Small Archives - Page 6 of 8

Some Ideas for Local Small Business Advertising

Local small business advertising, although local and meant for a small business, is still advertising at its very best which on proper implementation can reap rich rewards but if neglected could push the fledgling concern into the deep schism of oblivion. According to the principles of business management, a small business must invest only 5% of its total resources in local advertising and this would reap a rich harvest only when judiciously allocated and channeled as per the advertising fundamentals.

Even now in the contemporary age of technological advancement, the best recommendation for local small business advertising is by word of mouth. However, it is a method which wins publicity at a snail’s pace and hence an entrepreneur who is desirous of fast results feels compelled to use other methods to make his firm and product well known.

One of the most popular mediums for local companies to publicize themselves is by listing themselves in the Yellow Pages. Visibility is the prime factor here and a prominently displayed ad is likely to draw not only inquiries but potential customers as well. Apart from Yellow Pages, advertising in the newspaper and local magazine also helps since these are directly delivered to the target audience and segments of population existing in the area.

An attractive business card could well serve as the vehicle for local small business advertising as it simply needs to be handed over to the prospective client. Another way of effectively distributing business cards would be include these as a part of the direct mail which is sent within the geographical area surrounding the business and is much more personal in tone as compared to telemarketing or emails.

May be acquiring a slot during one of the popular national events on television for airing one’s advertisement might be difficult or even impossible but the same is well within reach if aimed at the Cable television. Cable TV is meant for the local city dwellers and an ad flashed in it would not only pique people’s curiosity but would attract a lot of local interest as well.

Having a vehicle with one’s company logo splashed across the sides is a method of local small business advertising which deserves more than just a thought. A colorful display or a magnetic quad sitting on the roof of one’s vehicle is a perfect way to catch the eye of the passers by and in case affordability is an issue then investing in a simple magnetic sign would also achieve the desired result.

In towns and cities, people depend on buses for transportation due to which a prominent hoarding at the bus stop or sponsoring benches bearing the company’s logo for people to sit on is a good method of creating awareness. This would undoubtedly attract a mass audience but is dependent on permission being granted by the local transit authority.

Trade shows, big and small, form an integral part of city life and participation in them is likely to earn one popularity as well as revenue. However, this opportunity needs to be capitalized upon in a proper manner in order to translate into profits and aiming for trade fairs which focus on particular industries is economical as well as result oriented for a small local business.

Small Home Business Opportunity – Ideas For Everyone

Looking for ideas for a small home business opportunity? Many people have a difficult time thinking of a business they can start from their home. When you learn how to come up with an idea, it’s much easier! Even if you can’t really think of one, there are plenty of ways you can have your own business at home.

First of all, eliminate the obvious. If you have hobbies or interests that would work as a money making opportunity, use it! Catering, photography, home daycare, cleaning – these would all be good ideas for a small home business opportunity, if those topics are of interest to you.

Do you have a special hobby like making crafts or playing video games? You can open a craft store and sell your creations, or even put them online where they will be seen by millions. If playing video games is your passion, you can actually get paid to play new games by the gaming companies.

Are you thinking yet? Think of everything you know how to do or have past experience with. Bookkeeping, secretarial work, medical billing, data entry – these are good ways to start your own home business if you like typing and clerical type work.

Now, if you absolutely can’t come up with any ideas for a small home business opportunity, there are plenty of options you can still use. Online, there are endless options for making money, many of them free. Affiliate marketing, freelance writing, blogging, online auctions, and surveys are just a few of the ways you can make money.

These are just a few small home business opportunity ideas to help get you thinking about a real option for you. Most people choose affiliate marketing or online surveys when first trying to make money online. If you are a good writer, freelancing allows you to make an exceptional income online.

I hope this has helped you think of different ways you might try to make money at home. Whatever you do, don’t give up! Anyone who truly has the desire can have a business of their own, and millions do it every day. For more ideas for a small home business opportunity, visit the links below!

Tips and Strategies for a Small Business Entrepreneur to Beat the Competition

Many new Small Businesses fail during the early years and one of the reasons attributed for the failure is their inability to beat the competition.

To be successful in your business and to be acknowledged as a successful small business entrepreneur, you have to adopt certain strategies that will enable you to outsmart your competitors and beat them.

