Tip of the Day: Wacky Marketing Ideas

I found a list of wacky marketing ideas online, and I thought I would share a few with you on this Halloween day. Some were too wacky for me, like the one about nominating yourself for an award, but I will share a couple of my favorites.

1. Give a customer of the month award.
I thought this idea was great, not only do you thank a good customer; it makes you think about who your ideal customer is, which is something that I have talked about in previous posts. You can place a photograph of your customer receiving his or her award in your place of business. You can also take out an ad, or write an article about your award, and have it published in your local newspaper.

2. Hold a wacky contest.
One example is an ugly tie contest; or a mad hatter contest, where the public is invited to design and wear outlandish hats. Another idea is a pet costume contest. People love their pets and love an opportunity to show them off.

3.This one could be called wacky contest on steroids.
It is a very elaborate wacky idea that I saw on the nightly news last week. They had a story about a furniture store owner who announced in April, at the beginning of the baseball season, that if the Boston Red Sox won the World Series everyone that bought furniture from his store for a period of time, I didn’t catch how long the period was open, would get their furniture free of charge. They said in the news that about thirty thousand people took him up on the offer. He explained that he wasn’t loosing money because he had taken out insurance to protect himself from the potential lose, that became very real in late October. Think about this one for a minute, not only did he keep the marketing campaign going for six months; he got a huge bang at the end by having his story told on a national newscast!

I hope that these ideas get your creative juices flowing.

Palace of Justice, Paris France

I am that small black figure that you see on the steps of the Palace of Justice in Paris. It was a cold November day in 2004. My daughter shot this photograph during a wonderful trip that we took together to London and Paris. To me the massive size of the building symbolizes the power of the law.

Is the Customer Always Right?

Most marketing experts will tell you that acquiring a new client is very costly, so it is important to hang on to the ones you have. And the mantra of “the customer is always right” is well engrained in the business owner’s mind. It seems that the first commandment of a company is that no matter what the client wants, we must go along in order to keep him or her happy. I disagree. There are some clients that are not worth the trouble. Sometimes a client will want you to do something unethical or illegal. Other clients want to micromanage every minute of your day. Still others are just plain toxic.

I personally have fired a couple of my clients; very politely, I have to say, but nevertheless, they are gone. The reason why I have done this is that these clients wanted something from me that I was unwilling to give.

As a business owner you have many worries and responsibilities, but this is one of the perks of the job. Yes, obtaining a new client is costly, but keeping a difficult one can be more so. Getting new customers isn’t nearly as difficult as hanging on to troublesome ones. Don’t be afraid; being free of a toxic customer will liberate you, and you will find that you have more time in your day, time to find new clients.

Tip of the Day: Your Target Market

As I mentioned before, an important part of your business plan is a marketing plan; and one key factor in the marketing plan is identifying your target market. Of course, most of us would say “my target market is everybody in God’s green earth!” But you can well imagine that it is very difficult to develop an effective marketing campaign targeted to every person on earth.

There are two ways of defining your target market (well, I am sure there are more than two!). One way is; if you already have a product, ask yourself who would be most interested in your product? If it is a service you offer, who would be most interested in your service? Another way is to ask yourself who would be your ideal client. Who is the client that you would most like to work with and why? This method works best if you are still trying to find a product to sell or a service to offer in your business.

Now, go find that ideal client!

Tip of the Day: Business Plan, Not Just a Good Idea

Having a business plan is not just a good idea; it is a most important and helpful tool. By focusing your attention on the parts of your business that need tweaking, you can have more control and your business can be more profitable.

Though many business owners dread the idea of preparing one, and you may be one of them, you need to know that you are not alone. There is plenty of help available. Contact your local office of the Small Business Administration for information about their classes, or go to their web site at www.sba.gov. There are also several companies that sell software to help you with this task. You will find many different programs and templates on the market. A quick search on line will lead you to products that fit your needs.

