The statistics for longevity with small businesses is not great and that is why small business owners need to make it a priority to self-educate themselves about all facets of their business.
Home based business owners fall into this category too. You know, one of the main reasons that small business owners fail is often referred to as the lack of funds, but here is the question:
“Were the funds there to start with, or did the funds get used supporting a business that had no sales?”
It is all very easy to look at the figures or more specifically the bank account, and say, “there is no money that’s why it closed.” But where a lot of the problems starts is in the lack of marketing.
A Great Product
It does not matter if you have the best product in the world, IF NO-ONE KNOWS ABOUT IT then it is a dead cert that you are going to go belly up in your business.
Herein lies the main problem, SMALL BUSINESS OWNERS DO NOT FOCUS ON MARKETING ON A CONSTANT AND CONSISTENT BASIS!
Take your main local supermarket. Sure, you know it is there and it is highly branded, but how often would you think about it if there was not constant reminders of its existence on TV?
Home Business Marketing
Asking you that was a bit cruel, wasn’t it? I can just imagine you saying, “but I don’t have funds like that!”
So here is what you need to do as a small business owner:
- Firstly you must look professional in everything you do.
- You need to make sure that any display marketing that you are going to do is fresh and new looking. I am sure you would have seen a sign-written vehicle that looks absolutely disgusting, giving the impression of a business going broke, or a product display that is tatty, or been given a brochure that is out of date and has handwritten words on it. In these cases it is best to go without rather than have something that looks old and faded or out of date.
- If funds are tight you must tighten your marketing reach but make sure that those you do spend money on marketing to are high priority clients so you must find ways to find those clients and then market to them.
- Devise methods to get in touch with your prospective clients.
- Research and find cheap but appropriate items you can give away or think of a voucher you can hand out or send out.
- Find other small business people with whom you could compliment with your business and share marketing and promotions (like a gift shop and a florist or a drafts person and a building inspector) – this saves a lot of money and you also get to share each others clients.
The hard part, I know, is spreading yourself too thin and because of this, if you can at all afford it then it is a very good idea to engage a professional marketing office to look after you so that you can concentrate on your core business. Or at least, employ a VA (virtual assistant) so that can delegate the marketing to them.
There is a 100% guarantee that if you do not market in some way on a consistent basis you will become a statistic and you don’t want that after all your hard work. There are a number of things you can let slip for a while in a small business, but marketing is not one of them!
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