Running a small business in today’s economy is no easy task. According to Forbes, around 80% of small businesses fail within the first 12-18 months. Without a doubt, running a business requires a great deal of determination, passion and patience. But if you have an idea for your own start-up, don’t be deterred from opening up shop. Some of the biggest companies in the world began right where you are now and they had their tough times too. It’s important to realize that there will be difficult moments along the way but if you can get through them, you and your business will be stronger and better equipped for it. These hurdles can difficult to overcome, particularly if this is your first stab at the business world, but if you can stay positive and determined, your success will be all the sweeter.
Because of the general bad shape the global economy is experiencing currently, finding useful financing for small businesses can be easier said than done. People are afraid to invest in something that has a 50% fail rate. This can be especially true if your business is attempting to compete against a larger, corporate conglomerate. But don’t be discouraged, there are small business loans, business credit cards, and there are also grants for specific groups like women in small business, non-profits and educational grants. Try using social media sites or online crowdfunding applications like Kickstarter to help you build your business. You have to be creative with your fundraising and be prepared to not receive all the funding you initially set out to get, but if you can stay determined and work hard at raising the money, you’ve already won half the battle.
Small businesses today are being thrown under the bus in many different ways. Expected to pay more taxes, subject to regulations which don’t or won’t affect larger corporations – it’s very tough to even exist in a business atmosphere, much less to actually succeed. And if the pressure coming from every angle doesn’t deter you, then you have to compete with the big boys via marketing for a slice of the pie. How can do you this?
One of the best ways small businesses are targeting their customers is through social media sites like Facebook. With over a billion users, a mobile market quickly expanding, and a low-cost, multi-function ad-delivery medium, Facebook is the perfect spot for small businesses on the rise. Let’s check out a few ways a small business can leverage Facebook for marketing success.
Starting a business as a student is an exciting and eventful experience where you will have to face many hurdles in order to become successful. Throughout the process of starting my own business, I went through several challenges that many students who own businesses face and learned a lot of lessons that I want to share today.
Worrying about your finances is perfectly normal for students and one where having a full savings account, wealthy parents, or another source of capital would certainly come in handy. Starting out on your own can still be done with a small capital, no matter what your financial situation looks like. Continue reading →
The traditional sales funnel is dead, at least according to McKinsey & Company – a global management consulting firm. Replacing it is a circular sales cycle. It used to be that marketers could rely solely on direct mail and other marketing initiatives to “push” information to consumers. Since consumers’ information channels were limited, and research avenues were often hidden from the public, consumers relied on various marketing initiatives to make decisions about future purchases. Today, consumers can easily “pull” information to them online through social media websites and review-based sites like Yelp. This diminishes the power of focused marketing initiatives by companies. Consumers now rely on strong word-of-mouth over a corporation’s advertising campaign so if you want your small business to succeed, you’re going to have to change the way you reach your customer base. Continue reading →
You’ve just finished the end of your business quarter. Yes, it was busy and stressful, but thankfully very unlike the scene one of your colleagues described for his quarter’s end. He relayed a tale of sales staff pulling out their hair, piles of unsigned contracts, sales slipping left and right, emails unanswered and phone calls unresponsive. Fortunately for you, you not only met your sales numbers, you exceeded them. As a matter of fact, you’ve met your sales goal for the last three quarters. Your boss is pleased, your colleagues are envious, and your customers—they love you! What makes your clients different than the guy one office over? It’s no secret—happy customers are not only loyal, they will increase your overall success. How can you maintain this satisfaction? Let’s take a look: Continue reading →