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Jennifer DeWitt

Professor Stanley K. Ridley

MGMT-260-900

April 26, 2013

Individual Essay Assignment

Starting and running a new business is no easy task, and many factors can contribute to

your future success or failure. Without the right plan of action, a great idea can be just that- a

great idea. There are several tactics entrepreneurs can employ to give their business the best

possible launch and run. Building a Solid Business Plan, Effective Marketing and Keeping a Low

Overhead are just a few which will be further discussed in this essay. Whether you are

considering a small business or a large corporation, you should treat either venture with the same

importance. Through personal experience of being an Independent Jewelry Distributor for

Premier Designs, I will further explain how these three important factors contributed to a

successful business and allowed me to reach my profit goal of paying for an upcoming vacation.

Preparing a solid business plan is the most fundamental step in any successful business.

Not only does writing down your goals and objectives show real intent for accomplishment, it

will help to organize the direction of where you want the business to go. Without an accurate

business plan it is possible for you to over/under invest, ruin partner relationships and completely

miss your target market. Understandably, your plan will go through many stages of development

such as jotting down your initial idea to a more comprehensive submission to a possible lender.

Each stage, however, is as equally important. Your document will not be a static one; in fact, it

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will grow and develop with you and the business. Keeping in mind a popular acronym, “Proper

Planning Prevents Poor Performance”, is indispensable advice! When I was starting my jewelry

business, my end goal was a simple one. I had an upcoming vacation to Las Vegas, Nevada, and

I wanted to be able to go worry-free! I wrote down exactly what I envisioned for my business: I

wanted to pay for the trip itself, I wanted new clothes to take out there, and I wanted plenty of

spending money. The amount I came up with was $5,000.00. Knowing this kept me focused and

moving forward. From there, I calculated how much I would need to make at each home show,

how much overhead I could afford, and I also had a “Plan B” in case my goal was not met. I

didn’t need anything too complex, yet this simple business plan was useful and very critical to

my bottom line.

After my business plan was in place, the next step was to get some customers! Premier

Designs is a direct sales company offering high fashion jewelry through distributors across

America. The concept is to network with your friends and family as they host home showings

where the jewelry is displayed and (hopefully) sold. Certainly a big part of marketing is

advertising and this is something I had to invest my time in, as heavily as I could. I focused on

email marketing for obvious reasons-- it’s free! Email marketing sounds pretty simple but I knew

I had to find ways for my message to stand out. Otherwise, I could have wasted my time and

possibly annoyed my customers. After some light research on the topic, I decided to keep the

subject line short and creative: “Do you or someone you know LOVE jewelry?” With busy

schedules in mind, I sent all advertising emails out on a Tuesday between 10am – 1pm. In the

body of the email, I invited my friends and family over for a “Night Out with the Girls” or for

“Convenient Holiday Shopping.” Their time spent was my first priority; the jewelry was an

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added bonus. And finally, I included a picture of myself in the email. My recipient could then

personally connect with me, their friend, and what I was offering.

Last, but certainly not least, is keeping a low overhead. In my case money spent was

money subtracted from my goal. As previously discussed, marketing was at no cost. Also, at no

cost was me! While at a show, I had to be on my “A Game”- meaning I had to be prepared,

presentable, organized, friendly and fun. My hope was to book one or two more shows at the one

I was currently hosting, to keep the business steady. This wasn’t always easy since amongst

friends I didn’t want to seem too pushy. Again, I concentrated on their time spent rather than my

sales. I would invite any host to entertain at my home. This was so that they could basically

“show up” yet still receive all the great benefits of hosting which could be free jewelry based on

the total sales for the night. Of course, when entertaining at your own home you can get carried

away with purchasing food and booze. I kept this in mind by staying within a budget, recycling

what I could from previous shows, and making most of the food myself versus paying catering

costs. This strategy had an immediate impact on saving time and money while running my

business.

My entrepreneurship was somewhat accidental as I was simply searching for a means to

pay for a vacation. With the help of my studies at Drexel, I was able to use smart tools and

tactics to reach my goal. I was my own boss! I realized early on that the amount of time and

energy I invested would be directly related to whether or not I succeeded. The trip to Vegas was

everything I imagined, and then some. My final amount reached was $5,750.00. I am no longer a

jewelry distributor for Premier Designs; however, the lessons I learned will absolutely be put

forth towards future endeavors.