1. Go Shopping Yourself:

If you are a manufacturer of certain products, you should go shopping yourself at least once a fortnight. By doing this you will be able to see how and where these products are being displayed, the price at which your competitors are selling their products and the type of packaging used. In fact purchasing of your competitors products on regular basis, testing them and comparing them with your products will be a very useful and productive exercise.

2. Become a member of a Professional Association:

As an entrepreneur it is very important that you become a member of a professional association related to your business or industry. Never, ever think that you can operate in a vacuum and succeed. By regularly attending their meetings, you will get the opportunity of meeting like minded people and your competitors too. Opportunities for gathering vital information and secrets abound in such meetings. Be watchful, grab them and implement them in your small business.

3. Gather Information about Your Competition:

You must have a plan whereby either you or one of your employees should order your competitors’ broachers, catalogues and price lists. This will give you very vital and useful information as to how these products are priced, advertised and promoted. Keeping this constant tab on your competitors will enable you to discover the reasons why some are more successful than you. This ongoing study will help you make very calculated changes in your price structure, marketing and advertising strategies.

4. Attend Trade Shows and Seminars:

Trade shows are places where you as a small business entrepreneur can make useful contacts with other entrepreneurs in your own field of activity and other allied fields as well. Viewing new developments, technologies and marketing methods will inspire and motivate you to develop your own business in those lines.

Attending seminars can be very useful, educative and a place to make useful contacts. These trade shows and seminars can open up new windows of opportunities for you.

5. Read Trade Magazines and Newsletters:

Subscribe to your industry or business trade magazine or newsletter. You will come across many things that you are not aware of, in manufacturing, advertising and marketing. These tips and tricks will help you fine tune some of your present strategies.

6. Address Meetings and Focus Groups:

Never miss an opportunity to address meetings related to your industry or business. It will also be wise to organize Focus Groups where you can obtain the views of the members regarding your products. The feedback thus obtained will help you make changes in your products and the marketability of your products.

7. Distribute Free Gifts, Vouchers and Coupons:

The whole world loves free gifts. Even millionaires love anything given free. You should take full advantage of this and promote your small business by offering free gifts. Whenever there are community gatherings, focus group meetings and other functions, try and distribute free gifts, discounted coupons and vouchers. You should ensure that you have your website URL, address and phone numbers embedded in all your items.

8. Have a Professional looking Website.

A well designed professional looking website is absolutely essential. By providing all the information about your business, products and services, it will add credibility to your small business.

Conclusion:

To succeed as a Small Business Entrepreneur is your ultimate goal and failure is not an option. Keep a watchful eye on your competition and implement these tips and strategies. It will not be long before your competitors disappear from the radar screen.

Small Business Venture Capital Strategies

When launching a new small business, often the entrepreneur will consider venture capital as a source of funding. Here are 3 tips to ensure that venture capital funding can be secured when sending out your business plan:

Send your business plan to the right people

Venture capitalists tend to specialize in certain kinds of businesses. Some will specialize by industry, only investing in new energy companies, for instance, while others look for a certain size of company to invest in. It is worth doing the research to determine who the venture capital backers are for your industry, before you start sending out your business plan. Venture capitalists who are not specific to your industry can provide recommendations to make your plan more appealing to other venture capitalists. However, it would naturally be a mistake to send your plan to potential investors who will not even consider it.

Make sure your business has the potential to be profitable enough

Most venture capitalists look for a return of about 5-10 times their initial investment. For example, an investment in a company of $2 million should yield a return of $14-20 million after about five years. To satisfy these requirements, it is generally necessary to have a business which has the potential for a high rate of return on the amount invested. If the rate of return can reasonably be expected to be lower, such as for a clothing retailer, then it is probably better to look for an alternate source of funding, such as an investment or commercial bank.

Remember to include an exit strategy for your investor

Venture capitalists generally do not want to be involved with a new venture for an indefinite period of time. Most will plan to leave the new venture after about five years, so you should offer a clear explanation of how this may be achieved. There can be a variety of reasons for this; some venture capital managers require that the holdings periodically be sold off to acquire other offerings. Nonetheless, by demonstrating that you understand the limited time frame for many venture capitalists, you automatically make your plan more appealing than those which do not.

