Pricing Mistakes That Can Drive Sales Away

Once your small business establishes its products and/or services, the next most important step is pricing.   Proper pricing can be the difference between a profitable business or one that struggles to survive or even gain ground.    Charge too little and chance that your profits will suffer, charge too much and  possibly drive  potential  customers away.   So how do you strike a balance and gain confidence in your pricing strategies?

Brad Sugars’  article, “7 Biggest Mistakes In Setting Prices“,  offers some good points to consider when you address your prices.   One mistake I have  personally fallen victim to is #5.  …

Continue reading →

Avoid Business Burnout By Balancing Life And Work

balancing work to avoid business burnoutGetting caught up with growing your business can become all consuming.   Obsessing about your business and forgetting about your life is a common hazard to avoid.   Sooner or later, you’re bound to face a burnout phase when your mind and/or body says “enough’s enough”.

As pointed out in the Entrepreneur.com article “How To Avoid Occupational Burnout“, interests outside of your business are ideal.   Taking time out of your busy day for yourself can help you clear your mind and reduce your stress levels.   For myself, I like to take an hour around 11am to get my exercise time in.  …

Continue reading →

Airing Your Accounts Receivable Problems In A Public Manner

accounts receivableAs pointed out in the Wall Street Journal article “Web Site Lets Businesses Expose Deadbeat Customers“, there is a new way to vent your frustrations towards non-paying customers.   The website, Uradeadbeat.com, gives you an avenue to post complaints about customers or businesses that owe you money.

I can’t seem to decide where I stand on this idea.   On one hand, this may be a good way to get someone to respond to you that normally you could not get into contact with.   If they get upset, maybe they will contact you and you will be able to work out some sort of payment schedule.…

Continue reading →

Would Your Spouse Make A Good Business Partner?

business partnersStarting a business with a friend or member of your family isn’t always the best choice.   I’ve asked for your opinions on such topics as “Do Family Members Make Good Employees?” and “Would Your Parent Make An Ideal Employee?”.   Now, I have one last thought to get your opinion on.   Would you start a small business with your spouse or significant other?

I don’t know about you, but I could never work with my husband, let alone run a business together.   We both have very different opinions and a bit of a stubborn streak that would not blend well if we worked side by side.  …

Continue reading →

Introducing Your Products To Wholesale Buyers

Coming up with a unique and marketable product is only half of  the battle.   Once you have your products ready for market, how do you find the right buyers?   What if your product doesn’t sell very well locally but you are confident enough to know it will sell elsewhere?   Expanding your customer base worldwide by selling to wholesale buyers is a great way to extend your reach.

Stephanie Cartwright, co-founder of MyWares.com, was the interviewed guest expert last week on Small Business Trends Radio.   Stephanie offered really great tips and advice on how to start offering your products to wholesale buyers.  …

Continue reading →

“Suit Up” For Small Business

volatile market cartoonMark Anderson, creator of the cartoon website Andertoons.com, shares one of his  business cartoons with readers of Small Business Trends every Friday morning. I got a really good kick out of today’s cartoon about volatile markets and thought I would share it with you here.   To see the full view of the cartoon, click on the cartoon image on the left.

This cartoon seems really timely to me since everyone is taking a beating these days.   Whether in business or in our personal lives, we could all use protection from the bumps and bruises the less than favorable economy has given us lately.…

Continue reading →

Attracting Shoppers To Your Business This Holiday Season

attracting holiday shoppersWe are not that far away from the start of the holiday shopping season.   It’s hard to believe, but in a month or two holiday shopping will be in full swing.   With the economy in the shape it is now, most consumers will be cutting back considerably.   So, have you decided how your small business will attract those much needed customers?

John Tozzi, a writer for BusinessWeek.com, gives us some idea of how small business owners can compete with the big box retailers this holiday season.   John suggests that you focus on your loyal customers instead of targeting new ones.   Give your best customers special holiday discounts and the best customer service possible to encourage increased spending within your business.  …

Continue reading →

Having A Personal Emergency Plan For Your Business

emergency.jpgWe all know that when things just start to go smoothly, it usually doesn’t last very  long.   Personal emergencies with yourself or family members can pop up out of nowhere.   Given the choice, of course you have to tend to the crisis first.   But where does that leave your business?   Who will take over where you leave off?   What happens if you can’t attend to your small business for days on end?

Bonnie Price, a contributor to WomenEntrepreneur.com, suggests keeping an up to date binder with all of your small business’ critical information.   Bonnie provides a helpful list, of information your binder should contain, in  her article “Keep Your Business Humming Amid A Personal Crisis“.  …

Continue reading →

Build Your Brand On A Budget

So, you have a small business and you’re trying to build your brand from the ground up.   What  steps can you take to  establish your own well known brand with limited funds?   SEOBook.com has published a list of 11 ideas and resources for building your brand.  

The article mentions  reputation as  one of the ways to  strenghthen your brand.   Reputation is one of those things that can  make or break your business.   At the beginning of your journey, it  is so important to keep an untarnished reputation in order to grow your company.   It’s impossible to ask consumers to  put faith in your unfamiliar brand when you have a less than perfect  track record.…

Continue reading →

Smart Ways To Finance Your Small Business

When a business consultant found no angel investor interested in funding her dream venture – $30,000 to start her small practice – she came up with a brilliant idea.

She promised her first ten clients a full refund on their fee at a follow-up consultation (six months later) provided they paid her upfront for the first visit. Temporarily at least, her problem was solved and she ended up signing quite a few clients.

The thing is that if you are new in a business and without any track record, you may find it difficult raising capital from lenders or investors. The chances of getting VC funding for such a venture are as bright as getting struck by a bolt of lightening!…

Continue reading →