Business 1 & 2 Flashcards
What is a referral relationship?
How can you build referral relationships?
How to reinforce referral relationships?
Sends clients your way Getting you name out there. Building mutually beneficial relationship - give instead of ask - what can I do for you
Volunteer your time:
Shelters - temperament testing, defensive handling
daycares,
trainers,
- thank you cards
- lunch or food gifts
- discounts
What do you need to start a business?
Business license & permit from your city - DBA (doing business as) or fictitious business name Service mark URL (website) Contracts Insurance LLC (limited liability Corporation)
What are: FBN ABN DBA What are is their purpose?
What is the purpose of a service Mark?
Which website can you check a service Mark?
FBN - fictitious Business Name
ABN - assumed Business Name
DBA - Doing Business As
- announces to the community who is responsible for your business.
- avoids duplicate business names
Service Mark
- gives you exclusive rights to the business name and logo
www.uspto.gov
United States Patent and Trademark office
What 6 things do you need to be successful at running a business? C C C R P P
Confidence Creative thinking Continuing education Risk taking Problem solving Perseverance
Service Mark
What are the two types:
- gives you exclusive rights to use a name or logo to sell your service
State Service Mark: minimal paperwork submitted with your name/logo
Federal Service Mark: more complicated and requires attorney assistance.
To do a search. www.uspto.gov
Web addresses are a must!
What is a website?
Popular domain and website hosting site?
A website is the main marketing vehicle that you park on the Internet.
www.godaddy.com
What is an EIN?
Employer identification number or tax identification number.
- it is a social security number for your business.
- free and easy to get
- must have for an LLC
What is a contract?
What should a contract contain?
When should a contract be signed?
First safety net
Key information as to what you will provide.
- key information stating the services you agree to provide
Waiver - clearly spells out what you are and are not responsible for?
- specific legal language that protects you against accidental damage to any person or to the dog.
Immediately
- have contract signed before any service is performed
- every new client
- old clients when they return for a new service
- store in a safe and secure area
Why do you use a contract?
- are your first safety net and can act as a deterrent
Insurance
What are two potential issues?
- your second safety net
- recommended company - IACP - international association of canine professionals
Two potential issues:
- breed restrictions
- after contract - provides cushion for after service has been provided
What is your third safety net? Why?
Pros and cons of a sole proprietorship
LLC
- acts as a separate entity
- can’t be sued personally.
- Personal assets are kept safe.
Sole proprietorship
- simplest form of business for taxes
- can be help personally liable
- law suits can include personal assets
Marketing plan
General info
Find you niche
- specialize, don’t generalize.
- eg. Puppies, e-collar
Emphasize Benefits
- why should they hire you?
Know Your Audience
- what is your target market?
- what are their needs?
- where do you find them?
- where do they hang out
Track ROI
Why and how?
- lets you know what’s working and what’s not
- are the efforts you’re putting in paying off?
Ask every client how they found you.
Give each marketing effort 6-12 months
Referral relationships
What to do?
- give instead of ask
- offer free lecture
- offer discounts or percentage of referral sales
- chase referral relationships instead of clients
- contact by email, follow up in person
Reinforce by
- thank you cards
- lunch
- food
- discounts
ROI
How and why do you track ROI?
- ask every potential client how they found you
- lets you know what’s working and what’s not working
- give each marketing effort 6-12 months trial
Website marketing
GoDaddy, Weebly,
Short, sweet, easy to read
Main marketing vehicle
HOME PAGE - business name - service area - summary of services - phone and email - top right of every page ABOUT US PAGE FOR EACH SERVICE CONTACT US
Social media
Must be active and consistent
- stay in touch with current and past clients
- limit self promotion to 15%
- don’t rely on for marketing
E-Newsletter
Useful for:
- to sell your services
- get repeat business
- build customer loyalty
- get referrals
- free or low cost
- don’t overdo it - viewed as spam
Include: Articles Tips Dog humor Profile a dog or client
Follow up
- take good care of your people. Clients love follow ups!
- ask how the client and dog are doing.
- schedule on your calendar.
- clients are more likely to refer if they have had recent contact with you
Asking for referrals
*Wait for client to praise you, by your results, then politely ask to let their friends and family know about your services.
Reward clients who refer their friends. Discounts, coupons, thank you cards
- defining (outlining) services
- defining your services, your costs, and policies allows you to run your business vs the other way around
Lack of clarity about the services you do and do not provide leaves you open to misunderstandings, confusion, and conflict
- training services
- need to know
What are the types of training?
