Free daily tips, information, advice and ideas
to help you better manage your small business.
Many people want to have a small business. But they get confused on the way to deciding just what business to go into.
Some look at franchises. Of course, there are many types of franchises. Some are well-known, others not so much so.
Some that come to mind are pizza parlors and burger operations. You think that people must always eat and this provides an on-going income stream. Plus, the companies that offer the franchise also provide a certain amount of hand-holding.
But there are many other ways to start a business. You might open a small shop or a cafe or other type of store. You might offer a product selling entirely from your website and run the operation from your home. The possibilities can be very confusing.
Always think through the possibilities before taking the plunge. Some of your most important work will be done before you actually start up.
You start this process by looking in the mirror. What are your interests? A small business can be built around any interest you might have.
Example: Jesse built his business around his love of playing the guitar. Today, he has a small store where he sells guitars, repairs them, teaches others, and holds open jam sessions. Pictures on social media spread the word.
Example: Marie is a potter who has created many special glazes. She works at home, but her website is very active. She regularly posts pictures on social media, and this generates traffic for her website sales. Recently, she was asked to participate in an upscale regional show. She is on her way, doing what she loves.
Example: Matt loves sailing. He got himself certified in water safety and set up a sail shop at the local lake. He sells sailing gear and supplies--and sailboats. It took some time, but Matt never wavered in chasing his dream.
Build your dream business around any interest you might have. How you do it and how far you take it is up to you.
Always do a business plan before you launch your business. What is the market? What is the competition? How can you use social media to reach out and find your customer/client base?
Friday, July 10, 2015
Thursday, July 9, 2015
Niche markets
Free daily tips, information, advice and ideas
to help you better manage your small business.
Markets continually change. Your business reflects and serves the fads and fashions of the marketplace.
Some markets will always be there. Food, clothing, housing, transportation and communications are markets that are here to stay. In one form or another these are always there, but they change.
Products come and go. Whatever happened to hats for men? When was the last time you saw kerosene lamps? Hand-cranked ice cream makers? Hub caps? Typewriters? Paper dolls for kids?
Some of these can represent niche markets for small businesses. You doubt these markets? Just check out what's on eBay.
Example: Catherine inherited her father's long-established business. His expertise was gas-fired furnaces, heaters, and other gas appliances. Over a long career, he had accumulated a huge inventory of parts along with manufacturer's schematics and catalogs. Catherine decided to put up a website and offer parts and reprints of the catalogs. To her surprise, she found herself involved in a healthy business. Suddenly she was the expert and filled orders arriving from all over the country.
Example: Elise opened her small gift shop to offer vintage collectibles and other items. She had out-of-date board games and puzzles, reconditioned typewriters, well made kitchenware no longer available, furniture from the 1950s and 60s, and an array of other items. Hers is a niche business that attracts visitors, both in person and on her website.
Example: Tom sells and repairs old vacuum cleaners. He also does a healthy business selling parts. He won't handle vacuums made less than 25 or so years ago--they are made with plastic parts, contrasted with the metal parts used in earlier years. In addition to keeping old vacuums in good working order for a circle of clients, he offers parts on the net.
Looking to start a business? Consider addressing niche markets. Using today's social media, you can reach out far and wide to make sales. And shipping is no problem at all these days.
Whatever you do, make certain you do a business plan first. How big is the market and what is your competition?
to help you better manage your small business.
Markets continually change. Your business reflects and serves the fads and fashions of the marketplace.
Some markets will always be there. Food, clothing, housing, transportation and communications are markets that are here to stay. In one form or another these are always there, but they change.
Products come and go. Whatever happened to hats for men? When was the last time you saw kerosene lamps? Hand-cranked ice cream makers? Hub caps? Typewriters? Paper dolls for kids?
Some of these can represent niche markets for small businesses. You doubt these markets? Just check out what's on eBay.
Example: Catherine inherited her father's long-established business. His expertise was gas-fired furnaces, heaters, and other gas appliances. Over a long career, he had accumulated a huge inventory of parts along with manufacturer's schematics and catalogs. Catherine decided to put up a website and offer parts and reprints of the catalogs. To her surprise, she found herself involved in a healthy business. Suddenly she was the expert and filled orders arriving from all over the country.
Example: Elise opened her small gift shop to offer vintage collectibles and other items. She had out-of-date board games and puzzles, reconditioned typewriters, well made kitchenware no longer available, furniture from the 1950s and 60s, and an array of other items. Hers is a niche business that attracts visitors, both in person and on her website.
