As anyone with a growing home-based business knows, financing is a balancing act. One of those great paradoxes is that the more successful your home business is, the more money you actually need!
And as many of us learned the hard way, growing a business without a business plan is like driving in the dark. And so when I came across these two articles from a successful businesswoman, I wanted to be sure and reprint them for you here – with permission, of course!
Take heed, this is very important if you’re planning on having a serious, long-term, and successful home-based business.
Establishing A Prosperous Small Business Marketing Plan
by Nancy Barnett
Anybody considering about starting their own organization needs to first think about the needs of the consumer. Your small business ought to always be centered around providing a solution to a distinct segment. The error that many new entrepreneurs make is not preparing the path they desire to follow. A small business marketing plan will be an essential component of producing a business.
The initial element of your small business marketing plan is going to assist you to simplify your target market. You will need to do some research and find out as much as you can about the individuals who should purchase your products or services. The more you know about them and the better solution you can provide them with.
Then, you may want to think about the products and services you offer. How are you going to price them and what can you provide them that another business can not? The key is to give your clients something they can not obtain anywhere else, whether it is a particular product or service or the fact that you can give them better customer service than anyone else. Make yourself stand out and you will find the results much better.
You will then want to come up with a variety of marketing strategies for your business. No matter how great your products or services are, you are only going to be successful if you let your target market know what you are offering. The key is to drive the traffic to your website, where they can get all the information they need to make a good buying decision.
Creating a successful small business marketing plan is going to take some time and it will require you to do some study. Nevertheless, the more work you put into it, the more favorable your results will be. It will certainly help you to plan out the path that you are going to take your small business and can provide you with step by step guidelines for your achievement.
Small Business Financing: Recognizing The Demands of Your Company
by Nancy Barnett
Quite a few companies may discover they are experiencing a variety of conditions that require them to obtain more money to successfully manage their business. The particular difficulty that many business owners encounter is deciding which option is going to best suit their needs. The following information may help each business owner to understand which financing options may be the right choice for their own particular circumstance.
Many businesses frequently use business credit cards to help them with the smaller expenses that come up. Keep in mind, if you are going to use a credit card, you do want to make certain the interest rate is low and it can offer you rewards, such as cash back on your purchases. Otherwise, you will find your small business financing plan is only going to put you in the hole.
For any circumstances that require a larger amount of money, you may want to open up a business line of credit with your bank. The best thing about this type of financing is that you only have to pay interest on the amount of money you actually spend. For example, if your line of credit was $5,000 and you only used $3,000 of it, you only have to pay interest on the $3,000. Not only that, you can continue to borrow as you need it, instead of taking the full amount out at once.
Depending on the type of business you own, you may also be eligible for small business financing that will allow you to get a low interest rate. A large loan could certainly come in handy when you are first starting your business and need to come up with the initial investment or if you are planning to expand an already existing business. However, with this type of financing, you will need collateral to secure your loan.
As soon as you require funding for your small business, take the time to do your investigation before you hop into anything. Understanding the right kind of financing for your circumstances can be essential and can be the deciding factor on whether or not your business becomes the success you need.
Need help with your small business financing? The ERMA Institute, LLC is dedicated to supporting the Small Business Owner through the process of Starting a New Business or Helping an Established Business Grow by providing a comprehensive collection of services specifically designed to meet the needs of the Small Business Owner.