Free daily tips, information, advice and ideas
to help you better manage your small business
Artists and artisans sometimes have a difficult time in business. It should not be that way. Furthermore, we are in transitional times.
Largely, the market for art works depends on discretionary income. People who can afford realistic prices for art are mostly in higher income brackets. But changes are afoot in the marketplace for art.
Young people are spending more on art, artworks and handmade things than ever before. They view the marketplace with eyes quite different from those of previous generations.
Example: Lisa bought a gift shop. It was a traditional operation and sales were declining, so Lisa got the place at a discounted price. She had an idea to make it into a very different type of operation. She began contacting artists and artisans in her area and beyond, arranging to carry their works on a consignment basis. Soon, Lisa's shelves were bulging with handmade jewelry, glass, small paintings, clothing accessories, items made in wood and iron, and more. Daily, she posted a new item on Facebook, and more people were attracted to the shop. Gradually, Lisa expanded the gift shop and turned it into a successful operation.
Example: Jonah worked only in oils. His paintings were very large and commanded high prices. He had some gallery showings and sold a few of his works, but it was not enough income to sustain Jonah. He decided to produce a series of very small oil paintings, quickly produced, and priced reasonably. He was targeting the gift market (like consignment gift shops) as well as attendees who came to shows where he displayed his works. He also put these smaller works on social media. The small works sold well, providing Jonah with income to support his ultimate goal--to produce large oils priced to a different, and higher-end market. It was a transitional marketing strategy for Jonah that worked for him.
Example: Judy was a fiber artist. She made scarves, hats, pins, belts, and other accessories which she sold directly from her working studio. In the beginning, Judy priced everything low to compete with department store merchandise. Judy decided that there was a good market for handmade, one-of-a-kind items, and she decided to emphasize the fact that her items were direct from the creator. When she doubled her prices, she lost some customers looking for a bargain. But overall, she realized more total income and built a new following on social media.
Secrets to success selling art lies in the marketplace. Figure out your target market. Then go for it, and never look back.
All artists and artisans are creative types. Put some of your creativity to work for yourself in that vast marketplace out there.
Thursday, February 25, 2016
Wednesday, February 24, 2016
Double headed promotions
Free daily tips, information, advice and ideas
to help you better manage your small business
In today's technological world, there are many opportunities to promote your business. Many owners use Facebook and other social media to good advantage. They are cheap and they work.
But don't neglect combining social media with older, tried-and-true methods. To promote, you need all things working together.
Example: Katy is trained and certified in acupuncture. She set up a place and has a growing list of private clients. To grow more, she set aside a large room where several people can lie down, relax in a communal setting. These are short, inexpensive, stress-reducing sessions. It's quiet and no cell phones of other electronics of any kind are allowed. It's the new community-based acupuncture, and Katy posts regularly on Facebook and short explanations on LinkedIn. Many corporate types come in to get relief from their stressful positions. In addition, Katy offers discounts to those who bring a friend with them. This has expanded her private client base.
Example: Ellen runs a small neighborhood restaurant. Her reputation is spreading because more and more people are showing up. To speed up growth, Ellen decided to take a double headed approach. She posts pictures of meals and desserts on Facebook, and she offers coupons for $1 off any meal. The coupons are printed and she gives several to people as they pay for their meal. Also, the coupons are pictured on social media. More new faces are showing up.
Example: Frank runs a fitness center, concentrating on healthy living through exercise and healthy eating. He promotes on social media and has been pleased with the results. But he wanted more growth. So he decided to set up and hold a community networking group. Frank went to MeetUp.com and set up a group. He structured it to attract people concerned with healthy eating and light exercise. His monthly sessions attracted attention and became a popular community gathering. Frank began spreading the word on Facebook and LinkedIn. This attracted even more to the MeetUp sessions. Frank doubled his client base.
Structuring two or more promotional ideas together can work much better than just using a single idea. Social media offers opportunities to do just that--and it's easy, quick, and cheap to do.
Promoting your small business has never been easier. Don't neglect using older methods combined with the newer social media possibilities.
to help you better manage your small business
In today's technological world, there are many opportunities to promote your business. Many owners use Facebook and other social media to good advantage. They are cheap and they work.
