Small businesses are may sound petty and easy, but did you know that only 50% of small businesses survive after 4 years?
That’s right, a lot of them do not even make it to the 4th year and believe it or not, some even close down after a few months of launching.
There are many reasons for this such as poor planning and bad location but the number one thing that everything revolves upon, is money.
Many small businesses make more loss than profit which is why I advise you to read up on my small business profit tips before making any unnecessary moves:
1) Location planning
Unless you’re doing an internet business, location is the number one thing that affects a certain business.
Bear in mind that location plays a role ONLY to attract people because if your service is terrible, you’re going to lose all your customers anyway.
Many people have this perception that if you open your shop in cities, you’ll get good business.
That may be so, but you still have to bear in mind the rental cost AND the competition.
For example, why would people want to go to your less well-known clothing store if they can just go to ZARA which is less than 5 minutes’ walk away?
Not only will you lose customers to your competitors, you will also still need to pay the expensive rent.
My advice for you when it comes to location planning, is to find a place that has low rental cost and lesser competition because all those heavy competition will eat your business up if you’re not prepared enough.
Well, not if you have some celebs like Lady Gaga going to your store often.
2) Take advantage of internet marketing
Technology plays a vital role in survival today that it’s amazing to know how the internet can make you more money than a real store.
Sure having a shop is important but having an online presence is just as vital.
Did you know that there are over 2.8 billion internet users as of 2014?
Not only will it be a waste if you don’t leverage this by building a website, you will also be seen as “outdated” because almost every business nowadays have a website.
I understand that the biggest obstacle which is stopping small business owners from having their own websites, is money.
I used to be in your shoes after all.
Because if you hire a website builder, they usually charge you somewhere between $3,000 to $7,000 JUST to build your website.
And that doesn’t include the monthly maintenance fees.
Building a website is easy and believe it or not, some people make more money online through their websites than they actually do from their physical shop!
If you’re looking for a program to that teaches you how to build your own fully-functional website for free, here’s my #1 recommendation that I’m personally using to create this very website you’re looking at.
Do NOT for a second underestimate the power of blogging because there are many people who started their business by blogging.
Believe it or not, blogging can give you a great platform to make a name for yourself and create trust.
I have many friends who started a blog and made a significant amount of income, enough to bring their brand OUT of the internet and open a real physical shop because the demand is overwhelming.
For example, think of a blog that you love to follow maybe like an Ed Sheeran fan blog?
And if you somehow knew that the blog that are currently following is opening up a shop to showcase its products, won’t you be tempted to follow and check it out?
Blogs are important in marketing because you make a story for yourself and people who are interested in your story, will be more inclined to buy your product whether online or offline.
So whether you have a small shop or not, having a blog which lets people know of updates is a very important aspect of marketing and business.
If you’re worrying about blogging costs, don’t worry about that because you can always start one for free.
Running a small business used to be easy back in the old days as there was lesser competition and people were more honest but it’s certainly not impossible to run one today.
As long as you keep yourself updated with the current methods of marketing, leverage the online opportunity and learn your competitors’ weaknesses, your business will bloom in no time at all!
For more information on how to develop a viable business online, check out my #1 recommended program here.