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

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 2

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, : 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 3

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! 4

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. 5

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. 6

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! 7

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 8

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

Online Resources Small Business Administration Office of Women’s Business Ownership It’s easier to Google it! Finance New Mexico 10

Contact Information Clint Reecer, MBA Regional Manager WESST Rio Rancho 4001 Southern Blvd. NW Rio Rancho, NM (505)

Thank You!