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We hope you find this arcthve useful. A subscription to The Small Business Advisor Newsletter is free. Subscribe now - it's easy! The Small Business Advisor Newsletter for May, 2003 ======================== ======================== Set yourself up for success by asking for a referral from an existing customer. It is the most powerful form of marketing you can use. It is also probably the least expensive. Referrals have more impact than any other marketing strategy or advertising. It quickly opens doors for new customers. Many salespeople forget to ask their customers for referrals. A satisfied customer is usually glad to help you and will provide a strong testimonial for your company. A referral will generally accelerate the sales cycle because your prospective customers rely on the confidence and trust that your existing customers have for you. Treat your customers with respect and let them know you value them. People like to feel important. Let them know that they are. Tell them you feel they would be a great source of referral business. You will find that people appreciate feeling important and they will feel confident about referring others to you as a result. Visit Kevin at http://DrNunley.com/copywriting.htm . Or, via email at kevin@drnunley. ======================== These 5 common advertising mistakes cause you to lose sales. But you can easily avoid these mistakes once you become aware of them. 1. STOP AND GO ADVERTISING Develop and follow a plan of regularly scheduled advertising regardless of your sales volume. Continuous advertising produces steady growth. It also reduces the time you have to spend on making advertising decisions. 2. ONE SHOT ADVERTISING Most prospective customers will not buy the first time they hear or see your sales message. But many will buy later if you follow up with them. Your follow up can be as simple as contacting them periodically with a new offer. TIP: Customers are prospects too. Stay in contact with them. Find or develop other products or services you can offer them. It's easier to make a sale to a previous customer than to someone who never bought from you. 3. COPYCAT ADVERTISING Instead of copying your competitors advertising ideas, improve on them. Create something better - something your competitors cannot copy. For example, give your customers a reason to buy from you instead of from a competitor. This can be as simple as including a unique bonus only you can offer - or providing the personal attention your competitors are not willing or able to provide. 4. SCATTER SHOT ADVERTISING Take some time to research and plan your advertising efforts. Look for ways you can reach concentrations of prospects likely to be interested in your product or service. Then design your message to appeal specifically to their interests and needs. TIP: Look for alternative media your competition may be overlooking. For example, many online marketers have started using direct mail postcards to generate traffic to their web sites. It's a low cost way to bypass the heavy competition online. 5. SELF FOCUSED ADVERTISING 1. "We provide complete marketing services
for starting your own business" The first focuses on the company and describes the service it provides. It's boring and unattractive. The second focuses on the benefit provided by that service. It attracts attention and creates excitement - and generates more sales. These 5 common advertising mistakes cause you to lose sales How many are you making? Apply the information revealed in this article to avoid these mistakes - and maximize the results you get from your advertising efforts.
Here are a few of the more commonly asked questions we are asked about starting and operating a small or home based business. Maybe you have wondered about these same questions. Q: I'm starting a home based mailorder business that involves the buying and reselling of Musical instruments. I am the only employee and I have obtained a DBA certificate for my business name. Do I need to do anything with the IRS at this time? Should I obtain a federal tax ID number or just my own social security number? A: You do not need to get an EIN (federal tax ID or Employer Identification Number) from the IRS if you are a sole proprietor without employees. You can open your business bank account with your DBA name using your social security number (SSN). You will file Schedule C at the end of the year with your personal tax return, and if you have made a profit, Schedule SE (for self-employment tax) as well. Q: What's a DBA? A: DBA is an acronym for "Doing Business As" (also known as a "Fictitious Name."). Most states require that sole proprietorships and partnerships that are conducting business under a name other than the owner(s) must file for a DBA certificate in the county where business is conducted. The DBA certificate is generally obtained at the Clerk of Court of the county in which business will be conducted. Fees are typically $10 or less and most courthouses have records that may be searched to determine if your suggested name will be unique. Q: I have an idea for a small business. How do I go about finding out if there is a need and what the specifics of that need would be? Do I conduct my own marketing research, and if so, how can I find out the proper questions to ask? I'm sure a company that does this for you would be costly. A: You are right about the expense of market research companies. In general, this can be an expensive approach but there are some things you can do yourself to make a market determination. Basic questions you must answer include: Who are likely customers? How can you reach these customers? How much will these customers pay for your product or service? How should the product or service be marketed? Who is the competition? How to find the answers: Contact your local SBA office (check specific STATE information for contact information) Contact your local SCORE office Check out the Bureau of the Census website (http://www.census.gov) Browse the web for the product or service using major search engines. (this is a POWERFUL approach) As you start this process, you will be led to additional sources of information. It will snowball quickly and you will end up with plenty of data upon which to make your decision. Q: What's special about incorporating in Delaware & should I do it? A: First of all, you may incorporate in any state regardless of where your business is physically located. Delaware has been a favorite in years past due to their very liberal incorporation statues. However most states now have corporation statues similar to those in Delaware. Also, if you incorporate in a state other then where you are located, you may have to qualify to do business in your state as a foreign corporation. Furthermore, you will be subject to taxes in both your home state and the state in which you are incorporated. There is generally no reason to incorporate in a state other than your own. Before you make a decision, consult your legal advisor. Return to top of page - Back to Home Page - Back to Archive Index |