But don't neglect combining social media with older, tried-and-true methods. To promote, you need all things working together.
Example: Katy is trained and certified in acupuncture. She set up a place and has a growing list of private clients. To grow more, she set aside a large room where several people can lie down, relax in a communal setting. These are short, inexpensive, stress-reducing sessions. It's quiet and no cell phones of other electronics of any kind are allowed. It's the new community-based acupuncture, and Katy posts regularly on Facebook and short explanations on LinkedIn. Many corporate types come in to get relief from their stressful positions. In addition, Katy offers discounts to those who bring a friend with them. This has expanded her private client base.
Example: Ellen runs a small neighborhood restaurant. Her reputation is spreading because more and more people are showing up. To speed up growth, Ellen decided to take a double headed approach. She posts pictures of meals and desserts on Facebook, and she offers coupons for $1 off any meal. The coupons are printed and she gives several to people as they pay for their meal. Also, the coupons are pictured on social media. More new faces are showing up.
Example: Frank runs a fitness center, concentrating on healthy living through exercise and healthy eating. He promotes on social media and has been pleased with the results. But he wanted more growth. So he decided to set up and hold a community networking group. Frank went to MeetUp.com and set up a group. He structured it to attract people concerned with healthy eating and light exercise. His monthly sessions attracted attention and became a popular community gathering. Frank began spreading the word on Facebook and LinkedIn. This attracted even more to the MeetUp sessions. Frank doubled his client base.
Structuring two or more promotional ideas together can work much better than just using a single idea. Social media offers opportunities to do just that--and it's easy, quick, and cheap to do.
Promoting your small business has never been easier. Don't neglect using older methods combined with the newer social media possibilities.
Tuesday, February 23, 2016
Jump starting business growth
Free daily tips, information, advice and ideas
to help you better manage your small business
Sometimes, an opportunity comes at you. Your business is rocking along, and then, out of nowhere, you get the chance to jump start it to the next level.
Example: Dave and Jim were buddies in high school and both were into fitness. They spent hours in the local gym working out and playing sports. When they graduated, they talked with the owner of the local weight training center about how to open a gym. Their idea was not to compete with weight training but to have an up-scale fitness center--offering weight reduction programs, healthy living, with a smoothie bar with vitamins and supplements. To their surprise, the owner proposed that Dave and Jim take over the weight training center and turn it into what they had in mind The owner offered to structure a loan to cover the payout over several years--and he offered to help them with advice during the transition. Dave and Jim were suddenly in business and on their way.
Example: Bill runs a landscaping service. He cuts grass, trims shrubbery, helps homeowners put plants in their yards. He parks his truck and trailer behind his own house, and his garage is full of equipment and materials. Inside, he turned part of a bedroom into a small office setup. To grow, his wife reminded him, he needed to get the business out of the house, out of the garage, and out of the yard. To expand, Bill looked around. He found a small garden center owned by an elderly man who was willing to enter into a lease-purchase agreement, selling the place to Bill. After carefully projecting the numbers, Bill jumped at the chance. The elderly man was looking for an income for his declining years, so they agreed to a payout that Bill could afford over the next 15 years. If Bill defaulted, the elderly man could repossess the place and sell it again. Today, Bill has expanded his landscaping services into a full-blown garden center attracting many more customers. With the expanded business, he has never missed a payment. To keep an eye on things, the elderly man still putters around the place, helping Bill with the operation and providing invaluable advice. Both are winners.
Expanding your business by taking over another business can be a good growth path. First, find an operation that can step you into the future you want. Second, do a business plan. Third, work out an agreement acceptable to both parties--under advice of an attorney.
You are looking to increase your customer base when you take over another business. Pay close attention to that customer base--yours and that of the target business. It's all about the customers. They determine success.
to help you better manage your small business
Sometimes, an opportunity comes at you. Your business is rocking along, and then, out of nowhere, you get the chance to jump start it to the next level.
