Business Archives - Page 25 of 47

Hot New Business Idea – Home-Town Article Writing

Article writing as we know it has become a great home-based business avenue for creating an additional stream of income or exposure. Creating mind tingling articles that will keep the attention of your audience occupied is of vital importance. The small town business idea of writing a news article on business ownership for your local newspaper publication is one that I believe is quite overlooked. This newspaper or magazine is relatively small in production, circulation and content. It will usually be locally owned and operated.

Do your research to find out what bi-weekly or monthly articles are published. Nine times out of ten, there will not be anything covering people who own their own business or how to start your own business, a popular niche that you can take advantage of. There will be a bit of leg-work involved, but the exposure, if not income too, will be totally worth your while. Call the editor of the newspaper you chose and set up an appointment to talk one on one with them about writing for their publication. There may not be any monetary incentive for it at first but let them know you are willing to freelance for the exposure. If the offer is accepted, you will now need to make a list of people in your town who are business owners. If you don’t know many, ask friends and relatives for help.

Some idea titles for your column could be: Being Your Own Boss 101, An Inside Focus to B.Y.O.B., All My Own: Business 101, or You Can Start Your Own Business, Too. You will then need to call those prospective business owners, tell them who you are, why you would like to interview them for your column and the name of the newspaper they will be featured in. Most will be flattered to be mentioned in a publication. No picture is necessary, unless you and the business owner agree on submitting one.

The following interview questions should get you on your way.

1. How they started their own business
2. Motivation for wanting to be in business
3. When they started and how long in the business
4. Some difficulties they faced and how they overcame it
5. Would they do it again and what would they do different
6. Tips for others who may want to have their own business
7. In what ways do they give back
8. Business happenings current and future
9. Future plans, if any
10. Family status, faith affiliation, if any, encouraging words or business motto

An important factor is always remember to check for spelling and grammatical errors within your articles. This can make or break your expertise as an article writer. These are just some general ideas for interview questions, you can always alter for your own satisfaction. And by no means should you limit yourself to just writing for your own home-town, contact other small towns after you’ve reached a certain level of comfortable expertise and then accelerate to larger ones. This will be a specialty niche exclusively built by you but geared towards helping others in their own business and those wanting their own business.

I hope this will help someone in their future article writing journey. One never knows, before long you may end up venturing out with your own business publication centered around this one little specialty niche. My sincere hope is that this creative business idea will free you into your own way of thinking and living.

6 Business Benefits of Employee Automated Time and Attendance Systems

Your employees could be stealing $800 or more each year with your blessing. Employee time theft is a rising concern across the small business community as workers come in late, take long lunches, clock out early and waste time on Facebook. If just a single employee making $10 an hour is late 15 minutes each workday, you are handing over $800 annually and getting nothing in return. One of the simplest solutions to get that money back is to implement an automated time and attendance system. Most costs are recouped within the first year, and the accumulated benefits far outweigh the initial investment.

Here are just a few advantages of electronic time and attendance systems:

1. Control employee time theft: Don’t let an employee say he was present on a particular day when he wasn’t. An automated system tracks all hours at a particular worksite and gives managers instant access to attendance reports.

2. Automate reporting: Learn what your employees are doing even if you are out of the office. Many automated time and attendance systems send you notifications about late sign-ins, absences or potential errors in time tracking.

3. Maximize efficiency: Most paper attendance systems require the employee to fill out a timesheet, then the supervisor signs it, a senior manager audits in and a payroll agent enters the data into a payment system. You can eliminate duplicate work by letting employees swipe in and out and sending the data directly to payroll. You also eliminate costly human errors.

4. Integrate time and attendance details with payroll: By getting rid of wasteful data entry steps, your company can process more payroll transactions in less time with fewer employees. You don’t have to collect time cards, track down late submissions, calculate hours or contact employees about inaccurate or illegible details. You also avoid the hassle of missing timesheets and paper record-keeping.

5. Gain more flexibility: Archaic paper systems are typically built on time-consuming processes with little documentation. If the payroll technician takes time off during a pay period or, even worse, leaves the company, the business comes to a standstill. With automated systems, payroll personnel can take vacations and the staff still gets paid on time. Most modern systems are so simple that new employees and temporary replacements can be up to speed within a few hours, even if the official payroll representative is not there to conduct the training.