Example: Tom sells and repairs old vacuum cleaners. He also does a healthy business selling parts. He won't handle vacuums made less than 25 or so years ago--they are made with plastic parts, contrasted with the metal parts used in earlier years. In addition to keeping old vacuums in good working order for a circle of clients, he offers parts on the net.
Looking to start a business? Consider addressing niche markets. Using today's social media, you can reach out far and wide to make sales. And shipping is no problem at all these days.
Whatever you do, make certain you do a business plan first. How big is the market and what is your competition?
Wednesday, July 8, 2015
Event promotions
Free daily tips, information, advice and ideas
to help you better manage your small business.
Promoting your business is a constant concern. You need to get more clients and customers to visit your website, walk in your door, or otherwise buy your products and services.
Example: Jill is a massage therapist. She attracts clients by offering free demonstrations at corporate gatherings, senior centers and organizational meetings and events. It's a simple and quick chair massage that introduces people to the benefits she can offer. These demonstrations get the word out to new people and they tell others about it. New clients call Jill for a regular appointment.
Example: Jim is an artist specializing in plein air work. He regularly holds classes for people interested in his specialized painting techniques. This gets him publicity on Facebook and in local newspapers. It also adds to his income.
Example: Edgar is a landscape designer. To find new clients, he gives seminars at garden centers and organizational meetings. To attract attendees, he posts pictures on Facebook and Instagram and Pinterest.
Example: Frank is a dentist. He holds an open house every three months, talking about various topics. One will be particularly directed at children. Another will show before and after pictures of dental implants. And one invites the public to ask any questions they might have. These are relaxed settings, and they attract new clients to his dental practice.
Example: Tamara sells her bakery products online. She offers overnight shipping for scones, brownies, and other goodies. Her website attracts attention, but to promote, Tamara uses Facebook to offer specials once each month. The Facebook site brings in new customers attracted by the pictures--and freebies--she offers. When an order is filled for brownies, she always includes free samples of scones and cookies.
Example: Sue runs a bed and breakfast. On holidays, she offers free tours of the place with free food and wine, especially targeting corporate types who can point new clients to the inn.
Any small business can offer events to promote the business. Put on your thinking cap. You might go it alone or you can partner with another business.
Events attract attention. And attention expands your business reach into the community--it brings new people to your shop or online or both. Get creative. The event you hold can result in more publicity.
to help you better manage your small business.
Promoting your business is a constant concern. You need to get more clients and customers to visit your website, walk in your door, or otherwise buy your products and services.
Example: Jill is a massage therapist. She attracts clients by offering free demonstrations at corporate gatherings, senior centers and organizational meetings and events. It's a simple and quick chair massage that introduces people to the benefits she can offer. These demonstrations get the word out to new people and they tell others about it. New clients call Jill for a regular appointment.
Example: Jim is an artist specializing in plein air work. He regularly holds classes for people interested in his specialized painting techniques. This gets him publicity on Facebook and in local newspapers. It also adds to his income.
Example: Edgar is a landscape designer. To find new clients, he gives seminars at garden centers and organizational meetings. To attract attendees, he posts pictures on Facebook and Instagram and Pinterest.
Example: Frank is a dentist. He holds an open house every three months, talking about various topics. One will be particularly directed at children. Another will show before and after pictures of dental implants. And one invites the public to ask any questions they might have. These are relaxed settings, and they attract new clients to his dental practice.
Example: Tamara sells her bakery products online. She offers overnight shipping for scones, brownies, and other goodies. Her website attracts attention, but to promote, Tamara uses Facebook to offer specials once each month. The Facebook site brings in new customers attracted by the pictures--and freebies--she offers. When an order is filled for brownies, she always includes free samples of scones and cookies.
Example: Sue runs a bed and breakfast. On holidays, she offers free tours of the place with free food and wine, especially targeting corporate types who can point new clients to the inn.
Any small business can offer events to promote the business. Put on your thinking cap. You might go it alone or you can partner with another business.
Events attract attention. And attention expands your business reach into the community--it brings new people to your shop or online or both. Get creative. The event you hold can result in more publicity.
Tuesday, July 7, 2015
IRS problems
Free daily tips, information, advice and ideas
to help you better manage your small business.
