Small Business Matters
Did you know that an astonishing 52 percent of small businesses are home-based? That’s according to the SBA’s Office of Advocacy. Running a home-based business must have numerous advantages for many business models, and for businesses of different ages. For example, during the start-up phase it represents a low-cost and low-risk avenue for conducting business. However, a home office has its limitations. Small business owners often find that they are not cut out to work from home, or they’ve found their enterprise...
Written by Caron Beesley Of all small business growth strategies in the U.S., franchises are probably one of the most successful distribution systems ever devised. If you are on the cusp of growth, franchising your small business may well be worth a look. But how do you know if franchising your current business is the right option for you? Here are some considerations to bear in mind as you go about deciding whether your business is ready to be franchised. Is Franchising a Good Technique for Expansion? One of the huge benefits of franchising...
Working into retirement isn’t something most Americans would have anticipated as recently as five years ago but come 2012, 20 percent of the country’s workforce is expected to be 55 or older.* Combine these demographics with the continued impact of the recession, and you can see a solid trend emerging that reflects more and more seniors and retirees choosing entrepreneurship to boost their retirement income and pursue long-held dreams of going into business. In fact, statistics show that 15 percent of workers expect to start their...
Don’t you just hate it when you walk into a store or business and the first person you come across is unwelcoming, disengaged, or neutral at best? It immediately sends the message that the employee is not happy, that this might not be a great place to work, and, by extension, is it really the kind of business you want to give your patronage to? Studies have long shown the links between employee morale and business success, but new findings published in the Journal of Service Research,* demonstrate direct links between employee...
Have you ever considered lowering your prices in order to increase sales or remain competitive? In the current economy it’s a question faced by more and more business owners looking to attract new customers and keep existing customers coming back. The trouble is that the answer isn’t always black and white. Cutting prices can have a number of consequences: It lowers the perceived value of your brand and product –Even the big brands are guilty of this and the effect over time is detrimental. Like everyone else, many mall-...
How’s your business blog doing? Running out of ideas? Struggling to keep it up-to-date? You’re not alone. In the busy-ness of business, keeping your blog fresh is not always at the top of your mind and not always the easiest chore to check off your list. The problem is, if you really want to make an impact you have to keep your blog updated regularly to keep visitors interested. Here are a few other reasons to keep your blog fresh: Search engines love to provide their customers with relevant, helpful, and up-to-date content and...
If you are running an online business and visitors are flocking to your site – congratulations, you’ve passed a significant hurdle. But who are your customers and most importantly, what do they think of your business? Getting feedback from your customers is an essential part of running a business. It will also give you insights on where you should be focusing your energies – whether it’s introducing a new product line such or making improvements to your payment or delivery options. Most importantly, getting feedback...
As a small business owner, you’re frequently adjusting to changing circumstances, new business conditions, and unforeseeable challenges. Being able to consult with a mentor -- someone who knows what you’re going through – can be invaluable. A business mentor is someone who’s “been there, done that”; someone with insight into your business type and your specific challenges. Mentors can provide tailored guidance, general best practices, and an example of a successful business that the protégé can learn...
Despite the exponential growth of social media as a tool for staying in touch with your customers, permission-based marketing tools such as e-newsletters are still a critical part of any business owner’s marketing toolkit and a vital way for getting new content in front of your audience. According to the latest data from the Direct Marketing Association*, opt-in email marketing lists managed in-house secure an average open rate of nearly 20%; a 6.64% click-through rate; a conversion rate of almost 2%; and an unsubscribe rate...
Written by Caron Beesley Despite the fact that we live in a budget-conscious, coupon-clipping, recession-bruised culture, customer experience still counts for a lot. A good customer experience resonates with our challenges and needs, makes us feel warm and fuzzy, and ultimately, it generates repeat customers. For example, I’m a dog owner and I want the best for my dogs. The best food, treats, toys, and so on. I’m also practical and budget conscious. So when it comes to purchasing products for my dogs, I have two options. I can...
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by Caron_Beesley, Community Moderator on Thursday, September 29, 2011 - 07:08