Growing your small business

Now that you’ve gotten your small business of the ground and running it’s time to focus on the next step: growth.  But how exactly do you grow your business in difficult financial times without going broke or straying too far from your original idea?

According to the Small Business Administration, almost 70% of businesses survive for the first two years but then only 50%of them survive the next five.  This is proof that many businesses can make it through the first phase but once the “newness” wears off, not as many businesses can stay solvent.  It stands to reason that the businesses that fail after two years didn’t continue to grow.  So how can you avoid such a fate?

A big problem that a lot of new businesses face is: how do you keep customers coming back for more?  Once they purchased what you’ve offered, they may not need you for a few years to come.  One way to avoid this is to continuously update your product so that consumers will want the newest version.  Adding products and services should be a constant theme when you are a small business owner because it will keep your customer interested.  You don’t want them to just purchase and then walk away – you want to cultivate a long-lasting relationship with them.  Of course, by keeping open lines of communication with your initial customer you have the potential to drive in new business by word of mouth, referrals and recommendations.  Additionally, you should be advertising your latest products as they become available.

Remember to identify your customer base repeatedly and keep your finger on the pulse of what they need and want so you can better service them.  Playing to your customer base is essential to getting and keeping customers.  “In many ways, who your customers are should characterize how you run your business in terms of marketing, product design, and even store policies.”

Analyze your successes and failures.  Obviously, failures should be explored as to what went wrong and why an idea didn’t work but don’t forget to look at why something did in fact work.  Remember, what did work is just as important as what didn’t.  This is helpful in putting together future business ideas and identifying things that impressed customers in the first place.  “So long as you try to ascertain the good and bad of your business, you can avoid future missteps and guarantee better success.”

Keep your current customers satisfied.  A good way to do this is by offering something in return for filling out a customer satisfaction survey.  The first step to growing your business is to always exceed the expectations of your current customers.  This reduces customer turnover which means you won’t have to waste as much time looking for new customers to replace the old.  Work with your customers to determine new product and service opportunities.  

Most importantly, know your customer.  Knowing what your customer needs and wants is the best way to keep them happy and interested in the product you are selling.  Why do they in fact need your product and services?  Is it merely a trend?  Are there other competing companies out there doing the same thing?

Lastly, actively pursue new products and market opportunities.  This is the proactive part of growth and business development.  “It includes seeking our growing and profitable markets, solving customer’s problems and finding new market niches where your company can have a sustainable competitive advantage.”

Here are some articles to check out that just might help give you the right tools to grow your brand in this competitive market.

“10 Steps to grow your business”: http://www.startupnation.com/steps/71/grow-your-business.htm

“How to grow your business without going broke”: http://www.openforum.com/articles/how-to-grow-your-business-without-going-broke

“5 ways to grow your business despite the economic crisis”: http://www.openforum.com/articles/5-ways-to-grow-your-business-despite-the-economic-crisis

Advertising your small business on a tight budget

Now that you’ve got your small business off the ground and running, it’s time to start thinking about advertising.  But how can you do that in an inexpensive way?  According to the Small Business Administration, 5% of an entrepreneur's gross sales should be budgeted for advertising.  Banner and print ads can be expensive so here are some helpful tips to advertise on a tight budget.

For starters, try Google Ad Words.  You don’t have to spend a lot of money to get a lot of traffic.  A small daily budget of $10-$20 per day can provide you with a large amount of traffic and in turn qualified leads, as long as the ad is relevant.  “AdWords and PPC [pay-per-click] can give you crazy amounts of traffic if you are tight with your campaign and run niche ad groups,” explained Andrew Riker an SEO specialist at WordStream. “Focused, long-tail keywords that are specific to your industry will cause the highest possible click-through rate and in-turn conversions.”  (https://accounts.google.com/ServiceLogin?service=adwords&hl=en_US&ltmpl=jfk&passive=false&ifr=false&alwf=true&continue=https://adwords.google.com/um/gaiaauth?apt%3DNone%26ltmpl%3Djfk&error=newacct&sacu=1&sarp=1)

