It used to happen every time John's friends tasted his cakes; someone would suggest that he go into business for himself. Now that he has decided to do so, it is time to stop looking at his hobby as a fun pastime, and start treating it as a business. He must acknowledge that friends and family alone never represent enough customers to support start up businesses, and act accordingly. Some marketing strategies are:
-Post flyers.
-Service ads.
-Referral programs.
-Repeat and return business.
Flyers
Posted in public places, business owners provide tear-off tabs at the bottom, with contact information. Flyers are replaced as needed. The availability of computer software makes it a simple matter to create professional quality flyers. If needing a large quantity, it is less expensive to make one at home, and have a professional printer handle the rest. Including a QR barcode lets smartphone-users pick up all the information with a quick scan.
Service Ads
The local shopping guides normally sell reasonably priced ads. Most dedicate a page to service ads. Businesses willing to commit to a set number of weeks may receive a discount. The ad should be easy to read; the goal is for customers to take in a lot of information at a glance.
Referral Programs
Small business owners operate the business from the front-lines, and from behind the scenes. The advantage is that customers get to deal with the owner of the enterprise. Entrepreneurs must take advantage of this by offering a discount for referrals. Businesses provide referral cards. The card has a place for the customer's name. The new customer presents the card, qualifying the referring customer for a discount. One nice thing about this tactic is that the new customer is immediately aware of the program.
Repeat and Return Business
Existing customers represent future profit. It is a good idea to request customer email addresses. Successful businesses treat each client as a VIP. Doing anything else is like throwing money into the trash. Customers are busy; they do not have time to think beyond their own busy day. The opportunity for future business is at the point of contact. The best time to schedule the next dog-grooming is when handing over a clean pooch.
Customers only take advantage of the services they know about. It is a business owner's responsibility to inform customers. For example, a cake decorator's client may think of the service as something needed for birthdays and weddings only. A prosperous decorator provides customers with timely information: sharing holiday cake photos six weeks before the holiday fills up the calendar. Lawn care customers do not intuitively know that the provider also cleans gutters and removes snow.
Other Considerations
Lost profit comes in many forms. The missed opportunity and the lack of communication with clients both represent loss. Other forms of loss come when businesses try to operate without liability insurance. A lawsuit is costly even when the defense is successful.
A disorganized bookkeeping system is a financial disaster waiting to happen. Commit to a system for tracking all expense and income, then stick with it. Test all your marketing activity to ensure you're getting a good return for your money - don't spend too much before you know it's worth it.
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Michelle Reynolds has helped hundreds of business owners understand how to improve their company finances - using her 20 years experience working as a corporate Finance Director and years mentoring start up businesses she created http://www.thefinancementor.com - an online training & mentoring course for startups.
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