Rising Small Business Optimism Fuels Broadening of CRE Recovery – CoStar Group
January 19, 2012 Leave a comment
Rising Small Business Optimism Fuels Broadening of CRE Recovery – CoStar Group.
Stress Relief Tips for Entrepreneurs | Manta Small Business Center
January 3, 2012 Leave a comment
Stress Relief Tips for Entrepreneurs A “must read” for the new year!
Interesting article on the consumer business climate in China
December 14, 2011 Leave a comment
http://blog.commercialsource.com/category/commercial-lending
Start the Holiday Rush: Home Energy Tax Credits Expire Dec. 31
December 14, 2011 Leave a comment
Business owners, it’s not too late!
Start the Holiday Rush: Home Energy Tax Credits Expire Dec. 31.
How to Handle Non-Compete Clauses
November 30, 2011 Leave a comment
I had the chance to talk with another freelancer the other day: she\’s been offered the opportunity to take on …
5 Things You Must Do Every Day to Build Your Business
November 30, 2011 Leave a comment
If you are an entrepreneur there are a few critical tasks that you need to turn into a daily habit in order for your business to keep moving in a positive direction and to make you money. Read on to find out those key items and how you can add them to your daily routine.
Entrepreneurs have to wear many hats when a business is just starting. Many things need to be delegated to others in order for the business to run smoothly and there are a few things that you must do yourself. If you can create a habit of performing these 5 things every day, some for just a few minutes, then you will see your business grow right alongside your dreams:
1. Plan for the future a few minutes each day. Assume that your product has stopped selling all of a sudden. What direction will you take your company next? What new income stream can you add? This is a time for day dreaming and recording notes in preparation for the future. You don’t necessarily have to take action on these items, but you need to think about them daily in order to bring out the golden ideas.
2. Work on your marketing in some aspect every day to get new customers. If your prospective customers don’t know about you they won’t buy from you. Work on getting your message out every day even if it is just for a few minutes.
3. Work on closing a sale every single day. whether you are doing this on-line, on the phone, through the mail, or face-to-face you need to be selling every day. Without the close of a sale there is no business. This is not something that you can delegate all the way. even if you have a sales force you need to be out there looking for deals.
4. Develop or strengthen your business network. You need to join or create a business network where you can help others and they can help you back. This is a great place to get free customers through referrals and an excellent mentoring opportunity using the mastermind principle.
5. Contact your current customers. Don’t ever forget about the people that have already purchased from you. These are your best customers. They already like what you have to sell and they don’t cost anything to acquire. Contact your current customers frequently, even if you are just saying hello. They need to know what you have to offer and they need to know you are still breathing. They won’t seek you out. You must go to them.
Time to follow your dreams??
August 18, 2011 Leave a comment
How to Successfully Begin a Small Business
from wikiHow – The How to Manual That You Can Edit
Over 90% of small businesses fail within the first two years. Why? Many owners fail to plan their needs appropriately. There are some simple steps that one can follow to ensure long-term success.
Steps
- Identify your target market. Research customers and have an excellent idea of the strength of your target market.
- Define your product. Find out what the target customer wants in the market. In other words, don’t try to sell hats if the market wants shirts.
- Define your consumer. Are your customers primarily male or female, or does your product attract both? Identify your customers’ age, be it infant/toddler, child, adolescent, young adult, middle-aged adult, or older. This is essential to determining the exact requirements for which to accommodate your customers not only in quantitative measures [i.e. meeting the demand by having adequate supply], but also qualitative measures, such as speedy service, or the decorum of your employees, as well as yourself.
- Set up a plan. Work your market, product, and consumer type into a workable marketing plan. Write a proposal and show it to trusted advisers or consults.
- Develop a budget. Most small business owners fail to plan for adequate financing for the first two years. Plan for at least 6 months of negative cash flow, as the first year of your business will probably yield negative return.
- Start small. Too many small business owners try to grow too fast and ultimately crash and burn due of lack of capital or the inability to adequately meet the needs for resources in a timely manner.
- Have a reliable workforce. Take the time to hire qualified personnel. Avoid hiring candidates that may pose as a liability to your new business.
- Do not assign yourself a tremendous salary. Reinvest your net income back into your business to help it grow. Reinvestment is the key to success.
- Hire a good lawyer. This is essential from the start to avoid unnecessary legal battles that could have been avoided with proper legal advice.
- Get a Website. This will be how most customers even local ones will check you out. They will use your website to check your hours, sales, location, prices, menu, history, etc. Unless you really know what you are doing, get a professional to design your website.
- Network. This means, in a nutshell, get to know more people and tell them about your business. Always keep a supply of Business Cards and Brochures with you about your business. If you don’t have any yet, get some designed and printed by a professional. There is a link at the bottom of this article to an online store where you can buy cheap yet professional business cards, brochures and other marketing tools.
- Volunteer. This may sound crazy as you are busy getting your business off the ground but this really works well to promote new businesses. If you are a photographer, volunteer to take pics for a local non-profit event or company newsletter. If you are a Florist, volunteer to make floral arrangements for a community event. Be sure that you are given printed credit and put some business cards with your donation.
- Participate in shows and promotional events. It is a good idea to participate in at least 2-3 business shows in a year. Make sure the shows are relevant to the public that you are trying to reach. Don’t have a booth at a flower show if you are an esthetician. Be sure to hand out business cards and brochures and even some promotional giveaways such as USB sticks or pens with your logo and contact info on them.
- Always focus on your customers. Never take your customers for granted or assume that they will always choose you. Always be looking to reward customers for their loyalty and when they refer you to others. If you don’t have some sort of a referral or loyalty program consider putting one in place. It doesn’t have to be complicated, something like giving them a $10 credit for every new customer (that purchases something) they send your way.
- Have an exit strategy. As your business grows, plan for the future of your business. Will you sell your company? Will you pass it on to another individual? Will you merge your company with another firm? Many families do not have good managers, but still want control. Proper planning will avoid unhappy endings to a good business.
Tips
- “Proper planning promotes peak performance.” Accept this statement as your mantra.
- Expect long hours on the job. Small business owners normally rack up 60+ hours per week and work many weekends.
- Have a supportive partner at home. Small firms must have a happy family environment in which the owner can count on for moral support. Unhappy owners do not concentrate on the business.
- Pay your bills on time! This will aid in establishing and maintaining a good credit rating for your business.
- Find a business system that has been proven successful and follow on the basis. Then be creative on how you want to implement.
Warnings
- Do not use business cheques for your bills. Take a salary.
Related wikiHows
- How to Find out What Kind of Business to Start
- How to Buy a Nightclub
- How to Start Your Own Clothing Company
- How to Make 100% Profit Using Other People’s Products
Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Successfully Begin a Small Business. All content on wikiHow can be shared under a Creative Commons license.