Next up is advertising on Facebook.  You can choose whatever sum you see fit so you can start out small.  Facebook allows you to target customers in an effective and focused way.  You can pinpoint specific demographics.  This kind of targeting allows you to minimize extemporaneous clicks from consumers who are just browsing or searching for information and gets you the most for your money.  You can set a small budget of even less than $10 a day and target customers by age, gender, education and interests similar to the product you are selling.  “Even if people don’t immediately make a purchase because of a Facebook ad, many of them may wind up “liking” your business which can allow you to create a database of potential customers.”  (http://www.facebook.com/advertising/)

Another good site is StumbleUpon Paid Discovery.  It costs as little as $0.05 a click so for $5 you can get 100 unique visitors to your site.  It’s also a great way to advertise contests, giveaways and big promotions.  “And if the content you are promoting proves to be popular and receives a lot of “likes,” you will start receiving free traffic from Stumble, which can go on for months, even after you have stopped advertising.”  (https://www.stumbleupon.com/pd/)

Another great way to advertise your business on a budget is to submit articles on topics your customers may be interested in.  Try Ezinearticles.com, Articlesbase.com or TheFreeLibrary.com.  “In exchange for content, they allow you to include a couple of back links to your website.”  This provides you with potential traffic to your business and also might help establish you as an expert in your field

Try donating products to volunteer services or worthy causes.  If you build a website for a cause, you can get a lot of revenue back in advertising.  This investment of time can really pay off and result in new business.  Other vendors who participate might see what a fine job you’re doing and hire you to help their own businesses.

Hire someone to blog for you.  Blogging is a great way to advertise your company’s services and offer your customer information that is of interest to them – something that goes beyond the reach of your product.

Use community sites and local directories.  “Community-based online networks such as Thumbtack (http://www.thumbtack.com/) and Quentin’s Friends (http://www.quentinsfriends.com/) are a great way to cost-effectively get the word out about your business to more targeted groups.”  Quentin Friends is an invitation-only network where members can post recommendations and offers for their products and services for a small fee of $15.  The service is location-specific, so your ad will go out to thousands of people who are specifically in your geographic area.  For example, Dana Leavy, CEO of Asprye Solutions, ROI by using the site has been 6,500 percent.

Try LinkedIn Ads (http://www.linkedin.com/advertising).  LinkedIn Ads can work well because it allows you to target a specific audience by geographic area, demographics, job titles or LinkedIn Groups.  You can tailor your ads specifically to group users which can result in great conversation rates and ROI.

Lastly, try distributing flyers.  It is particularly useful if your small business focuses on a particular area.  They needn’t be expensive.  Likely you know someone that can help you design a flyer inexpensively and you can print them in your home for free.   Hire some high school or college students to distribute them for you at a low hourly rate.  They can hand them out to people on the street or place them on parked cars, house doors and distribute them to businesses and apartment complexes. 

As I’ve written today, you don’t need a big budget to advertise your small business.  Many people think otherwise and it hinders them from getting the word out.  Try some of these tips and you might be surprised at the rewards you reap.

Until next time…

The Top 15 Social Networking sites for small businesses

As I’ve discussed in other blogs, social media is a MUST as you start-up a new venture.  Finding online communities where you can network with likeminded individuals is very helpful in launching a start-up.  You can promote your product, meet others, brainstorm ideas and find advice.  Here’s a list of 15 online sites that might help you grow your business and brand.

1)      Twitter:  Twitter is number one on my list as I think it’s most prolific.  It is after all, an $8 billion dollar company.  If you’re not familiar with Twitter, you follow people and they follow you – it is a free information exchange.  You get 140 characters to “tweet’ your message.  You also have the option of a retweet whereby you tweet someone else’s message to your followers creating an online dialogue. (http://twitter.com/)

2)      Facebook: As I’ve mentioned before, I have my reservations about Facebook.  However, as of February 2012^[update], Facebook has more than 845 million active users so it too is a must.  You have the option to set up a “page” for your company where people can “like” it.  You can also have your tweets sent into your Facebook page and vice versa.  You can also advertise your business/product on the site for whatever sum you so choose.  (http://www.facebook.com/)

