Category Archives: Lydia Mehit

Millennials as a Target Customer | Lydia Mehit

downloadMillennials have been the target of more scrutiny than any other generation. Why?  Because as a generation, they are larger than the Baby Boomer generation that clocked in at 77 million.  Baby Boomers were a significant force in terms of purchasing power, political direction and now retirement as they have moved through their lives.  Millennials, sometimes called Echo Boomers, are expected to have an equal or greater influence on society.

Representing 25% of the population, and 80 million strong, Millennials are generally agreed to have been born between 1980 – 2000.  You will also hear them referred to as Generation Y.   The youngest Millennials are 17 years of age while the oldest will be 37 in 2017.  What has this intense scrutiny revealed about these consumers?

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Planning for Growth | Lydia Mehit

images2015 was a growth year for CBPS.  We connected with new referral sources for clients, celebrated one year in our new office and expanded our list of services.  We are now formulating our plan for 2016 and beyond.

Sometimes you are so busy in your business that you don’t have time to step outside and view it.  Stepping back from the business helps you gain clarity.  In 2015, we took time to put a marker down and articulate where we wanted to go.  Although things didn’t turn out exactly as planned, we still booked more work in 2015 than in previous years.

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5 Mistakes Entrepreneurs Make When Selecting A Location (part 2 of 2)| Lydia Mehit

downloadA third mistake entrepreneurs make is falling in love with a particular location.  “That historic Victorian is great.  It will be the perfect frame for my antique clothing business.”

Looking at the space itself, what will it take to make the improvements you would need?  Does the building need repairs?  Is it up to code?  Is the existing lighting, heating and cooling sufficient or will you need electrical or plumbing work?  Is the ventilation adequate for your needs?  How much will it cost to ready the location for your business?

Money spent to prepare the property is money you won’t have to run your business.  Set a budget for yourself, before you start looking, and stick with it.  If the estimated improvements to the property exceed your budget, keep looking.

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5 Mistakes Entrepreneurs Make When Selecting A Location (part 1 of 2) | Lydia Mehit

downloadLocation, location, location, that is the mantra that you always hear.  Your location is a critical part of your retail business success, so you must choose wisely.  But, how do you choose the right location?

One common mistake is to select the least expensive place available to keep overhead costs low.  Containing costs is important, but remember, no amount of advertising dollars will make up for a bad location.  If people can’t find your business, they can’t spend their money with you and this will be even more expensive for you in the end.  Think of it this way.  What you don’t spend on rent you will spend in advertising.
A second mistake is using a retail location for offices and storing inventory.  Retail space is expensive and the vast majority of the space should be used to display your merchandise, not house your bookkeeper.  Put your back office staff in a different, less expensive location.

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5 Mistakes Entrepreneurs Make When Selecting a Location | Lydia Mehit

Finding the Perfect Location Part 2 | Lydia Mehit

imagesPart I of finding the perfect location detailed your first step; identifying and profiling your customer.

In this part, we’ll discuss finding potential locations near your customer.  You want to make it easy for them to patronize you.  If they are likely to shop over lunch or on the way home from work you should consider locating near their work.  If they are likely to shop with you after dinner, you should consider locating near their home.  If your business involves their free time, you might want to locate near their entertainment options.  You know this because you have a profile of your most likely customer(s).

At this point, you might consider engaging the services of a commercial realtor familiar with the area.  An experienced realtor can save you time by only showing you properties that are within the demographics that define your specific customer.   Remember, the majority of your customers will come from 1 – 3 miles of your location, with a small percentage coming from 5 miles.

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Finding the Perfect Location Part 1 | Lydia Mehit

imagesYou’re opening a retail business, selling direct to the consumer, and you are looking for a physical location.  What are some of the things you need to consider?  How do you choose one location over another?  Which criteria should weigh heavier?  You’ve heard the old saying of: “Location, Location, Location”, but what does that mean, exactly?  One of the biggest decisions you make, after the decision to start a business, is where to locate your business.

There are many possible locations for a retail business.  You could locate it in a shopping mall, a strip mall, a free standing building, or in a business district.  You can lease the space, purchase or sublet it.  What you choose can be based on several different factors, so let’s talk about some of those factors.

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To Franchise or Not to Franchise | Lydia Mehit

So, you want to start a business and you’ve decided a franchise is for you.  There are a number of advantages to selecting a franchise.  Here are several of them.

  • It is a proven business model.
  • You have a pre-defined target market.
  • You have brand recognition because the product or service is already known.
  • The business methods and systems are already in place, all you have to do is follow them.
  • Training is provided for you and your management team.
  • Operations manual that details all of the job descriptions, processes, procedures, rules and requirements for operating the business is provided.
  • You receive on-the-job training at a working franchise.
  • The franchise team helps you open the business and gets you started on the right foot.

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Gen X as a Target Customer – Part Two | Lydia Mehit

Continuing our discussion of Generation X as our target consumer, we have gathered a variety of facts about our subjects and now need to use those facts to answer the following questions.

  1. Why do they buy?
  2. How do they buy?
  3. What do they buy?
  4. Where do they buy?
  5. Where do you find them?
  6. How do you reach them?

Let’s answer the questions using the information we’ve learned about Generation X.

Why do they buy? 

We know Generation X women are motivated by price when it comes to fashion.  We also know they spend more than the national average on apparel for children under 16.  We could conclude they are willing to spend more money on their children than themselves, at least in terms of fashionable clothing.

They also spend more then average on housing, furniture, major appliances, cars and trucks.  We might conclude that when it involves their family they are willing to spend more money.

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Generation X as a Target Customer | Lydia Mehit

gen xMany business owners think that EVERYONE is their customer, so they create a coupon, find a monthly delivery system (a coupon magazine or coupon mailer) and hope for the best.  But understanding your target customer can give you insights into how to price, how to promote, how to utilize media and what special offers will appeal to them.

Is Generation X the most likely group of people to purchase your goods and services?

How would you know?  Start with your current customers.  What is the average age of the majority of your customers?  Who typically makes the largest purchase during an average visit? Who are return customers?

If you are not in business yet, look at the neighborhoods where you are thinking of locating your business.  What is the average age and income of the people in the immediate one mile radius?  Check out the three mile radius also.  If you have a retail business, the majority of your customers will be local to those areas.

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