Example: Dave and Jim were buddies in high school and both were into fitness. They spent hours in the local gym working out and playing sports. When they graduated, they talked with the owner of the local weight training center about how to open a gym. Their idea was not to compete with weight training but to have an up-scale fitness center--offering weight reduction programs, healthy living, with a smoothie bar with vitamins and supplements. To their surprise, the owner proposed that Dave and Jim take over the weight training center and turn it into what they had in mind The owner offered to structure a loan to cover the payout over several years--and he offered to help them with advice during the transition. Dave and Jim were suddenly in business and on their way.
Example: Bill runs a landscaping service. He cuts grass, trims shrubbery, helps homeowners put plants in their yards. He parks his truck and trailer behind his own house, and his garage is full of equipment and materials. Inside, he turned part of a bedroom into a small office setup. To grow, his wife reminded him, he needed to get the business out of the house, out of the garage, and out of the yard. To expand, Bill looked around. He found a small garden center owned by an elderly man who was willing to enter into a lease-purchase agreement, selling the place to Bill. After carefully projecting the numbers, Bill jumped at the chance. The elderly man was looking for an income for his declining years, so they agreed to a payout that Bill could afford over the next 15 years. If Bill defaulted, the elderly man could repossess the place and sell it again. Today, Bill has expanded his landscaping services into a full-blown garden center attracting many more customers. With the expanded business, he has never missed a payment. To keep an eye on things, the elderly man still putters around the place, helping Bill with the operation and providing invaluable advice. Both are winners.
Expanding your business by taking over another business can be a good growth path. First, find an operation that can step you into the future you want. Second, do a business plan. Third, work out an agreement acceptable to both parties--under advice of an attorney.
You are looking to increase your customer base when you take over another business. Pay close attention to that customer base--yours and that of the target business. It's all about the customers. They determine success.
Monday, February 22, 2016
Expanding wellness businesses
Free daily tips, information, advice and ideas
to help you better manage your small business
There is a great and growing interest in health and healthy living. Wellness therapies have exploded in recent years.
Therapists face special problems when it comes to the business end of their operation. Too many work alone. Individuals offer therapeutic massage, marriage and nutritional counseling, reflexology, yoga, meditation, and other therapies.
Instead of several people coming together to create a small business, therapists are frequently one person businesses. The market, while growing, can be thin and clients few.
Example: Joyce's specialty is reflexology. Over time she developed a client base passionate about her services. She traveled to them. To get her own office, Joyce partnered with Ella, who specialized in deep tissue massage. Together, they leased a large space--they were planning ahead. Then they attracted a life counselor and a nutritionist to join them. Next, they added yoga--one expert who had a following of individuals. Soon the business had grown to the point they needed a receptionist to schedule appointments. Recently, Joyce and Ella have talked with a practitioner of Jin Shin Jyutsu about joining the wellness center.
Establishing a bigger wellness center is one way therapists can grow. By bringing together several specialists, a wellness center can attract more attention and clients than one therapist acting alone. There is a definite spillover effect as well--clients talk to one another and a social media presence spreads the word around.
Example: Stan is a chiropractor. He, too, needed to attract more clients. He did not want to expand into a wellness center. Instead, he brings in other experts talking about their specialties. The events are open to the public. A nutritionist talks about healthy eating and fields questions from the audience. At another session, a hypnotherapist helps people stop smoking. Later, an expert in Chinese herbal medicine talks about treating ailments without pills. These experts do not practice at Stan's place, but the other experts get referrals--as does Stan for his chiropractic.
If you are a therapist, you might benefit from partnering with other therapists to create a wellness center. Or, like the chiropractor, you might turn your place into a healthy living information and education center.
Whatever you do, keep you long term plan firmly in mind. That great marketplace awaits, but don't venture out into unknown territory without a firm plan.
to help you better manage your small business
There is a great and growing interest in health and healthy living. Wellness therapies have exploded in recent years.
Therapists face special problems when it comes to the business end of their operation. Too many work alone. Individuals offer therapeutic massage, marriage and nutritional counseling, reflexology, yoga, meditation, and other therapies.
Instead of several people coming together to create a small business, therapists are frequently one person businesses. The market, while growing, can be thin and clients few.