6. Gain business insights: Most paper attendance systems are so complicated that business owners have little time to look for trends. Automated attendance software lets you review a variety of metrics, including the number of employees off on any particular day, high-volume vacation periods, popular lunch times and even projected absences over holiday weekends. You can use staffing reports to coordinate times for training and other events.

12 Steps to Creating a Business Online

“E-commerce”

A word pervading our society, making headlines around the

world, and causing the stock market to rise and fall with

startling ease.

It seems every business news story centers on some

technology company’s “DOT-com” or “DOT-bomb”!

With all the positive and negative hoopla, business owners

of any size company can throw up their hands and feel the

“E” world has left them behind.

Every business owner, salesperson, or professional asked one

of two questions in the past year, either “Am I using e-

commerce correctly?” or “How do I effectively get involved

in e-commerce?”

You can buy hundreds of books and pay thousands in

consulting fees to analyze and debate the answer to the

first question.

To answer to the second question just follow these 12 steps.

Step 1 – Buy a domain name (your own DOT-com). Go to

http://www.NetworkSolutions.com and research names. Can a customer

easily spell and remember it?

Step 2 – Write down your online goals and prepare a time and

money budget.

How soon do you want your e-commerce site up and running?

How much will you spend?

How many hours will you devote to the site and when?

Step 3 – Surf the web to find other sites you like and

dislike. Learn from others’ successes and mistakes by taking

the best of what their sites offer and adapting it for your

own use.

Step 4 – Design your site on paper. Define elements, look,

feel, colors etc.

Step 5 – Hire a professional to set up the graphics and

navigation, but with the intention of you or your staff

maintaining the site’s day to day operations, communication

and updates.

Step 6 – Invest in a digital camera and web publishing

software such as Microsoft Front Page or Adobe Acrobat to

keep up with the site’s maintenance.

Step 7 – Maintain, change, and update your site at least

once a month. (The one exception to this rule are those one-

page, sales letter websites. Once you have one of those that

performs well and makes sales, don’t change it!!)

Step 8 – Promote your site at every opportunity. Tell people

about it. Put your web address on your business cards and in

all your ads. Some companies even advertise their web

address when they put you on hold on the telephone.

Step 9 – Give people a self-serving reason to visit your

site. Coupon savings, discounts, special incentives, free

information, and free newsletters represent excellent

enticements for attracting visitors to your site.

Step 10 – Concentrate on obtaining an email address from

every customer and potential customer.

Obtain permission to send periodic, value-added malings to

your database.

Use a list server to organize and maintain your mailing

list.

Step 11 – Always look for and use the simplest solution or

option.

Whether adding a shopping cart, database or other option to

your e-commerce operation, seek out and use the simplest

answer for your needs.

Step 12 – Become educated and stay current in the world of

e-commerce.

Learn the marketing and sales techniques of the online

world.

Small Business Marketing – Rip and Read Marketing Techniques That Work

Keeping in touch with your existing customers and clients is a critically important part of your small business marketing system.

The cost of securing a new customer is much greater than the cost of getting an existing customer to use your services and products again. Some studies indicate it takes seven times more money to acquire a new customer than it does to sell an existing customer the same product or service.

It’s no wonder the lifetime value of a customer or client is calculated to be worth at least ten times the money you made the first time you did business with them.

What you need to do is find ways to make your business, your product, and/or your services applicable to your customers and clients again and again. Some businesses have “one-time-use” products. These are products that once purchased are not purchased again.

Finding ways to sell the same product or service again, requires some strategic thinking. I’m not suggesting planned obsolescence. Find ways to up-sell or cross-sell the same customer with variations of our main product or service. For example; if you sell an information product in the form of an audio tape series, then offer a video version of the same program.

It is matter of maintaining the customer relationship and then offering them more choices.

Here is a technique for maintaining clients and customers that I teach in our small business marketing bootcamp. We’ve used it for years in our business, and frankly didn’t think to share it in this article until one of our “Plutonium Level” subscription members told me his story.

