creating a business plan for a start-upcreating a business plan for a start-up

About Me

creating a business plan for a start-up

Having worked at the same company for fifteen years, I pictured myself farther along than I was the day that I quit. Why did I quit? Well, I quit because I was constantly being passed up for promotions as they were given to newer, younger employees. I finally had enough, quit my job and started a business of my own. How did I do that without going bankrupt in the process? I had a plan! I took a long time to plan the exit strategy as well as how I was going to start a successful business without losing everything.

Stepping Up Your Award & Trophy Business Above The Competition

From recognizing individuals for their athletic abilities to awarding employees for hard work and major milestones, trophies and awards are a valuable consumer product. Being able to provide this product to consumers is something that can make you a hefty profit, but only if your business is competitive with others in the industry who may also be in your area. Operating this kind of business means you have to be conscious of what it takes to step up your game and keep orders coming. Here's a look at a few ideas that can help you along the way. 

Offer fast turnaround for award and trophy orders. 

The faster you can fulfill orders in the award and trophy business, the more customers will rely on you to fulfill their orders. It is not uncommon for a task like obtaining trophies and awards to be the last thing remembered on the agenda during a planned event, so it is also not uncommon for customers to come to you with a need for a really fast order turnaround. If you do not have enough manpower and time to handle these orders, you risk losing business to someone else. 

Provide clear acrylic award pedestals and cases. 

In addition to the typical trophies and awards made from metals and stone, make sure your business also offers clear acrylic awards, award pedestals, and custom cases. Acrylic is inexpensive and desirable for those order trophies because of that fact. Therefore, if you are able to offer a full lineup of acrylic pieces, including items like a custom clear acrylic award pedestal, you are bound to see more customer orders than if you were only offering more traditional awards made from other materials. Of course, working with acrylic can require an investment in certain types of equipment to cut the pieces, but this is an investment that will yield a nice return over the long term. 

Ensure your custom engraving is on par with industry standards. 

Engraving is a highly specialized trade. Even though the majority of award engraving is now done by machine instead of by hand, the type of machines you use for engraving should be the best you can get because they will make all the difference in your products. For example, some of the best engraving machines are capable of incorporating different font styles and an array of symbols. To stay in line with your competition, it is imperative that your business is using only the most advanced engraving equipment.