Example: Joyce's specialty is reflexology. Over time she developed a client base passionate about her services. She traveled to them. To get her own office, Joyce partnered with Ella, who specialized in deep tissue massage. Together, they leased a large space--they were planning ahead. Then they attracted a life counselor and a nutritionist to join them. Next, they added yoga--one expert who had a following of individuals. Soon the business had grown to the point they needed a receptionist to schedule appointments. Recently, Joyce and Ella have talked with a practitioner of Jin Shin Jyutsu about joining the wellness center.
Establishing a bigger wellness center is one way therapists can grow. By bringing together several specialists, a wellness center can attract more attention and clients than one therapist acting alone. There is a definite spillover effect as well--clients talk to one another and a social media presence spreads the word around.
Example: Stan is a chiropractor. He, too, needed to attract more clients. He did not want to expand into a wellness center. Instead, he brings in other experts talking about their specialties. The events are open to the public. A nutritionist talks about healthy eating and fields questions from the audience. At another session, a hypnotherapist helps people stop smoking. Later, an expert in Chinese herbal medicine talks about treating ailments without pills. These experts do not practice at Stan's place, but the other experts get referrals--as does Stan for his chiropractic.
If you are a therapist, you might benefit from partnering with other therapists to create a wellness center. Or, like the chiropractor, you might turn your place into a healthy living information and education center.
Whatever you do, keep you long term plan firmly in mind. That great marketplace awaits, but don't venture out into unknown territory without a firm plan.
Friday, February 19, 2016
Managing your cash flow
Free daily tips, information, advice, and ideas
to help you better manage your small business
Small businesses face big time cash flow problems. Outgoing invoices or bills don't get paid on time. And incoming bills for rent, electric, supplies and more demand payment.
You are your own backup of last resort. A certain amount of prudent juggling can see you through--usually. But sometimes that is just not enough.
Example: A small manufacturing business solved the ups and downs of cash flow by putting in place a revolving line of credit with a local bank. It was for a significant amount of money. When incoming cash did not meet the outgoing cash requirements, the owner hit the revolving line of credit for a cash infusion. It was a short term loan. When the receivables came in, the loan was paid off. Problem solved.
Example: An even smaller business handled the ups and downs of cash flow in a different manner. Due to its small size, this business was not eligible for a revolving line of credit. The owner juggled outgoing payments for materials and supplies, balancing bills with cash to pay them. When a shortfall still existed, he held his own paycheck until the bank account could handle it. He always wrote his paycheck, but he threw it into the desk drawer awaiting the day when it would clear the bank account. Sometimes, this took weeks.
Example: A pet store owner sometimes did not have enough cash on hand or in the bank account to pay for supplies and goods for resale. She used credit cards to pay the bills on time, taking advantage of any discounts offered for on-time payment, and then she set aside funds every week to cover the credit card charges that would be coming on the next billing cycle. By paying off the credit card on time when the statement came, she gave herself a free loan. This, of course, does not work if you simply let credit card charges pile up--you'll owe big time interest charges.
The marketplace and the economy can throw all sorts of problems at you. In small business, one of the worst problems you'll face is the problem of cash flow. Be prepared when your cash flow stops flowing.
Your ingenuity is what got you into business, and your ingenuity will keep you going. You can build on what works, and you can discard what does not work.
to help you better manage your small business
Small businesses face big time cash flow problems. Outgoing invoices or bills don't get paid on time. And incoming bills for rent, electric, supplies and more demand payment.
You are your own backup of last resort. A certain amount of prudent juggling can see you through--usually. But sometimes that is just not enough.
Example: A small manufacturing business solved the ups and downs of cash flow by putting in place a revolving line of credit with a local bank. It was for a significant amount of money. When incoming cash did not meet the outgoing cash requirements, the owner hit the revolving line of credit for a cash infusion. It was a short term loan. When the receivables came in, the loan was paid off. Problem solved.
Example: An even smaller business handled the ups and downs of cash flow in a different manner. Due to its small size, this business was not eligible for a revolving line of credit. The owner juggled outgoing payments for materials and supplies, balancing bills with cash to pay them. When a shortfall still existed, he held his own paycheck until the bank account could handle it. He always wrote his paycheck, but he threw it into the desk drawer awaiting the day when it would clear the bank account. Sometimes, this took weeks.
