Marketing budget, income potential, market area and knowledge all play a significant role in the choice of marketing method.
Marketing budget decisions present a major stumbling block for many new home based business and small business owners, or even “want to be” owners. When I started my first business in 1981 (yes I know that dates my age), the options for free marketing were limited to friends and family, free newspaper ads, bulletin boards, roadside signs and flyers. Oh and there was also the delightful option of cold calls. These methods worked. They were time consuming, frustrating because of the high percentage of rejection, and limited to the geographical area near your home.
Today there are so many social networking sites which reach a world wide area. Once again these are free or extremely low cost. Twitter, Facebook, MySpace, Squidoo, and Linked-In are a few of the more popular. There seems to be a new one popping up every day. Not only can you connect with numerous people as individuals, but there are a plethora of groups of every imaginable type available as well. Video is currently taking the Web 2.0, social networking, by storm. Videos can be uploaded on You-tube for free and displayed on site or on your web pages or even embedded in your emails.
The next step up is print media: newspaper classified, newspaper display ads, magazine classified, magazine display ads, and postcards are the most popular. There are also printed calendars, printed note pads, pens and various other items printed with the business contact information, and even brochures. Business letters are not as frequent but they also appear. The trick to letters, brochures and anything else which arrives in an envelope is getting the envelope opened instead of taking a dive bomb straight for the waste basket. I have seen colored paper, “urgent” stamps, promo checks peering through the window in the envelope, and even actual money enclosed to get people to open the envelope. If the envelope remains sealed, your marketing dollars just crashed and burned.
The internet is all the rage now. Google is the 800 pound gorilla. They rule the jungle and consume the lion share of the market. Yahoo, Bing, MSN and other smaller search engines are tripping on the brush in the jungle attempting to stay on their feet or ideally gain a few steps on Google. This is Google’s eleventh anniversary; notice today they spelled Google as Googlle in honor of the eleventh anniversary. Pay per click presents a more intense learning curve and higher cost for the total marketing budget. The critical factor in pay per click is selecting the targeted keywords and embedding them properly in a compelling ad. When they click on the ad, it must take them to a web page with the specific information promised in the ad. Relevance is key.
The next element in pay per click marketing is designing a web page with enough information to present value and just enough intrigue to entice them to fill out their contact information. Web page design discussions involve chapters, not a single article. No matter which form of marketing you select, the goal is to capture the contact information. Sooner or later you will arrive at the web page design decision.
Happy marketing. It is exciting, ever changing and a fabulous growth opportunity.
Showing posts with label small business. Show all posts
Showing posts with label small business. Show all posts
Wednesday, October 7, 2009
Monday, October 5, 2009
Start a Business
Home based business is the fastest growing industry in North America and perhaps the world right now.
Having owned several small businesses in a variety of industries, I truly know the contrast.
Small business
1. Even though I started the property management business in my home, it was far from ideal. A proper small business seems to require a separate physical office. It simply looks more professional for guests checking in to their vacation lodging and home owners requesting professional management. Having an official office in a business setting requires paying rent. Along with rent usually comes utilities and office furniture. Some leases even require a percentage of the building taxes and insurance as an additional fee. Also some leases require a percentage of your gross income as payment to the landlord: this is commonly referred to as a triple net lease. READ YOUR LEASE FINE PRINT CAREFULLY.
2. Other expenses with an official office outside of your home are a business telephone, computer, printer, liability insurance and some signage to let people know your business name. Depending on the nature of the business, you may also have inventory. Inventory could include office supplies as well as products to sell or products used in service to your customers.
3. Since you will be traveling from your home to the office, you will also have vehicle expense.
4. Employees are a complex issue. Federal unemployment, state unemployment, social security, possible health care insurance, payroll preparation expense and the actual salary. Sick pay, vacation pay and supervision time and expense are also to be considered. Since I owned a property management company in a world class ski resort, there were powder days when employees simply did not report for work or could not be located performing their assigned duties.
Home Based Business
1. Use a room in your house. No rent, office utilities or leases to consider. You might have to get some basic office furniture.
2. You will need some basic office supplies, a computer, a printer and a telephone.
3. No vehicle expense since you has a 30 second commute from your bedroom to your office.
4. Probably no employees.
The differences are dramatic between a home based business and a small business in the set up expense and ongoing monthly expense.
Having owned several small businesses in a variety of industries, I truly know the contrast.
Small business
1. Even though I started the property management business in my home, it was far from ideal. A proper small business seems to require a separate physical office. It simply looks more professional for guests checking in to their vacation lodging and home owners requesting professional management. Having an official office in a business setting requires paying rent. Along with rent usually comes utilities and office furniture. Some leases even require a percentage of the building taxes and insurance as an additional fee. Also some leases require a percentage of your gross income as payment to the landlord: this is commonly referred to as a triple net lease. READ YOUR LEASE FINE PRINT CAREFULLY.
