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Business News Blog Archives
Business News Blog posts insightful comments on the latest international news that render us taken-aback in the domain of the business facet of life. Business News Blog: Business-Plan News 1 A business plan made in jail: Tuesday, August 07, 2007 by Megan Williams
An ex-con in Italy hatched a smart business-plan while he did time and turned it into a $250,000 a year business selling T-shirts and other goods under the Made in Jail label. Doug Krizner: Prisoners worldwide are a silent source of cheap labor. In Italy, though, some entrepreneurial ex-cons are loudly producing their own goods and proudly marketing them as Made in Jail. The Made in Jail label makes things from logo T-shirts to handbags. They’re sold through shops in downtown Rome and at roadside restaurants across the country. We sent Megan Williams to the Rebibbia prison in Rome for a look at what inmates learn on the inside, and how it makes for good business on the outside. Business News Blog: Business Plan News 1 (Continued) Stacey Vanek-Smith: Inside one of Italy's toughest prisons isn't where you'd expect to find a bustling workshop churning out T-shirts with tongue-in-cheek lines like "I'm too sexy to have to work." But for the past two decades, the small silk-screening studio has served as the creative heart of the Made in Jail co-op. It's a $250,000 a year business that sells its logo'd products throughout Italy. Silvio Palermo first came up with the concept of selling the T-shirts while he did time here back in the '80s. Some people have reacted negatively because they're making a profit, but the group's also doing this to raise awareness of prison life, like the challenges after being released. Business News Blog: Business Plan News 1 (Continued) Silvio Palermo: Sure we hear scornful comments, but it doesn't matter. It's important for us to assert the fact that of course we're ex-cons, but we're working legally now. Three times a week, Palermo works with a small group of inmates, mostly in for drug charges. Together they come up with new slogans or clever graphics, like an exit sign with directions on how to jump over a wall. Palermo holds up a T-shirt with one of the more risqué sayings the men came up with: "It's been a while since I've done it, so please give me a hand." Sandro is finishing up a sentence for drugs and burglary. He says he likes the creativity of the work and the chance to laugh. Business News Blog: Business Plan News 1 (Continued) Palermo: It's hard to find things to laugh about in here. So with this work, at least a small part of the day is involved in coming up with funny wordplay. Sandro says he plans to join the 30 or so ex-cons who help run Made in Jail when he gets out in a few months. They're going to need him — the co-op just got a 10,000 T-shirt order from Autogrill, Italy's biggest national roadside restaurant chain. Business News Blog: Business-Plan News 2 Comprehensive business plan vital to success: Thu, Aug. 02, 2007 by Marcia Stevens We notice when area businesses fail. Sometimes, we see it coming. We shake our heads over poor customer service, inadequate marketing or other obvious issues. Sometimes, we are surprised. We find ourselves speculating: Did that business close because of insufficient capital, lack of market research or other less obvious issues? Specific causes vary, but most failures can be traced back to an inadequate business plan. The catchphrase "Business owners do not plan to fail, they fail to plan" proves true again and again. Business News Blog: Business Plan News 2 (Continued) Actually, most business owners plan to some extent. They just overlook planning in all areas. A successful business plan is comprehensive. Comprehensive does not equate to long; no one will count your pages. The point of developing a plan is to consider every aspect of your business so that you can make better business decisions -- and make more money! When you develop your business plan, describe your business, and then address the three Ms: marketing, management and money. Business News Blog: Business Plan News 2 (Continued) Description of business Be focused enough that you could describe your business clearly during a short elevator ride. Be able to explain the reasons behind your product or service choices. Did you select it because of profit margin, demand, ease of distribution or other factors? Many businesses fail because of location. Consider cost, size, utilities, renovations needed, zoning, parking, traffic and other issues. Remember to obtain appropriate licenses, permits and insurance. Business News Blog: Business Plan News 2 (Continued) Marketing Market research is critical. Faced with hundreds of options for buying ads and using low-cost marketing techniques, how do you decide where to spend your time and money? Knowing your target markets is key. You need to be able to describe your customers in detail before you know how best to reach them. Identify your competitive edge. Start by researching and shopping your competition. Then decide how you want to distinguish your business. Ignoring sales forecasts can lead to business failure. Contact your industry association for information on trends. Remember that your sales will vary at different points of the year. When you finish your market research, develop a 12-month calendar detailing your marketing plan. Business News Blog: Business Plan News 2 (Continued) Management Honestly assess your skills, experience and time commitment. Carefully hire staff to complement you. Constantly evaluate. Do you employ the right number of staff in the right positions with a clear understanding of their responsibilities? Business News Blog: Business Plan News 2 (Continued) Money Many businesses fail during their first year because the owners do not know what it will really cost to operate until they start turning a profit. Your cash flow can show you how much money you need to start, when you can expect to make a profit, how much profit you can expect, and much more. But it will only show you these things to the degree of accuracy that the figures you put into your cash flow are accurate. Include every expense in your cash flow. Do not just guess at what equipment, furnishings and inventory you need. Make lists and write specs. Ask for price quotes. Chart employee salaries and benefits. Be able to document or explain every number in your cash flow. Your income figures will be guesses. But they should be educated guesses. Check figures for your industry. Study your competition. Know your potential and your maximum capacity. Business News Blog: Business Plan News 2 (Continued) Updates How often should you update your business plan? You based your plan on information that has already changed, so keep it fresh. Compare your plan to reality. Anticipate the future. Jump-start your changes with a strategic planning session. Research from the Bureau of Labor Statistics shows that one- third of all new businesses fail by the two-year mark and almost 60 percent close within four years. Avoid becoming a statistic with a clear business-plan. Business News Blog Comment: People are coming up with new business ideas. Every new business plan whether from some family business or from various business schools or even from a jail makes a new business news and requires its new business management. Small business is trying to graduate to the membership of the big business club. Business is showing some signs of going democratic, after all! May be it is able to end the corrupt monopolistic practices of big business houses and make business more transparent throughout the world. May be, the good old business ethics get a new lease of life! Wanna have some bidding fun with 'Business Plan' on ebay auction? You might grab a bargain or two! Just say your bid and you're done: I invite you to subscribe to my E-zine titled Life Coach, free of charge. This E-zine publishes insightful comments on the latest international news that render us taken-aback in the domains of various facets of life. A not-to-be-missed opportunity! Subscribe to it here: I also invite you to subscribe to my Life Blog - no need to provide your e-mail address here. This RSS feed keeps you informed about new developments taking place on this site. It also harbors 25 journal bloglets posting insightful comments on the latest international news that render us taken-aback in the domains of various facets of life. In order to subscribe to the blog, right-click on the orange RSS button (see buttons up to the left) and then paste the URL into your RSS reader. Or click on add to My Yahoo! button or My MSN or Add To Google button if you keep a personalized home page there. If you are not sure what RSS or blogging is all about, click on What's an RSS Feed? here:
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