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You’ve heard it before: Half of all small businesses are doomed to fail before their first year is out. You’d think this statistic would put people off of opening small companies – especially high risk ones like restaurants and retail stores – but this doesn’t seem to be the case. When it comes to functionality, the general statistics are equally dire. Statistics only get more discouraging as time goes on: 95 percent of small businesses are doomed to fail within five years. (Complete infographic below…)
In today’s technological world, is it any wonder that most small business owners rely heavily on Internet resources to promote and advertise their services? When most people think of using the Internet to promote business, they think of search engines like Google and Yahoo. It may surprise you, however, to find that social media networks also have a great influence on customers and where they choose to take their business. So what are the social media networks that small businesses use to increase customers and sales?
There is no crystal ball. (Defined: “A crystal ball is a crystal or glass ball believed by some people to aid in the performance of clairvoyance.”). Or at least, not in the REAL world. There is simply no way to predict the future. Except, for one area…. When it comes to the economy. For example, the likelihood of next 20 years being similar to the last 20. It will share similar patterns, trends, and behave PRETTY MUCH the same. (not getting into the nitty gritty here, crash in the real estate sub-prime markets, etc). You can look at any trend line, even …
How can you become an authority in your small business? And, perhaps more importantly, why should you? I’ll break down the 3 strategies to consider on the process of starting in this post. But first, why should you consider becoming an authority in the first place? Let’s use an example. Let’s say you had a bad knee and started to look for somebody to help you. Where would you begin? You’d probably start asking friends, family first. Then, you’d continue by searching online (search/social), visiting bookstores to read more about it. You might ask more questions in a social community …
Sometimes small business owners can become so preoccupied with developing a marketing plan, acquiring customers and formulating ways to generate capital that they forget to purchase one of the most important things that can protect their online business in the long haul: insurance. Truth be told there are many risks associated with launching an online start-up. You need to ensure that incase there is any kind of property damage, loss, or if someone sues you, you will be fully or at least partially protected. That said, this post are just ‘some’ of the major insurance policies/plans a small business owner should look-in to in …
Social networking is one of the fastest ways to generate traffic to your business website. There are several strategies, from blog posting, guest posting, article marketing, email marketing and video marketing that a new entrepreneur should utilize. If you are new in the business, setting up a new website, consider the following 4 social media tips for fast traffic. These are straight-forward, easy tips – but very powerful. Get some help on sites like elance.com or oDesk.com, if you need to outsource. And, if you need to create fun, interesting “baits”, try different advertising options on Fiverr.com (yes, it costs …
Do you agree with this small business profit growth change across the U.S.? Are you seeing the same trends for your local business? This study was recently published by the Intuit corporation. (click for larger image) – here are tons more small business resources too.
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