have shipping plans prepared that will save you money on bulk deliveries and multiple deliveries?
- What packaging plans do you have for shipping?
- What packaging plans do you have for retail display?
- What is your sales strategy for reaching out to retailers?
- Do you have time to sell the product yourself or do you need additional support?
- What trade shows are right for you?
- What are your short term and long term goals?
- Are you willing to work extra hours to make your dreams come to life?
While there are many more steps involved in reaching the retail market, the above checklist will help get you on track with the right steps you need to take. Find more retail wisdom from Nicole on her web site at www.retailminded.com. |
| Biz Bitz | |
Small Business Tax Mistakes
Yes, its that time of year when the proverbial tax season rolls in. It may be too late to make any significant changes for 2010, but its the perfect time to refresh your tax planning for 2011. This top ten list outlines some common mistakes made by small businesses and tips for avoiding them.
Mobile Shoppers Impact Local Retailers 
With today's technology, the constant flow of readily available information has made its way into the buying habits of consumers. Smartphones make it easy for retail shoppers to research or check pricing on a product, all while shopping in an actual store. In fact, apps have become available specifically for price checking. This does not bode well for companies slow to adapt to the mobile shopping trend, but savvy retailers are more focused on the advantages it presents. Read more on the impact of mobile shopping on retailers.
Small Business Jobs Act Tour
The U.S. Small Business Administration is hosting the Small Business Jobs Act (SBJA) Tour to provide information about and gather feedback from SBA small business owners, lenders, small business government contractors on provisions of the Small Business Jobs Act that was signed into law September 27, 2010. The SBJA Tour will be in Chicago on April 15, 2011. Click here for more information on the event. | |
| Get Smart: Small Business Workshops at Waubonsee | |
Starting Your Business in Illinois
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)
Is Franchising Right for You?
Wednesday, Apr. 6, 6:30 - 8:30 p.m. (Aurora)
Marketing in the 21st Century
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)
Safeguarding Your Company from Fraud
Tuesday, Apr. 26, 8:30 - 10:00 a.m., FREE (Aurora)
Check seminar details for the full list, class descriptions, locations, ticket numbers, and pricing. To sign up, complete and submit the registration form. For additional information call the Illinois SBDC office at (630) 906-4143. |
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. |
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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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