Tips for a Succesfull Small Business
Can an affordable small business
seo service help?
Do you have a one-person business or business with few employees
15 reasons why investing in small business search engine marketing works and leads to success
- Small business search engine marketing is not just here to stay, every quarter the online revenue increases significantly more than the regular market.
- Relatively low investments with high returns.
- Millions of additional potential customers within and outside of the country.
- Online customers are ‘added’ to your business, in addition to the customers that come through different channels.
- Much more possibilities for the developing of cooperations between small online businesses than without a successful internet site.
- You’re coupling your entire social media to your online activities, from which you can then generate customers.
- Your business is open 24 hours a day, 7 days a week, ready to sell products or services.
- Very fast sales processing, for example when you have a professional webshop where processes are fully automated.
- The ability to offer related products or services in addition to your core business.
- Online results are measurably better than face to face sales, so they are more manageable.
- Online advertising is cheaper than the known avenues, such as radio and tv.
- Online campaigns are quick, easy and adjustable in real time.
- The number of sales via mobile devices is growing daily.
- No more outdated price lists in printed versions, because that is now easy to adjust on your site.
- Your online store is adjustable without much hassle. Things like new products, changes or new services are relatively easy to change in your ‘online shop’.
What is the difference between a small business and a start up?
At its core, a startup usually has a more innovative character than a small business. An example of a small business is a son or daughter that takes over the business of the father and continues to offer broadly the same products or services. In itself a fine model where modest investments in a small business SEO company take place with relatively low risks. A small business has up to 50 employees, a startup often consists of only 1 or 2 people.
The startup yields little to nothing at the start and requires a lot of attention and money in order to grow. The startup is literally new and often needs to experience all the business risks first-hand, whereas small businesses already have a large part of, if not all of the knowledge on this subject already.
In a way, a small business owner is often more successful than a startup. The wheel has already been invented versus the “naive starter” with an entrepreneurial dream that he’s trying to accomplish. This is unfortunately one of the main reasons for the failure of a startup.
7 potential pitfalls
The 7 potential traps which you need to avoid as a small business owner:
Overestimating yourself or the market
Be aware of the fact that you won’t be moving mountains in a short time. Every industry has its own ‘ speed ‘ in which various things are happening or unfolding. Adjust your pacing to this as much as possible to make things easier on yourself.
Simply waiting too long before starting
Can you take over a business and is this what you really want? Take Action! Even if you are not yet specifically concerned with the acquisition, get started with all things involved as preparation.
Too little financial backbone for affordable small business seo services
Be realistic about your financial opportunities. For example, if you are taking out the largest possible loan, make sure that your business plan is worked out to the last detail, accounting for all possible scenarios you could wind up in. Ask yourself if you want to put your equity into the business and how far you want to go with these affordable small business seo services.
Not evaluating and adjusting your business model in a timely manner
This is an unbelievably important part of keeping your business healthy. You really need to develop a certain degree of flexibility in your way of thinking, allowing you to quickly learn to anticipate and switch in your market. After all, the market also does this and you want to keep up with the market. So adjust if it is desired.
Being afraid to outsource tasks
Being a control freak and wanting to do everything yourself is a big pitfall for many entrepreneurs. Besides the fact that you probably do not have all the knowledge needed yourself, it is also not a model that works well in a small business. Have faith in other parties if it clicks and feels right, you simply cannot be an expert in all enterprise disciplines.
Having the wrong asking price
Is the price of your service or product appropriate? Regularly compare with your competitors. This goes for both physical stores and web shops. Does a customer choose for your product or not? If so, why? To what extent is this choice determined by the price that you use? Stay engaged in this process.
Not wanting to work too many hours
There are entrepreneurs that are convinced they can generate enough profit by just putting in ten hours per week. This is untrue in 99% of cases. Entrepreneurship means working your ass off, especially if you do not only want stability but also growth.
The 15 most important pieces of small business advice
- Do not confuse your enterprise with a hobby. The experience and investment of time and effort are completely different.
- Always create a business plan and use a model. Make this plan for yourself but also for, for example, a lender who will ask for it. Do this even if you inherit a business or take it over from an acquaintance or friend.
- Invest time in a short and long term planning (part of your business plan).
- Be excited but be realistic. Fact of the matter is that many ideas never become a reality.
- Have your ideas examined by people whose opinion you value greatly. Question, filter and decide.
- Make sure your business is as broad as possible. Do not only offer one service or product but also offer related products or services. This will make your company less vulnerable for unexpected changes.
- Keep an adequate and clear general and financial administration. For example, keep track of your small business search engine marketing budget.
- Ask yourself if you currently have sufficient knowledge to enter this niche market. When in doubt, school yourself on the desired subjects.
- Your financial situation is part of your business plan. Study this well for the short term and long term.
- Choose the right location for your business. Depending on your industry, this can be very important!
- Know your competition. You can study them physically and online and it strengthens your competitive position.
- Bad time management; do the things you don’t like. If you ignore these things there’s a big chance that your small business will go downhill.
- Your marketing; really ask yourself what small business seo services you need to be successful when it comes to the many marketing opportunities. What is the role of effective SEO for example?
- Ineffective sales technique; are you applying the correct sales technique to your (potential) customers? You can discuss this with your small business seo company.
- Be careful of the starters burnout; starting a business requires an incredible amount of time, effort and often money. You’ll have to consistently work on all aspects of company but also maintain a down to earth mindset.
- Would you like to work alone or with a partner? Perhaps with your spouse? Carefully consider before you make a (business) decision about this. Especially the last example is not for everyone.