In summary, by sending your business plan to the right people, by recognizing what rate of return is necessary for venture capitalist involvement, and by including an exit strategy, you can improve your odds of securing venture capital funding for a new and growing business.

10 Good Reasons Why Small Enterprises (Small Businesses) Fail

You’ll agree with me that there are so many small businesses which have contributed a lot to the growth of economy. They have created employment opportunities for many families although some remain to be small throughout their operational life.

It is obvious that those who are starting new ventures have objectives to achieve. And to mention each business has got its own objectives to achieve such as maximization of profits and sales, minimize costs, maintain a certain level of production and labor force etc.

Failing of a business opportunity is what an entrepreneur won’t want to happen. Inasmuch as we agree with the fact that there are firms which have succeeded, we should also accept the fact that a good number of them have failed even before two years lapse after they commence business.

If aspiring entrepreneurs addressed the reasons why small businesses fail, then they will not fall to be victims of the same causes of failure. This is because they’ll be in a position to identify these causes and fix them before it’s too late.

Now you may be asking yourself as to why some businesses remain to be small throughout their operational life despite some of them making profits or are capable of growing.

4 Reasons Why Small Business Remain to be Small

1.) The owners of these businesses prefer not to expand their businesses. Some sole proprietors do not want to be bothered with the challenges of managing a big business. They don’t want to employ people to assist them in running their businesses but instead they prefer to be assisted by their family members.

2.) The nature of the product/service the business is involved in doesn’t allow expansion. There are people offering products/services which make it difficult for their business to grow.

3.) Lack of capital for expansion. There are small businesses which are viable and have the potential of growing but they lack enough capital. Such businesses have the challenge of securing funds from financial institutions. Lack of capital plays a negative role in hindering the growth of small businesses.

4.) Very low demand. If the business has a very low demand for its product or service, then at the end of the fiscal financial year/trading period the business won’t realize profits, and if it does, it’s very low, therefore the chances of it expanding are very minimal. Just to mention, realization of inadequate profits as a result of very low demand hinders the growth of small businesses.

However, there must be a starting point and as such, every business starts as a small entity and it gradually grows to a medium entity and eventually it becomes a big business entity which is either a private limited company or a public limited company. Note that a partnership business can also grow to become a big business.

Reasons Why Small Businesses Fail

1.) Wrong Reasons For Commencing Business: People who start a business for wrong reasons haven’t succeeded. Just because another person is making high profits in a certain line of business doesn’t mean that you will also make the same amounts of profits as him/her if you start the same business.

2.) Poor Business Management: When there is poor management of the business it becomes difficult for such a business to succeed in its operations. Finance, marketing, purchasing and selling, planning, hiring and managing employees is what most new business owners fail to execute effectively thus making their small businesses to fail.

3.) Lack of Commitment: Starting a business requires someone who is committed in ensuring that it succeeds. Neglecting the business will cause the business to fail. Many small businesses have failed because the owners didn’t take their time in monitoring performance and in marketing them. Some business owners leave their businesses to be managed on their behalf by incompetent people who lack book keeping knowledge and the knowledge of managing a business.

4.) Lack of Finances: Small businesses have failed because of lack of adequate finances. Some of the owners underestimated the amount of capital required and as a result of this underestimation some ended up running out of operating capital thus ending the operation of their businesses.

There are those who have no reserves which has led them not to be able to take care of loses and disasters when they occur thus making them to quit business.

5.) Over-Expansion of the Business: This has led to failure of many small businesses. This happens when there is borrowing of too much money beyond what the business requires so as to expand the business. Moving to markets that are not profitable is also over expansion of the small businesses.

An ideal expansion is the one that is driven by customers due to their high demand for the products and services which leads to high sales thus the business experiences good cash flow.

6.) Location: The place where the business is located is critical in determining its success. Small businesses have failed because of them being located in areas that are not ideal for business. They should be located in areas that are accessible, populated with people and has demand for their products and services.

7.) Personal Use of Business Money: This is the biggest challenge facing many small business owners. They withdraw money meant to operate their businesses to meet their personal wants and needs. If they continue to withdraw money from their businesses without returning it, their businesses will eventually run out of finances therefore forcing them to end the operations of their businesses.

8.) Lack of Delegation: Small enterprises have failed due to owners not delegating some of the duties to their employees. They think that if they delegate them, then their employees will not perform these duties as they would personally perform them. When such owners fall sick or are away from their businesses, then the operations of some tasks will be paralyzed till they resume to work.

