Small Business Marketing Tips

When operating a small business, recognizing the key differences between large and small businesses can help you make decisions that are appropriate for your specific business structure, which can be the difference between a thriving business and a struggling one. In particular, effective marketing and advertising techniques can vary greatly between small, mid-sized and large businesses.  What works for mid-sized or large companies may not work for a small business, simply due to lack of financial or other resources necessary to market products and services. For small businesses, one of the most important factors to consider in a marketing campaign is cost. The following tips are inexpensive, yet effective ways for small businesses to market products or services on a large scale.

Pay Attention to Your Customers

While you are trying to gain more customers, do not forget about the customers that you already have. It is much easier to get more business from the customers who already know and trust you than from someone brand new. Take advantage of this by offering special deals to existing customers or releasing information to them before you release it to the general public. One idea is to send regular newsletters to customers by mail or email, keeping them informed on what the company is doing now and in the future. The better you treat your current customers, the more likely they will be to recommend your company to other potential customers.

Partner With Other Small Businesses

Find a non-competing small business serving consumers in your target market and negotiate a joint promotion. Your small business can offer to publicize their products or services to your customers, and in exchange they can publicize your products or services to their customers. For example, if your business is sending out a brochure, you could include a leaflet or business card from the other business and vice versa. This is a great way to reach a whole new audience at a very low cost. 

Use Social Media

Successful businesses of all types are steadily using this effective method for business purposes, especially marketing and advertising. Social media has quickly become one of the easiest and fastest ways to advertise virtually anything. More than 750 million people use Facebook every day, making it the most popular Web site on the Internet. It would be unwise for any company, large or small, not to use social media. By creating profiles on sites like Facebook, Twitter or LinkedIn, you can personify your organization and instantly become more appealing to existing and potential customers and clients. Customers can get updates immediately through the use of these profiles, making them feel more connected with the company. It would also be beneficial to create a blog and be active on other blogs. The more active your business is on social media, the more likely people will remember it. This marketing technique is incredibly useful, and it is free to create most social profiles.

Obtaining a Business License

Now that you’ve decided what type of business you would like to go in, it’s time to make it official. All businesses need at least one local, state or federal license to legally operate in the United States, so the next step is to obtain a business license for the state in which you would like to do business, which is actually a fairly quick and easy process.

Laws vary state-to-state, but typically your state’s secretary of state’s Web site is where you should begin. Conduct a simple search in your favorite search engine to find the Web address for your secretary of state. Once you have arrived on the appropriate site, there will be various business licenses available for you to choose from.

After choosing the appropriate license(s), you will be taken to a screen that will enable you to download the forms you need to apply for your license. Fill out all of the forms associated with applying for your particular license. Prior to submitting your application, make a copy to keep for your records. Some states allow you to submit forms electronically, while others require forms to be mailed. Either way, make sure the full fees are submitted with your application. After your application is submitted, the approval process generally will take a few weeks to complete. Once your license is approved, you will receive your business license in the mail, and can begin conducting business.

Make sure you take note of whether the license must be renewed on a regular basis. If so, keep track of the renewal dates and be sure to renew your license prior to expiration, as there are serious penalties and fines for businesses that operate without appropriate licenses. Also keep a copy of your license for your business records. Many states require business owners to display their licenses so they are visible to customers and clients. If this is a requirement for your particular license, be sure to do so, as not displaying a license when it is required is also considered a serious violation.

It is important to note, if you ever expand your business or its products and/or service offerings, you may need additional licenses. Prior to any expansion projects, you may want to check to see if any additional licenses are required for your business, just to play it safe. If your business is involved in activities supervised and regulated by a federal agency, you will probably also need to obtain a federal license, according to the Small Business Administration.

Servant Leadership: Leading the Way Through Servitude

Servant leadership is having the desire to not only lead, but to do so in an ethical manner. I am aware that this could mean a variety of things for many people, but to me, it means making decisions that will benefit those within the organization as well as the organization as a whole, and putting the wellbeing of the organization and its members before self. It also means taking the necessary measures to ensure proper growth of the organization and its members—whether it is through additional training at the expense of the organization, or simply taking time out of one’s day to ensure that organization members feel worthwhile.  Servant leadership has become more attractive in recent years because people are beginning to realize that while an organization can achieve success under a tyrannical leader, this success will be limited and short lived. The most successful organizations are comprised of content members. This can only be achieved through servant leadership.  

