Awards & Engraving

January '20

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A&E JANUARY 2020 • a-e-mag.com 67 Sales & Marketing one of the most important elements of a business; we are going to structure a formula so you can establish your own process. First, think about how you want to live and then think about how much it is going to take to maintain you and your family's way of life. Then start with that yearly amount and work backwards as you establish your own markup system. Keep in mind you may not want to be competitive with some products, and you may deter- mine that if you specialize in something, you can become more competitive than you had first thought. This will be a trial-and- error experiment, but it can be fruitful if you really take the time to study your craft. Second, choose an area of business you are familiar with, maybe something you are personally interested in. It is always easier to sell the people you like to deal with. Again, do your research and determine if there is need and whether can you fill it. Third, think: is the product you are going to sell and are those you wish to market to going to present you with a profit margin that will provide what you need to survive? Fourth, think about the amount of cap- ital it will take and then ask yourself if you are ready for the investment. Does it make sense and what are your chances for success? Fifth, are your ideas new? Are these ideas what the buying public will accept? Sixth, test your market before you put both feet in the water. Take your time to learn what those you are going to market to really want and need. Tip: This time you take can be frus- trating, but there is nothing that will make you a success over night like the months (or years) you spend honing your craft and doing your homework in preparation for your success of tomorrow. Remember that "inch by inch, anything is a cinch." It could take some time, but you can do it. If you have any questions, feel free to call 1-317-546-9000; e-mail me at stephen@a-1awards.com; or write me at Stephen L. Capper A-1 Awards, Inc. 2500 North Ritter Avenue Indianapolis, IN 46218 A&E

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