Business Success 3: What is Common in One Market is Not in Another

We frequently share a particular business success to illustrate points you can use to grow yours

I wish to illustrate how your tax dollars can return a great investment if you let it. The government offers several great services to small-business owners. Many of the services cost nothing or ask for a very small fee. Margaret’s story highlights how taking advantage of their services can grow your business.

Agricultural Agents Share Good Ideas

Margaret lived in a rural section of Utah, USA. She and her husband grew wheat on a 1,000 acres. Droughts, the market, and other factors continually dropped the price of wheat. The farm had a hard time providing adequately for the family. They needed a method of earning more income.

Margaret consulted with the agricultural agent with Utah State University. She thought about growing a special kind of wheat and selling it to flower shops on the east coast. She had seen pictures of floral arrangements in magazines using wheat instead of baby’s breath. The agent did some research into what wheat east coast shops used. He compared strains that would grow best in their area. They planted 100 acres of a certain strain.

Idea Generates a Golden Harvest

The agricultural agent suggested that Margaret visit the local Small Business Development Center (SBDC). He told her about the workshops, classes, and materials they offered to help people organize and market their businesses. She attended a few workshops and consulted with one of the counselors at the center. The SBDC counselor and agricultural agent helped her analyze the market and prices shops paid for the wheat.

She honed her business and marketing plans. She marketing to several floral shops. They amazed her with the price they were willing to pay. Her 100 acres of wheat generated more profit than the other 900 on the farm. The family gained the additional income they needed—and $5,000 more. Her expenses from Utah State University and the SBDC totaled $250.

Come back on Tuesday when we explore how to analyze your market position and competition