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Some companies claim they can save your small business money. We're going to prove it.
I work with small business owners. What I see being a huge challenge for small business owners right now is they have not adjusted their marketing techniques for the current market. If you are not testing and measuring and tracking your marketing results, then how do you know where to invest your marketing dollars? First step is to determine who your target market is. Then decide what is the best method to get yourself, your products in front of that market (hopefully multiple routes at once so you are not "just depending" on one marketing strategy); then track, test and measure the results of each marketing strategy. This way you will know for a fact which marketing strategies are giving you a ROI - Return On Investment. And you should be getting an ROI. Marketing is an investment - not an expense.
Working Mother Tip #2: For a mom to be a successful small business owner, she has to ask for - and get - the support of her family. A mom entrepreneur needs to show her spouse that it's not just a dream or a hobby; creating a business plan and sharing it with her husband is a good way to get him to take the business seriously. Getting support from her children is essential as well, and an easy way to do that is to get them involved. Consider them your employees, delegate age-appropriate tasks and empower them to help you make your dream come true.
Working Mother Tip #1: Many moms decide to start a small business because they seek a viable way to move out of the traditional employment market and gain flexibility. While running your small business may not be a 9-to-5 job, it can still be a lot of work. For moms thinking about starting a small business, consider a business partner. Just remember not to go into a partnership loosely. Make sure your business roles are clearly defined, and commit to paper exactly how much time and resources each partner will give.
What? Tax advice from the IRS? Isn’t that like selling your soul to the devil? Well...it’s free. There’s lots of ways you can do this. This way you can avoid paying professional fees to someone who’s merely doing a search on a government run website. A quick read of IRS Publication 910 may open your eyes. You can download it right from the IRS’ website (www.irs.gov). It’s called “The IRS Guide To Free Tax Services.”
Get your invoices out immediately. Start the collection process right away. Pennies Pinched? Assume that you mail 100 invoices a month and each invoice averages $1,000.00. At a 4% annual interest rate, you losing $0.11 per day per invoice if you wait 30 days to bill. By speeding things up only three days, you could pocket $396.00 this year…and paid for a fancy-shmancy room at the Four Seasons!
Take a trip to Sam’s Club if you have never been there. Walk through the aisles and notice the huge choice of merchandise. Compare prices on a few products including electronics, food, and wine. You will become a committed customer on the spot!
When you’re starting or growing your business, the key is community. Being involved in an active community of your peers will help you recognize pitfalls, learn shortcuts, and stay inspired. From networking organizations to breast cancer research walk/runs, we know men and women are most likely to succeed when they set goals together, create accountability, and share support. Count Me In, in partnership with Sam's Club, has launched the Make Mine a Million $ Business RACE in 2009, a year-long business growth “marathon” for tens of thousands of women entrepreneurs to set their revenue goals and receive tailored education, business growth tools, and constant connection with each other, at www.makemineamillion.org/race.
Stay positive! Starting out is rough and slow, and usually costs more than you plan. Find the right medium to get your name out. A great business idea only works if people know you are there.
Get as many people to experience your product or service as possible. It may cost a little up front to let them sample but you have to look at the lifetime value of a customer's business with you. And beyond that the word of mouth advertising is priceless!
Owners and managers must provide leadership and maintain professional and financial integrity of their companies.
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