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Tips for Building Your Local Market

Tips for Building Your Local Market

In a down economy your local market becomes critical to your business success. Your local market is where most of your loyal customers come from, and establishing a strong local market foundation allows your business to grow outwards.

Here are some tips to build your local market:

  1. Join your local chambers of commerce and every community group you can to network.
  2. Reach out to your local newspaper and local media outlet and offer story ideas.
  3. Become your town’s know it all and resource person. (One local business person used this idea to create a spreadsheet that got mailed around with everyone’s teacher assignments in town.)
  4. Create referral and loyalty incentive programs.
  5. Use cause related marketing and sponsor local events and causes for exposure.
  6. Offer to be a speaker or teach a class related to your business. For example, if you sell home decorating products, offer to speak about home decorating.
  7. Partner with other local businesses to promote each other’s businesses.
  8. Create a Facebook page and post current events, coupons, and information about other businesses in your town as a free community service site.
  9. Connect and network with people who live locally on social networks.
  10. Get testimonials from locals and use them to become your “celebrity” spokespeople.
  11. Make sure your business comes up on local search engines and directories.
  12. Make each interaction memorable. Turn your car into a moving billboard, give out magnetic business cards with a free branded pen, distribute T-shirts with your business name and logo, and most importantly become known for incredible customer service that generates praise.

Using these tips will help you create a sustainable business relying on a whole town of loyal customers that will weather any economic storm.

So how are you connecting to your local market?

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Tips for Maximizing your Warm Market List

Tips for Maximizing your Warm Market List

Any kind of business requires relationship building. Those who have great social and communication skills are a step ahead. But for most of us it’s trial and error before we develop those skills. Here are a few tips to make it easier.

  • Once you’ve made your warm market list and written down everyone you know, create another list of people you think are using the type of products/services you will be selling. Then compile a final and most likely list. These are all the people you think will purchase from you immediately and support your new business.
  • Invite the people on your “mostly likely” list to a small party or BBQ. At the gathering, announce your new business. Make it social…don’t try to sell anything yet. Just ask to make appointments to meet with them individually to talk about the new business.
  • Once you begin to follow up on your appointments from your mostly likely list, seek people who are most excited about your new business and are willing to support you. These people are those most likely to do business with you, and send you their referrals.
  • Provide your most excited people with excellent customer service consistently and they will likely be your loyal customers and repeat customers.
  • Start to connect with all the people on your warm market list on Facebook or other social networks to begin the process of building relationships.
  • Meanwhile, also call the rest of your list and ask to meet with people for coffee or breakfast to discuss your new venture.
  • Always keep your appointments social, friendly and pressure free. Ask about them first, and discover needs that your products/services may meet. Then share how your products/services help people solve their problems. So even if they aren’t interested for themselves they will see the benefits and may still give you a referral or two. Ask them to put in a good word for you to their referrals.
  • As you build your social network online, offer solutions with your products/services that solve the problems of your friends. Share tips/useable information related to your products/services without selling online. Think of social network as a subtle way to introduce your new products/services and NOT e-commerce.
  • Start going to family, friend and other social gatherings. Be social and don’t sell, but if they ask about your new business, offer to make an appointment to meet. Always have your appointment book with you, offer dates you are available and don’t leave any request for information open-ended.
  • Start getting involved with your warm market’s organizations and causes, and genuinely participate. Being with them at these events can imply you can be trusted and may help you generate face to face referrals.
  • Use the principle of quantity and many numbers. At this point you want to connect with as many people as you can through your warm market. These people are more likely to be converted because they trust you and/or your warm market referrals. Don’t rely on your salesmanship skills, rely on the numbers. This way if you get a few no’s you won’t be discouraged, because there are still a lot of people to talk to.
  • At some point you will encounter no’s from your warm market and that’s to be expected. But keep them updated with your progress. You never know why they said no in the first place: maybe wanted to see you do it first or maybe it was poor timing.

Take it a step at a time. Connect socially, develop relationships, ask for an appointment, and then ask for the sale. After the sale, follow up to make sure they’re happy with their purchase. The key to success is to go through the process, learn from your mistakes and stick with it for a while. In the end it will help you build your business skills and lead to more opportunities for success.

How do you work with your warm market? What tips would you give to someone new to this? Would love to read your thoughts in the comments!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

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How to Grow your Small Business in a Down Economy

How to Grow your Small Business in a Down Economy

Don’t let the constant drumming bad news of our anemic economy get you down. You can still grow your business in a slow economy. While big businesses are cutting back and figuring ways to save money by sacrificing customer service, your small business can pick up their dissatisfied customers. Here are some tips to grow your small business in a down economy.