Example: A pet store owner sometimes did not have enough cash on hand or in the bank account to pay for supplies and goods for resale. She used credit cards to pay the bills on time, taking advantage of any discounts offered for on-time payment, and then she set aside funds every week to cover the credit card charges that would be coming on the next billing cycle. By paying off the credit card on time when the statement came, she gave herself a free loan. This, of course, does not work if you simply let credit card charges pile up--you'll owe big time interest charges.
The marketplace and the economy can throw all sorts of problems at you. In small business, one of the worst problems you'll face is the problem of cash flow. Be prepared when your cash flow stops flowing.
Your ingenuity is what got you into business, and your ingenuity will keep you going. You can build on what works, and you can discard what does not work.
Thursday, February 18, 2016
Get with it on Facebook
Free daily tips, information, advice and ideas
to help you better manage your small business
If you don't use Facebook to promote your business, you're missing big time opportunities. Facebook can help you grow and expand.
Just to be clear--I don't have any connection with Facebook (other than a page of my own), and I don't get anything from Facebook by this writing. Facebook is a valuable addition to your marketing tool box. And everyone in small business deserves to take advantage of it.
First, a Facebook page is easy to set up and use. Even if you are not computer savvy, you can follow the simple directions and be up and running in about five minutes. Just go to Facebook.com and begin.
Second, a Facebook page puts a photo face on your business. Everyone snaps digital photos these days. Photos on Facebook do NOT have to be professionally done. And they are easily uploaded.
Third, a Facebook page is easy to maintain. You don't have to hire an expert. You simply check in every day and add more photos and comments. Quick and easy.
Fourth, a Facebook page brings in new business. As people "like" the things you put up on your page, they pass them around. This puts your business in front of more eyeballs.
Keep in mind that your Facebook page is a living thing. It's like a scroll that keeps unfolding day by day. It attracts attention because it is not static. It changes. And you make the changes yourself.
Photos: Bakers photograph every cake being made. Florists photograph every flower arrangement. If you sell eye glass frames, get up close and personal--photos can show eyeballs peering through frames. Auto repair shops show a mechanic's hands fiddling with anything under the hood. Pest exterminators can take endless pictures of bugs. And anyone can attract attention with photos of kittens, puppies, flowers--the idea is to capture the viewer, then add a short comment from you.
Some small businesses post pictures on Facebook almost every day. It keeps them in peoples' minds. It keeps people coming back. It spreads the word about your business. And for the most part, it's free.
Promoting your business once cost a significant part of your budget. Along came Facebook. Yes, you can buy ads, but you can attract lots of attention at no cost. Ain't America amazing?
to help you better manage your small business
If you don't use Facebook to promote your business, you're missing big time opportunities. Facebook can help you grow and expand.
Just to be clear--I don't have any connection with Facebook (other than a page of my own), and I don't get anything from Facebook by this writing. Facebook is a valuable addition to your marketing tool box. And everyone in small business deserves to take advantage of it.
First, a Facebook page is easy to set up and use. Even if you are not computer savvy, you can follow the simple directions and be up and running in about five minutes. Just go to Facebook.com and begin.
Second, a Facebook page puts a photo face on your business. Everyone snaps digital photos these days. Photos on Facebook do NOT have to be professionally done. And they are easily uploaded.
Third, a Facebook page is easy to maintain. You don't have to hire an expert. You simply check in every day and add more photos and comments. Quick and easy.
Fourth, a Facebook page brings in new business. As people "like" the things you put up on your page, they pass them around. This puts your business in front of more eyeballs.
Keep in mind that your Facebook page is a living thing. It's like a scroll that keeps unfolding day by day. It attracts attention because it is not static. It changes. And you make the changes yourself.
Photos: Bakers photograph every cake being made. Florists photograph every flower arrangement. If you sell eye glass frames, get up close and personal--photos can show eyeballs peering through frames. Auto repair shops show a mechanic's hands fiddling with anything under the hood. Pest exterminators can take endless pictures of bugs. And anyone can attract attention with photos of kittens, puppies, flowers--the idea is to capture the viewer, then add a short comment from you.