The Importance of a Busisness Plan

It is understandable that many business owners and prospective business owners hesitate, or outright refuse, to prepare a business plan. The business plan is a detailed map to your business. But the emphasis is on “detail”, and that is why so many people shy away from this tedious task.

But the business plan is a most important tool, and it is often the key to your success. It isn’t that the plan by itself will make you successful. But because it forces you to look at every aspect of your business, it really makes you focus on all the components that make a business flourish.

If you are in the planning stages of your business, the plan will help you to consider all the costs involved in the start-up phase of your business. This way there will be few surprises, and you are more likely to stay within your budget.

Because the business plan will include a market analysis, you will be more likely to treat your business as a money making enterprise, rather than a hobby, or something that “sound like it will be a lot of fun”. There is nothing wrong with having fun; in fact, I recommend it. But if you are not making any money, or if you are running into many unforeseen problems, believe me, the fun will go out of your life faster than you can say, well, “fun”.

When it comes to preparing your business plan, you are not alone. There is plenty of help available. Your local office of the Small Business Administration has classes that can help with this task, or your can go to the website www.sba.gov. There are also several businesses that sell business plan templates, and these can be very helpful.

For established business the task is no less important. Perhaps you have been running a successful business for several years; well, the plan will help you to analyze it in detail to see if you want take it in a different direction. Also, you will see how money is being spent, and you can make adjustments and cut costs. You can look take a close look at your market and see if it is feasible to seek a different type of client, or offer new products.

Don’t shy away from preparing a business plan. It is a very empowering tool. Use it wisely.

Tip of the Day: Your Professional Team

It is very important to bring together a good professional team to help you run your business. You will need a good accountant as well as an attorney that has experience in business law. Among many other things, your accountant will help you to organize your records so that you do not run afoul of the IRS. Your attorney can advise you about legal issues such as: the best entity to form for your business, help you with trademark issues, review contracts, just to name a few. Running a business can be a bumpy ride, your professional help to clear some of the rocks from the road.

Have a smooth ride!

Tip of the Day: Check Zoning Laws

If you are planning a home-based business, make sure that you check the zoning requirements in the city where you live. There may be restrictions put on your activities if you are going to be attracting traffic to your home. But if your business will consist of contact with clients through phone or email, most likely you will not violate zoning regulations, nor will you be annoying your neighbors.

Tip of the Day: Marketing

Remember. No market, no business! Start working on a marketing plan that is appropriate for your product or industry. Be creative with your marketing, but do not ignore the traditional marketing methods for your type of business.

Tip of the Day. Are you Ready to Start?

Are You Ready to Start Your Own Business?

These are 10 important questions that you should ask yourself in order to determine if you have the personal characteristics of a business owners.

1. Do you think of yourself as a leader?
2. Do others think of you as a leader?
3. Do you like to make your own decisions?
4. Do others seek your help in making decisions for themselves?
5. Are you confident?
6. Are you hardworking?
7. Do you like to learn new things?
8. Are you flexible?
9. Can you stay focused in the face of adversity?
10. Do you work well with others?

Starting a Home-Based Business

Operating a business from home is a simple and efficient way of starting a new enterprise. It is much easier than it has ever been before, and it no longer has the stigma that it once did. Now it is an accepted manner of conducting a commercial activity.

In the past home businesses were viewed more as a hobby than a real money making activity. But with the arrival of the Internet; and the ease of communicating; whether through a cell phone, a landline dedicated solely to your business, through e-mail, blackberry, or all of the above, home-based businesses have truly come into their own.

At the start of business activities, it is very important to conserve as much of your business capital as possible. A home-based business eliminates the need to rent office space, pay insurance and utilities, and hire employees.

But in order to succeed, a home-based business must be organized with the same care and focus as any other business. There is no room for sloppy planning and unprofessional behavior, even if you are wearing your pink polka-dot pajamas while answering the phone. This is your business and your future; treat it with the respect it deserves.