It is called the “rip and read” technique. I read about 15 trade journals, magazines and newspapers each week. As I read, I look for articles and stories that may be of interest to my customers and prospects. When I see it I “rip” it out and send it to my client with a comment on a post-it note: “Saw this and thought it would be of interest to you. Best, Brian” That’s all there is to it. I probably send 20 or so a month. It keeps me in the front of my clients’ minds.

My business associates think I look like fool constantly “ripping” on planes, in airport lounges, and on trains, but once you see the benefits of doing so, you will start ripping too.

One of our “Plutonium Level Inner Circle Member” is a financial planner. I gave him this suggestion in one of our monthly one-on-one marketing coaching sessions and in less than one month he got results.

Here’s what he wrote me: “I cut an article out of the Star Ledger (our daily New jersey newspaper) and sent it to one of my clients. He called back and sent me a check for $40,000.00 (Deposited in his annuity).” One proven and tested system led to a big commission for him. All he did was use the tip.

How often do you contact your existing customers? Clients need contact at least 4 times per year. Try to keep in touch 8-12 times per year, depending upon the type of services you provide to a particular client.

Commit yourself to using this technique for three months and see what happens. Track your contacts and track the results. You will be sold on its value and I know you will continue to use it.

If you’re a small business owner that wants more profitable customers and fewer aggravating small-paying sales, then you need to maintain your VIP customer base. Pick your favorite VIP clients and court them like they were a king or a queen. “Rip and Read” for all your VIP clients.

40 Sure-Fire Ways to Market Your Virtual Assistant Business

Marketing is understanding the needs of your customer, then finding a way to fulfill those needs.

Continually educate yourself, learn new skills to extend your services.
Have a website created by a professional. Portray your “brand” with the look and feel of your business, and that appeals to your type of customer.
Continually add informative articles and updated content (a new page every week?) to your site, information that will HELP your customer.
Create a news feed to offer resources, news, and information about current events that benefit your users.
Optimize your pages’ specific content using the keywords people use most to search for your information. Use keywords at the beginning of your descriptive page title, headings, subheadings, and content for every page. But don’t overuse them, they should sound natural, not “stuffed.”
Research businesses that compliment your product or service and contact them to suggest reciprocal linking opportunities.
Publish informative video tutorials for your customers.
Have a sign-up form on your website, give away something for free of value in exchange for their contact information.
Keep your contact list up-to-date, use a double “opt-in” on your sign-up form to confirm they want to receive email from you.
Send out newsletters on a regular basis. Most clients prefer once a month, some twice per month. Quarterly is fine too, just be sure it’s consistent. Don’t forget to include an un-subscribe option in your message, and never send spam.
Start a forum to create a community of clients helping other clients and for providing new user generated content for your site.
Learn how search engine advertising works, research relevant keyword opportunities, and experiment with the different types available.
Research your target market, learn about their needs to determine the best marketing opportunities. Where did they find their employees, their vendors, where do they socialize, where do they advertise? Be where they are.
Advertise honestly-your main goal should be to HELP people. If your just trying to sell the something they’ll resist and you will lose credibility.
Advertise in local business newspapers and small magazines. Sell your benefits instead of listing your services.
Have professional business cards with you at all times, ready to hand out at any opportunity. Give them two.
Dress for success. Always look the part – you never know when opportunities will present themselves, so be ready.
Ask for referrals from family, friends, clients, and prospective clients. They may know someone who needs your services now, or will remember you when they do.
Join local business organizations, Chamber of Commerce, networking groups.
Attend local business events, offer to do a presentation about your services, teach a class.
Be a great communicator. Use correct grammar and punctuation in emails or any correspondence.
Be a great VA. Find opportunities to offer information, stay in contact, and go the extra mile for your clients. Word of mouth is your best form of advertising!
Be consistent, let your clients know they can count on you.
Under promise – over deliver. Never miss a deadline, and if you think you might, contact them immediately to discuss your situation so you can come to an satisfactory agreement.
Be enthusiastic. It draws people like a magnet.
Have professional business media available for events, thank-you gifts, and marketing opportunities; brochures, business cards, calendars, magnets, mouse pads, pens, etc.
Create a professional marketing letter and send to local businesses via direct mail.
Contact every business you send a letter to, following up with them shows your professionalism.
Visit local businesses in person with your business card and brochure in hand.
Volunteer for your favorite charity, help someone in need.
Offer your services free, as a prize in a drawing or fundraising events.
Create your “elevator pitch.” Memorize your short “mini-commercial” that clearly describes the benefits and how you can fulfill the needs of your clients.
Listen to what people say. If an opportunity to promote yourself comes up – take it!!
Place a magnetic sign on your car or have a decal made for your back window or bumper.
Stay updated on new technology emerging, contact clients that may benefit.
Write Press Releases about news and upcoming events in your business.
Be prepared, organized, prompt, and confident.
Share your knowledge to help other Virtual Assistants.
Live by the Virtual Assistant code of ethics.
Believe in yourself!

