Small business
Why Don’t More People Work From Home?
According to a study by the Telework Research Network, almost 40% of Americans have a position that would allow them to work from home. And it’s not the workers who are against this idea. Almost 80% of respondents said that given the opportunity, they would work from home.
The study goes on to show that companies can save $6,500 on average annually per employee if they would allow them to work from home only one day per week. These dollars add up quickly in a struggling economy, so why aren’t more companies jumping on board?
The impacts on society are positive – saved greenhouse emissions with reduced driving and lower amounts of gasoline consumption. But this is not enough to be convincing. Businesses are asking what the benefit is to them.
Telecommuters have shown to be more productive and have lower absenteeism and lower turnover rates. Another study even showed that telecommuters worked on average 1 hour longer each day. Additionally, costs are lowered with less overhead.
So, it is difficult to see why more people don’t work from home.
The idea of telecommuting or working from home is relatively new. Many employers, and especially small businesses, are still timid about releasing their employees and wonder if they are really working when they are not in the office. Small businesses in particular have fewer employees and reduced flexibility. For this reason, they feel they need to be certain their employee’s time is spent well.
Small businesses have the most to gain with telecommuting.
Most small businesses are looking for ways to reduce their costs and retain their most quality employees. And now, with this increase in telecommuting, tools are becoming available that will allow small businesses to do just that.
Online collaboration tools are being used to help businesses provide non-monetary benefits of working from home, while at the same time reducing their own overhead costs. These tools are allowing companies to do live chat, web/video conferencing, document sharing and have online workspaces that will put their office online and be able to monitor the status of each employee’s work.
When telecommuting is setup as a privilege, not a right, employees are more likely to work harder in order to keep that benefit. The burden is put on the employee to report where they are, check in with the boss, and track their accomplishments. Furthermore, they become more accessible to their colleagues and boss. A unique trust is developed that helps build company loyalty and reduce the amount of turnover.
Small businesses looking for ways to cut costs should consider telecommuting as an option to reduce costs and increase productivity.
Kimberly Crossland is the marketing manager for YourOfficeAnywhere.com. She has a passion for small business, entrepreneurship and technology. Check out her blog at http://www.yourofficeanywhere.com/blog to read more.
5 Social Media Marketing Tips for Small Business
If you have a Facebook or Twitter profile, you are probably thinking that social media marketing is easy. After all, you’ve had a lot of practice with your friends, right? Unfortunately social network marketing for small business is a whole new ball game. While you have become accustomed to the basic functionality of your favored social networks, there are different rules for business.
Running a company profile on Facebook and Twitter is so much different from how you run your personal profile. The people who follow you aren’t friends who will be forgiving of the faux pas you commit online. These are people whose opinions matter when it comes to your brand.
Like you, many other small businesses are still feeling their way through this whole new phenomenon. Not everyone has done so successfully. The good thing is, we can learn from those who have gone before us.
Here is some how-to advice on social media marketing that you can apply to your small business. Some of these suggestions are very practical but it always helps to know the fundamentals before you start diving in thing.
So here is my five basic how-to’s for a successful social network marketing campaign:
1. Don’t be in too many networks at once.
As a multitasking small business owner, you’re probably so excited to start social network marketing on Twitter, Plurk, YouTube or Facebook etc etc that you open an account in each of these and start tweeting, plurking, and posting status updates. Yes, that happens to most of us newbies. However, what we all fail to see is that like in real life, it’s simply impossible to be active in all social networking sites at once. And because you can’t…
2. Focus on only one and strengthen your fan base there.
When we multitask, sometimes the quality of our work is sacrificed. That is also how it’s like when we straddle two social networks at one time. The trick is to focus on only one. Know all the ins and outs of that network. Build your fan base there. Engage your followers, post regular updates, run a contest. Once you have established a strong fan base, you can rest easy and let someone else take over while you build another base in another social network.