3)      LinkedIn:  LinkedIn is a professional network that allows you to be introduced to and collaborate with other professionals.  As of November 3^rd, 2011 (2011 -11-03)^[update], LinkedIn reported more than 135 million registered users in more than 200 countries and territories around the world.  As you connect with people via LinkedIn and build your network, you have the option to get in touch with their connections as well.  There are 3 tiers of “connections.”  Employers often post jobs on LinkedIn and search for candidates that way.  There are groups you can join to connect with likeminded individuals.  The site is free or you can pay for additional services not available to non-paying members.  One of those options is something called “In Mail” where you are able to privately email a connection.  (http://www.linkedin.com/)

4)      Pintrest: Pinterest is a pinboard-styled social photo sharing website.  The service allows users to create and manage theme-based image collections.  The site's mission statement is to "connect everyone in the world through the 'things' they find interesting."  Users of Pinterest curate themed boards, populating them with media found online using the "Pin It" button, or uploaded from their computers.  Each such item of media is known as a "pin", and can be a picture, a video, a discussion, or a product.  While "pins" can come directly from the user, one of Pinterest's main features is the ability to see what others have pinned, and in turn, users can "re-pin" such media to their own boards.  (http://pinterest.com/)

5)      Ryze: Ryze is a free social networking website designed to link business professionals, particularly new entrepreneurs.  It is dubbed Ryze “because it's about people helping each other 'rise up' through quality networking.”  The site claims to have over 500,000 members in 200 countries.  Ryze helps people make connections and grow their networks.  You can network to grow your business, build your career and life, find a job and make sales or just keep in touch with friends.  One of the benefits of Ryze: it’s free!  You can message other members, join networks, view member home pages, etc.  Of course, there is also a paid service similar to LinkedIn where you can do a few other things such as advanced searches.  (http://www.ryze.com/)

6)      XING: XING is a social software platform for enabling a small-world network for professionals with over 7 million members.  The platform offers personal profiles, groups, discussion forums, event coordination, and other common social community features.  Basic membership is free but many core functions, like searching for people with specific qualifications or messaging people to whom one is not already connected, can only be accessed by the premium members.  (http://www.xing.com/)

7)      Biznik: Biznik is a community of entrepreneurs and small businesses dedicated to helping each other succeed.  Biznik claims to believe in people not professions and in community and events, technology, relationships, giving and being progressive.  (http://biznik.com/)

8)      StartupNation: StartupNation is a community focused on the exchange of ideas between entrepreneurs and aspiring business owners and provides real-world business advice to people who want to start a business and who want to grow their small businesses.  The site offers step-by-step advice, helpful articles, small business and entrepreneur forums, local, interest and professional groups, member-to-member networking, expert blogs, podcasts, contests and more.  (http://www.startupnation.com/)

Should you quit your day job?

If you’re not starting a new business right out of school, leaving a permanent job to do so can be a scary proposition.  Quitting your job can be one of the most rewarding yet scary things you do in your life.  In order to do so, you’ll need a lot of advanced planning especially to make sure you are financially secure enough to step away from the 9-5 lifestyle.

First of all, while this might be hard, you’ll have to rethink the way you live so that you can save money.  Eating lunch out?  Daily Starbucks?  Weekend dinners with friends?  After work drinks?  Those might have to become a thing of the past as you save up money.  Remember, you will be working with a reduced income and you have to take that into consideration.

The first thing you might want to do is see if you can switch to part-time hours.  This will enable you to bring in steady (although somewhat depleted) income while you get your business off the ground.  As your business grows, you can continue to cut back on hours until you are ready to quit your job full-time and rely solely on the income your business is generating.

Another option is to consider doing some freelance work which means you will still be working for someone else and bringing home money but at least freelancing gives you the option of working on your own terms.  That way you can decide what hours to spend freelancing and what hours to start on your new venture.