  1. Maintain a positive and growth attitude
  2. Revise your business plan for the new reality
  3. Be more proactive and flexible
  4. Become more organized and disciplined
  5. Focus on your local market, but think globally for growth
  6. Be more involved in your community to take advantage of the increased exposure
  7. Get social – use social media to promote your business by word of mouth and provide even better customer service
  8. Provide solutions – don’t just focus on selling products/services…use your products/services to provide solutions for your customers and potential customers
  9. Lead with innovations – market your business by promoting new incentives and products/services
  10. Focus on your loyal customers and keep them happy
  11. Provide a easy way for customers to provide feedback, and then act on it!

The key to growing your business in a down economy is satisfying your customer’s needs, providing great customer service, developing and growing a strong loyal customer base.

How are you growing your business? Would love to read your thoughts in the comments!

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Recordkeeping for your Business: What do you need to track?

Recordkeeping for your Business: What do you need to track?

As a business professional, keeping accurate records is essential to your success. Doing this allows you to:

  • Monitor the progress of your business
  • Prepare any financial statements
  • Identify the source of receipts
  • Keep track of deductible expenses
  • Prepare your tax returns
  • Support items reported on tax returns

Recordkeeping Systems
Which system works best? The quick answer is “the one that works for you.” Opting for expensive and elaborate recordkeeping software may not be the best choice if you’re just starting your business — and if your business is large and well-established, tossing paperwork into a shoebox will likely cause headaches at tax time.

The system you choose should be one that allows you to easily track your income and expenses and keep your business documents in an orderly fashion and in a safe place.

What to Keep?
Saving these items is a must as you’ll need them to prepare your tax returns (and as support for items reported on tax returns):

  • Paid bills
  • Invoices
  • Receipts
  • Deposit slips
  • Cancelled checks

What Else?
The links below are to sites that are great sources of recordkeeping information. They’ll help you determine exactly which items you need to keep to ensure your business runs smoothly — and legally!

  • Moneywise Women Get Smart — Free monthly educational teleseminars on a range of financial topics.
  • The IRS — Which records to keep, how long to keep them and why. Articles, videos, publications and answers to frequently asked questions.
  • SCORE — This nonprofit resource partner with the U.S. Small Business Administration (SBA) provides info on local-area recordkeeping workshops and more.
  • U.S. Small Business Administration — Information on how to manage your tax obligations, tax recordkeeping and more.
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Online Resources for Women in Small Business

Online Resources for Women in Small Business

Are you a female small business owner?   Are you looking for a pool of resources that will be able to advance your growing business?  Well, look no further.  There is a wealth of information on the internet that can help you grow your business and do it quickly.  There are plenty of on-line resources that are safe to access and right at your fingertips.

  • MoneyWise Women Get Smart – Sponsored by the Direct Selling Education Foundation, this free teleconference series helps you make smart decisions about money. Held the 2nd Tuesday of each month, you’ll find amazing content delivered by experts to help you make better decisions, and more money! Register here: http://moneywisewomengetsmart.com/upcoming.html
  • Women’s Business Centers – Since it was established in response to an executive order in 1979, the U.S. Small Business Administration’s Office of Women’s Business Ownership has fostered the participation of women entrepreneurs in the economy, especially those who have been historically under-served or excluded. OWBO reaches out to women entrepreneurs through a number of programs that are coordinated through every SBA district office. OWBO’s programs provide business training and counseling, access to credit and capital, and marketing opportunities, including federal contracts. http://www.sba.gov/content/about-office-women-business-ownership
  • Womeninbusiness.About.com – About.com is a resource that has a specific link for women in business http://womeninbusiness.about.com/.   This site is updated regularly and has tabs entitled: Start-up and Funding, Manage and Grow, and News and Legal Issues.  It takes you from the start-up practices you should have in place and maintains support of your business with helpful hints and insights.  About.com also offers examples of commentaries on successful women in business.  They are both insightful and inspirational to the entrepreneur.
  • Women Grow Business Blog – The dynamic experience of how women emerge their business is the primary conversation of the Women Grow Business blog. With articles contributed regularly by successful female entrepreneurs, you are sure to find daily insight that will support you as a female business owner. Find it at http://womengrowbusiness.com/
  • Allbusiness.com – Allbusiness.com is a comprehensive website that offers you a wealth of information and resources for your growing business.  There is information regarding grants and bloggers input as well of business owners just like you.  Articles contain information and frequently asked questions regarding typical success strategies as well as articles regarding typical challenges for the small business owner are also here.  http://www.allbusiness.com/
  • NAWBO – The National Association of Women Business Owners is a dues member organization that prides itself on supporting women business owners across the country by providing the most recent information and resources available as well as providing a network of successful women as a support structure for those women starting out. Check out all the valuable resources here: http://www.nawbo.org

There is a wealth of information for women in business online.  Whether you are researching on how to get started or trying to find tools to help your business grow, resources are a click away.  Take advantage, and watch your business grow.

What are your favorite online resources for business? Please share them in the comments below!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!