3. Get someone to represent your brand.
If you have a brand ambassador, it helps to have that person moderate or manage your social media profile by posting status updates, asking a question, or running a contest. Find a person that your fans can relate to. People don’t easily trust a brand unless they are familiar with the person behind the logo.
4. Let the real you shine.
Don’t be a put-on. Your fans will know if you’re faking it. Social media is all about engaging people, getting to know them, sharing your thoughts-building relationships. You can’t build a relationship based on something that isn’t real.
5. Participate.
Remember that you’re not the only one out there. There are other social media marketers who are working to further their brands. Go and start a conversation with others. Network the way you would offline. Ask questions. You will find that you’ll learn a lot about improving your brand — and not just about social media marketing — by engaging those around you in real conversations.
A social network is also, in some ways, a social situation — and the way we treat other people has an impact on how we are viewed. Being kind, nice, and polite will take you a long way down the social network marketing trail, and maybe you’ll find that by being so, you won’t be trudging down a lonely road.
And I don’t want to scare you, but you need to know that once you write it on social networks, it is out there forever. So be kind and thoughtful in your posts.
Bronwyn delivers a practical and hands on knowledge to deliver basic principles in a format that can be easily understood and adapted to business needs – and more importantly, principals that can improve your business cash flow. Bronwyn has developed a serious of workshops and courses to help small business with marketing using big business principles. Best of all she shows you how to market your small business using little or no money. Get your free report on how to market with little or no money for small businesses at http://www.bronwynwhite.com
Small Business Finance Mistakes
When you are in business the whole idea is to make a profit. Without a profit your business will go down the tube. This will even happen sometimes when there is a profit if cash flow is not seen to. While most people who run a business – especially a small business – are good at what they do, some of them are not good at managing money.
Good small business finance management is critical if you are to stay in business. Here are some mistakes that people often make in managing the finances of their business.
They often buy things their business really cannot afford, using a credit card. They then have to pay a great deal of interest on top of the purchase price. Rather than paying out all this money, consider other options such as buying second-hand or even doing without until the business can really afford it. Even getting a small loan will give you a better interest rate.
Most business owners have a transaction account for their business and this is good, but you also need to have another account with higher interest so that you can make more money from your profit. Leaving money on the table by keeping all the business money in an account that offers little interest is just plain wasteful.
Many business finance mistakes are made because the owners do not track their expenses. They have no idea how much they are spending or whether all the invoices have been paid. When you don’t know where all the money is, how can you know how much you have to spend? A monthly budget is a sensible idea and will help you to plan for the future.
Trying to do everything when you are not good at doing it is another mistake many business owners make with their business finance. Outsourcing certain chores such as accounting may seem costly but it will free up your time to do what you do best – run the business. Besides which, when you try to do things for which you have no training, your mistakes are likely to cost you more than outsourcing fees would have.
Trying to look flash can cost you more money than you should spend on your business. While the latest design in office furniture and fittings may look wonderful, it does not really bring in the money. Your customers will be more interested in whether you offer them value for money and treat them with respect.
Not learning from your mistakes can also be a costly exercise. Many business owners simply don’t seem to see where they went wrong the first time and they do the same thing over again, expecting to get different result. This is a form of insanity, according to some people.
Not asking for help is a big mistake in business. Flying solo is more difficult than taking on board a mentor or two, especially when much advice can be accessed for free from government agencies. A mentor can help to keep you going and show you where your worst mistakes are if you cannot see them for yourself.
Dex has been in the debt collection industry now for over 10 years. He specialises in credit management, credit collection, debt recovery and skip tracing. If you require tips and advice keep an eye on his articles.
