If you’re driven by those around you, then you should consider starting your own promotional product company. By following franchisee training and support, you’ll be well on your way to creating a sustainable business for yourself. Getting started creating one of these businesses is not too difficult if you have the self-motivation to see it through.
Pick A Winning Strategy To Follow
Once you’ve decided that a promotional product business is for you, it is time to look for the blueprint strategy to make it work. Starting from the ground up and learning every individual step through trial and error is not an ideal strategy. Rather, you want to look at franchises who have created a slew of reputable companies. This shows that their business strategy is working and is one that you can personally follow to find your very own entrepreneurial success.
Decide On A Business Name
Once you know what franchise you will be using, it is time to select your business name. Depending on the franchise that you are partnering with, they may have restrictions on what your business name can be. It is a good idea to check with the franchise ahead of time to see what their restrictions are before registering for a business name with your state.
When deciding on a business name, there are a few other key considerations you need to take into account. You should know what the names of your top competitors are. This way, you can avoid picking a name too similar to any of them. You will also want to pick a name that is consistent with your brand. You do not want your potential customers to be confused about what it is that you offer. The name should reflect the services given and attract people to your business.
Keep your name simple and easy to pronounce. You do not want your customers fumbling over your business name as they will not be likely to recommend you to others. Keep in mind your online presence. Once you have your list of names narrowed down, see if the domain address is available from a domain seller. You want to be able to create a website that has your exact business name. Lastly, you will need to check with your individual state’s business registration site to ensure that no other business has the name that you want.
Decide How You Will Be Doing Business
When it comes to deciding the legal tax structure of your business, you have many options. The most common are the DBA (Doing Business As), LLC, C-Corp, S-Corp, Partnership, and Sole Proprietorship. There are pros and cons to each of these tax structures. It is a good idea to sit down with an attorney to go over what corporate structure is ideal for your business needs. Realize that the franchise may restrict the type of legal structure that you may be permitted to file under.
Once you know how you will be doing business, it is time to register your business with your state. You will want to check online and go to your state’s website to look for the business registration area. You will be asked to fill out the necessary information regarding your new business via an online form. Once the form is submitted, you will receive your business registration papers within a few weeks in the mail. The time it takes to get your registration will vary depending on the state that you are filing for a license with.
Vet Through Wholesale Suppliers
Next, you need to figure out where you’re going to be getting your promotional products from. It’s highly unlikely that you’ll be physically producing the products that you sell. Rather, you will order the products from a specific wholesale manufacturer who will take care of constructing the actual products that you sell to consumers.
The franchise that you’re working with will likely have some wholesalers you can choose from. It’s a good idea to ensure that you vet each wholesale supplier to make sure they will fit your company needs. Asking questions such as turnover time, shipping costs, and so forth will allow you to determine which wholesale will be best for your business.
Identify Competing Prices
Once you have your business established, it’s time to get your prices set. The franchise may have a list of suggested prices they recommend for your specific area or they may not. Either way, it’s a good idea to get as much information from your competitors as possible to ensure that you set your prices within a reasonable range.
Take some time to do an online search of local promotional product companies within your area. Make a list of each company name so you can keep yourself organized throughout this research process and include companies who only specialize in one area, such as a screen printing business. Scan through the website of each local competitor and take note of the prices that they are charging for various promotional products. You’ll want to set your product prices within this similar range to stay competitive in your market.
Get A Website Designed
You need a website to be successful in the promotional product realm. While some local businesses may order out of your catalog, many will spend time after your consultation looking at your website. Do yourself a favor and have one designed from the very start. This will ensure that any person or business looking to learn more about your products and services can easily find you online at any hour of the day.
Get A Product Catalog Made
When you go to market your business, you will need to have visual aids to show off to potential consumers. Once you know what products your franchise will be selling, it’s time to get a catalog designed. It should be easy to read and scan through to find highly desired items. Your prices should be clearly marked for consumers to read. You’ll want to have a large order of these catalogs made so that you can leave one or two with each potential customer you meet.
Get Your Staff Professionally Trained
This is where choosing to work with an existing franchise shows its biggest dividends. Many franchises have their own training and support programs for you to employ. This could include anything from simple training manuals to flying your crew out to a specific retreat to learn the necessary skills to be successful in this particular type of sales business. You should talk with your franchise to see what sort of training programs they can offer your staff, such as the one at https://groggydogfranchise.com/training-and-support/.
Start Contacting Potential Customers
Now, since you have a professionally trained staff and the materials to market your business, it is time to contact potential consumers. Think about the various types of businesses in your industry. You will likely find that a small number of niches will be your biggest clients. However, you will need to test the waters with all different types of businesses to find which niches are going to be the most rewarding for your business. A few examples include:
- Auto Dealerships
- Landscaping Businesses
- Accounting Firms
There are literally thousands of different business industries out there to choose from. If you need to, start with the A section of the phonebook and work your way to the Z section. You will want to make a note of each company you contact so that you can keep the information for your records.
When you get in contact with these companies, you’ll want to set up an appointment with the business owner, manager, or another purchasing professional. Just getting the appointment is the first step in making a sale. You should be keeping a record of all your appointment times and dates to ensure that you don’t overbook.
Have A Successful Presentation
Think of every single appointment you get with a business presentation. You will want to bring along your catalog and sample products. This is one surefire way to ensure that the business owner gets a clear idea of the products that your selling. Sometimes it is hard to imagine what a product looks like without seeing it in person. Bridge that gap easily by taking sample promotional products. Your wholesaler should be able to supply you with these sample products from the very start.
Deciding to start your own business is a big decision. Achieving success is even harder. By having the right plan from the very start, you’ll be able to set yourself up for the best chance possible of success. Remember to take the process in steps so that you don’t get too overwhelmed and lost along the way. The above is a great reference that you should be referring back to throughout your entire business creation process. Having a template like this can truly make the difference between success and failure in the entrepreneurial world.