Successful Business Strategies
1) Outsource, outsource, outsource!
Small businesses don't have the capital to devote to entire
payroll departments, legal departments, etc. Outsource to
independent contractors whenever possible. In the long run it is
cheaper and is definitely a smart business decision.
2) Network as much as you can.
Join networking groups comprised of individuals who are
entrepreneurs or small business owners. Not only might you find
some professionals that will help you develop and grow your
business, it is also an excellent way to spread the word about
your company. Local networking groups usually limit the
membership to one person per industry, so you will not be
competing with anyone else for referrals.
3) Budget your expenses wisely.
If you can initially work from home, do so. Save the money you
would spend renting or leasing an office space and invest in a
decent computer system or advertising. Cut your costs wherever
you can and take advantage of less well-known but dependable
service providers, i.e. Vonage phone systems and e-fax.com.
4) Find a good publicist/virtual assistant.
It's important to get the word out about your new business.
Hiring a Public Relations firm is pricey and not always worth
the money. Go online and search for a Virtual Assistant and
publicist. Many will offer you a three month retainer at a lower
cost than a fancy PR firm and the results can be extremely
advantageous. Check out their references first and go with
someone who has a proven track record. After the initial three
months many VA's will offer you an hourly or monthly rate.
5) Develop your negotiating skills.
Knowing how to talk to advertisers and getting the best deals
you can will pay off big-time, especially when it comes to
advertising. Ask your sales representative to tell you about any
special rate packages they offer. Quite often, you will not know
unless you ask. Tell vendors you are a new business and ask if
you can pay for big projects (like a professional website) with
monthly payments. If you are dealing with small business
professionals, most of them have been in your shoes and will be
happy to extend a monthly payment plan to you.
As a small business owner you must be creative yet frugal. Take
every opportunity you can to tell people about your business.
Word of mouth and referral business is priceless. Carry your
business cards at all times and don't be shy to talk about what
you offer. You never know whom you may meet that might just turn
into a wonderful opportunity!
About the author:
Laurie Hurley is an educational consultant and mentor to small
business owners. She resides in Southern California and is
currently working on her second book; Taking on the Franchise
Industry; One Woman's Journey to Entrepreneurial Success. She
was recently featured in Woman's World magazine as a 'successful
mompreneur' and can be reached at info@hometutoringbusiness.com