Remember to develop a budget and stick with it before quitting your job.  You should definitely try to put away a few months worth of pay checks into your savings account so you won’t be stressed while trying to pay the bills at the same time you are starting up your company.  “A general rule is to try to put away a minimum of 6 months worth of expenses but the amount you might want to put away will depend on how much income your business is bringing in and how many expenses you have on a monthly basis.”

From my research, some experts seem to be divided on how to go about starting up a new venture.  Some feel it’s wise to make a clean break right away and devote all your time and resources to your new venture whereas others feel you should stick with your day job in some capacity and test the waters.  That is a judgment call you will have to make for yourself.  If you stay on at your day job, you might be distracted and not be able to put in the time and effort needed to get your company off the ground.  Or if you leave right off the bat, you might be digging yourself deep in a financial hole which may hinder you from being able to make a success of your start-up.  You have to think critically about this.  Some experts suggest that aspiring entrepreneurs wait until their new venture is generating about two-thirds of their full-time income before they quit their day jobs.

Put some thought in before you quit your job to how you’re going to advertise your business. By having a clear plan you will be able to get up to speed in terms of income generation much faster than if you quit your job and then try to figure out how to generate your sales. “Go through exercises where you try to determine what your target market is and what your ideal customer looks like and thinks like and then try to figure out the best way to advertise to that ideal customer of yours.”

Those who start a business while working 9-to-5 as an employee choose several paths: Weekend entrepreneurs (work on the start up on weekends), webpreneurs (build an online business), and part-time entrepreneurs (work before, in-between, or after your office hour).  These might be some good options for you to think about before leaving your job full-time.

My thoughts on the subject are mixed.  I freelance and have my own consultancy.  This gives me a sense of financial security.  I plan to eventually stop freelancing and devote myself full-time to my new venture but I’m not ready to do that – not because I don’t want to but because I can’t afford it.  If you do plan to stay on at a job in some capacity, you have to be committed to long hours and late nights and weekends after you leave the office so that you can make a success out of your new venture.

Here are some articles that might help you make this tricky decision.

“Ten signs that you are ready to quit your job and start a new business”: http://biggsuccess.com/bigg-articles/quit-your-job-and-start-a-business/

“Ten really good reasons to quit your job and start your own business”: http://managementconsultingnews.com/article-michael-katz-4/

“5 ways to quit a job and start a new biz”: http://www.microsoft.com/business/en-us/resources/expert/5-ways-to-quit-a-job-and-start-a-new-biz.aspx?fbid=EZZd-1p6d6b

“When to quit your job and start a new business”: http://www.businessweek.com/articles/2012-03-06/when-to-quit-your-job-and-start-a-business

Should you take on a business partner?

There are no guarantees to success in business, even when undertaking a partnership with another person that has demonstrated success. However, there are some advantages in having a partner. Partnerships work when there is equal investment and exposure to risk, and equal effort. There are some endeavors that simply cannot be accomplished with a sole proprietorship, and having a partner can make a big difference when times get lean. Some partnerships are doomed to fail from day one because they are poorly matched or the partners have different goals. Also, things in the business landscape change quickly and it is good to have a partner that can grow with you, and in the same direction.

“Working with a business partner drastically changes the dynamics of running a business. A great business partner can add a lot to a venture. On the other hand, entrepreneurs can also benefit from going solo when the alternative means an incompatible partnership or working with a partner who doesn’t have the right skill set or experiences necessary for success.”

Having a business partner has advantages and disadvantages and I’ll talk about some of those today.

One of the biggest benefits of a partnership is having someone to share the responsibility of running your business.  When you work with a partner you can do twice as much.  There is another person there to pick up the slack should you be called away by something in your personal life.  You might not have the financial backing to hire employees so having a partner can be helpful.

In some instances, there is also less pressure and responsibility.  Having a partner doesn’t mean you’ll do less work necessarily but you have someone there to share all the challenges of starting up a new venture – bookkeeping, networking, sales, marketing, research and development, securing funding.

