Exciting Ways to Get Customer Attention
Advertising is an important part of running a business. “[It] is a form of communication used to influence individuals to purchase products or services…” (Wikipedia). Most small business owners choose tried and true advertising methods, i.e. newspapers, local magazines, radio, television and/or internet. Still, there are other effective methods of advertising, which are both creative and fun.
Sign Spinning
Have you ever been driving down the street and on the corner, you see a guy tossing and turning a sign, directing you to a local business? The show is so entertaining, you don’t even realize that the red light you were waiting at has already turned green.
“Sign spinning has morphed from curbside oddity to performance art–and a surprisingly effective way for a startup to grab attention,” wrote Annie Lindstrom for Entrepreneur. Sign spinning can also be effective for small businesses that are past the startup phase and can be used to advertise sales and promotions. In fact, some Domino’s Pizza franchises have used sign spinners to advertise their $5 pizzas, to drivers-by who would have otherwise been unaware.
Billboards
Billboard ads are not just for big businesses, movies and primetime T.V. Small business owners may also be able to benefit from billboard advertising. “The Outdoor Advertising Association of America estimates that U.S. businesses spent more than $5.5 billion on outdoor advertising in 2003…” (For Entrepreneurs). Billboard advertising typically costs from about $700 to $2,500 a month.
Nighttime Silhouettes
Nighttime silhouettes will only be visible during hours of darkness. It requires a windowless wall with a building directly across the street from it and a logo projector. “They’re unbelievably effective. And in the long run, cheap. In some situations you can even use an old slide projector to achieve the desired effect,” wrote Roy H. Williams for Entrepreneur.
Use a business cash advance to fund your creative advertisements.
More Ad Info.
Grabbing Customers this Halloween
Simply decorating the store windows for the holidays is a thing of the past. Lots of small business owners are thinking of creative ways to celebrate Halloween and bring in customers on October 31.
Restaurants
Restaurants such as T.G.I. Friday, Taco Bell and many other small businesses are getting creative with their menus this Halloween. “Promotions range from cute, including Papa Murphy’s Jack-O-Lantern pizzas, to downright creepy, such as the ‘Eye Scream’ dessert at 2941 Restaurant in Falls Church, Va.,” wrote Lisa Jennings for Nation’s Restaurant News.
Clothing Stores
Some retail clothing stores are selling Halloween-type clothing in addition to their traditional inventory. Various women’s and junior’s clothing stores are offering angel wings and head pieces for shoppers who want easily put together Halloween costumes.
Retail store owners can attempt to boost sales by offering discounts on Halloween-themed items with purchases of traditional items or vice versa.
Salons/Spas
Airbrushed Halloween designs for nails and pumpkin spa treatments are excellent ways to bring in customers to your salon/spa this month.
Manicurists can decorate nails with ghosts, witches, jack-o-lanterns and black cats. Customers can choose pumpkin facials, massages and even aromatherapy to get into the spirit of Halloween.
Where to Go for Advice
As the saying goes, two heads are better than one. Small business owners often need to go outside of their businesses for help and advice. Whether it’s about finances, hiring or even firing, an extra expert opinion can make all the difference.
Below are a few places where small business owners can go for advice as well as resources available to small business owners in search of information and guidance.
“SCORE ‘Counselors to America’s Small Business’ is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide,” as stated on the organization’s website.
The 12,400 volunteer counselors are “working or retired business owners, executives and corporate leaders” and they provide 24/7 online mentoring advice, in-person mentoring in 364 offices, low-cost workshops, online workshops and how-to articles.
MBA Programs
Some schools offer advice to existing small business owners through MBA students. Take Shelly Investments for example, who turned to a Pepperdine University program in which MBA students offer consulting advice over the course of a semester, to get advice on getting through the recession, as told by Business Week’s Brian Burnsed.
Often, a fresh pair of eyes can find things that you may have overlooked.
Small Business Development Centers
The SBDC provides management assistance to current and prospective small business owners (SBA website). The centers provide information and guidance through various branch locations. Small business owners can use the SBDC locator to find a branch near them.
Using Public Relations
“Public relations is the practice of managing the communication between an organization and its publics. Public relations gains an organization or individual exposure to their audiences using topics of public interest and news items that do not require direct payment,” (Wikipedia).
Through public relations, small business owners can raise awareness of their businesses, manage and react to crises and develop their business’s public image. Small business owners can choose to work with a P.R. company or even hire in-house P.R. representatives.