The first thing that you must do in order to start your home-based business is to inquire about zoning requirements in your community. Each city has its own set of rules about operating a business at home. Much will depend on the type of business in which you are involved. It could be a problem, for example, if you expect lots of deliveries. Your neighbors may not be too happy about truck traffic in your area. On the other hand, if your business involves phone contact with clients, the neighbors are not likely to be disturbed, know, or care whether you are working from home. But rest assured that the city where you live will care whether you are running a business from home. They will want you to obtain a business license, and renew it annually. So make sure that the first thing you do is contact the department that issues business licenses, you don’t want any unpleasant surprises once you have started your activities.

Another requirement in most counties is obtaining a fictitious name. If you are going to be doing business under a name other than your own personal name, it must be registered as a fictitious business name. In most counties, once the business name is registered, it should be published in a local newspaper. This gives notice the public about the person or persons behind the business name.

The next step will be to open a business bank account. Most banks will require that you present the fictitious business name and the city business license in order to open said bank account.

Once you have taken care of those requirements, it is time to think about your work area. How you organize your work environment is very important because it will make a huge difference in your productivity and comfort. If you have to be looking under toys for a work order, it will cut down on your effectiveness. Besides the desk, file cabinet, good chair, and telephone set-up, make sure that you have the best computer, and particularly best printer. I once had a printer (a brand that shall remain nameless!), which made my life a living hell. It would not print more than two pages without a paper jam. It was as slow as L.A. traffic during rush hour, and every few pages it would show the dreaded exclamation point! I hesitated to replace it because it had cost quite a bit of money, and I kept stocking up on ink cartridges, which made me keep postponing the inevitable decision. I kept telling myself how it was bad for the environment to replace something that was relatively new. I kept thinking about all the money I had invested in ink.

Finally I could take it no more. I bought in a new printer, and donated the old one to Goodwill. I do feel a bit guilty about passing on my problem printer to an unsuspecting person, but I console myself with the thought that perhaps that person’s printing needs are not as demanding as mine, and I do have to say that the scanner was awesome! In any case, make your life as easy as possible, have the best equipment that you can afford. Skimp on other things if you must, but your working tools are key.

A business plan is the next item on your planning list. Actually it should be the first. But human nature being what it is, most business owners postpone this step until they are forced by a bank or other institution to prepare one. I have dealt with many start-up operations and I know that 99% of my clients do not prepare one as a first step, and sometimes never. And yet, it is such a useful and important tool that it is hard to understand why most people resist this step.

A business plan forces the business owner to look at all the details of starting and operating a business. It is the reality check of the start-up world. It gets us to look at how much it is going to cost. It makes us focus on our competition and what they offer. This in turn will force us to differentiate ourselves from our competition. We begin to ask questions such as “Why do I want to go into this line of business?” “ How am I different from those many others who offer the same thing I do?” “What niche can I fill?”

The marketing plan, which may be a part of the business plan, or it may be a separate document, is another indispensable step in the planning stage. No market, no business, it is that simple! Make sure that you thoroughly understand your market, and how to spread the word about your product or service. It seems that certain types of businesses utilize particular marketing strategies. While it is desirable to be creative, make sure that you do not ignore the traditional marketing avenues for your particular industry.

The last two points that I will touch on are extremely important. The fact that they are last on the list does not mean that they are not essential, believe me, they are. Make sure that you keep exact account of every transaction. Keep meticulous records of every expenditure, and every penny that you receive from your clients. The IRS is particularly wary of home-based businesses, and it keeps a close eye on them. In case of an audit, you will be grateful that you kept every scrap of paper. The last point is: consult your attorney. Make sure that you are complying with laws and regulations related to your industry, and to business in general.

OK, sorry, that was not the last point. The last point that I will make is to get in touch with your Small Business Administration office . The SBA offers free or low cost education and consulting services. They are a great resource for any small business, whether start-up or ongoing. Take advantage of their knowledge and expertise, you will be glad you did.