Publicize Your Business With a Local Business Directory
The 21st century has seen a massive rise in the technological sphere of the world which has empowered every business owner to amass a profitable businesses venture with the new marketing and promotional tools that are supported by the new technology. The internet was initially made for the purpose of war by the US military as a new mode of communication, however today it is helped connect the world at a whole new level. The World Wide Web is one of the biggest and the most cost effective way to reach people around the world. Online web promotion is one of the quickest ways to reach out into the world and touch the lives of millions of people who have been unaware of the possibilities the world has to offer them. Quick and efficient service online helps people decide on the services and items they need without spending too much time over it. A good business directory needs to have a high ranking over engines to make a prominent effect online which includes images, contacts information, business description and business URL. An internet business directory develops a strong online presence and connects with the right customers in a particular area.
Local Business directory is the best place to improve your visibility online, where you can connect with a massive base of customers that your organization was not able to reach before. Listing the businesses information helps in boosting your possibilities for monetizing interested clients that find your product attractive. These businesses are sorted by: business type, locality, activity, volume & size and an area like Spain, India, UK, and US etc., most local business directories have sub parts in which businesses are recorded in systematic order that makes simpler to search engine to find the businesses in the directory. Most local business directories memberships are free to contact for promoting their trade and modify or update listing accordingly.
In the local business directory, it is necessary to make your content rich with keywords that would help boost your visibility online. The only such keywords should be focused on which match with your product lines and business name for high precision. The level of competition keeps varying online because the search engines keep changing the way they pick up unique content online. Hence, greater the agility present in the content that is submitted make the organization more attractive to the search engines. In local business directories the new content is posted regularly which helps draw the right people towards your businesses and through listing gets a chance to appear on top of the search results. Keeping all basic things in mind will help you take full advantage of listing that you put out online. Customers get more information regarding the businesses through businesses directory which helps them to buying new products and services. Such directories allow to modifying and updating the profile with an inexpensive way to make their businesses more visible to all.
For more information regarding Local Business Directory, Please visit Localbusinesssearch.com.au
Top 5 Success Principles
If you think creating a successful business may just be the most challenging goal you’ve ever taken on, you are probably correct. Building a successful business is not a walk in the park, but it is certainly a realizable and achievable goal. It doesn’t always require a lot of money (although that would clearly be an asset) and frankly, it doesn’t even require that you have more talent than the “average Joe.” However, building a successful business does require a strategic business owner who follows the principles of success to build a castle where there was once only sand. Below are the Top 5 Success Principles that will teach you how to create a successful business in realistic and achievable steps. Success Principle #1: Don’t waste your time on unnecessary tasks that won’t help you build success. Tasks like watching TV, reading a magazine or talking on the phone with friends should all be done after you’re done with your goals for the day, not during your workday. Taking part in these activities throughout your workday is called procrastination and it’s a nasty self-sabotaging habit that will only keep you from being successful. You only have a limited amount of hours to work each day, make sure that these hours go toward activities that will build success for your business. Focus on your highest pay-off activities that put you in the highest probability position to achieve your goals and apply effective time management principles for even greater success. Success Principle #2: Put your money into your business. When you’re first starting out, it’s exciting to turn a substantial profit and you may be tempted to blow the money on non-business related items or events. The money is better served going right back into your business. Your business will never grow if you take most of the profits and use them for personal gain. In order to grow your business, you must constantly invest in it. That’s a principle of success, period. Success Principle #3: Get outside your own limited mindset. Negative Nancy’s never build success; do you know why? Because they’re too busy focusing on the negative to take action on valuable opportunities. That doesn’t mean that you must remain Happy Holly 24/7, but do not let the negative keep you down. If something doesn’t go your way, allow yourself just a brief moment to replay the situation and think about what you could have done differently. Once that minute is up – let it go. Learn from it and stay positive. It’s important to expand your mindset and train yourself to look for viable and