Some small businesses post pictures on Facebook almost every day. It keeps them in peoples' minds. It keeps people coming back. It spreads the word about your business. And for the most part, it's free.
Promoting your business once cost a significant part of your budget. Along came Facebook. Yes, you can buy ads, but you can attract lots of attention at no cost. Ain't America amazing?
Wednesday, February 17, 2016
Running twice as fast
Free daily tips, information, advice and ideas
to help you better manage your small business
Today's world is very different from that of yesterday. And tomorrow's world will be even more unrecognizable.
A degree of certainty is required when you run a business. Right now, your operation is caught up in a juggernaut of change.
Just consider energy. Without electricity, your computer will go dark, banks and supermarkets will close, gas stations will shut down, and all your appliances will become useless--unless you have a generator.
Hydroelectric and nuclear plants produce significant streams of electricity. Solar and wind farms produce electricity in relatively small amounts. Oil and gas produce electricity big time. Coal, the biggest generator of electricity, is being banned.
Like it or not, we live in an age that depends on electricity. Owners of small businesses need to think about the days of brownouts, or, worse, crashes with no power for a month or longer.
Other uncertainties will affect your business in the future. We are in a continuing debate on health care. Is the future in small, community-based, privately run health or wellness clinics? Or big government bureaucracies? Is another health care system on the horizon?
Another uncertainty is genetically modified foods. These pervade the food chain in this country--not so in the rest of the world. A reaction to GMO foods is afoot--some cities and states are trying to ban GMO foods, or, at least, label them.
Still another uncertainty is the future of 3-D printing. This new technology is already producing devices that will forever change manufacturing--both large and small. 3-D printing companies are already making parts for the automotive industry, aerospace, health care, home and personal products--including jewelry, lighting fixtures, shoe wear and more. Recently, a 3-D printed automobile appeared on TV news.
All that, and the 300-pound gorilla is already among us. Computing technology, the Internet, and communications advances have revolutionized the world in just 30 years. This revolution is just beginning.
Business owners tend to get enmeshed in today's problems. Give some thought to where we're headed. Thinking about trends will help you better structure your business to survive and prosper.
Uncertainties are everywhere. In the past, we had time to absorb one uncertainty before the next one hit. No longer. Today, we must run twice as fast just to stay in the same place.
to help you better manage your small business
Today's world is very different from that of yesterday. And tomorrow's world will be even more unrecognizable.
A degree of certainty is required when you run a business. Right now, your operation is caught up in a juggernaut of change.
Just consider energy. Without electricity, your computer will go dark, banks and supermarkets will close, gas stations will shut down, and all your appliances will become useless--unless you have a generator.
Hydroelectric and nuclear plants produce significant streams of electricity. Solar and wind farms produce electricity in relatively small amounts. Oil and gas produce electricity big time. Coal, the biggest generator of electricity, is being banned.
Like it or not, we live in an age that depends on electricity. Owners of small businesses need to think about the days of brownouts, or, worse, crashes with no power for a month or longer.
Other uncertainties will affect your business in the future. We are in a continuing debate on health care. Is the future in small, community-based, privately run health or wellness clinics? Or big government bureaucracies? Is another health care system on the horizon?
Another uncertainty is genetically modified foods. These pervade the food chain in this country--not so in the rest of the world. A reaction to GMO foods is afoot--some cities and states are trying to ban GMO foods, or, at least, label them.
Still another uncertainty is the future of 3-D printing. This new technology is already producing devices that will forever change manufacturing--both large and small. 3-D printing companies are already making parts for the automotive industry, aerospace, health care, home and personal products--including jewelry, lighting fixtures, shoe wear and more. Recently, a 3-D printed automobile appeared on TV news.
All that, and the 300-pound gorilla is already among us. Computing technology, the Internet, and communications advances have revolutionized the world in just 30 years. This revolution is just beginning.
Business owners tend to get enmeshed in today's problems. Give some thought to where we're headed. Thinking about trends will help you better structure your business to survive and prosper.
Uncertainties are everywhere. In the past, we had time to absorb one uncertainty before the next one hit. No longer. Today, we must run twice as fast just to stay in the same place.
Subscribe to:
Posts (Atom)