Download Business basics in Hawaii: secrets of starting your own by Dennis Kondo PDF

By Dennis Kondo

Written in easy-to-understand language, Business fundamentals in Hawaii introduces the lay individual to a few of the fundamental rules of commercial.

Readers take advantage of classes realized through different enterprise humans via an exam of 2 hypothetical businesses. a number of the themes coated contain estimating marketplace strength and per month working expenses, making plans an ads crusade with neighborhood media, negotiating a rent, and reviewing a few Hawaii enterprise tax laws.

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Additional resources for Business basics in Hawaii: secrets of starting your own small business in our state

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Retailer: If you are starting a new business, do your homework before you start because once you get started it will overwhelm you. You can never plan too well. Once you determine the size of your market, you must calculate your share of that market. Determine Your Share of the Market Unfortunately, all your potential customers will not be purchasing customers. For instance, it would be unrealistic to assume that every US male tourist between the ages of 13 and 25 who stays in the five target hotels of the surfboard rental business will be a purchasing customer.

The percentage of the market that will be purchasing your product or service will depend on the answers to three questions: 1. Who is your major competition? 2. What is the maturity of the industry? 3. What makes you special? Page 15 EXHIBIT 3 Your Share of the Market Who is Your Competition? If you are the only one providing a product or service, then the entire share of the buying market may belong to you. More commonly, however, you will share the buying market with other businesses. The first step in analyzing your market niche is to assess your competition.

Determine Your Share of the Market Unfortunately, all your potential customers will not be purchasing customers. For instance, it would be unrealistic to assume that every US male tourist between the ages of 13 and 25 who stays in the five target hotels of the surfboard rental business will be a purchasing customer. Your potential customer sales might look more like the example in Exhibit 3. This exhibit shows that of the entire market for a product, only a small percentage of the potential customers are interested in a purchase at any one time.

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