Research

In business, every new venture or idea should be researched. It is unlikely that the idea is so new that there isn’t available information on the subject. By conducting basic research, the business owner can develop a detailed set of concerns to address and do more in depth research. It is easier and less expensive to learn from others than to pay the financial price for errors.

How to Purchase Equipment for a Restaurant – Business Finesse

restaurant equipment

Purchasing equipment for a restaurant is a daunting task. There are three phases to successfully purchase restaurant equipment. The first is planning, see How to Purchase Equipment for a Restaurant – Planning Phase for more information about this phase. The second is research, go to How to Purchase Equipment for a Restaurant – Research Phase for an understanding of this phase. This article covers the third phase of purchasing equipment, using business finesse to negotiate the best deal.

How to Purchase Equipment for a Restaurant – Research Phase

Research Phase

This is really an extension of planning. If done properly, this will take a few weeks of work for a new restaurant. The key is to go through your list and look at the different models for the needed equipment that are out there. Yes, it is OK to look at the new models because you want to look at the features the newer models have that you will not see or come across as you look at the older models.

Small Business Model Series Entry #7 – Location, Location, Location

Location Location Location

The e-mails keep coming. A few days ago I asked my friends and family to be on the lookout for ATM’s. I describe the difference between a bank owned ATM and an independent ATM. I was strictly interested in the independents. I wanted to know exactly where the ATM is located, the name of the business, and what kind of business. With this information I am tracking the locations using a spreadsheet and a map with push pins.

Small Business Model Series Entry # 5 – Whew!

The article explains that I really need to break my thoughts down into the ‘who’, ‘what’, ‘where’, ‘when’ and ‘how’ of doing this. Based on my thinking so far, I’ve completed the ‘who’ and ‘what’ parts.  I’m actually on the right track here working on the ‘Where’ aspect. I decided to follow the article’s suggestion of jotting down my thoughts to date on a legal pad. 

Small Business Model Series Entry #4 – Basic Research

I spent a lot of time on the internet researching the industry as a whole. There are about 220,000 machines in the US that are owned by non-banking companies and individuals. My first thought is that this is about 1 machine per 1,000 individuals (there’s about 220 million adults in the US/220 thousand machines and you get 1,000 adults per machine).

Who is Your Customer?

boy playing baseball

You would think this is a simple question with an easy answer. But for most folks, they can’t identify their customer. It seems elusive or undefinable. If you are in business, you need to answer this one question. You need to know who is your customer.

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