A partner may also bring new skills to the table.  Two minds are often better than one.  You might have different outlooks and perspectives on how your business should be run.  Remember, no one knows everything.  When you have a partner, you can bounce ideas off each other.  You can also brainstorm together and come up with potentially more innovative ideas on how to grow, succeed and sell your product.

Partnership also gives you balance; the right push and pull.  One partner might be more reserved and cerebral whereas the other might be more social or an active go-getter.  It puts a system of checks and balance in place.

A business partner can also hold you accountable.  “Some people become lackadaisical when they begin a business.  They may have a hard time maintaining the discipline needed to stay motivated.  Partners keep each other on the ball, and hold each other accountable for any mistakes.”

A partner can also help you keep things in perspective and stay realistic about the obstacles you may face when first starting up.  Partners can help keep each other positive about where the business is heading.  Sometimes you might find yourself getting down as you face challenges in the marketplace.  A partner is there as your reality check.

There are also financial benefits to having a business partner.  If you are trying to start your own business, it can be difficult to deal with all of the financial aspects that are included.  You have to worry about the start up costs, the maintenance, and any other costs that are included all on your own.  This is one of the main reasons that so many individual business owners give up, since they run out of funds to make the business grow.

While there are many advantages to partnerships, there are also disadvantages.

Often business partners can grow apart and deviate from the original concept for the business.  One person might want to branch out or take the company in a different direction.  Additionally, a partner can get lazy, leaving all the responsibility on your plate.  Many entrepreneurs find themselves working with partners who don’t share their enthusiasm or passion for business. “Partners who can’t meet deadlines, follow up with clients, or follow through with their responsibilities can bankrupt an established business or a new business venture.”

There could also be an inability to make financial decisions together.  As the business grows, there will be various financial decisions that will need to be made.  It is very rare for an agreement to occur between both parties when there are issues dealing with money. “Often, a third party has to be brought in to help resolve the issues. It is best if both people make a finalized agreement prior to starting their business arrangement to avoid having any financial misunderstandings.”

Some people are often stubborn and find it difficult to compromise.  The question of who is really in charge can arise.  Is one person becoming more powerful in the decision-making process?  These are issues that need to be dealt with at the start of any new venture.  Outline the responsibilities both partners will take on so there are no misunderstandings down the road.  

“Business partners may disagree on the long-term goals for the company. They may spend weeks or months bickering over key decisions. Disagreements between partners may consume resources, cause stress to other employees or lead to inconsistent business practices.”

Additionally, you are liable for your partner’s actions.  If your partner violates any laws, you will be held accountable too.  This can lead to fines or even a day in court or possible imprisonment in the event your partner commits a criminal act.  Don’t forget: your reputation is on the line in business so you have to make sure you and your partner are both committed to keeping all practices above board.

As I’ve said, taking on a business partner has its advantages and disadvantages.  There is someone there to help you reach your goals or work with when times get tough but there are also liabilities or disagreements that can arise.  Think long and hard before deciding on whether partnership is right for you.  It might be wise to begin as a sole proprietor and then look to take on a partner as your business grows.

Check out this article on just how to find the perfect business partner: http://www.inc.com/guides/leadership_strat/23041.html.  It just might help you make the right decision. 

 

Here’s a “Beginner’s Guide to Finding the Right Business Partner”: http://www.quicksprout.com/2009/11/04/finding-the-right-business-partner/.  

“Steps to Finding the Right Business Partner”: http://www.wikihow.com/Find-the-Right-Business-Partner

“Finding the Right Business Partner is Harder than Finding the Right Spouse”: http://myventurepad.com/MVP/92391

Until next time…

The benefits and drawbacks of a home-based business

What are the benefits of working from home?  They are vast and varied.

Probably the number one enticement of a home-based business is the personal freedom it affords.  Working from home allows you to shape your work life depending on the goals and environment of your business.  There is no corporate culture/politics to abide by or bosses to report to or rigid work schedules and time-clocks to punch.  You have the freedom to work and earn as you choose.  Of course, there is also a drawback of answering only to yourself – there is no corporate structure in place to pull from.  As an entrepreneur, you need to have good time-management skills and the discipline to push yourself to work.  I find it helpful to act as if I am still going to an office every day by putting a routine in place.  I set my alarm clock, get up and shower and get dressed and am by my computer at a designated time.  Putting yourself on a schedule might not be such a bad thing.  Of course, this takes away from the fun of working in your pajamas but it might just be the best thing for you.