Save Your Small Business – 10 Crucial Strategies to Survive Hard Times Or Close Down & Move On

If there were ever a timely business book, “Save Your Small Business: 10 Crucial Strategies To Survive Hard Times or Close Down & Move On” by Ralph Warner and Bethany K. Laurence is certainly it. Promoted as a road map to small business survival, Warner and Laurence provide simple, no-nonsense, steps that can make a huge difference in running, saving, or if needed closing, your small business. Running a small business has always been hard, but currently it can be brutally agonizing, if not downright scary. This guide may just provide you with the information to make today’s bad economy, or bad economies in the future, opportunities so that in good times your business will be poised to thrive.

The book starts out saying it will be your small business companion, and recommends you create a business survival plan, prepare a current profit-and-loss statement and cash flow analysis, and establish an advisory board. It the delves into chapters that will provide the tools to help you decide whether it makes sense to continue, hibernate, close, or sell your business and offers some strategies you can implement to get your business back on track.

Chapter One: Can You Save Your Business? This chapter discusses topics such as planning for short and long term, selling your business, putting your business in hibernation, and saving your business. It also looks at some special considerations for retailers, services, construction, restaurants, wholesalers and importers, and franchises.

Chapter Two: Don’t Ignore Bad News. Why you can’t wait, cutting costs, changing direction, quitting and selling are addressed. There are also strategies on determining how much to cut expenses and acing slowly to reverse cutbacks.

Chapter Three: Control Your Cash Flow. This area can be one of the most important, especially for the small business. Topics include: Keeping paying your bills on time, how to create more cash, and what not to do, such as using merchant cash advances, maxing out credit cards, and borrowing against your house.

Chapter Four: Minimize Liability for Your Debts. Are you personally liable for business debts? Liability for jointly owned debt. What can creditors do if you don’t pay? Prioritizing debt payments, including payroll, taxes, utilities, and many more.

Chapter Five: Concentrate on What’s Really Profitable. Face it, the goal of a business is to make a profit. This chapter looks at getting a quick profits plan on paper, making money in a service business, and making money in retail or manufacturing. It is a short chapter, but if it gets you thinking about making a profit, it has done its job.

Chapter Six: Innovate on a Shoestring. Invention, Copying, Serendipity, and Making Innovation a Continuous Process are addressed in this chapter. This chapter may inspire you to brainstorm the next wonder gadget that every household must have. Depending on your business, this may be what you need.

Chapter Seven: Identify Your Customers. Before you can create an effective marketing plan, you need to know who your likely customers are. This chapter discusses aiming at the bull’s eye and filling in your target. Topics include current customers, need, price, access, and experience.

Chapter Eight: Don’t Waste Money on Ineffective Marketing. If we only knew which of our marketing efforts were producing the best results. This chapter helps you determine things about your marketing such as: Marketing the right products or services to the right people, not spending big dollars on advertising, asking long-term customers for support, encouraging customers to recommend your business, using paid listing effectively, marketing on your own website, and holding a “trying to stay in business” sale.

Chapter Nine: Handle Layoffs Fairly – And Keep Your Best People. Laying people off is often one of a business owners most dreaded tasks. This chapter provides guidance in this area by looking at: Making a wise layoff plan, the logistics of a layoff, and keeping the great people you hire. Some very good advice for this unfortunate part of business.