Key Components of P.R.
Press Releases
Press releases are write-ups, announcing events, product launches, sales, promotions, etc. They are typically used to inform the media of these happenings with the hopes that the story will be picked up and printed in a news publication (magazines, newspapers, blogs, etc.). P.R. reps often develop relationships with journalists, inviting them to events in hopes of receiving free press.
Crisis Management
No small business owner wants his/her business to be involved in a crisis, but every small business owner should be prepared for one.
Take Tylenol for example. In 1982, seven people died after taking Tylenol capsules that had been laced with cyanide. The company distributed warnings to hospitals, stopped all Tylenol production and advertising, and issued a nationwide recall. Eventually, it was determined that the products had not been poisoned during production and someone had tampered with the products after they’d already reached store shelves. Still, the company offered to replace all Tylenol capsules already purchased by the public with solid tablets.
The way that the company reacted to this crisis helped to build consumer trust in the company. Had they not had a public relations/crisis management team behind them, the company’s fate may have been completely different.
Business Image Development
Through public relations, small business owners can shape the publics’ image of their businesses. The types of events that your business puts on and even the charities that your business supports can have a huge effect on how the public views your business.
Small Business News # 3
SBA Loans Easier to Get?
The Obama administration has announced new initiatives to help increase lending to small businesses. The Small Business Administration and the Treasury Department plan to increase the maximum sizes of 7(a) loans, 504 loans and microloans.
**Note: Small business owners who do not qualify for SBA loans may apply for unsecured business cash advances. Furthermore, merchants who already have bank loans may use business cash advances as additional funds.
America’s Top 10 Small Public Companies
Forbes recently released its list of America’s top 200 small companies. “Our list of the 200 Best Small Companies in America begins with a search for companies that show both sales and earnings growth,” wrote Kurt Badenhausen and Christina Settimi. The top 10 on the list are as follows:
- Lumber Liquidators
- Allegiant Travel
- Quality Systems
- LHC Group
- Green Mountain Coffee Roasters
- Transcend Services
- Rackspace Hosting
- NVE
- American Public Education
- American Science & Engineering
Small Business Reading
Top five books in “Small Business and Entrepreneurship” on Amazon, as of October 23, 2009:
1. The Big Book of Small Business: You Don’t Have to Run Your Business by the Seat of Your Pants - Tom Gegax and Phil Bolsta
2. Small Business For Dummies (For Dummies (Business & Personal Finance)) – Eric Tyson and Jim Schell
3. Small Business Start-Up Kit – Peri Pakroo J.D.
4. How to Succeed as a Small Business Owner … and Still Have a Life – Bill Collier
5. The Small Business Owner’s Manual: Everything You Need To Know To Start Up And Run Your Business – Joe Kennedy
Reaping What You Sow
Colorful leaves fill the streets and pumpkin patches are popping up all over town. This is the time of year when farmers can finally harvest their crop and enjoy the fruits of their labor.
As we fall deeper into autumn, it is only natural to think about the old saying, “You reap what you sow”. This is true in all areas of our lives and society, including business ownership. Just as another old saying says, “It takes money to make money,” and small business owners who are able to plunge cash into their businesses (in addition to time, dedication and skills) have more of a chance of watching their businesses grow steadily and reach their full potentials.
In order to grow a flower, one needs seeds, water, soil and sunlight. Unfortunately, too many businesses are lacking the key ingredient, the seed. They own a business (soil) and they are willing to put in the aforementioned time, dedication and skills (water and sunlight), but they don’t have the money to plant into their businesses.
Merchant Resources International provides small business owners with the financial seeds they need to grow their businesses and with a variety of programs to choose from, merchants can choose the business cash advance that is best for them. Furthermore, there are no restrictions on how funds can be used. So whether you need money to grow your advertising, expand your business or anything else, a merchant cash advance will suffice.
Cultivate your business with a merchant cash advance. This time next year, you could be giving thanks for more than just the turkey on the dinner table.
Time to Renovate
Renovation describes a series of planned changes and updates made to a facility where business is conducted…A well-conceived and carefully planned renovation effort can revitalize a business and provide it with much-needed room to grow. – Inc. Encyclopedia
Renovating can be both fun and lucrative for a small business, especially since there are so many ways to renovate. Which renovation approach is most suitable for your business?