9.) Not Diversifying: Small enterprises which have only one product/service to offer are prone to fail easily compared to those that have a variety of products/services.

10.) Procrastination and Poor Time Management: Postponements of tasks which the small business owners feel to be unpleasant to perform has made the small businesses to fail. An example of such tasks include following debtors to pay their debts (debt collection).

Time management remains to be a challenge for many people who own small businesses. If important tasks like delivering products to customers, purchasing stock etc are not handled in the appropriate time, then the business will lose its customers.

The above are not all the reasons why small businesses fail, there are more reasons.

Small Business Advertising Ideas: The Top 1% Of All Small Business Advertising Ideas Bring You Cash

Guess what, if you are searching passionately for proven small business advertising ideas, you could not be in a better place.

The mighty Google that you know and love has very much come out and revealed that local search will eventually be the biggest revenue stream for them.

That is a massive statement. And it means that if you are not putting into place even a small business SEO campaign that features your top keywords based on location, you are handing money to your local competitors. Pity.

Knowing that momentum is coming, it is your job to jump on board. And one of the best and fastest ways to do that is to start am article marketing process that features your top, localized keywords.

A whopping 70% of all clicks on any given Google page are being gotten by the top four spots on that page. Everything after the bottom of Google page one is useless, but can you imagine that 70% of all the organic clicks are going only to those top 4 spots?

Now, if you also knew that a man by the name of Bill Gates saw local search coming and predicted the demise of the Yellow Pages industry, how would that factor in?

Gates knew. Google knows. Local small business search is where it is at and where it will stay. So you need to find the best way in.

So how best to approach this? One of the top, most affordable small business SEO methods out there is article marketing. But this is article marketing done perfectly, creating tens of thousands of in-pointing links from quality sites that feature your localized keywords.

With all of those links out there, all using your local keywords, your web page will not so slowly assume one of those top 4 spots for that keyword. It is a simple yet amazing SEO game that’s played by the best small business SEO services companies.

Honestly, of all the small business advertising ideas out there, this is one that you can bank on.

It is not easy to find an article marketing services company that will start with your best keywords and publish them in mass and then publish them and then point to those articles. But that is what you must demand.

The real factor here is that all of those articles mean not a thing to you if they do not get found.

Small Business Management and Entrepreneurship

Owning a successful business is no longer reserved for a lucky few. It is because there are some rules followed by those successful business people in making the business people to climb the richness ladder with assurance and comfort ability although any business is about risking and that the higher the risk the higher the reward or profit.

When you want to startup a business you first must have an idea, example of business ideas are like opening up a hairdresser, opens a salon, a shop and much. Generally, people do make huge mistake. Just because they are thinking about the job and not the business. Only because you are a good chef does not mean you know how to run a restaurant. More important, it does not mean a restaurant would be successful in your market. So you have to clearly assess and evaluate your business idea before implementing it.

Business wise you have to make sure that what you are going to produce Is it a product or service they have fallen in love with. Again, just because you love something does not mean a profitable business will come of it. This is especially true for first-time entrepreneurs. Learning how to run a business is hard enough; you don’t need to make it any harder by doing something you love rather than something customers love paying you a good profit for or producing what you want instead of what they want.

There are some guidelines on how you are sure that your intriguing idea is also something from which you can truly make a profit? There are three essential considerations one has to bear in mind.

Make sure the product or service has a repeat buy. This is by far the most important aspect of long-term business success. You have to have a product or service that people will keep buying. It is better and more profitable, in my opinion, to have a pool cleaning company than a pool building company. Put another way, a business owner should focus on getting a customer once, but making a profit from that person for a very long time.
Be certain you have a high profit margin.

There are very few companies that can compete long term on a “we are cheaper” marketing platform. In any new business, you need to watch your cash flow–and if you are trying to work with low profit margins and make gains in volume, you will need to have a high level of working capital to keep you running through the lean profits early on. Having a higher margin is extremely important when you are growing a business so you can self-finance your growth.

