The Place to Start and Grow Your Business

1. Clint Reecer, MBA Regional Manager, WESST Rio Rancho The Place to Start and Grow Your Business • Albuquerque • Farmington • Las Cruces •Rio Rancho •Roswell• Santa Fe

2. What is WESST? • WESST is a statewide small business development and training organization committed to growing New Mexico’s economy by cultivating entrepreneurship. • WESST offers a variety of services to New Mexican entrepreneurs, including: • Business Training • One-on-one Business Consulting • Low Cost Loans • Business Incubation • Many of WESST’s services are free! • WESST also has very low-cost specialty services available

3. Who does WESST work with? • EVERYONE! • We provide services across all sectors and support all individuals. • All WESST offices are Women’s Business Centers • WESST’s Statewide Impact, 2008-2011: • 1,159 jobs • $93 million in personal income • $128 million in Gross Regional Product • $60 million in wage and salary disbursements • $87 million in consumer spending

4. Product and Market Definition • What are products? • Every business offers a “product” – whether that is a good or a service. • Your products are what customers associate with your business. • Markets: • The market is the context in which your products are sold. • Markets are composed of: • Buyers • Sellers • Competitors • Other External Forces • Products and Markets are deeply interrelated!

5. Product and Market Definition • To be a successful entrepreneur, you must develop your product with a target market in mind. • Be able to think about each element independently, as well as how they relate to each other.

6. Product and Market Definition • Questions you should be asking: • What are my products? • Who are the consumers in the market for my products? • Who is my competition? • Direct – other businesses with the same product for your market • Indirect – other businesses with a replacement product for your market. • How do I best reach the consumers in my market, and how can I overcome my competition? • The answers to these questions are constantly changing.

7. Marketing • Marketing is the process of presenting your products to your target market. • Marketing comes in many different forms: • “Traditional” advertisements (flyers, TV/Radio, mail, etc.) • Digital marketing • Social Media (Facebook, Twitter, LinkedIn, etc.) • Search Engine Optimization (SEO) • Word of mouth • Marketing is a constant effort!

8. Marketing • Think about your 4 P’s: • Product • Place • Price • Promotion • Once you’ve identified the 4 P’s, create a Marketing Plan that addresses these content areas: • Short-term goals (less than 1 year) • Long-term goals (greater than 1 year) • Marketing budget • Proposed marketing efforts and their costs

9. Resources for Small Business • WESST Training Programs: • Technology Basics for Small Business – WESST Rio Rancho • February 4th • 5:30-7:30 • Social Media – WESST Albuquerque • January 21st & 28th • 5:30-7:00 • Register online at www.wesst.org/events • Many others are available as part of our Technology Toolkit – check back frequently for new courses! • One-on-one consultation with a WESST advisor!

10. Online Resources • Small Business Administration • www.sba.gov • Office of Women’s Business Ownership • www.sba.gov/about-offices-content/1/2895 • It’s easier to Google it! • Finance New Mexico • www.financenewmexico.org

11. Contact Information Clint Reecer, MBA Regional Manager WESST Rio Rancho 4001 Southern Blvd. NW Rio Rancho, NM 87124 (505) 892-1238 creecer@wesst.org

12. Thank You!