Best Resources for Small Businesses

Being a successful small business is not easy. The five core challenges most small business face are time management, pricing, cash flow, managing growth and marketing / client acquisition. In order to succeed, you must arm yourself against these challenges. The good news is that there are a number of fabulous resources to help you with these issues.

Actively seek out the right small business information.
Many small business owners are so over-extended that they neglect staying informed about business trends. This is a fatal error. In today’s modern marketplace, you simply cannot succeed if you run your business on intuition alone. You may stay afloat in the short run, but you will eventually lose out to better informed competitors.

There are a number of incredible online resources that are both free and invaluable. Sites like Inc.com and Entrepreneur.com provide tips on just about everything from starting your business to navigating advanced legal issues. They feature in depth information on running your business, leadership / management techniques, sales & marketing tips, small business technology and finances.

Helpful Tip: Set aside at least 1 hour each week to review these sites. If you find that you prefer to read in bed, consider subscribing to a few of these magazines. This information will make you and your business stronger.

Know your industry and target market in real time.
In our modern age, trends shift at break-neck speed. It is important to stay abreast of developments in both your industry and your target market’s microcosm. After all, more often than not, what concerned your target market 3 months ago is now ancient history.

Subscribe to industry related publications and consume the same media as your target market. If you sell jewelry for eco-friendly women in their thirties and forties, spend an hour each week reading news and publications that are relevant to that market. Likewise, be sure to check industry news every week. For example, using the same eco-friendly jewelry analogy, you might read up on green product developments, new fashion trends or even ecological political issues.

Helpful Tip: Set two separate Google Alerts – one on your industry and one for your target market – to send you period updates on relevant news. Google will send these news stories to you automatically, making it easy to skim over the headlines and read through the meaningful stories.

Find the right on-line partnerships.
The proliferation of online office supply stores makes economically and efficiently stocking your office a lot easier than it was 10 years ago. Buying office supplies online takes less time and makes price comparison easy. Because of online competition, online suppliers are eager to earn your business. The good ones will provide a wealth of free information on their site and happily take your calls to field questions and offer advice. For example, if you are looking for discounted printer ink cartridges but are a little confused about toner versus regular stores like compandsave not only provide free yet invaluable printer cartridge information resource center but they also eagerly accept calls and offer advice on how to save on office supplies.

Helpful Tip: When you find a supplier with great prices and customer service, hold onto them for the long-haul. A good supplier relationship can save you thousands, streamline your operations and free up your time so you can focus on growing your business.

Steps to Starting a Small Business – Market Research

Getting enough information on your target market of potential customers is vital to starting a business that will produce income. Making guesses on what the customer really wants will not bring you very far, so it’s important to do some digging and get the answers directly from them through market research which is an important steps to starting a small business.

Some of the following questions to ask in order to device effective strategies:

  • Who is going to buy your product or service?
  • What kind of people are they? (buyer, influencer or end user)
  • How big is the market? (Competitor’s annual sales would give you an estimate)
  • How will market trends going to affect your business?
  • Does your business has any unique selling point?
  • Is the need for your product or service currently not being met?
  • Is the market already saturated?

Why do it?

You will not be able to sell something or services that has no demand. Knowing what the market is looking for and so that you can present it in a new twist, drives the need for a market research. The advantage of small businesses is that they are close to their customer and can easily get information on their purchasing habits.

How to do it?

Most of the big companies spend huge amounts of money on elaborate surveys from renowned researchers to determine if their products or services will appeal to customers at a price they are willing to pay. But for small business owners on a tight budget, there are other means to collect the key data needed without having to spend a fortune.

3 ways to collect information:

  • Get business school students to collect data at the mall.
  • Look for financial data and statistics in local library.
  • Join trade association not only to access market research they have conducted but do the networking there as well.

Do I need any ongoing market research while running the business?

Yes, this is how you gather information to evolve and adapt to the changes in market trends.

3 types of methods:

  • Keep a close watch on what your competitor is doing.
  • Install point-of-sales software to track sales or services trend.
  • Put up customer suggestion box where they can write suggestions.

Every business needs to conduct market research, it is a crucial steps to starting a small business, and tight budgets are no excuse for omitting a research plan. By starting out with some easily accessible resources, you can begin to develop better marketing strategies that can position you for market growth.

Small Business – SEO Basics – Where Do You Begin Promoting Your Business Online?

Many small business make the mistake of beginning with their website when they want to begin promoting their business online. For those who are inexperienced, this would seem the logical place to start. Unfortunately, just having a website is not enough. You must be able to get traffic to the website in order to do business online.

Ideally, you would have consulted with an SEO specialist before having your site built. For most, that is not the case. There is a great deal to learn when it comes to how search engines work and how to get buying traffic to your website. You do not have that kind of time to spend. The logical solution is to hire someone with experience to help you along the way. It does not have to cost a great deal but you do need to spend money on your website to get the full potential from it and to bring your website in front of your prospective buyers.

One of the first things your web consultant will want to do is define who your target market is. This is done through keyword research and market analysis. Once your market is clearly defined and the choice keywords selected, you will be able to make the little changes to your website and all of your promotion materials that will bring traffic to your website. More traffic means more sales.

In a few months, once your website begins to build traffic, your consultant will be able to help you monitor the progress of your success. She will take the time to put together a monthly report so you will be able to see what is working and what is not. Once you see trends of success, you can then tailor your efforts and streamline them into spending more time on what is working and less time on what is not.

Because search engines and traffic trends are ever changing, your SEO consultant will be a valuable asset to your business. Their business depends on staying on top of these trends so you can be sure your website promotion campaigns are as current and effective today as they were in the past. You are busy running your business. You do not have time to spend staying on top of another industry, namely SEO.

Your SEO consultant will take the time to work with you to find a solution within your budget. Even small business, or should I say, especially small business, can benefit from a helping hand when it comes to SEO. This service is not reserved for big businesses. Who knows, when you start getting enough traffic to your website, your small business may just turn into a big business.