Chapter Ten: Don’t Work Too Much. What? If your business is floundering, you must work more, right? This chapter tackles the subjects of the importance of a sane schedule and how to work less and make more. Priorities and delegation are the keys the authors discuss.

Chapter Eleven: Work With Your Best Competitors. The four areas this chapter covers include: Treating competitors with respect, getting business from competitors, working for competitors, and working with competitors.

Chapter Twelve: How to Close Down Your Business. Most people don’t ever want this to happen, but the reality is that it does. This chapter offers some good strategies if you decide it is time to close the business and do something else. Topics include things like creating a closing team, looking at contractual obligations, dealing with landlords, collecting bills and selling off inventory, notifying and paying employees, liquidating assets, notifying creditors and customers, paying your debts, paying taxes, and dissolving your business entity. This is not a pleasant topic, but unfortunately an important one if you find yourself having to go this direction. The book provides guidance in the process.

Chapter Thirteen: Dealing With Debt: Bankruptcy and Its Alternatives. Introductory chapter on these topics with some good advice, but you will need more resources if you choose to go down the bankruptcy path, or better yet, seek counsel from a qualified professional.

Appendix A provides guidance on preparing a profit and loss forecast and a cash flow analysis. There are more complete references on these out there for sure, but this short bare bone basics on them will get you started and at least help you determine where you are at.

“Save Your Small Business” is a good guide for the struggling small business owner, and also provides information for the small business owner who doesn’t want to fall into hard times. Educating oneself regarding business is crucial for small business success. This is one more Nolo title that will help small business owners hopefully survive, but also liquidate and close with less pain if that is the course that must be taken.

Best Business Loans Info: Why Online Lenders Are the Best Place to Search for Business Funding

The good news for modern day entrepreneurs and owners of non-traditional businesses is that traditional banks aren’t the only option for funding now. The best business loans for a particular company won’t necessarily be the best option for another company. There are many types of lenders offering financing for start-ups as well as larger, established businesses.

Regardless of your goals, you can skip a visit to the brick-and-mortar banks and loan offices. There are a variety of online lenders options available, including crowd funding solutions, merchant cash advances, equipment financing offers, online banks, credit card companies, and so forth. One of the biggest benefits of getting an online loan is speed. With algorithms, your application can be analyzed and processed in no time at all.

Even though there are so many options available, you don’t have to feel overwhelmed and confused. There are some ways you can identify the best business loans. Read reviews and take the time to acquaint yourself with the requirements that each company expects you to meet in order to qualify for a loan.

One thing to consider is your credit score. Like it or not, it plays a role in getting a business loan. If you have poor credit history, or none at all, it probably won’t be easy for you to get the best terms with your loan. It’s imperative that you get your finances straightened out and demonstrate that you absolutely WILL be able to make payments on the loan should you be approved for it. Provide proof of your cash flow and that you are expecting profits.

What to Check When Looking for the Best Business Loans

Almost all lenders – both online and alternative – will want to know how long your company has been in business for. The vast majority of them will expect you to have been in business for at least 5 years – the longer – the better. This doesn’t mean that there are absolutely no solutions for start-ups and newer businesses. Your requirements will probably be more rigorous and you’ll really have to demonstrate that you have a good, solid plan and product or service.

Also, keep in mind that the right kind of a loan for you will depend on the nature of your business. If you are involved in a seasonal business, then your sales volumes are not going to be consistent from month to month. Therefore, the best business loans for you will be ones that don’t have a fixed repayment schedule.

Where should you begin your search for the right kind of loan? One really good starting point for anyone looking for the best business loans is with US Business Fund. Whether you’re in need of easier ways to lease equipment to customers, a commercial lease for your company, or working capital, this site offers a fast, easy application process.

5 Common Digital Marketing Mistakes That Today’s Business Owners Must Avoid

If you are a business owner and have plans to start a digital marketing campaign, make sure you avoid making some common mistakes. First of all, knowing the fact that digital marketing is not a simple task is important. Since it involves a lot of things like paid advertising, content marketing and SEO, making mistakes is quite common. This article discusses some common mistakes that you must avoid making if you want to make your campaigns be successful. Read on.