- Let the Chamber of Commerce inform you well. Ask your questions to them. The Chamber of Commerce possesses a vast knowledge bank that you can draw from.
- Even though you’re your own boss, continue to learn. Especially when faced with this responsibility, a studious mindset is needed. This makes you successful.
- Don’t let all your administration be done by a (tax) consultant, this costs a lot of money that you will need in the beginning.
- Insure yourself against disabilities.
- Your consultant also makes mistakes. For example, plan a quarterly sample check of his/her work and make this negotiable. This way the business stays healthy.
- When you hire people, keep a non-attendance log in case of illness. If you don’t do this and, for example, a conflict occurs, it is a pity if you haven’t kept a log.
- Nowadays you can pretty easily hire people on a payroll basis. Be sure to do this so that you don’t make your enterprise too vulnerable with (multiple) fixed contracts.
- Arrange the liability insurance.
- It is not always necessary to start a sole proprietorship, a VAT number can in some cases be sufficient.
- You need to keep your records at least seven years.
- Try at all times to prevent winding up in legal affairs. It often costs you a lot of money and time and it is questionable whether a legal battle is going to yield anything. Usually the outcome is disappointing.
- The IRS offers several advantages for entrepreneurs. Educate yourself on this.
- You could easily forget this, but try to minimize your commuting as much as possible. If you’re looking for a location, look close to home.
- Build a good financial buffer, the tax office will send you their assessment anyway.
- You are required to send in your annual publication on time. Pay attention to this.
- Other companies can request your financial status in various ways. So it is important to make sure that they see that you are not in the red.
- Connect with fellow competitors. You’re also colleagues. If you click, share your experiences. It won’t make you any dumber.
- If you have a business question, or multiple, try looking for the answers by talking to people that have nothing to do with your industry or even entrepreneurship in general. The point is that you usually have the tendency to stick to the known paths. This means you’ll often wind up getting the same answers.
- Stay up to date on new developments in your industry or niche. If you have difficulty doing this (or little time), search for ways that make it easier to get information.
Your small business from home
There are many advantages that can be named as to why a business from your home can work well;
- A workplace with little investment required, so low structural costs.
- You’re very flexible in your working hours.
- Much less commuting than if you have to drive to an office every day.
- You can (usually) do your work in peace and concentrate.
- You already pay the cost of living there, so you might as well work there.
- Most small companies can be started from home without any problems.
- You can set up a private space to your own liking.
- Since you’re at home with your business you can easily do a little chore, for example, emptying that laundry basket that’s still full. But note that this is also distracting.
- Working from home is simply better for the environment.
Of course there are drawbacks to working from home;
- Your social life can suffer a bit. Since you’re ‘chained’ to your home, so you’ll have to find a way to make it work.
- If there are children, they can disrupt your daily schedule quite a bit, for example when you have to pick them up from school or day care.
- Technology can stand in your way if something does not work. Then you won’t have some expensive ICT person that you can call to fix that software problem for you. In those cases you are often left to your own devices.
- You’ll probably have to put in the work yourself. Work on a location kind of forces you to get started.
- Meetings and other physical consultations are more difficult to organize, so you will have to invest in conference call options, should your niche require this.
Taking Over A Small Business
Taking over a small company; what do I have to look for?
When you are planning to take over an established business, there are plenty of things which you will need to figure out, listed below are the most important in a row.
Does the company that I want to take over suit me?
The basis for a successful small business is largely determined by whether an industry or niche really suits you. So really look at yourself and try to figure out whether it is the right fit for you
If you want to take over a small business, ask yourself whether you’d like to work with (a lot of) employees or prefer to work alone.
Where can you find fitting businesses that you qualify for?
First, you can find many websites online that offer companies for takeovers. You can also gather information through forums, the business square or through the Chamber of Commerce. Prices are often already listed on the internet.
Always research whether the company you want to take over is financially healthy
In the beginning, the question is always what the financial state of the company you are interested in is.. You can of course research this yourself, but the selling party must at some point provide insight on the matter. It makes sense, because otherwise what are you buying? Determine on the basis of the financial status of the company whether or not it has a future.
Why does an entrepreneur sell?
It may seem obvious but the reason for selling is very relevant. When the current owner is 66 years old and wants time to spend on other things than his business, it is a logical next step. Ask yourself questions when an entrepreneur in, for example, his mid-thirties offers his business for sale. This doesn’t have to be a problem, but do ask critical questions on the subject.
Acquisitions and the tax office
When a sale is about to happen, the selling party will still always have to deal with the tax authorities. It’s also possible that a certain fiscal book value can be passed to you as the new owner. Get assistance from a professional and check thoroughly with the tax authorities. They won’t make it nicer, but they will make it easier.
What is goodwill and to what extent does it play a role in an acquisition?
In a literal sense, it is the present value of the excess profits within the enterprise. There are two kinds of goodwill, the entrepreneurs goodwill and the personal goodwill. These are and are treated as separate financial structures by the tax authorities.
How is the goodwill calculated when I want to take over?
To be able to make this calculation one takes the excess profits of the company which is then multiplied by a certain factor. This factor is highly dependent on various aspects. For example, the excess profits can be multiplied by a factor of 1, or even up to 7. This calculation is made by means of various data and because of that is dependent on many factors.
Does the goodwill have influence on ‘my’ future company?
Goodwill can in some cases be expensive, which means that you are investing quite heavily into the front of your business. However, there is a reason for a high goodwill, the company that you buy will, for example, demonstrably have a lot to offer for the future, in so far as this can be demonstrated, of course.