Build a strong support team because a good idea is not enough. The idea counts most, yet a quality idea must still have a great team of people behind it to give it wings. Time after time, when people bring me a business investment proposal or an idea they want to take to market, I ask them who is on their team and they respond with something crazy like, “Oh, we have not hired anyone yet.” Get a board of advisers. Get a team of professional accountants, coaches, lawyers and bankers. A great team will greatly improve the chances for success of any business.

Now if I were going into business today, to be sure of the market what would I choose? I would start with one premise and some hot industries. Here the premise is, you do not make money panning for gold, and you make money selling pans. Get in the way of a buying frenzy, and you will be a success. Therefore the fastest way to make a restaurant profitable is not by having a great chef and great decor or big buildings it is by attracting a starving crowd with money so that they can eat the food in exchange for their money.

In other words look for an idea you can take national or, even better, global at some stage. Although it might be fun and a challenge to establish yourself locally right now, but eventually you’ll want to build something much bigger for the future and also expand you business.

Entrepreneurship Defined – Entrepreneur Vs Small Business

The concept of entrepreneurship takes a wide range of definition and its meaning has progressed over the century. To many, it is linked to starting one’s personal business. However, nearly all economists believe that it is more than starting a business.

The word entrepreneur comes from the French word entreprendre, meaning ‘to embark on.’ In a business perspective, it means to start a business. Entrepreneur can also refer to a person who systematizes and administers a business and usually takes the risk for the sake of profit or turnover. He can also be defined as a person with high propensity who pioneers change or anyone who wants to work for himself.

Entrepreneurship vs. Small Business

The terms ‘entrepreneur’ and ‘small business’ are quite alike and can often be used interchangeably. With much commonality, however, there are significant differences between the entrepreneurial venture and the small business.

Entrepreneurial venture is quite different from small business in the following ways:

Innovation – This is the very instrument of entrepreneurship. It providesresources with a new power to create wealth. Entrepreneurship frequently engages extensive innovation further than what a small business might exhibit.
Risk – Risk must be usually high in an entrepreneurial venture. If not, with the enticement of sure profits, many entrepreneurs would be trailing the idea and the opportunity would no longer exist.
Amount of wealth creation – A booming entrepreneurial venture generates substantial wealth, normally in excess of several million dollars of profit rather than simply generating an income stream that replaces fixed employment.
Speed of wealth creation – A successful small business can make quite a lot of profit over a lifetime. But for an entrepreneur, wealth creation often is fast and speedy, for example, within 5 years. Also, the types of business they are engaged in is what basically differentiates entrepreneur activities. Innovation is the key. Every entrepreneur should rely greatly on this. Innovation can be emphasized on the following:

new organization
new products
new markets
new production methods

When such innovation produces new demand, wealth is created. From this standpoint, one can simply describe the function of the entrepreneur as one of merging a variety of factors in an inventive manner to generate value to the customer. It hopes that this value will surpass the cost of the input factors, therefore spawning greater returns on investment.

So the main differences between entrepreneurship and small business is that the entrepreneur takes a risk and hits the ground running with the intent of immediate, and hopefully massive payoffs, whereas the small business generally starts smaller, with less risk and the income and success builds over time under very controlled planning.

Small Business Idea – Home & Office Cleaning Business

For the cost of cleaning supplies and a stack of marketing materials – you can be well on your way to starting a Home or Office Cleaning business! A cleaning business is flexible and versatile in many ways. You can offer your services to small business offices, churches, day care centers, private homes, and much more. Due to the ease of start-up and low overhead costs, the cleaning business is often crowded and can be very competitive in some areas.

Here are a few things you will want to keep in mind if you are considering a Home or Office Cleaning Business:

1. What range of services will you offer?: This is one service based business where it may be best to keep your list of services as flexible as possible. Where one client may want to hire you for a weekly deep cleaning of their home, another client may need a one time service of clearing a cluttered garage. Someone may want a laundry service while another wants carpet cleaning. Be open to your clients needs and wants.

2. In what ways can you set yourself apart from the rest?: A home-owner or business in the market for a cleaning service ultimately want just two things – a clean home or office and peace of mind. How good you are at providing those things will determine the success of your business. When a person allows you into your private space, they are trusting that you will not steal or do anything else to betray their trust. As a small business owner, you do not have the brand recognition of a larger cleaning company, so you will have to work harder to gain clients. To give them peace of mind it may be wise to insure and bond your business, keep an up-to-date copy of your driving record, and criminal background check. You should offer to show any new client this information.