Nothing is more disruptive in business than a visit from the IRS. You can get a letter or they can show up at your door.
It can be a simple audit or a request for more information or something worse. No matter the contact, suddenly you have a whole new set of problems and unknowns.
Example: Marie ran her consulting business from her home. On advice of her accountant, she had set up a home office--a room where she conducted her business. Her home office was where she made calls, installed her computer, maintained her files, and worked every day from 9 to 5 with a few breaks as well as outside visits to clients. When the IRS came calling and requested an audit, everything was in order.
Example: John operated an upscale restaurant. Sometimes, diners paid in cash. When this occurred, John pocketed the money--nothing appeared on the accounts, so he thought he was safe from an IRS audit. When an agent showed up, John opened his books and provided all his records. The agent left and John smiled to himself. Then he was hit with a bill for unpaid back taxes and a stiff fine. When the agent visited, he had counted the tables and the white tablecloths that covered them. Checked against the laundry bills, the agent found that John was serving many more meals than he had accounted for, otherwise there would be no need for the big laundry bills. Food bills also indicated that many more meals were being served than reported.
Example: Joline ran a small gift shop. When customers were ready to pay, she would offer a discount for cash. Many accepted the lower amount and handed Joline cash. By pocketing the cash, Joline lowered her federal and state taxes--both on income and sales taxes. It all fell apart when one of her customers happened to be an IRS agent.
When you don't follow the rules, expect to get caught. Many legitimate ways exist to save on taxes. Legal loopholes and strategies can help you run your business and sleep better at night.
If you don't know how to deal with the IRS, get yourself a good accountant who knows the rules. You need someone who has been dealing with the IRS for many years. Frequently, these people know the rules better than IRS agents. A word or two from them will help you avoid lots of problems in the future.
to help you better manage your small business.
Nothing is more disruptive in business than a visit from the IRS. You can get a letter or they can show up at your door.
It can be a simple audit or a request for more information or something worse. No matter the contact, suddenly you have a whole new set of problems and unknowns.
Example: Marie ran her consulting business from her home. On advice of her accountant, she had set up a home office--a room where she conducted her business. Her home office was where she made calls, installed her computer, maintained her files, and worked every day from 9 to 5 with a few breaks as well as outside visits to clients. When the IRS came calling and requested an audit, everything was in order.
Example: John operated an upscale restaurant. Sometimes, diners paid in cash. When this occurred, John pocketed the money--nothing appeared on the accounts, so he thought he was safe from an IRS audit. When an agent showed up, John opened his books and provided all his records. The agent left and John smiled to himself. Then he was hit with a bill for unpaid back taxes and a stiff fine. When the agent visited, he had counted the tables and the white tablecloths that covered them. Checked against the laundry bills, the agent found that John was serving many more meals than he had accounted for, otherwise there would be no need for the big laundry bills. Food bills also indicated that many more meals were being served than reported.
Example: Joline ran a small gift shop. When customers were ready to pay, she would offer a discount for cash. Many accepted the lower amount and handed Joline cash. By pocketing the cash, Joline lowered her federal and state taxes--both on income and sales taxes. It all fell apart when one of her customers happened to be an IRS agent.
When you don't follow the rules, expect to get caught. Many legitimate ways exist to save on taxes. Legal loopholes and strategies can help you run your business and sleep better at night.
If you don't know how to deal with the IRS, get yourself a good accountant who knows the rules. You need someone who has been dealing with the IRS for many years. Frequently, these people know the rules better than IRS agents. A word or two from them will help you avoid lots of problems in the future.
Monday, July 6, 2015
Today it's videos
Free daily tips, information, advice and ideas
to help you better manage your small business.
You've heard it. It's all over television. "But wait! For the price of one, we'll send you TWO with FREE shipping."
Certain words and phrases always attract attention. No matter how many times we hear "But wait!" or "SALE" or "FREE" we react.
The reason has to do with boredom. Boredom is toxic. Our brains are wired to avoid boredom.
No one likes to walk the same path over and over again. It can be boring to eat the same meal day after day. Fashions continually change to avoid boredom. Only a few classic movies ever get watched a second time.
"But wait!" and "SALE" and "FREE" tell us that something new is coming our way. These words attract our attention because something unexpected follows. It's all about us, not the product or service.
Pictures perform much the same function. A still photo invites us to wonder what's going on and what's to follow. A moving picture takes it to the next level. So Facebook has added video, and it was as predictable as sunshine follows rain.
