Setting Up Shop – Starting a Small Business

Making the decision to set up shop as a new small business can be one of the most exhilarating, and yet also one of the most challenging for most people to make. Here are three suggestions to reduce some of the challenge associated with starting a new business venture:

  1. Choose businesses with lasting demand, whenever possible
  2. A new business based on a short-term fad can work for a little while. However, a lasting business should be based on trends which are more likely to be continuous, since fads will come and go. Even if the demand should change, a business based on an ongoing trends will be able to adapt more easily than one which is based upon only temporary events. Carefully consider customer characteristics (demographics, psychographics, etc.) to improve the selection of a business which has customers with lasting demand(s) for the products and services that you offer.

  3. Choose businesses in superior locations
  4. Some geographic areas will naturally be better locations for target customer markets. All else being equal, customers tend to prefer closer locations to those which are far away, unless your product or service is capable of being provided remotely, at little or no cost. Locating near customers who have established patterns of buying from your type of business is ideal, and most likely to result in better business results overall. Look for indicators (new housing developments, apartment complexes, etc.) which will closely match the target customer characteristics, and market segments you seek to win over.

  5. Choose businesses which are in high-growth industries
  6. All things considered, it is best to pick a business in an industry which is experiencing high growth, as it is much better to get some of an available market, as opposed to having complete dominance of a market where there are nearly no customers left to serve profitably. Entering high-growth markets can also lead to profitably specializing in sub-segments of that market, as your firm develops more expertise. However, also realize that every industry eventually experiences a slowdown as well, so be certain your business plan includes preparation for surviving the inevitable slowdown, once it does occur. Your business should be somewhat diversified by then, to reduce your risks of depending entirely on one market.

In summary, it is best to choose a business based on lasting trends, which is in a superior location, and which is in a high-growth industry. By doing so, you maximize the odds that your business will succeed, and last well into the future.

Copyright 2010, by Marc Mays

Must-Observe Trends In Small Business Online Marketing

After the many updates launched by Google, most local entrepreneurs have already lost hope in their promotional techniques through the internet. Although conditions may be rough at the moment, your small business online marketing can still thrive provided that you know the right steps to take.

In connection to this, it is a must that you are updated of what is going on in your niche and in the cyberspace. This is because change is constant and learning how to adapt to it can keep your products or services in the limelight.

The first thing to embrace these days is that more videos are in and lengthy text is out when it comes to creating web content. Should you need to compose, perhaps, a long blog, ensure the presence of a couple of videos inserted in the paragraphs. In addition to being able to join the trend, it provides a cost-effective way for you to do small business online marketing. Videos are times as far as easy communication with potential clients is concerned. And so, there is extra time left for you to invest in profit-generating activities.

Next in line is the use of mobile phones. Being able to connect with your potential clients is a great edge over your competitors. It is similar to internet advertising with a touch of the typical call-to-action phrases which will encourage people to try your brand. A more costly type of promotion through mobile devices is sending of text or voice messages. Although it is said effective, a great number of recipients find it irritating.

For a desirable local online marketing method, you can join the campaign of providing consumers helpful product or service reviews. In fact, this is how many big and small companies these days monitor how their products and services fair in the market. Providing good reviews can also help you project an image of authority in the niche where you belong.

Moving forward, here is a quite obvious method – joining the social media bandwagon. Besides Facebook and Twitter, there are other social websites that are gaining popularity these days. Be keen to observe the most talked about topics among your target audience. Should you find anything related to your product or service offer discounts or packages using your social media accounts.

Computations done in the cloud is another trend that entices potential customers. This allows them to see beforehand possible the total costs of purchasing your products or subscribing to your services. This allows them to prepare for the payment. More than that, it is also beneficial for entrepreneurs like you when it comes to easy and reliable way for you to store data.

Lastly, include in your small business online marketing strategies the provision for easy payments. Customers are generally looking for the quickest method for them to do payments especially if they are very busy. Besides enabling your website for credit card payments, PayPal and Google Wallet are two of the famous options which entrepreneurs utilize nowadays.

Small Business Marketing – Trends That Can’t Be Ignored

In our current market, changes are being seen everywhere and that includes in small business marketing. Small businesses realize that if they want to be truly competitive they must keep up with the trends and the main aspect of marketing that is getting a lot of attention is social media. Social media has completely changed the way that small businesses relate to their customers. It is becoming more and more obvious that small businesses need to adapt their marketing to become part of their customer’s lives instead of intruding on their lives.