1. Not having Realistic Goals

If you don’t have a focused digital marking plan, you can’t create an effective marketing campaign. Without some goals in place, you are not going to get anywhere. Since your campaigns won’t be focused, you won’t be able to hit your goals in the given time period.

In the absence of realistic goals, your business won’t grow at all. The thing is that unrealistic goals are a source of discouragement. This type of goals is not achievable no matter what you do.

Also, you need to track your goals to find out how much success you have gained so far. This will also help you identify areas that require improvements. So, make sure your goals are specific, measurable, realistic, time sensitive and achievable.

2. Not Targeting the Relevant Audience

Not targeting the right audience is another common digital marketing mistake. Similarly, if you are going to focus an overly broad audience, you will get your desired results. Since you want to reach as many people as possible, you may be discouraged when you won’t see them buying your products or services.

Targeting the wrong audience is not a good idea and you will end up wasting a lot of time and money. What you need to do is provide relevant content with the relevant audience. Before you target your campaign, you must consider the following parameters:

Buying habits
Hobbies
Interests
Demographics

3. Ignoring your Website Design

In this digital age, having a user-friendly is a must, especially for businesses. So, you don’t want to end up ignoring this aspect of your business website. In other words, your website must be easy to use and it should offer valuable information. Not optimizing your site is bad when it comes to user experience, and you will be left behind in competition.

A good website should feature a simple search bar, a shopping cart, pictures, and call-to-action buttons.

4. Not Working on Search Engine Optimization (SEO)

SEO helps you look for your business on major search engines, especially Google. So, if you don’t consider this aspect when optimizing your web content, you will lose a lot of prospective customers and clients.

One of the biggest online marketing mistakes that businesses make with SEO is not giving it enough time to start showing results. SEO requires patience. In return, your campaign will grow over time and drive the results you desire.

Apart from incorporating relevant keywords in the content, you must follow some good SEO practices. Some of them are listed below:

Optimization of title tags
Optimization of the page load time of your website
Delivery of informative, targeted content

5. Not Focusing on Existing Customers

If you are trying to attract new customers only, you are making a grave mistake. You also need to focus on your existing customers to enjoy a higher conversion rate.

In short, these are 5 common digital marketing mistakes that you must avoid as a business owner in 2021.

Reasons For The Failure Of Your SEO Services For Your Business

SEO services are the key factors for the development of any business. And thus, it is also necessary to go through the services applied and then return received from it at a regular interval of time. Just simply hiring SEO Los Angeles is not the end of your task. Maintaining the services is also important. But how can one know whether the services are working for their company or not. Following points will give you hints whether the SEO services are working or not.

• Giving less time to it

SEO is not the job of few hours or days. It takes several months to develop the website or SEO to the level of success. Appropriate time should be given to the services. A lot of time and money is to be spent for Search Engine Optimization services to make it working positively for the company. Also after it starts working, you need to spend time for its maintenance.

• Redesigning of website

When you do not receive enough clicks from the links built, old design of the site, poor content, etc. your site lacks digital marketing services. For this, the site should be hence redesigned so that it receives enough feedback. Also of your site takes much time to load, it requires a new design which is search engine friendly.

• Old SEO techniques

The SEO services should be regularly updated. The use of old techniques and tools gives you poor ranking on the Google and other search engines. Hence, the tools used for the determination of the search engines should be regularly updates along with the keywords and content.

• Poor response

When you do not receive appropriate traffic from the links and SEO services used, it shows the lack of Search Engine Optimization services. The website when does not respond to the clicks by loading with appropriate speed, gives less details, etc it is a sign that you need to update your SEO services. The irresponsible website will not gain you actual and appropriate clients due to poor links.

• Poor social media services

The social media gives the website a large number of clicks. When the social media advertising is low by any SEO services, it doesn’t help the website to get enough traffic. The links created to the social media sites like Facebook, Twitter, Google mail, etc. it doesn’t work effectively for the website. Hence the necessity to develop proper links arises.

The SEO services when do not respond to the website by giving proper business, it is time to check and redesign the website or links for gaining attraction of the search engines. For this, it is necessary to give time and maintain the SEO services.

Social Media for Business: Why Social Media Marketing for Local Small Business?

