Scan this article! This is perfect for those of you who want to launch a bar code labels business.
Taking Your First Steps in the Barcode Label Business
For nearly 40 years, barcodes have been a ubiquitous feature of American retail. By utilizing UPC (Universal Product Code) images on merchandise, retailers have gained the ability to manage inventory and streamline checkout procedures.
In effort to make barcodes even more productive, many retailers create their own barcodes for internal use. Barcode label companies supply retailers with the resources and knowledge they need to make full use of barcode technology in their stores.
For prospective barcode business owners, the first step toward a profitable barcode startup is to gain a solid understanding of both traditional and cutting edge barcode technology. While some of your customers will want to leverage the most advanced barcode systems in their stores, others will require supplies and equipment for previous generations of printers and barcode solutions.
Prospecting for Barcode Label Customers
The barcode labels business is a B2B enterprise. In other words, rather than selling to consumers, your startup will be tasked with selling products and services to other businesses. The rules for B2B selling are different than selling to consumers, so you may need to update your skill set to accommodate a B2B sales environment, starting with the ability to effectively prospect for new customers.
Prospecting is the backbone of the B2B selling process. The purpose of prospecting is to identify qualified leads that are likely to purchase your company's barcode services and/or solutions. In many instances, prospecting involves cold calling and follow-up tactics designed to initiate a relationship and see it through to a successful purchase decision.
In the barcode label field, successful prospecting will require your business to forge connections with retailers through various online and offline communication vehicles. The more effort you invest in communicating with retailers, the more proficient your startup will become at selling products and services to your target market.
Product Diversification for Barcode Label Startups
Most barcode label businesses offer a diverse mix of products and services. Although niche marketing has advantages, it's easy to create a business model that is too narrow and incapable of delivering adequate revenues and earnings. Since barcode solutions are already a niche within the retail market, your startup should offer a variety of product categories and services to retailers.
Blank labels, custom label printing, label printers, barcode scanners and other products (services) are standard fare for barcode label companies. Touch base with local retailers to determine which products and services are most needed in your area.
Business Plan Mechanics for Bar Code Labels Businesses
If you haven't written a business plan for your new bar code labels business, it's time to get started.
In many cases, the best approach is to keep your business plan simple. Ultimately, your business plan is intended to be a resource for you, the business owner.
If your time is limiting, outline the essentials of your bar code labels company's business plan now and make a commitment to come back to it later.
Don't Ignore Competitors
Prior to opening a bar code labels business in your area, it's a smart move to see what the competition looks like. We've provided the link below to help you generate a list of competitors in your area. After following the link, enter your city, state and zip code to get a list of bar code labels businesses in your area.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
As part of your due diligence on opening a bar code labels business, it's a wise move to learn as much as you can from somebody who is already in the business. It's very unlikely that the local competition will talk to you. It'd be crazy for them to teach you the business.
On the other hand, an individual who has a bar code labels business on the other side of the country can be a great learning resource for you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How do you go about finding a bar code labels business founder that lives outside of your area?
Easy. Find them using our link below and start calling until you are successful.
Why You Should Buy (Instead of Start) a Bar Code Labels Business
It's no secret that entrepreneurs have a strong impulse to build companies from the ground up.
Yet a healthier and safer strategy may be to purchase an existing bar code labels business.
Most notably, a bar code labels business includes more than just assets - a brand identity and customer base come with the keys to the front door. And that's not to mention the fact that a purchase let's you avoid the trial-and-error mistakes that are common in startups.
Franchising May Be a Better Way to Go
Tapping into a franchise opportunity means you are exposed to proven ideas from other franchisees and get strong support from the home office.
Before opening a bar code labels business, you should assess whether franchising might make your life much easier.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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