Small Business Marketing is Meeting People Where They Gather

Once, marketing meant finding your way into people’s lives by intruding into their regular lives – while they were watching televisions, listening to the radio, or even the using the public washroom. It meant finding a way to get in front on them where they couldn’t get away. Marketing is changing, though!

Businesses are realizing that there are other ways to get their message in front of people without being intrusive. In order to do that though, businesses have to go where people gather. Today, that means getting involved in social sites. Sites like Twitter and Facebook were created to connect people – old friends, classmates, and family. Businesses have realized that they can interact with people on social sites in a way that is almost like the relationship between friends.

Sharing Information and Giving Advice

Businesses are doing more than just getting a message across on these sites. They are developing relationships with their customers. How? One of the main ways is by sharing information and giving advice. People who interact with businesses on these sites are doing so because the businesses involved have something to offer them.

Businesses are not selling things on social media – instead they are giving away what people really want. They are giving them ways to use their products more effectively, ways to make comparisons, and ways to make decisions. By doing this they are building relationships. By building relationships with customers and with potential customers they are increasing the trust factor, which goes much further than just selling a product.

Small business marketing is taking advantage of every tool at their fingertips and the trends are all pointing at social media. Social media enables businesses to build trust and trust lasts longer than any sales pitch that a company can make.

Barrier Busters of the Top 6 Most Common Misperceptions of Mobile Small Business Apps

The trends are very telling – mobile small business apps is the smart way to reach your audience.

The latest research shows that the primary reason small business continues to place traditional advertising such as their annual yellow page listing is because everyone else does.

With the sharp downward trends of traditional advertising it’s time to go where your audience already is. Let’s examine closer where you can improve a much higher promotional ROI with your mobile apps for small business investment.

First Steps Toward Mobile Apps for Small Business

1. Know your current ROI.

What is your yellow pages (or other print) actual ROI?

How many new customers came to you through your print listing?

What was their average purchase amount?

Does your incremental sales margins cover the cost of your print ad?

2. Start small. Take just say 10-15% of what you are already spending and pilot some of the mobile small business apps.

3. Leverage both. For example, use your yellow page listing to include a promotion that drives traffic to free Facebook business page such as opting in for a discount coupon.

The Most Commonly Perceived Barriers for Mobile Small Business Apps

Anything new and different always has initial barriers.

Let’s explore whether they are fact or fiction so that you can decide if this exciting and fast growing medium is right to consider for your business.

We’ll start with the most common perceptions.

  • Time – Overwhelmed business owners have little time to research new technology for mobile small business apps and consumer tastes.

Fact- Customizable templates offer turnkey solutions for even the most non-technical business owner.

  • Cost – Normal development costs for mobile apps can be costly. Typically $4,000 to $15,000. Don’t forget multiple technology formats and future software changes create additional costs.

Fact – Affordable options are now available for the smallest promotional budget.

  • Branding and Customization – Mobile app templates don’t allow me to express my unique brand, benefits and features for my business.

Fact – Menu driven templates allow you to choose which small business apps functions will engage your target audience the most. You can even choose your own logo, color, look and feel that mirrors your web site and print collateral. This custom menu approach saves you thousands of development dollars.

  • Technology – How could I ever keep up to be sure my mobile small business apps can be viewed on Android, Apple iOS, Blackberry and Windows smartphones. How about all the different tablets?

Fact – Exciting cloud based solutions mean all that back office technology stuff is done for you so your business apps are always easily accessible to your customers, no matter what device is in their hand. More importantly your information is secure.

  • ROI Tracking and Control – How do I keep up with a repeatable tracking system for my mobile apps?

Fact – You select the measurable traffic and customer conversion indicators you want to track and the system does it for you. Once you decide what you want you can maintain your system in less than 15 minutes a day.

  • Type of Business – My business isn’t about connecting with local mobile shoppers like restaurants and Realtors. I don’t see how mobile business apps would work for me.

Fact – If you have a product or service that provides additional value to help people with solutions they need there are mobile business apps waiting for you to connect to. Because of the widespread use of smart phones across all demographic groups (1 billion by 2016 globally!) every business has a sizable audience to reach.

Think outside your local market. With mobile apps it’s time to consider regional, national and even a global reach.

While this article emphasized smart phones don’t forget to include tablet users, another exploding mobile platform many small to mid-size businesses are not effectively connecting with.

With a world gone mobile the time is now to rid all the barriers in helping your mobile small business apps connect with growing your business.