As society grows more conscious of the environmental impact of certain chemicals, people are moving towards eco-friendly or “green” alternatives. You can reach that demographic by offering green cleaning solutions and child-friendly methods. This will be very important for families.

3. How can I market and advertise my cleaning business: When it comes to advertising – you will want to concentrate your efforts to high volume social places. Your local grocery store, day care facility, church or shopping plaza are ideal locations. Consider spending the money to run a print ad in your towns newspaper and CraigsList.com is another great (free) alternative. Building your word of mouth reputation will be important, offer to clean the homes of friends and associates in exchange for a testimonial of your services. You may also want to consider marketing a contract deal to local apartment complexes, Realtors and credit unions. These companies will always need a reliable service to thoroughly clean apartments and homes after leases end, evictions and foreclosures. In fact, specializing in foreclosure clean-up may prove to be highly profitable.

Though the overall start up costs of a cleaning business are very low, you don’t want to make the error of skipping over the important steps. Make sure to register your business legally with your county, state and the IRS. Purchase a domain name and establish a website. Finally, you are a cleaning professional and must present yourself as such at all times. Although you are cleaning messes, your appearance should remain tidy!

Small Business Ideas: How to Plan a Small Business

Thinking of starting a small business? Planning and growing a small business may seem daunting, but it can be a lot of fun. However, it does require some careful thinking and planning.

You need to learn what it takes to start from scratch and succeed. Weigh all the pros and cons before making any decision.

You are the person most capable of planning, building, and running your business.

First, ask yourself questions, to discover what dream is driving you. Learn how that will be expressed in the business you envision.

* What kind of business do you wish to start?

* What kind of service or products will you be offering?

* What needs expressed by your market, do they fulfill?

* Who will buy these services and products from you?

* How do you plan to finance this project? Do you know where financing can be found?

* How will people learn about your service and products?

* Where will your business be located?

Planning and Decision-Making

Considerable planning, important financial decisions, as well as legal steps, go into setting up a small business.

Financial Planning is vital during the overall business planning process. It includes:

* Financial planning and funding sources

* Pricing

* Record keeping

* Managing costs and expenses

* Cash flow forecasts and monitoring

* Analyzing sales results

* Contingency plans and financial reserves, including long-range financial planning

Operational Planning examines everyday production processes and management issues. Day-to-day business activities are also included.

* Acquiring suppliers.

* Employee hiring.

* Evaluating and choosing production methods.

* Product handling and delivery, etc.

* Choosing reliable, secure suppliers, who can provide raw materials and other quality supplies.

* Decisions about inventory and where to store it.

A legal Framework means the considering and adhering to all legal requirements, surrounding the setting up of a small business. It helps you evaluate the following:

* Types of business ownership

* Business-related legal requirements regarding safety, health, employment legislation, etc.

* Tax liabilities, including income tax, government insurance contributions, and VAT, etc.

Insurance includes numerous measures you have to take to secure your business.

Marketing: How a venture and its products and services, appear to the world.

* Marketing is all about identifying the needs of consumers, and satisfying those needs in a profitable manner. It is essential to identify the level of demand for your services, within the market you have decided to target.

Website: You need to build a website that tells your audience about your business, or helps you sell online. It needs to reflect your vision and commitment to quality.

Networking: The type of people you ought to know, and how you can meet them, so as to make your business succeed.

* Networking is becoming increasingly important for small businesses and is a key part of the marketing process.

* Take an inventory of all your contacts and relationships, seeking out those who can help your business.

Self-Development: Examining your skill set, and what more is needed for managing a successful business.

* Looking closely at your talents and current skill set, to determine what you still have to learn.

* Seeking ways to shorten the learning curve, with assistance from a mentor, a partner, or skilled employees.

* Online or local courses can also be of great benefit.

Future and Exit: In order to promise long-term success, you need to have a vision of how to expand your business into the future. Above all, you need an exit plan. Nothing continues forever, and you need to prepare to take leave of your business in a structure, controlled manner when the times comes.

Conclusion

Owning a business can be very satisfying and is certainly the biggest learning experience of your life. Careful planning, an understanding of the type of business you’ve chosen, as well as the target market it is supposed to serve, will increase your chances of long-term success.