Wondering why social media for business is hot news in the media right now? Here’s a balanced view of social networking and social media marketing.

Fortunately, whether social networking will work for your business starts with a decision that many small businesses have made in the past few years. There’s lots of information to help you decide how social media marketing could work for your business and whether it’s worth it.

Who Is Using Social Media? Have You Already Launched?

Are you using social media marketing strategies and tools to build your local business, to market your products, programs and services, to serve your customers? Your competitors are.

They are making sure their customers (and potential customers) are served 24/7 with:

Location details, maps, links to web sites and service or product details at Google.
Customer reviews and recommendations at Yelp.
Event announcements, contests and coupons at Facebook.
Valuable information and education at their web site.

Tough Economic Times for Small and Local Businesses

These are tough economic times for small local businesses. If you are a small business owner, you may be wondering what to do to find new customers, keep customers coming back and still have profit left over for the wallet in YOUR pocket. Are you spending money on yellow pages ads, newspaper ads and doing more Discounts or Sales Events than ever?

More than half of the US economy is fueled by small and local businesses. Your business is one of many that spend money on advertising – or you are simply surviving with word of mouth marketing, some foot traffic and the occasional customer who comes your way because they saw your ad in “old school” advertising?

“Old School Marketing” VS. New Media Strategies

But while you are waiting for your “old school” advertising to attract more customers, hundreds of thousands of potential customers have switched to searching for most of their information online. Their fingers aren’t doing the walking in the yellow pages anymore.

More and more, your potential customers buy products and services only after they have been reassured by the recommendations of others, something that social networking online and recommendations presented online offer the discerning shopper.

Small Local Businesses Adopt Social Media Marketing Strategies

According to a report released this week from the Small Business Success Index (SBSI), small businesses are increasing their use of social media. Over the last year, the adoption rate has gone from 12 to 24 percent, which doubles the usage.

The report was sponsored by Network Solutions and the Center for Excellence in Service at the University of Maryland’s Smith School of Business. It found that small businesses have turned to social media as a result of the economic downturn and are using social to identify and attract new customers, build brand awareness, and stay engaged with customers.

So, now that we’ve gotten this far, what’s next? As Abby Johnson explains, up to this point social media has been more about fun than business. Now that the newness has somewhat settled, Chris Brogan, the President of New Marketing Labs, believes it is time that social media is taken more seriously.

Why Participate in Social Media? What Are The Benefits?

There are many ways your small business can benefit from participating on one or more social networking sites. As a business owner you can:

Increase awareness
Maximize exposure
Boost credibility
Build community and brand loyalty
Multiply profits
Learn more about your customers

What Are The Drawbacks?

No matter how it’s hyped right now, social networking is not a perfect marketing or business building vehicle. There are some significant drawbacks, including:

It can be incredibly time consuming.

It can take quite a lot of time each day to participate on social networking sites. The key to success is often the amount of interaction you have with other members of the network. Small business owners generally don’t have hours every day to participate on social networking sites. To post and comment on other people’s posts can suck valuable time out of a business day.

It can be slow to generate results.

Depending on your goals, the social networking route may take a lot of time, effort and patience. It takes time to build a network online. And, if you’re short on time, the small amount of time you have may mean taking the tortoise approach to building a following and boosting your business.

It’s just another marketing tactic to learn and master.

Each marketing tactic you add to your marketing plan is another method you have to learn and practice. This learning takes time, energy and sometimes some money. The learning process can feel overwhelming, especially if you are short on time, energy and money.

There are so many options.

With literally hundreds of social networking sites attracting all different kinds of participants, you’ll want to focus on the networks where your efforts will pay off with contact with your target audience for your products or services.

There’s good news.

With the right plan and approach many of these drawbacks can be overcome or eliminated.

Out with the Old – In with the New

You have focused your time, money on being a business owner, or a specialist in your field of practice. Small business failure statistics illustrate that you may not have a handle on your marketing. Even in this economy, 60% of small businesses are spending the same amount on advertising, primarily “old school” marketing (like print media, business brochures and cards) and 26% want to spend more. Sixty-nine percent of businesses want to spend their money on online marketing.