A good idea and plan keep success for a lifetime. understanding present business shortfalls and predict the future changes will give you
Every new business starts with an idea. Maybe there's something you're passionate about, or maybe you think you've found a way to fill a gap in the market. Whatever your interests, there will almost certainly be a way to turn it into a business. It was created to try to bring people into small businesses for shopping without competing with Black Friday deals dominated by the big retailers. Too many small businesses try to run competing Christmas sales and lose out on the chance to reap long-term rewards.
Reward Their Loyalty
A common method of building loyalty is giving customers a discount coupon or extra freebie for giving you their business. Give them an extra reward for coming in on Small Business Saturday and make it clear on the coupon, discount, or freebie that it is specifically for them coming in that day. It shows that you’re rewarding them above and beyond the norm for the extra work they’re putting in to come.
Don’t Demand Their Information
Online shopping sites lose a large chunk of their potential customers if they demand the creation of a new account when someone tries to buy from the site for the first time. You’ll also alienate many otherwise interested customers by demanding a phone number or other personal information when they are shopping at your store on Small Business Saturday. Instead, give them the discounts and promotions you’re offering that day and tell them they can receive similar discounts if they come back and sign up for your rewards program. A side benefit of this practice is that you don’t slow down sales on one of the busiest shopping days of the year by collecting the personal information of a few. Do take the time to give people loyalty cards like “buy 5 coffees, the 6th is free”.
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Offer Service Others Don’t on That Busy Day
One way to achieve this is by extending your normal hours and serving people when your rivals aren’t. However, you don’t want to open at 4 AM unless you’re one of the rare service providers for whom this makes a difference, whether a coffee shop, bakery, or gym. Instead of staying open insanely early and late, find ways to incentivize people to come in and shop. Bakeries offering free holiday cookies to children whose parents come in, clothing stores with a video game console visible from the street that attracts teens and Dads who want something to do while Mom shops or Christmas entertainment in the shop that lets Mom set the kids down for five minutes while she buys something will all attract customers while building a deeper entrepreneur relationship.
Partner with Other Businesses
Instead of rolling out a new product or service that may add complexity when you can least afford mistakes, partner with other businesses to offer complementary services and products. A hair salon that opens on Small Business Saturday should call a local masseuse to set up a chair for Dad instead of trying to offer back rubs for the first time. You could also create gift baskets that contain a mix of your products and complementary products while both your team and the other vendor’s team promote it to visitors. If you can offer the same gift basket in the other retailers’ location, you could sell your products as part of the gift bundle to people who otherwise never would have heard of your brand.
Also, connect with complementary businesses to get freebies to entice people who otherwise wouldn’t visit. For example, if you run a gym, let the local smoothie place give out free samples to your customers. If they’re promoting the free samples to passerby on the street and bring people inside to get the free drinks, you’ll have a chance to promote your business to people who otherwise wouldn’t have come in. And it doesn’t cost you anything.
Develop a business plan
Now that you have your idea, ask yourself some important questions. What is the purpose of your company? Who are you selling to? What are your end goals? How do you finance start-up costs? All of these questions can be answered in a well-written business plan. A business plan helps you determine where your business is heading, how to overcome potential roadblocks, and what you need to keep it running. You can find a complete guide to writing your plan here, but here are the basic sections you should cover:
- What is your business and how will you achieve your goals?
- Your overall goals and how you will meet the needs of your market.
- Your research on your target market.
- Organization and management of your company.
- Your service or product line, including copyright information and research and development activities.
- Growth strategies and market penetration.
- Budget and financing request (if you need financial assistance).
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This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
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