- what training issues do you cover?
- what type of dogs do you work with?
Types of training
- private lessons
- day training
- board and train
- group classes
- dog walking/pet sitting
- daycare and boarding
Coaching / private lessons
Pros/cons
Coaching / private lessons
- done in home and by client
- owner gets to keep their dog during the process
- takes into account client’s routine and environment
- costs less for client
- slower process
- weaker outcomes because client is training the dog
- best suited for trainers with highly developed teaching/coaching skills and interpersonal communication skills
- dealing with behavioral issues- owner compliance is a must!
Day training
Pros/cons
Day training
- you train the dog in the owners home (where problems occur eg park, streets, public)
- best for clients with less time and more money.
- can partner with local daycare to offer day training as an add-on service
- need to build client’s trust
Board and train
- requires a home or boarding facility
- convenient for owner but expensive.
- takes less time - trainer trains dog
- clients may not be consistent after dog is returned
- good for clients who travel or go on vacation
- best for trainers who enjoy working directly with dogs. Less client interaction
Group classes
- inexpensive
- can be a social activity for the client
- great for
- basic to advanced obedience
- agility
- sporting
- tricks
- puppies
- opportunity to advertise private services
- not good environment for behavioral issues. Offer private lessons
What is a must when dealing with behavior problems?
Owner compliance
Why offer package services?
What is the purpose of giving discounts?
- provides sense of value
- decreases sales pressure
- giving discounts increases revenue
Selling
Focus on how to help the client.
Get an idea of what type of dog you are dealing with and the needs of the client
The more they pay, the more they pay attention.
Charge more for behavior problems
Sales speech
To help you meet your goals, we will need a minimum of (x) sessions. Those sessions cost ($) but I want to see you reach your goals. This will take time and I know it’s a big commitment. Therefore, I am willing to offer you a package deal of ($) which is a (x) discount off my regular rate.
Setting rates and prepayment
Look at the competition
Who are your potential clients?
What is your bottom line? Minimum amount you need to live on.
Prepayment: Cuts down on cancellations Increases owner compliance Secures consistent revenue Allows you to project income more accurately
Have client pay half up front, before service is started.
Cancellations
Yes, you can cancel but I will still have to charge you.
Changing policies
- communicate in writing, follow up by phone, email, in person
- ## have regular communication with clients so bad news isn’t the only news they hear
Managing transition
- stay focused
- make sacrifices consciously
- set and schedule specific goals
- take care of yourself
- ask for help
Growing pains
Setting financial benchmark
How much do you need to make?
How many clients do you need to meet that goal?
Planning
Plan ahead
Aim high - cost estimates
Aim low - revenue projections
Research costs
- one time costs eg training equipment
- ongoing costs eg advertising
Pros and cons of Employees Independent contractors Partners Interns
Employees
(+) can tell them what to do/ dictate how you want your business run
(-) increased paperwork and expenses eg workers compensation, payroll taxes
Independent contractor
(+) they pay their own taxes, medical, insurance
(-) they have their own set ways of providing their service
Interns
(+) trade time for experience and education = low cost
(-) lower commitment
Partner
(+) share the load. They are equally committed to the success of the business
(-) have to give up 100% control and share profits
Partners
- put everything in writing
- who is responsible for what
- how are decisions made
- how are profits shared
Pro bono clients
- limit these cases
- have the worst record of compliance
- people don’t value what they don’t pay for
Free advice
- just don’t do it
- you don’t know all the information. Owner may not follow directions properly and create a worse situation
1) interrupt
2) empathize - I hear your concern
3) build confidence - I believe I can help you with that
4) re-direct - suggest your services
5) tip - offer management solution
6) end - it was great meeting you, thank you for telling me about your dog. Please let me know if I could be of service
Reasons to have a business plan
1) prove that you are serious about your business.
- shows interested parties (investors, partners, yourself) that you are committed to building the business.
2) establish business milestones
- milestones are important to the success of the business.
- accurate way to measure and determine you success
3) determine you financial needs.
- how much capital does your business need? What will it be used for?
4) Judge the success of the business.
- compares the operational results versus the business plan itself.
- allows you to clearly see whether you have achieved your strategic, financial and operating goals.
5) attract partners
- companies are more likely to partner with you if they can read a detailed explanation of your company
6) a better way to understand your customers.
- in-depth customer analysis is essential to business success.
- what do they buy? When do they buy it?