Redecorating
A small business owner can completely change the look and feel of his/her business by redecorating. Redecorating can be as simple as rearranging furniture, throwing a few pillows on the couch in the lobby and laying down a rug in the walkway, or as in depth as purchasing all new furniture, carpet and wall hangings and repainting.
Redecorating can be beneficial for businesses that strive to stay modern and current. Redecorating as styles evolve is a good way to illustrate contemporariness.
Going Green
Going green can be beneficial in many aspects. First, it helps to preserve the environment, which is good for everyone. Secondly, many energy saving and eco-friendly practices can often save you money in the long run and finally, it can raise awareness of your business and increase your customer base as consumers are often drawn to environmentally conscious businesses.
Technology and Equipment
Some businesses rely heavily on equipment and machinery. In order for these businesses to operate at their full potential, this equipment must run smoothly. When equipment becomes burdensome, often the best thing to do is replace it.
Replacing equipment that is out-of-date or upgrading to newer and more efficient versions of equipment can also be effective.
Don’t hesitate to use a business cash advance to finance your renovation.
Becoming a Good Leader
A small business owner is a leader. He has to make decisions about his business and lead the business and the employees in the direction that he wants them to go. Some people believe that good leaders are born so. Others believe one must be molded into a good leader, while some believe it’s a little bit of both.
Whether you want to learn what it takes to be a good leader in preparation for opening your own business or you want to hone your leadership skills in order to improve your business’s success, the following key points can be very helpful.
Flexibility
As an entrepreneur and a leader, you must wear many hats. Effective leaders will be able to adapt to all of these different, yet equally important roles. “In any given business day, you might serve the role of creative business thinker trying to inspire employees to embrace your vision then morph into an industry sage role helping to advance not only your company but your entire industry,” wrote Patty Vogan, in “The Five Roles of a Great Leader.”
Honesty
“Honest leaders easily build trust and confidence. Their employees are more apt to work harder, ask questions and respect leaders who come across as honest,” wrote employee management expert, David Javitch.
Encouragement
As a leader, you must make the people whom you are leading feel that they are capable of reaching their goals. However, it is not only important that they feel they are capable, it also important that they know you feel they are capable. Here are some tips on creating an encouraging environment, offered by David Javitch.
- Ask people their opinions rather than telling them yours.
- Provide positive feedback when employees voice their opinions.
- Ask questions, even when you don’t know the answer.
More Info. on Leadership
Expanding Your Business
After owning a business for a length of time, some small business owners begin to think about expansion.
There are many ways to expand a business. You could hire more employees, diversify your products and/or services or even expand to include internet sales. A restaurant or hair salon owner may choose to expand by adding seats, while a retail storeowner may choose to open additional locations. Below are some facts that you may find useful if you’re considering expanding your business.
Benefits of Expansion
- You can reach more customers at a time.
- You can increase the awareness of your business.
- You may be able to increase your bottom line.
What to Consider Before Expanding
- Gauge your financial, logistical and emotional readiness.
- Is there a location that is not serviced by you or your competitors?
- Is there a niche that you’d like to capture?
Financing Expansion
MRI provides eligible small business owners with up to $500,000 in business funds. As you know, there are no restrictions on how these funds can be used. Therefore, expansion is definitely a possible use of a business cash advance.
If you are interested in expanding your business, complete an online application. The application will be reviewed by one of our funding specialists and you could be approved in 48 hours and funded in as little as five business days. You may also renew your advance every three to four months. This is very convenient for those that need additional funds down the road to further their expansions.
More information on business expansion:
Improving Your Credit
In America, your credit score is very important, especially if you’re trying to get business cash. Granted, merchant cash advance providers don’t place very much weight on credit scores when approving advances. Still, having a credit score of 650 or greater can qualify you to receive a premium merchant cash advance where you will receive the lowest rates in the industry and loan terms of up to 12 months.
There are many sources offering tips on improving credit scores. Below are some of the tips that stood out the most.
- Make sure the information on your credit report is correct
- Pay your bills on time – Setting up automatic payments can help, just make sure you always have sufficient funds.
- Don’t bounce checks
- Review your credit report once a year
- Work to decrease your debt – Pay more than the minimum payment on your credit card bills and don’t charge exceedingly more than you plan to pay off every month.
If your credit score is currently less than perfect and you need cash for your business, MRI may still be able to provide you with up to $500,000 for your business. Contact us or complete an online application and a funding specialist will contact you within 24 hours.
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