Another benefit of working from home?  You can save time and money on your commute.  According to the U.S. Federal Highway Administration, the average American spends 348 hours each year commuting.  As a home-based entrepreneur, there is no monthly metro-card fee at over $100 a pop or gas tank to fill up at nearly $4 a gallon.  That could add up to a savings of over $1,000 a year for your standard subway commuter in NYC.  Additionally, you can spend those commuting hours with your family or exercising or working more if you like.

Additionally, as a home-based entrepreneur, you keep the money you make.  Your earning potential is directly proportional to your performance so you don’t have to wait for a raise or promotion.  The harder you work, the more money you make.  You save money on simple things such as eating out daily or corporate uniform.  There is little need for power suits in the exclusivity of your home.  You also save on the overhead of renting traditional office space.

There is also a tax advantage afforded to home-based businesses.  For starters, it allows you to deduct a part of the operating and depreciation expenses on your home.  “This means that a percentage of your rent or mortgage payment, depreciation, property taxes, insurance, utilities, and expenses for household maintenance, repairs, or improvements are deductible.  You can also be entitled to deduct expenses from using a vehicle for your business, including gas, insurance, depreciation, and others.”

Increased opportunity is another advantage to home-based business.  Good job prospects can be scarce in some industries and promotional opportunities within major companies are also shrinking.  “With so many corporations and industries in a slump, starting your own home-based enterprise means you can create your own income-producing opportunities.”

Working from home affords you more time to spend with your family, especially if you have kids and both parents work.  You can save on daycare expenses, see your children off to school and be home when they return.  There is little need for the framed family photo on your desk if you get to see them more regularly.

A home-based office may also be seen as a stress reducer.  The demands of juggling your work and home life are all but eliminated.  There are no deadlines from a boss to meet (only those self-imposed).  You can work and take care of a sick child or work late at night after you’ve had your family dinner or if you are a single, you can continue to partake in your personal hobbies such as exercise or meeting a friend for a drink.

Working from home also affords you opportunities for professional growth.  As your own boss, you wear a lot of hats – you are the strategy-setter, the researcher, the secretary, the manager, the sales/marketing director.  This is a difficult challenge for many entrepreneurs.  You don’t have the luxury of co-workers to pass tasks off to or to brainstorm with as situations arise but it also makes you more marketable.  While working from home means greater workload it also allows you to understand all aspects of business.

Increased productivity is also another advantage to working from home.  Gone are the hours spent on commuting and useless or what might be seen as never-ending meetings about nothing.  All that energy can now be harnessed into making your business a success.

A home-based business can be seen as a creative outlet.  You are finally able to spend your time and money on your hobbies/passions as you turn them into work and money-generating opportunities.

Lastly, working from home allows you to harness competitive advantage.  One of the biggest benefits of working out of your home is the reduced overhead cost.  Lower operating costs can enable you to be more competitive, not just in the prices you charge but also in the quality of service you offer.  “You can use the money you save on rent to increase your overall profitability, or you can pass it on to customers in the form of lower prices.  Competitors restricted by higher overhead costs have no such options.  What they charge is predetermined by their rental agreements.  The higher the rent, the higher their prices.  Moreover, a smaller business makes it easier to provide customers with personal service.”

