Business Law

Tips For Creating a Business Plan


You could easily fill your office with books on marketing. But between digging through all the good information and trying to put together a small business marketing plan that's both comprehensive and effective, you may find yourself without enough time to do anything else.

Define Your Niche Market

The strategy isn't new, but it's often difficult for small business operators to embrace. Business owners don't want to exclude potential clients, so instead many trie to appeal to everybody. Unfortunately, that approach usually results in a brand that doesn't appeal to anyone.

That doesn't mean you have to limit your business to one niche. You may choose to target a particular message to a particular group. You may choose to target a particular marketing campaign towards one gender, a narrow age group, students returning to college, other business owners in a particular industry, people traveling by car, or any other sort of criteria.

Build Trust With Your Customers

Customers don't usually purchase something the very first time they walk into your store or visit your website. You must work to build a relationship of trust with your customers. Sculpt your marketing strategy with this in mind.

Communication with customers is important, but it is easy to over do it. If you're asking a potential customer to sign up for a newsletter or even read a marketing message, give them something. It rewards the customer for their loyalty and makes a future purchase more likely. Map the appropriate form and number of communications like this you plan on having with customers.

Keep It Reasonable

Every small business owner dreams of the executive suite downtown or a huge open retail space. Although ambition is good, it can cause business owners to ignore the most important aspects of their success: brand and market. Not every market will sustain a business with significant overhead and not every space will work for every brand.

As you plan for each stage of your business, keep your customer in mind. Research similar businesses in your industry and area to make realistic projections regarding profits and the possibility of expansion.

Having a written business plan is necessary for a number of reasons. Potential investors or lenders will be more likely to provide access to funding. Professionals working with your business will have a better understanding of you and your business. It can also help you develop, refine, and clarify your ideas so you can better explain your brand to the public.

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