The primary problem with leadership is that some leaders have shown resistance to encouraging the growth of those around them. The desire for constituents’ success in and outside of the workplace, and longing for them to become competent leaders in society is a prime example of servitude while in a leadership role. 

Building Relationships with Constituents

In the stages to becoming a servant leader, one is first dependent, then becomes independent, and then ultimately becomes interdependent with his or her constituents and the organization as the leader strives to support others and the institution. The principle of interdependence is a critical aspect of servant leadership, because without this relationship, success will be stifled. In order to move into the final stage of interdependence, servant leaders must build a rapport, which then leads to building a strong relationship with their constituents, which is mutually beneficial for the company, the leader, and its constituents. In order to achieve this level of success, it is necessary for the leader to show the constituents that they are cared about outside of the success of the organization—as an individual.

Evaluating Servant Leadership

So the question is, “How does one determine success of servant leadership”? Although servant leadership is a foreign management philosophy for some leaders, as desired results are achieved, more and more people have accepted this type of leadership. Content, high-performing employees validate servant leadership. While this unconventional style of leadership is not accepted by everyone, results are measureable, and after continued success, the servant leadership style can become more accepted into ones particular work environment.

Traits of Successful Entrepreneurs

Millions of people spend an insurmountable amount of time trying to get out of the rat race. Whether you are s six-figure salary earner or a struggling waitress making minimum wage, the simple fact is, the only way to gain true wealth is through self-sufficiency—in other words, the obtainment and maintenance of your own business.

Entrepreneurs are made from a different stock than their “9-to-5” counterparts. While gumption is a trait that must be present for all successful business people, entrepreneurs must be go-getters on a new level to experience true success and longevity—especially in a sub-par economy. If you think you have what it takes to be an entrepreneur, read the following to see how your characteristics match up. When you are finished, check out the U.S. Small Business Administration’s (SBA) Assessment to determine whether you are ready to start your own business.

Patience to Weather the Storm

Most people would agree that the majority of the good things in life take time. That said, how will you know if you’ve put in enough time and effort into your business where you should be experiencing profitability and growth? According to the U.S. SBA, the majority of small business owners do not make a profit until their fifth year in business—that’s if you make it to your fifth year, as 95 percent of small businesses close within the first five years. Are you willing to wait five years or more to see a profit? How will you sustain your lifestyle in the interim?

What about the lucky few businesses that experience profitability almost immediately? Whether it is due to low overhead costs or a revolutionary business idea, if your business makes money from the beginning, congratulations! While this is a great accomplishment, all roads to success, no matter how short or long, have dips and valleys. Successful entrepreneurs must be prepared to handle slow periods and should have a sound plan to do so.

Having an Extrovert State of Mind

While it is not necessary for entrepreneurs to be true experts, for the purpose of launching a business, having an extrovert state of mind can be beneficial.  This simply means that you must be willing to spread the word about your new business through networking. While you may plan to use expensive advertising and elaborate marketing techniques, nothing is proven to be more effective than good old fashioned word of mouth. Even in the beginning stages of your business (before you are ready to sell anything), making an effort to network with key players in and outside of your community is critical. You never know who you might meet that could possibly springboard your business to success. If you are proud of your new business, why not shout it from the rooftops?

Flexibility

Having a solid plan is critical to success, so you have a step-by-step guide to lead you through business operations. These plans come in the form of business plans, strategic marketing tactics and public relations strategies. However, successful entrepreneurs must be willing to deviate from those plans when necessary. Just because a tactic has worked in the past, doesn’t mean it will be successful the next time around. Responsible entrepreneurs know the importance of monitoring the effectiveness of all tactics utilized, so they can abandon the less-effective tactics at a moment’s notice.

Passion

Lastly, you must have a true passion for your small business. Without passion, walking away when the journey gets a little rough will always be an option. Passion will also create an inner sense of optimism that is essential for all entrepreneurs. After all, if you don’t believe in what you’re doing, who else will? While it’s wise to always have an exit plan, it should be your last resort, not amongst one of the first options. Only those with passion will last through the storm, and reap profits on the other side.