Awards & Engraving

February '19

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24 • A&E FEBRUARY 2019 PEOPLE BUY FROM PEOPLE By Stephen L. Capper, CRM Stephen Capper, along with his wife, Nora, and their daughters, Jami and Toni, owns and oper- ates A-1 Awards, Inc. in India- napolis. He has been associated with the awards and recognition industry since 1958, and has given numerous seminars since 1979. Let's look at a few tips that might help you get started the right way. Perhaps I can present you with some stories of what worked and what didn't for myself and others, and you can observe and learn. But remember this one thing: your adventure of starting and succeeding will be one of the most rewarding components of life. My suggestion is to stand back on occa- sion and look at everything that happens along the way. After examining those tips, we will look at another series of articles that will help you market yourself and drum up profit when you wear every hat in your business. Remember that activity in business does not necessarily relate to profit, and without profit it will be difficult, if not impossible, to carry forward. You might be like I was and have no idea where your journey will take you. I didn't think about the profit margins, as I should have, and I didn't list my antici- pated expenses that were inevitable. It is absolutely imperative to know what your fixed expenses are and then work backwards to know how much you will need in sales (if you are sure of your profit margins) in order to survive with enough to live on and to be able to expand your business. TIPS FOR KNOWING YOUR PROFIT MARGINS What is profit? The margin between your total expenses coupled with your overhead and what you sell the end product for to the client. This difference is the bottom line to be known as "profit." W e all started somewhere. How we start and with what kind of preparation are important as we take off in a new business venture. Many of us start because we want to get into something different, or think we have the ability to make a go of it. But have we really prepared a plan that will help us have the greatest opportunity to succeed? Tips for the One- or Two-Person Shop: Part Two Creating a business plan

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