profitable business opportunities in the midst of all the failure. You need to believe that your business can succeed and believe in your own abilities as a skilled professional, even when no one else is willing to. Success Principle #4: Remember your passion. After the novelty of opening a new business wears off, you’ll have to find a way to keep the passion for your work alive. Reconnect with why you started your business in the first place. Keep those triggering thoughts close to your heart and exploit them to propel you into working, smarter and build success for your business. Keep the fire that compelled you start your business in the first place burning bright. Success Principle #5: Take action, constantly. Many unsuccessful business owners share common traits: they complain, feel sorry for themselves and ultimately give in to failure. While all successful business owners have gotten to where they are today because they kept going – no matter what happened. Every step they took was step closer to achieving their goals and eventually, they experienced success. Don’t let anything derail you from your goals. Keep working on improving your business and overcoming failure. Regardless if you’re trying to take home $75,000+ profit or want to net $1,000,000 in sales within the next three years, it’s attainable; you just have to be diligent and believe in your business. Focus on what you can control – you and your actions and activities. You can build a successful business by following these five success principles. Many business owners tend to make a situation more complicated than it needs to be; they think achieving success is only attainable for the rich and famous or for those who have been dealt a lucky hand. However, it’s been proven many times over that an “average Joe” can transform into a wealthy business owner if they are dedicated to success and learn how to think strategically for the sake of their business. The most important factor when achieving success is having a game plan. Without it you are merely going to be “winging it,” and that will make the journey more complicated that it needs to be. Step #1. Start with where you want to be. Write out a list of goals that addresses long-term, big picture kind of goals. Step #2. Next, determine where you are. Is your current life completely different from your long-term vision or is it on the right path, just not quite there yet? This can be a difficult question, as most cannot “see” where they really are in relation to their goals. Get a life coach and you will have a much better idea of where you are and which direction to head in. Step #3. Now it’s decision time. There is a BIG difference between wanting a specific goal and actually committing to doing whatever it takes to accomplish it. Decide right now how much your goals mean to you and if you can stand to continue living life as you currently know it. If your answer is no, the only other option is to commit to making it happen – no matter what. Copyright Anne M. Bachrach. All rights reserved. Go to http://www.accountabilitycoach.com/landing/ and get 3 FREE gifts including a special report on 10 Power Tips for Getting Focused, Organized, and Achieving Your Goals Now and an audio on Effective Time Management. Join the FREE Silver Inner Circle Membership today and receive 10% off on all products and services, in addition to having access to assessments and resources to help you achieve your goals so you can experience a more balanced and successful life ( http://www.accountabilitycoach.com/coaching-store/inner-circle-store/ ). Anne M. Bachrach is known as The Accountability Coach. She has 23 years of experience training and coaching. The objective is to work less, make more money, and have a more balanced life. Anne is the author of the book, Excuses Don’t Count; Results Rule!, and Live Life with No Regrets; How the Choices We Make Impact Our Lives. Enjoy a myriad of proven resources that are available to you so you can enjoy the kind of life you truly want.
Techniques for Raising Capital
The techniques are often very complex as it pertains to raising capital from angel investors, private equity groups, or venture capital firms. There many benefits to working with private equity firms as these firms employ a number of top notch individuals that can ultimately assist you with aggressively expanding your business. Most venture capital firms operate on much larger scale than angel investor networks, and if you need a very large amount of capital then it may be in your best interest to look to work with this type of investment firm. However, if you need less than $5 million then it may be in your best interest to work with an angel investor network. These networks typically syndicate larger deals so that individual investors can take a lesser risk. As such, many entrepreneurs turn to these financing channels in order to receive the money they needed were to launch their business operations. Anytime that you are seeking to raise capital then you should work closely with your financial adviser to determine which methodology of raising capital works best for your business.
Angel investors are always going to want to see how the economy is doing as it relates to your business operations, and as such you will need to have a well developed business plan to showcase to these private funding sources. There are many books about angel investors, and how to properly raise capital and deal with individual financiers. An alternative to angel investors to seek SBA loans for your company if you have enough collateral to support the loan. There are also a number of hard money mortgage lenders out there that can assist you in securing tangible assets if required.