Example: Charlene struggled to sell enough of her handmade silk scarves to support herself. She priced the scarves high to better define her target market. She placed some on consignment in upscale shops and she offered them on her website. This brought in more sales. Still, it was not enough to pay for her daughter's college bills. She decided to take the plunge and make a video. It was a short 3-minute affair that she posted on social media. In the video her scarves floated in the breeze, they wrapped around necks, they fluffed atop chic outfits and complemented hair styles. Today, Charlene struggles to keep pace with orders--which, of course, she ships "FREE".
When you are promoting your business, keep your target market in mind. Always avoid boredom, because boredom will send your clients/customers looking to your competition for relief.
Certain words and phrases are more valuable to light the fires of interest in your products and services. Pictures can do a job better than words--especially when you turn pictures into videos.
Videos invite participation by people you are trying to attract. Get out of the boredom business. Get creative and reach out to new clients and customers with a video.
to help you better manage your small business.
You've heard it. It's all over television. "But wait! For the price of one, we'll send you TWO with FREE shipping."
Certain words and phrases always attract attention. No matter how many times we hear "But wait!" or "SALE" or "FREE" we react.
The reason has to do with boredom. Boredom is toxic. Our brains are wired to avoid boredom.
No one likes to walk the same path over and over again. It can be boring to eat the same meal day after day. Fashions continually change to avoid boredom. Only a few classic movies ever get watched a second time.
"But wait!" and "SALE" and "FREE" tell us that something new is coming our way. These words attract our attention because something unexpected follows. It's all about us, not the product or service.
Pictures perform much the same function. A still photo invites us to wonder what's going on and what's to follow. A moving picture takes it to the next level. So Facebook has added video, and it was as predictable as sunshine follows rain.
Example: Charlene struggled to sell enough of her handmade silk scarves to support herself. She priced the scarves high to better define her target market. She placed some on consignment in upscale shops and she offered them on her website. This brought in more sales. Still, it was not enough to pay for her daughter's college bills. She decided to take the plunge and make a video. It was a short 3-minute affair that she posted on social media. In the video her scarves floated in the breeze, they wrapped around necks, they fluffed atop chic outfits and complemented hair styles. Today, Charlene struggles to keep pace with orders--which, of course, she ships "FREE".
When you are promoting your business, keep your target market in mind. Always avoid boredom, because boredom will send your clients/customers looking to your competition for relief.
Certain words and phrases are more valuable to light the fires of interest in your products and services. Pictures can do a job better than words--especially when you turn pictures into videos.
Videos invite participation by people you are trying to attract. Get out of the boredom business. Get creative and reach out to new clients and customers with a video.
Friday, July 3, 2015
Easy expansions
Free daily tips, information, advice and ideas
to help you better manage your small business.
Expanding your business can be easier than you might think. It can boil down to choosing one or more of the paths open to you already.
Example: Sue is a massage therapist. She concentrates on Swedish massage. When she added hot stone massage and other types of massage, Sue expanded her appeal in the marketplace.
Example: John runs a pet supply store. His customers are people looking for pet foods, supplies, and supplements. He decided to add installation of in-ground dog fences. It proved to be a lucrative expansion for John's operation.
Example: Alicia is a chiropractor. When she noticed that her clients also were interested in healthy eating, she made arrangements with a nutritionist to give talks and hand out information every Friday. This attracted new clients, so she added nutrition to her business.
Example: Joline has an acupuncture practice. To get the word out, she added a community acupuncture room--for $20, people came to the room, lay down and got a brief acupuncture session. It was a popular addition to her business for stressed out people. Some of these people became regular clients for more extensive acupuncture. Just as important, it attracted the attention of doctors who referred clients.
Example: Bob runs a small garden center. When he set up a special website to sell native plants, he attracted new customers to his garden center and he expanded his business by selling on the web. He also brought in specialists (partnering with local landscapers) to hold free demonstrations on designing landscapes, building walkways and fire pits. All this expanded Bob's garden center.
Example: Linda is a caterer. She specialized in catering events for clients--parties for individuals and small corporate events. She expanded by partnering with businesses that offered tents, dance floors, tables and chairs, etc. Suddenly Linda was addressing the marketplace in a new and bigger way.