So those are some of the advantages to working from home but what are the drawbacks?  As a home-based business, you run the risk of looking unprofessional.  What if you have to take a meeting?  You certainly aren’t going to do that from your bedroom or den.  What is your other alternative: the local Starbucks?  Do you really want to put your cell phone and home address on a business card?  What if you want to maintain that 212-area code or Park Avenue address?  Consider the benefit of a virtual office from companies such as Emerge212.  Check them out at: http://www.emerge212.com/.  You can maintain that high-prestige 212 phone number and NYC address.  You’ll have access to conference rooms on a pay-per-go basis and the luxury of having your phone calls professionally answered and forwarded to your cell or home number.  As you grow, you might consider actually taking up residence in one of their two boutique spaces which are fully furnished, fully wired and fully serviced.  They also offer a “stepping stone” program whereby you simply share your office space with one to three like-minded individuals but maintain all the accommodations of a traditional office.  The option of boutique or virtual space might also make you more attractive to investors.  When you sign a traditional lease at let’s say a minimum of 5-10 years, you show your liabilities.  What if the business fails in under a year and your investors are linked into a long-term lease?  Additionally, a boutique office space program such as the one offered by Emerge212 takes away the hassle of unique contracts with vendors for phone or internet or cleaning services.  All those aspects are covered by a boutique program.

So there you have it.  Starting your business out of your home offers many rewards such as personal freedom and money saved but it can also hinder you so think critically about spending some of your start-up costs on boutique/virtual office space and you might just get the best of both worlds.  You’re able to act as a traditional office in a non-traditional sense.

Until next time…

The challenges and benefits of competing with larger companies

Challenge may just be a good thing if you are looking to start up a small business and compete against larger corporations.  It’s not all about David and Goliath after all.  Don’t be intimidated.  We’ve seen the little guy win before.  Many small-business owners fail to recognize the wealth of information and experience they share with customers every day. “For example, people don't go to a hardware store for nails and hammers; they go for solutions to their problems.  Recognize the value of the ideas and information you've been giving away for years.”  

I know it sounds like a drag and you have families and important people to spend time with but consider longer starting hours than your competitors (and late nights too) and you might just gain consumers that way   Life doesn’t hand you anything for free.  What are you willing to sacrifice for success? 

When you’re working for yourself, you have to put in many more hours, time, dedication and hard-work.  You have to brainstorm and come up with unique ideas to target you audience.  You have to start from the ground up.  We have talked about writing a business plan, how to secure funding, networking, branding your product, hiring employees, and the most important of all: is entrepreneurship right for you?  If you feel it is after what I’ve written and have a belief in yourself, then go for it!  Look at how many people have done it before you and who’s to say you won’t be that one; that yours won’t be one of the ones to be successful in the marketplace.

One way to succeed as a small business is to provide exceptional customer service.  Are you available 24/7?  Look at the details.  Sit down with your potential client and give them lots of time to explain what they are trying to do.  Don’t just rush them out the door.  Even if their ideas don’t jive with yours, you can still gain valuable information for your own brand.  Throw parties and networking events; invite potential clients to meet others that may help them.  You know what they say: “I scratch your back, you scratch mine.”  They may speak highly of you and set up a connection or meeting.  You might want to show them your loyalty by sending then gifts and writing kind notes with what their business means to you in return.

You can also team-up with other companies that are trying to get the same word out.  Maybe two companies joining as one is a good thing.  You can bring different things to the table: creativity, street smarts, aptitude for math.  (As a small business owner, you often run your own books.)  Make friends; don’t burn bridges.  You never know which stranger or customer might resurface and come back to help you.

Take advantage of technology and social media.  We’re talked about his before.  Twitter is an $8 billion dollar company and is the place to be if you want to expand your growing brand in the marketplace.   Get on LinkedIn as well.  Join groups where you can meet people with common interests and that can help you network.

Lastly, present a strong image.  Walk into networking events and meetings with your A-game.  Hey, you might not get another shot.  Come with all your branding tools and visuals, such as business cards – that’s a must!

Remember, starting your own business can be a daunting task with so many companies already established and ahead of you but take my words to heart and you just may be one of those lucky ones who will look back on a start-up one day and say: “Hey, that was once me.”

Check out some other blogs about competing with bigger businesses: http://aks-blog.com/2011/03/11/how-to-compete-with-large-companies-and-make-your-mark/ and http://ccsmallbusiness.wordpress.com/2009/12/02/how-to-compete-against-larger-companies/

Until next time…