Ingredients of Small Business Marketing

A business may be small, but the efforts of operating it is not. Small business owners often wear many hats – financing, product development, marketing, sales and customer support. While major corporations have sufficient resources to kick off a thoroughly planned marketing campaign, small business marketing is often on a budget. Marketing a small business should not be limited to a single channel because of the size of your business. Customers will always go through the three phases of a purchasing decision making: 1) aware of the products or services, 2) collecting enough information before the purchase, 3) and action of purchasing. The ingredients of effective small business marketing provides the information they need at each stage of a purchasing process.

Reach the Customers

Most small businesses target local market. Your business, of course, should be listed on local phone directories. Ads on local newspapers and flyers will bring you business from your local communities as well. Distributing business cards is always one of the most popular and inexpensive ways for small business owners to market or advertise their services and products. For instance, some landscaping companies distribute business cards door-to-door in newly constructed communities. If your services involves with artistic design (interior design, web design etc.), color business cards or custom business cards are more effective. They show the artistic tastes of the designers.

Provide Information About Your Products and Services

Awareness of a product or service is the start-point for customers to make a purchase. They will further research and compare similar services or products before they make contact for possible purchase. Now that you need a brochure or a website to present your business with product details, testimonials etc.. If business card design makes a good first impression, brochure design and brochure printing (or booklet printing if you prefer) are effective for converting leads into sales. Brochures that you send out will get more attention if you enclose a personal note with personal touch to introduce yourself and your company. A professional Web site serves as an online brochure to promote your products or service so that the prospects can get the information about your business 365 days a year and 24 hours a day. Affordable Web hosting costs as little as $25-$50 a year.

Call for Action

Once customers have made up of their mind to purchase your services or products. The brochure or the website should offer clear direction for further actions. The advantage of a website over brochure is that you are able to update as frequently as you want, offer discount or incentives for customers who make purchase in a certain timeframe. When they’re ready, a transaction is just a few clicks on a website powered with online shopping carts.

Selling a Small Business – Why Selling a Smaller Business is Different

If you are a business owner thinking of selling a small business, the process is somewhat different than selling a much larger, more involved company.

Smaller businesses are bought by investors for different reasons and, depending on the size of the company, attract completely different buyer profiles. This article looks at some of the differences in selling a small business from the owner’s point of view.

Micro-Businesses
What is meant by “micro businesses” are businesses that are valued at less than $100,000. There are many different types of micro-businesses and each can attract a different buyer profile. For instance, if you own a small, home-based business valued at $75,000 or so, this usually attracts a potential buyer that is completely different than the person looking for a business valued up to $250,000. To expand, businesses valued under $100,000 or so usually fall into a number of categories. They can be home-based businesses where a good buyer candidate can be a stay-at-home parent looking to augment an income. At this lower price range the business may also be a service based business such as landscaping or home inspection, as an example. This type of business is attractive to the “do it yourselfer” who is purely looking to ‘buy a job’ and a book of existing accounts. The $100,000 and under price range might also reflect a business that could be larger but has suffered a setback and has the potential for stronger earnings going forward, with right management in place. Micro businesses do not necessarily mean ‘micro earnings’. Many smaller companies have excellent income potential and could make a great investment for the right buyer. The point is, when you are selling a small business (especially a micro business) please don’t merely characterize the type of potential buyer based on price. Smaller businesses are attractive to many people for many different reasons.

Small businesses valued in the $300,000 price range
The price point of $300,000 is a ‘sweet spot’ for selling a business in that it is a price that is ‘doable’ by a relatively large pool of buyers. Businesses valued at approximately $300,000 (typically) earn an income to an owner/operator that is over $100,000. This size of business is attractive in that it allows an owner to operate it and pay off debt and earn a comfortable living off of the business income. That price range is within reach for many people, especially home owners who can finance a portion of the business purchase with home equity. If you own a small business in the $300,000 range and if your business is profitable, priced right, stable and showing consistent returns, there should be a relatively large pool of buyers for your business.

Small businesses valued up to $750,000
If you own a business valued in the neighbourhood of $750,000 this is still characterized as a “small business” but it would attract a completely different type of buyer (or investor) to your company. Selling a small business in this higher price range usually attracts a buyer with more financial resources or perhaps a partnership or group of buyers. Many times, the idea with buying a business at this price range is that it can earn enough income to justify hiring a manager with enough cashflow left over to pay the debt and earn a return for the buyers.

If you are thinking of selling a small business think about the type of buyer that would be ‘ideal’ to purchase your company. Think in terms of price and financial ability but also pay attention to things like aptitude and lifestyle choice. There are many small business resources on the internet to answer some of your questions. Talk to a business broker to help you sell a smaller business.

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.

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