Given the current economy, most angel investors are seeking to find low risk investments, and your capital raising techniques should focus on mitigating the risks associated with operating your business. Most angel investors high net worth individuals, and as such you should be aware that you may need to wine and dine potential funding sources when you are raising capital. Networking with these private investors and private funding sources is a must when you are seeking an equity injection into your business.
Finally, you are going to need to have a well developed presentation coupled with a business plan when you are raising capital. Your business plan should be approximately 30 pages to 40 pages in length depending on the complexity of your business. If you do not know how to properly develop this type of document then you can always hire a business plan consultant or certified public accountant to assist you in this matter.
Angel Investor List Download. No registration required! Includes Free Business Plan Template.
Looking For Angel Investors is a website dedicated to people finding private investment.
Matthew Deutsch is a prominent business plan writer. His work has been included in nine books pertaining to this subject. Additionally, Mr. Deutsch has written extensively on subjects regarding entrepreneurship, small business lending, angel investing, and other related topics.
Business Planning and Finding Investors
In your business plan, you should always provide a complete breakdown of the funds that you’d need and how it will be used as it relates to your business. Accounts Receivable financing is a very good alternative to angel investment you have a number of clients that owe you money on an ongoing basis to consider when drafting your business plan. A demographic analysis is extremely important when you are presenting to an investment group. From time to time, all businesses require equity capital. Their many benefits to working with venture capital firms, and this should be thought about as you progress through your business documentation process. The experience of angel investors and venture capital firm managers can be more valuable than their capital.
If you are already involved in the field that you’re working within, you may want to seek other professionals in your area that can become a potential investor in your business. Sometimes, it may be in your best interest to raise capital from a competitor that wants to enter your market and share in the profits. In your business plan, you should showcase how you intend to operate the business on a day-to-day basis via a number of different procedures and protocols. Friends and family, when you’re seeking funding, can create problems as it relates to your personal relationship with these people. For deals that involve less than $5 million, most investment banks do not want to be involved with this type of business dealing.
A CPA can help put together a ROI statement on your behalf as it relates to an equity capital injection. Prior to developing your business plan, you should have an extensive understanding of accounting. More and more angel investors are investing in hard money mortgages due to the fact that there is an immediate upfront fee paid to them for providing capital. Small business finance is complicated. Commonly, private placement memorandums have a subscription agreement that allows these individuals to place money with your business.
In many instances, entrepreneurs are seeking capital because they want to be able to expand their business. Venture capitalists demand competitive rates of return and exit opportunities. Private placement memorandum, although expensive, greatly simplifies the capital raising process. One of the things that you must determine early in the capital raising process are the terms that you are willing to live with as it pertains to receiving an equity injection. The next important step to analyze is the market in which you are entering or seeking to enter with your expanding business. If you are seeking to purchase real estate, you may want to work with a hard money lender that can provide the capital that you need if you do not qualify for traditional mortgage.
In closing, your well written business plan may be the make or break aspect of your ability to finding angel investors. As such, you should take a tremendous amount of time when putting together this documentation.
Angel Investor List Download. No registration required! Includes Free Business Plan Template.
Looking For Angel Investors is a website dedicated to people finding private investment.
Matthew Deutsch is a prominent business plan writer. His work has been included in nine books pertaining to this subject. Additionally, Mr. Deutsch has written extensively on subjects regarding entrepreneurship, small business lending, angel investing, and other related topics.
Private Methods of Financing Your Small Business
There are a number of resources available to you beyond individual investors or private funding sources. Sometimes, it is better to seek a SBA loaned it is to find an angel investor. However, a private funding source will not have you put up personal assets as a guarantee. This is an essential part of the capital raising process as well as determining whether or not you need capital from an outside source. Often, you can syndicate your deal as it pertains to raising a large amount of capital although this is uncommon for a small business. A business plan is imperative if you’re seeking outside financing from a bank, angel investor, private funding source, or venture capital firm.
