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We learn in grade school that it’s not right to copy others, and even as adults we know copying is usually frowned upon. But when it comes to business marketing, there’s nothing wrong with being a copycat—in fact, it’s downright good business. Looking at how your competitors market themselves can teach you what to do (and what not to do) with your own marketing strategy. Here’s how to be a successful marketing copycat. Start by determining your major competitors, and include both big companies and small...
Now that we're in the fourth quarter of the year, it's time to get ready for 2013. There is much to do from a financial, legal and tax perspective. In this article are guidelines for mapping out your company’s financial plans for 2013. In upcoming articles, you’ll see what legal steps you should take and last-minute tax planning moves you should make before the end of the year. Overview of budgeting Budgeting is a process in which you estimate the income you expect your company to receive as well as the expenses you expect...
Due diligence, the research part of buying a franchise, includes several different things. If you’ve never worked through the process of researching one before, there’s a pretty good chance that you’ll miss something. And, it all starts by knowing what to ask. Franchise research encompasses a lot of different things. Some of the obvious ones include: · Learning about the operation · Contacting existing franchisees · ...
For years now I’ve thought of business planning in terms of the special case that I call a business plan event. The business plan event is when you have to produce a business plan for some specific business hurdle or gateway. For example, a startup looking for either angel investors or venture capital needs a business plan to give to interested potential investors. And a business applying for commercial credit needs a business plan to present to the loan officer at the bank. Some other business plan events are the sale of a business, a...
A small business credit card should always be the credit card you use when making business purchases. Transactions such as paying for gas in a company car, buying office supplies or taking clients out for lunch are all acceptable ways to use a small business credit card. When it comes to personal credit cards, you should not use them for business expenses. This can potentially jeopardize the protection of the corporate veil because you are co-mingling funds. Did you know corporate veil piercing is the top litigated issue in corporate law today...
Have you all but given up on publicizing your small business to newspapers, TV, magazines and radio, instead focusing all your efforts on social media marketing? You could be making a big mistake. A study done this summer showed that despite the prevalence of social media, blogs and websites, Americans still find traditional media the most trustworthy source of information. Here’s what you need to know to get publicity in traditional media. 1. Find the right media outlets to target....
Every year, countless businesses across the country experience hurricanes, blizzards, power outages, fires, tornados, and other events that can temporarily disrupt activities and, in some cases, put them out of business. For instance, in *2010, there were 98,000 fires to nonresidential structures, resulting in $2.6 billion in property damage. Hopefully, business owners are smart enough to carry adequate insurance to offset their property losses and have business recovery plans that enable them to function again. But despite all the planning,...
Small businesses and big brands have used a variety of ways to grow their networks on sites like Facebook. Using images and videos to engage followers, running contests, offering discounts in exchange for Liking a page and engaging in active discussion are all some ways that businesses have built their followings on Facebook. Unfortunately, not all strategies are worthwhile or even permitted. It’s a dirty little secret that some businesses have resorted to “buying Likes” of their business Pages. But that could...
If you’re thinking about becoming your own boss, and the business model of franchising sounds attractive, there are several things you need to do before you even look at a franchise business opportunity. Even though you probably can’t wait to jump in that nice, warm franchise opportunity pool, I want you to force yourself to hold back. Read my tips below first; they’ll help you prepare for your jump. 1. Talk To Your Family If you think for one minute that becoming the owner of a business will...
Online buzz about social media for business owners seems to be moving from “Should I” to “How do I?” I’ve been working on this a lot lately as part of my work on planning, and I’ve developed this process for a specific social media plan for small business: Start with strategy Define how your social media serves your business. Usually that’s in the marketing area of the business related to branding and awareness at the top of the marketing funnel, but it can also be focused on other business functions...
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by Rieva Lesonsky, Guest Blogger on Tuesday, October 16, 2012 - 08:12