People considering the purchase of any business (including a newsagency) look at, among other things, the upside opportunity for the business. While they will often have their own view of the upside, they also often ask the vendor what upside they see. Having an answer is important.
This is a good question for newsagents to consider: What is the upside for your newsagency?
Your answer to this question could be vital in building the confidence and interest of a prospective purchaser.
Beyond that, however, your answer to this most important of questions could open your eyes to opportunities which have need been top of mind for you. I say this because the next logical question is – if these are genuine upside opportunities for the future, why not engage with them in your newsagency now?
Think about it. Take your time. Let the question – What is the upside for your newsagency? – rest with you for a few days and nights. Make notes of every idea which comes to you. Talk to others and make notes of their comments. Think about this question as if the answer is critical to you being able to sell your newsagency, that your answer will unlock excitement in your prospective buyer. It could / should unlock excitement for you on things you can do in your business.
When you have an answer, which is hopefully several answers, you then have an opportunity to think about the next question and consider whether you act on any of these opportunities yourself.
I can think of plenty of general upside opportunities for newsagents and several for my own businesses. Each newsagent is in their own unique situation, facing unique challenges and certain to have unique upside opportunities.
What is the upside for your newsagency?
PS. I have called this a marketing tip because I am hoping that by thinking about your business through a different prism you discover opportunities which you can leverage for success in the short to medium term. One way to respond to an upside opportunity is to do it, make the change, innovate … in pursuit of the upside.
Upsides to my Newsagency:
1. We are the only newsagency in town.
2. We have a very loyal following of locals
3. We have a great mix of products that have helped make us the got-to place for any cards, toys, gifts, books, magazines, stationery, ink and Aust Post.
4. I have fabulous staff who love their jobs.
Thanks Mark, needed to spend some time on the positives.
Mark what a good blog post. Gets you thinking for sure. In my newsagency it is about being local and convenient. But thinking about it I am not running this business as much this way as I could. Thanks for needling me.
An absolute gem of a post Mark.
I’ve just come back from a weeks holiday and was thinking of somewhat similar things to what you’ve suggested while I was away and the head was clear. This post has made me think about them even more and how to implement the ideas into my business plan. This has given me even more of a kick along !