Example: Chris runs a frame shop. He handles primarily corporate clients and walk-ins. To expand, he made arrangements with artists to display their works in his place and on his website. Decorators began calling and he worked with them on their projects. It was an area of the marketplace that he had not previously handled.
Every business has expansion opportunities readily available to them. It's a matter of seeing what best fits with your long term plans.
Opportunities are around every corner. Keep abreast of the market. What are people looking for? How do they find you? Are you using social media to reach out and draw new clients/customers to you?
Never jump into an expansion of your business without some serious thought. Know ahead of time how it will affect your business. Before you take the plunge, make certain that it fits with your overall business plan.
to help you better manage your small business.
Expanding your business can be easier than you might think. It can boil down to choosing one or more of the paths open to you already.
Example: Sue is a massage therapist. She concentrates on Swedish massage. When she added hot stone massage and other types of massage, Sue expanded her appeal in the marketplace.
Example: John runs a pet supply store. His customers are people looking for pet foods, supplies, and supplements. He decided to add installation of in-ground dog fences. It proved to be a lucrative expansion for John's operation.
Example: Alicia is a chiropractor. When she noticed that her clients also were interested in healthy eating, she made arrangements with a nutritionist to give talks and hand out information every Friday. This attracted new clients, so she added nutrition to her business.
Example: Joline has an acupuncture practice. To get the word out, she added a community acupuncture room--for $20, people came to the room, lay down and got a brief acupuncture session. It was a popular addition to her business for stressed out people. Some of these people became regular clients for more extensive acupuncture. Just as important, it attracted the attention of doctors who referred clients.
Example: Bob runs a small garden center. When he set up a special website to sell native plants, he attracted new customers to his garden center and he expanded his business by selling on the web. He also brought in specialists (partnering with local landscapers) to hold free demonstrations on designing landscapes, building walkways and fire pits. All this expanded Bob's garden center.
Example: Linda is a caterer. She specialized in catering events for clients--parties for individuals and small corporate events. She expanded by partnering with businesses that offered tents, dance floors, tables and chairs, etc. Suddenly Linda was addressing the marketplace in a new and bigger way.
Example: Chris runs a frame shop. He handles primarily corporate clients and walk-ins. To expand, he made arrangements with artists to display their works in his place and on his website. Decorators began calling and he worked with them on their projects. It was an area of the marketplace that he had not previously handled.
Every business has expansion opportunities readily available to them. It's a matter of seeing what best fits with your long term plans.
Opportunities are around every corner. Keep abreast of the market. What are people looking for? How do they find you? Are you using social media to reach out and draw new clients/customers to you?
Never jump into an expansion of your business without some serious thought. Know ahead of time how it will affect your business. Before you take the plunge, make certain that it fits with your overall business plan.
Thursday, July 2, 2015
Business at home
Free daily tips, information, advice and ideas
to help you better manage your small business.
In business you move with the times. The marketplace is continually changing, and so is technology.
With today's technologies, it is easy to hire others, make sales, expand your business and grow--all from a home office. You can even eliminate the home office and do your business on the run.
Technology of course includes things such as your desktop computer, your fancy phone, and a reliable printer. But it also includes ways to promote and get paid, various shipping possibilities, and more.
Examples: Personal trainers, nutritionists and teachers of all sorts can meet their clients at the clients' homes. So can some holistic healers and massage therapists. Consultants and coaches can start out at home and then grow into private offices. I know a doctor who closed his office and now sees his private patients at their homes--his office is in the trunk of his car.
More examples: Tradespeople have long worked from home offices. This includes electricians, plumbers, locksmiths, cleaners, repair specialists and others. Artists and artisans typically work from home in a barn or attic studio, reaching out to the marketplace to make sales or arrange showings.
In business, you move with the times, and you do whatever is necessary. You are creative and flexible, or you would not be in business
Working from home is an easy way to start a business. I know, I did it myself. Finally, my wife told me in no uncertain terms that I had to get the business out of the dining room.
Example: In my own case, I found that getting the office out of the home was harder than I had imagined. Suddenly I had a monthly rent to pay, an office to maintain, and someone had to see to the cleaning. It was up to me to take out the trash and turn off the lights.
Some businesses cannot be run from home--think machine shops, manufacturers of various types, pizza shops, and others. But a dress shop? Furniture store? You already have competitors on the net.
Whatever your business idea, do that business plan first. And if you are starting out at home, and plan to move out one day, make sure you show the transition in your business plan.
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