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Finding Fertile Ground: Why Location Matters

In What You Need To Know About Small Business on September 14, 2017 at 9:49 am

Location, location, location isn’t just a rule of real estate. It’s a rule of running a business, as well. It’s easy to want to plant your flag where you grew up or where you now live. Indeed, having that insight and understanding of the area can be very valuable to a business. But it’s not always the most profitable choice for the business. Here, we’re going to look at the three major impacts that choosing the right location in business can have, whether you’re looking at a fresh startup or expanding to a new area.

Flexibility

The simple truth is that you’re not going to be able to run your business the same in some areas as you are in others. The website howtostartanllc.org gives a very clear-cut example in the fact that it’s easier to set up an LLC in some states than it is in others. There are also state and local considerations and regulations that might limit your business or enforce aspects of organization and administration that might work contrary to what you want from your business. Business owners have different priorities in how they exercise their freedom to run the business as they please and might have to find a different location to find that freedom.

Costs

The ease of starting a business of a certain structure and the different regulations you have to follow in an area might also dictate certain costs that you have to take into consideration. But there are other ways that the location you choose makes difference in costs. Gothamgazette.com uses New York as one example, including how Paid Sick Leave Laws can end up costing business owners thousands of dollars a year. There are also local costs of supplies, services, building rent or ownership, utilities and more to consider. For a business to succeed, it has to be able to make more than it costs to run it, but in some areas, that might not be as easy.

People

The services and suppliers you rely on are just one example of the different people that your location offers you access to. For retail and service brick and mortar industries, finding the right area with the right curb appeal potential and foot-traffic will play a huge role in the reach you have regarding customers. The same goes for choosing a location based on the talent pool you can hire from, with sites like ciodive.com making it clear that some areas, like Seattle or the San Francisco Bay Area, offer a greater selection of employees better suited for tech companies. There’s also competition to worry about. Setting up too close to competition can seriously hurt a business’s chance of standing out and finding their place in a market.

The hurdles you give yourself and the flexibility of the business. The costs of setting up and the wages the local population expects. The consumers, the competition, the talent pool. These are all considerations that can dictate why a business might fail in one area and excel in another. They should all contribute to where you decide to set yours up, too.

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The Surprising Reasons For A Negative Marketing ROI

In What You Need To Know About Small Business on September 14, 2017 at 9:43 am

For small companies, marketing activities represent the major part of the yearly budget. Without marketing, there can be no business. However, it can be frustrating to spend a lot of your budget on advertising campaigns that somehow doesn’t bring the expected results. Is your PPC campaign just draining funds without turning enough leads? Or is your magazine advertising a gaping hole in the budget that refuses to drive any sale? The problem with marketing activities is that they can be easily associated with an ROI. How much did you pay vs. how much did you get in exchange. A negative ROI in marketing is a nightmare for all small businesses that struggle to keep their budget in the green. What’s even worse is that it sometimes feels like you’re wasting money for no reason. But you still can’t find a way to improve your marketing activities – maybe you even believe that you should invest more to see positive results. Stop wasting your budget on marketing and address the underlying issues. There can be only three reasons why your marketing activities don’t work:

#1. You don’t have the right technology

It doesn’t matter how much you’re spending on marketing activities. If you don’t use the right technology, you’re wasting your budget. Instead, you should have a look for the latest software solutions and app-based programming advertising tools. Indeed, your customers live in a digital world where everything is tailored and fast-paced. If you’re not using the relevant tech to comply with their savvy habits, it’s likely that you’ll be ignored. More importantly, automated software and compiling data tools can help you to create a fast and smooth marketing toolbox that gives you updated in real time.  

#2. You don’t have a strategic plan

More than 70% businesses don’t have a marketing strategy. In fact, they tend to choose their marketing activities as a response to their competitors’ campaigns. If a competitor has invested a lot of effort in improving their SEO, then you decide to beat them at their own game by creating content for the same keywords. Don’t smirk as you read: it’s, unfortunately, a very common approach. Instead, companies need to work with a marketing strategy template that helps to analyze the situation and maximize opportunities with the best-suited activities. Don’t know how to create a marketing strategy? Don’t panic; steal these templates that give you a clear guideline on how to proceed. In the end what matters is to create a strategy for your company so that you can move in the right direction, instead of copying what competitors are doing.

#3. You don’t have the right expertise

You need these experts in your marketing team: An Analytics expert will be able to read your Google Analytics data and guide your SEO strategy accordingly. A content writer can create valuable, engaging and targeted content to attract visitors. The designer and developer will give your presence – online and offline – the right user-friendly and trend-conscious feeling. Finally, the marketing manager can lead the team in the best strategic direction.

Small businesses need to take their marketing activities seriously. Success is not the work of a single person anymore. It’s the combination of the best technology with the best strategy, supported by a team of experts. If you thought you could do it all alone, think again!

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Your Personality Has A Financial Impact On Business Funding

In What You Need To Know About Small Business on September 7, 2017 at 7:53 am

When many guidelines online and offline offer the best step-by-step instructions to launch a successful business, it can seem easy to forget that it’s people who make businesses and not the other way round. As a result, when you are looking to grow your independent startup and are set for a solid business up-size strategy, it’s important to remember your personal strengths and weaknesses. Indeed, when in the process of up-sizing, or even launching a business, your key priority is to define where you will find the necessary funding to support the growth. For startups or business launch, there is no other way around: You will be the face of your small business. Therefore you need to focus your efforts on the best-suited funding strategy for your skill set and personality. Finding growth investment is a stressful enough process by itself. Consequently, your best chance to make it work and to focus on what you can do best.

The corporate leader who analyzes problems

If you’re the kind of person who’s confident with analytical problems, you would probably see no issue in calculating your forecasting wins and losses in an excel spreadsheet. Being naturally driven and successful at identifying plans to tackle problems, you will be able to build a solid and convincing commercial moan application for your business. This kind of applications requires open figures about the current and previous years, detailed presentation of your business strategy, forecast reasoning for the years to come. Additionally, you will need to clarify how you intend to use your loan and the potential return on investment of your strategy. As loan applications can be extremely tricky and difficult when you are applying for bank or governmental funding’s, it’s an approach that is best left to extroverted thinkers with a strong sense of analytical efficiency.

The optimist who loves to connect with people

If you’re hardworking and focused on bringing happiness into your workplace, you should make the most of your knack for positivity in the business world. Begin able to develop a happy attitude that inspired others and to share knowledge with your network – whether it’s your team or your partners – is a significant advantage in being successful with the best small business loans at a peer-to-peer level. P2P loan programs enable you to share your optimistic vision of the world with an investor and to convince them that you are worthy of their investment. Being a people’s person can give you the personal edge you need to influence a funding decision.

The visionary who has a passion to share

If you’re the kind of person whose mind is bubbling is new ideas every day and who finds it easy to keep an audience captive, then you want to utilize this skill to the maximum. Sharing your vision with others is about telling a powerful story that people want to listen to, and that’s exactly the talent you need to start a crowdfunding campaign. Using a video and other informative pieces of content, you can share with millions of potential investors your business ideas and hook them to your dream. With a lot of personality and charm, you can convince anonymous viewers to fund your business and to believe in your success.

People make businesses. They drive them. They grow them. And finally, they fund them. By maximizing your best business qualities, you can increase your chances of success to finance your business growth and take your small company or startup to the next level.

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