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Margate Psychic: Couldn’t they see it coming?
• Can you?
Monday,
November 16, 2009
No one likes to see a small business fail. But some do, and from each failure comes a lesson for the rest of us. In the case of the now defunct Margate Psychic Shop, the lesson is that we have to continually plan, whether we’re a start up or have been in business for years.
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I’ve never visited the Margate Psychic Shop, although I wish I did because it sounds like fun, and I for one could use a little spiritual help and healing now and then. But when it opened its doors not too long ago, I pondered how on earth the owners determined that a Psychic Shop would be successful in Margate. Demographics? Psychographics? (pardon the pun), a high percentage of unemployed white collar workers in search of answers? Investors looking for the next big trade?
Whatever their plan was it failed. They didn’t have a strategy or do their homework. They didn’t have a target audience and their location was lacking. Margate is the wrong place for a psychic shop. It’s not a tourist destination, nor is it an affluent urban neighborhood or arts district where psychic shops are known to thrive.
What’s in your foreseeable business future?
The boom years were good to us. There was plenty of market share to go around and people had jobs and money to spend. But that not the case anymore and might not be for some time as thousands of residents flee South Florida.
What’s your plan? How do you expect to rise above the competition as market share shrinks and unemployment surges?
If you haven’t already, conduct some basic industry research and explore new trends. Gather ideas from friends, family, employees and customers about ways they think you can attract new customers and retain old ones. Step back and look at operations and marketing from the outside in – this in an effort to cure yourself of dreaded store blindness.
Restaurants and Bars
Hospitality remains one of the hardest hit industries in this economy. Pizza, burgers, ribs, Italian, Mexican, Cuban, Thai, Japanese, sushi and beer joints; you name and the market is saturated in it. As a result, restaurateurs have resorted to 50% off promotions during peak times and break-even early bird specials priced at between $7 and $10. In an already low-margin business, the economy continues to drain restaurateurs of their lifeblood.
If you’re a restaurant or bar, review your marketing and menu mix, see what your competition is doing and put together one-of-a-kind promotions to draw attention to your establishment. There are presently too many cooks in the kitchen and by differentiating your offerings your chances of gaining market share are greatly improved. Oh, and a take a really good look at purchasing and labor, if ever there were a time to get more for less without sacrificing quality it's now.
Professional Services
Professional services are between a rock and hard place too. Insurance companies are competing fiercely for the almighty dollar to the point where they’re bribing us with extraordinary discounts, and the personal injury market is flooded with attorneys because there are few other channels to pursue while the economy regroups and emerging markets create new opportunities.
At the local level, joining numerous Chambers of Commerce in the area is ideal for boosting a services business, as are networking at workshops conducted by SCORE and aggressively marketing your services to both consumers and businesses through local Internet channels.
The moral to the story is you have to plan for your business future – now more than ever. No matter what your profession: doctor, lawyer, chef, merchandiser, handyman or contractor; the playing field of business has changed forever and is no longer level. Those that survive in the end will be innovative, customer service-minded, priced for value and have a well-planned marketing strategy in place.
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