If you are applying for a bank loan then you’re going to need to showcase exactly the tangible assets that are going to be purchased with a capital that you need as they are going to want to place a lien on the assets that you intend to purchase. If you’re already in operation, you should look to take out a conventional loan or a SBA loan prior to looking for a private funding source. The smaller boutique investment firms are willing to work with companies that are seeking $1 million or less provided that you are already in operation. Always make sure that arbitration is available if you have a problem with your investor.
In some instances, you may be able to sell preferred shares of your company is going to give up a controlling interest in your business and this is important to note if you are evaluating all of your financing operations. Hard money is a less expensive alternative to working with angel investors due to the fact that you do not need to give up equity in your business. If you’re going to have a private placement memorandum created, then you’re most likely going to need to have a business plan included within this document if you are seeking to standardize the deal that you are making with private funding sources..
Most angel investors have an investment time frame approximately three years to seven years as it relates to their small business investments. As we have discussed before, if you are seeking to acquire real estate may be in your best interest to work with the small business administration instead of seeking private investment capital. It is important to consider whether the product or service you are offering will be in demand as the current economy has prompted a number of private investment sources to before more risk adverse than usual.
On a side note, almost all private individual investors are considered to be accredited by the Securities and Exchange Commission and you should be sure to work only with accredited investors when you are seeking capital for your business.
Angel Investor List Download. No registration required! Includes Free Business Plan Template.
Looking For Angel Investors is a website dedicated to people finding private investment.
Matthew Deutsch is a prominent business plan writer. His work has been included in nine books pertaining to this subject. Additionally, Mr. Deutsch has written extensively on subjects regarding entrepreneurship, small business lending, angel investing, and other related topics.
11 Small Business Trends for 2012
Each year I write an article focused on trend for the coming year. I am writing this one a little earlier this year, September vs. December, so we as small business owners have some time to adapt these trends into your strategic planning for next year.
#1 Trend – Value Proposition Must Be Bigger Than Ever.
Consumers are much smarter, better informed and more discerning than ever before. The internet has given them the inside edge. You now have to be able to quantify your value to them. If you don’t, your competitors will. One example of a way to add value instantly is to sit down together prior to the sale. This personal touch creates the opportunity to add value.
#2 Trend – Listening to Customers in New and Creative Ways.
There are many more opportunities to listen to your customer today. We must learn to use these new avenues of communication. Face to face feedback, surveys, emails, online surveys, Facebook online conversations, tweets, company websites, online watchdog groups, are an example of a few of the communication opportunities that we have. If you have not been paying attention to it, you need to start. Each year that goes by our younger generation is getting older. This means that they are savvier and used to getting all their info online.
#3 Trend – Aggressively Identifying and Pursuing New Opportunities for Growth.
This isn’t different from what every business does all the time, is it? Actually it is. Why? During a slow economic time there is a greater opportunity for both growth of geographic footprint and customer acquisition. Savvy SBO’s realize that our recovery is slower than expected and in order to increase revenue and profitability pursuing new opportunities for expansion is of great importance.
#4 Trend – Creating Stronger Stakeholder Relationships.
Remember if your business is hurting so is theirs. This is the time to sit down with your key customers, suppliers and channel partnerships to discuss price negotiations, payment options, other products available. They know what is happening in the industry. Meaning, they know what your competitors are selling the most of. Ask them what they would recommend you focus on. I wouldn’t follow what they say blindly, but it is good info to have. If your business increases so does theirs. They want you to be successful.
#5 Trend – Capitalize on Emerging Markets
Is it possible for you to do business outside of your local area? Nationally? Internationally? Don’t discount growth outside of your current footprint. With the internet you never know where your next big customer can come from
#6 Trend – Segmentation for Profitability
By segmenting your customer base you can focus more efforts on what you consider the most profitable target market. Don’t try to be everything to everyone. Too many companies decided this was their best strategy during the recession and ended up losing even more money.