2. Other expenses with an official office outside of your home are a business telephone, computer, printer, liability insurance and some signage to let people know your business name. Depending on the nature of the business, you may also have inventory. Inventory could include office supplies as well as products to sell or products used in service to your customers.
3. Since you will be traveling from your home to the office, you will also have vehicle expense.
4. Employees are a complex issue. Federal unemployment, state unemployment, social security, possible health care insurance, payroll preparation expense and the actual salary. Sick pay, vacation pay and supervision time and expense are also to be considered. Since I owned a property management company in a world class ski resort, there were powder days when employees simply did not report for work or could not be located performing their assigned duties.
Home Based Business
1. Use a room in your house. No rent, office utilities or leases to consider. You might have to get some basic office furniture.
2. You will need some basic office supplies, a computer, a printer and a telephone.
3. No vehicle expense since you has a 30 second commute from your bedroom to your office.
4. Probably no employees.
The differences are dramatic between a home based business and a small business in the set up expense and ongoing monthly expense.
Thursday, September 17, 2009
Are You Busy or Productive?
Ever have days when you seemed to be busy all day long, but at the end of the day you did not have much to show for the time? There is a distinct difference between activity and accomplishment. Do you relate to that feeling? Me too.
My solution revolves around time management. Each evening I write my “to do” list for the next day. Back in my property management days, it meant looking at not only new items to be accomplished but reviewing the completed work orders to determine what had been completed. Frequently it also involved a site visit to personally inspect the work performed. With a home based business, the buck stops right here at my own desk.
I am responsible for the action items placed on the schedule and I am responsible for the follow through to be certain they are completed. Anyone who has ever owned a small business understands this very well. Owning a home based business generally means one person, or perhaps a couple in the case of a partnership or marriage, shoulders all of the responsibility. In this case, “if it is to be, it is up to me” has absolute significance.
Scheduling time slots for specific tasks and committing to a complete and focused performance of that specific activity and only that activity during that time slot is imperative. Avoid answering personal emails or personal phone calls or any other distraction. If you have to lock your office door and seclude yourself, then do it.
Schedule specific times for the five things every successful entrepreneur does every day.
1. Meditate and visualize your goals in absolute detail using all 5 senses. Be certain your goals are SMART (specific, measurable, attainable, relevant, and timely)
2. Income producing activity – lead generation, conversations with potential business partners and follow up conversations.
3. Personal development – personal development always precedes financial results
4. Mastermind with other leaders who have the same forward-thinking goals and mindset for success
5. Cultivate the expectation of leadership. BE the leader, DO what the leaders do, and you will HAVE what the leaders have.
These rules apply whether you have a home based business, a small business, or a franchise. These principles apply regardless of the industry.
Schedule your time in 30 to 60 minute blocks depending on the task. Plan ahead so that you know you can and will adhere to the schedule.
Time management insures that your time will be more productive rather than just busy. If it helps, you can set a kitchen timer or the alarm on your watch or the timer on your phone.
No one wants to face themselves in the mirror night after night and admit that nothing was actually accomplished that day. A day is a precious commodity, don’t waste it.
My solution revolves around time management. Each evening I write my “to do” list for the next day. Back in my property management days, it meant looking at not only new items to be accomplished but reviewing the completed work orders to determine what had been completed. Frequently it also involved a site visit to personally inspect the work performed. With a home based business, the buck stops right here at my own desk.
I am responsible for the action items placed on the schedule and I am responsible for the follow through to be certain they are completed. Anyone who has ever owned a small business understands this very well. Owning a home based business generally means one person, or perhaps a couple in the case of a partnership or marriage, shoulders all of the responsibility. In this case, “if it is to be, it is up to me” has absolute significance.
Scheduling time slots for specific tasks and committing to a complete and focused performance of that specific activity and only that activity during that time slot is imperative. Avoid answering personal emails or personal phone calls or any other distraction. If you have to lock your office door and seclude yourself, then do it.
Schedule specific times for the five things every successful entrepreneur does every day.
1. Meditate and visualize your goals in absolute detail using all 5 senses. Be certain your goals are SMART (specific, measurable, attainable, relevant, and timely)
2. Income producing activity – lead generation, conversations with potential business partners and follow up conversations.
3. Personal development – personal development always precedes financial results
4. Mastermind with other leaders who have the same forward-thinking goals and mindset for success
5. Cultivate the expectation of leadership. BE the leader, DO what the leaders do, and you will HAVE what the leaders have.
These rules apply whether you have a home based business, a small business, or a franchise. These principles apply regardless of the industry.
Schedule your time in 30 to 60 minute blocks depending on the task. Plan ahead so that you know you can and will adhere to the schedule.
Time management insures that your time will be more productive rather than just busy. If it helps, you can set a kitchen timer or the alarm on your watch or the timer on your phone.
No one wants to face themselves in the mirror night after night and admit that nothing was actually accomplished that day. A day is a precious commodity, don’t waste it.
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