Tuesday, April 7, 2009

Starting and Marketing a Small Business.

Starting A Small Business

A small business can be started either as a sole proprietorship (single owner with full business liablility and responsibility) or as a partnership between two or more people. Registering the business and drawing up a partnership agreement requires a lawyer and legal fees.

Before opening up your small business, a lot of research and planning is required. A good business plan will not only increase the chances of success but will also help you in raising money for your business.

Before starting out on your small business venture, ask yourself questions such as :

  • Why you want to start a small business? (Maybe you want more freedom in the way you spend time and do things. Maybe your own business can help you achieve financial independence and make better use of your skills.)
  • What business will be right for me? (This should preferably be a field where you already have skills or is your hobby or interest).
  • How will I finance my business?
  • How will I market my business? (For example, It is a good idea to create a search engine friendly website. The startup costs for a basic new website is very small. You can also list your products and services, include a reliable payment gateway, such as Paypal and a shopping cart in your website. You can list your website in online classifieds and auction websites for publicity.)
  • Also think about factors such as business location, products or services to be sold, supplies and equipment required.
  • Note that many people start a small business part time which may grow to be a full time business.

Marketing your Small Business

  • A website is a great marketing tool for your small business. If possible you should also operate your business online. A website can be used to market your products and services to a wide range of audience and locations. A website also allows you to track customer preferences and personalise content based on customer profiles.
  • Developing your network is most essential in marketing your small business. Do not ignore the value of referrals in the success of your business. Attend networking events and seminars regularly to increase your network and learn more about networking.
  • Advertise in newspapers and magazines. Radio and television advertising can be also be useful if within your budget.
  • Do remember to measure the results of your advertising campaigns in order to ensure that your marketing efforts are effective.

1 comment:

limo hire midlands said...

Nice blog with great ideas for small business owners.