#7 Trend – Creating Quality Content Online
Creating quality content for your customer base and prospect base is becoming more and more important to win online attention. Don’t sell. Inform. Help your consumers understand how to use your products and services more effectively. Get them excited about being in touch. Help them to spread good word of mouth about you. This will happen when you have meaningful “conversations” with them online.
#8 Trend – Increasing the Online Marketing Budget.
Data is showing that more and more small businesses are moving away from traditional marketing budgets and investing more in the social online venues. Good news: People are getting that online marketing works…..especially social media. Bad news: They think this can totally take the place of traditional marketing. Increase your online budget but don’t have it replace your traditional budget. Move your traditional budget around a little and be smart about it.
#9 Trend – Mobile Marketing
Do you have an App for that? Mobile marketing is the growth industry. Although it is in its infancy it will grow quickly. I already have an App for the Entrepreneurial Excellence Radio Show. How cool is that? And….it was free! A great word for SBO’s. Speak with your local marketing expert and see how you can become part of this growing market.
#10 – Geo Target Marketing
Creating targeted, local marketing campaigns using tools like Yelp, GroupOn and the like will become more powerful this year. The internet is becoming what you want it to be. Local, regional, national or international…maybe soon Galaxical! Is that a word? Anyway, you know what I mean. Get up to date on these things and take advantage.
#11 – Co-Marketing
Create greater perceived value by co-marketing with businesses that complement your services. For years we have seen things like, “Bring your movie stub and receive 15% off a dinner here at Joe’s Pizza.” Same idea. Who can you partner with to create greater perceived value for your customer base? Alliances are a very powerful way to make the most of every dollar. Don’t go it alone.
Are you seeing a thread of commonality through these trends? Yes, the internet. A year or two ago it wasn’t as powerful as it is becoming today for small business owners. There are more tools and affordable opportunities out there. Use them. Be smart. Get yourself educated or have your Chief Internet Marketing and New Technology Officer put together a plan. This is great news and we need to take advantage of it.
Frank J. De Raffele Jr. is the Founder & President of Entrepreneurial Excellence Worldwide, Inc. He is also the Host of the syndicated Entrepreneurial Excellence Radio Show. All his radio shows are archived and you can listen to any of them at any time for free at http://www.EERadioShow.com. You may also email Frank directly at Frank@EERadioShow.com
Small Business Opportunities Ideas
When considering starting a small business, it is important to choose one that reflects your skills and interests. For example, if you love books and reading, you could open a bookstore. You would have the advantage of being able to talk with the customers on how good a book is they are considering buying, and establishing a relationship with that customer that could result in sales and referrals.
Small business opportunities ideas should take into consideration:
1. Location of your business: You would not want to open a bookstore where there are five others on the same block.
2. Marketing: You would want to advertise your business with an attractive storefront, eye-catching signs, and place an ad in your local paper as to the location of your store with your phone number. As the business builds, you could provide a website so customers can see you and your products and how you can differentiate yourself from your competitors.
3. Capitol you have to invest: A low risk business opportunity with less money spent could result in a better profit margin. Depending on the business, many people initially start their business out of their homes, which would eliminate overhead, commuting costs, and employees. Such businesses could include a woodworking shop you can set up in your garage or basement or using your home office to do people’s taxes. The opportunities are endless, and with a bit of creativity and brainstorming you can come up with a way to start your business, even with limited capitol.
4. Whether you should quit your day job: It would not be advisable to quit your primary source of income until your business starts making money and shows sustainability over the long run. Many businesses take a while to show a profit, so keep building your customer base and referrals. Joining Facebook or other social networks is another way of getting the word out.
You can get feedback from friends, family, and coworkers on your small business opportunities ideas that can help prompt you into taking action, they can offer you advice, and could offer their help in getting you started. They would also be a great source for referrals.
In summary, generating small business opportunities ideas should reflect your interests and what you enjoy doing, and should be considered in light of location, marketing, and capitol, and profit. If you are determined to be your own boss, you can find a way to make it happen.
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